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NZD/CAD - Break of Structure and Textbook B&RWe've seen NZD/CAD in a long term uptrend. We see a break of structure, a retest of a previous structure low before bears enter the market. Look at these textbook break and retest setups and potential entries you can take to the downside! A break and retest is when price breaks through a previous low in the market, retraces and tests this level as resistance before continuing the downside move. Watch out for these types of setups across your currency pairs!
Short
by Jal121
2
USD/CHF - Trend IdentificationGood Morning Traders. Here is an educational piece on two key things. Before trading a currency pair, we want to head to at least the daily chart to identify the long term trend on the pair before we scale down to our lower time frames. To identify a trend is simple. For an uptrend, look for higher highs and higher lows. Here is a clear long term downtrend on UCHF. We can see price is making lower highs and lower lows. This indicates a downtrend. It is important to zoom out and see highs and lows of markets long term. We've done that here with USD/CHF and we can see that price is now at 6 year lows! Will sellers keep pushing price down further or is this a level where buyers will jump into the market? Top Tip - You can always switch to a line chart. This makes identifying the trend easier for forex beginners!
Education
by Jal121
Twin Deficit forcing Psych levelsTwin deficit has resurfaced as a driving force towards DXY decline. At this point pairs are being controlled by psychological trend levels. Presented is the DXY day chart. We can see a clear drop for a retest of the 2018 low which in contrast brings pairs such as NZDUSD, EURUSD, GBPUSD, etc to levels breached in Jan 2018. A fundamentalist like myself begins to wonder if Twin Deficit sentiment is the ultimate driving factor for these psych occurrences taking place in 2018 and current. While COVID would be a logical main factor, ultimately any factor that would push double negative accounts. Attached is my previous DXY idea as well as my 2018 high retest idea of USD pairs I published over a month ago. Anyone patient enough to hold USD pairs have certainly played their cards well. Expect a retest of 88.225 to match 2018 with a higher breach probability for a new low. Please comment with any thoughts and Ideas. Thank you.
TVC:DXYShort
by Pika7993
Ripple Bomb Setup - Explosive Movement In The Making!As per my last video analysis (attached below) on Ripple, we were waiting for a third swing to form around our upper red trendline to consider it valid and then buy on its break upward. Which is exactly what happened. Ripple formed a third swing around the red trendline so it is now valid, but it is not ready to buy yet. we want to buyers to prove to us that they are taking over, by breaking above the upper gray area (around 0.25) so trigger would be after a momentum candle close above the gray area. but what is really interesting now, is that a RichBomb (orange dots) setup is formed now which adds more confluence to our buy setup in this case. so if price breaks above the gray area, we can expect an explosive movement upward. good luck!
BITFINEX:XRPUSDLong
by TheSignalyst
10