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A couple of options for EuroDollar shorts - H1There could b a couple of different shorting opportunities setting up on the EuroDollar this week. The first one I'm interested in would be this bearish Cypher pattern, using standard pattern entries & targets. Within the C-D completion leg of the Cypher pattern, there is also the potential for an equal measured move, which would then complete up towards the 161.8% extension of the initial A-B leg. This would also be up retesting previous structure highs which are at a significant level on this pair. A couple of choices of how you might choose to involve yourself depending on how you trade. Let's see how it plays out!
Short
by bmck1
4
Relief or reversal? Either way, I'm interested.A quick look through the charts before shutting down for the weekend and I saw that this pair has now broken and closed below the neckline of a H&S pattern on the hourly. Looks like the comments earlier in the day out of the ECB might have stirred the pot a little. This pair has had quite a rise recently, could this be the start of a reversal of trend? or simply a bit of relief? Either way, if we make it back up to re-test that neckline, I fancy the short side if my RoE are met. Personally, I'd like to see it come back up and touch the 0.9200 level before potentially rolling back down in the direction of the most recent 127.2% extension. One to keep an eye on next week. Have a great weekend!
Short
by bmck1
CAD/HKD 1H Chart: Channel UpCAD/HKD 1H Chart: Channel Up The Canadian Dollar is trading against the Hong Kong Dollar in a two week long ascending channel that started to form after the currency rate left a preceding ascending channel. This pattern is not usual, as it consists of many reaction highs and only one reaction low. The reason behind such distinctiveness is attributed to a strength exercised by the 55- and 100-hour SMAs or a combination of them both. To put differently, five day in a row these technical indicators do not let the pair to slip to the bottom. This means the exchange rate is going to soar at least until the weekly R1 at 6.2592, which might force the pair make a rebound. However, as long as the above SMAs are moving together, it is doubtful that the pair will manage to cross them.
by UnknownUnicorn890690
Potential Double Top Forming on EURUSD Hourly ChartThere is potential for a double top on the hourly chart on EURUSD. Price needs to spike above 1.17889 and then close below that level for it to meet my rules. Once this happens, I would look to get short at the next bar market with first target at 1.17477 and next target at 1.17225. First target reward is 41 pips and target 2 reward is 66 pips for a total reward of 107 pips if both targets are hit. Stop loss would go to 1.18003 leaving a total risk of 23 pips, so nearly a 2:1 risk reward ratio assuming you enter at 1.17889. When first target is hit, take off half the position and roll stops to break even.
Short
by jseymour84
NZD/CHF 1H Chart: Channel UpNZD/CHF 1H Chart: Channel Up The New Zealand Dollar is trading against the Swiss Franc in a two day long ascending channel. Formation of the pattern represents a rebound of the currency exchange rate from the bottom trend-line of a preceding descending channel. By the moment, the channel consists of four confirmation points, which means that it has already reached maturity. Basically, the pattern might cease to exist already by the end of the day. Its vertical and narrow structure makes it very sensitive to various barriers, such as the 200-hour SMA near 0.7115. On an upcoming turn around also point out a number of technical indicators, suggesting the pair is overbought. However, if the rate manages to bypass this resistance level, it will face no other obstacles, including fundamental data releases, up until the monthly PP at 0.7172.
by UnknownUnicorn890690
USD/MXN 1H Chart: Channel UpUSD/MXN 1H Chart: Channel Up The American Dollar is appreciating against the Mexican Peso in a medium-term and short-term ascending channels. At the moment, the channel consists of three reaction highs and three reaction lows and, thus, might be cease to exist in the upcoming days. The fact that the currency pair is gradually approaching to the lower trend-line of the senior channel indicates on validity of such scenario. The slip to the bottom seems unlikely because the rate proved to be quite sensitive to the 55- and 100-hour SMAs, which are moving along the pattern. A number of technical indicators also vote for an ascending movement. On the other hand, 60% of traders remain bearish on this currency pair. In addition, there is a need to take into account an impact from a release of the US macroeconomic data today and tomorrow.
by UnknownUnicorn890690
NZD/CAD 1H Chart: Channel DownNZD/CAD 1H Chart: Channel Down The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session. In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent towards barriers set up by various technical indicators. Monday’s trading session did not bring any notable changes, as the pair has easily slipped through the weekly PP and S1 as well as the 55-, 100- and 200-hour SMAs. Since the rate does not have any other barriers on its way, it might reach the bottom edge of the channel already by the end of this trading day. However, multiple technical indicators suggest that in the upcoming hours the pair will rather move horizontally along the above weekly S1 at 0.9326 and only then slide to the bottom.
by UnknownUnicorn890690
CAD/JPY 1H Chart: Channel DownCAD/JPY 1H Chart: Channel Down The Canadian Dollar is depreciating against the Japanese Yen in weekly descending channel, which started to form shortly after the currency exchange rate left the double top formation. By the moment, the channel has two confirmation points from the top and three from the bottom. The latest rebound happened after the currency pair slipped to the weekly S2 at 87.43. Since the channel has reached maturity, the rate might leave the formation already by the end of the day. However, the fact that during this whole week the pair was sliding along the 55-hour SMA, which neutralized multiple attempts to break to the top, suggests that a new rebound most likely is going to follow. Nevertheless, a release of a bunch of the Canadian macroeconomic data at 12:30 GMT might alter the above scenario and even accelerate the fall of the rate.
by UnknownUnicorn890690
ETHUSD Trading Price Analysis 1HAfter a brief rally in ETHUSD today, price is close to range conditions in the 5M and 15M charts. The price area around 206 proved to be a resistance zone, leading to a current battle between bulls and bears. If you took a long position during this rally, it could be advisable to Take Profits in the middle of the Keltner Channel. However, if you hold ETH from a better position, DMI still shows bull trend and an exit would be advisable below the current support zone (170).
BITFINEX:ETHUSD
by WaineNZeddmo