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NZDUSD: Potential Short setting up?Good Afternoon, As you can see from the chart annotations price is approaching the short term descending trend line and we could expect to see price bounce off this back down to the ascending trend line and/or a level of support below it. However if price breaks out to the upside I will wait for price to come back down and retest the old descending trend-line that would turn into support for price and enter a long position to the level of resistance above price that is marked on the chart. I have colour coded the arrows: Green - is the arrows showing potential breakout and long trade Red - is the arrows showing potential bearish move Let me know what you think!
Short
by Simple_FX_
AUDUSD: Simple trade setup - early morning pips!Good Morning, For this pair it seems price might be bouncing off the descending trend line and if we get confirmation of this I will go short, however if price breaks above this descending trendline then I will wait for a retest before potentially entering long. - Both TP's are shown at the two next key support levels - I expect price to either bounce off the first support level or break through and retest the first support level turning it into a resistance level This is a very simple setup trying to move with the market, let me know what you think! Good Luck!
by Simple_FX_
USDJPY: Great buy setup!Good Morning, As you can see from the chart USD/JPY has been in a downtrend on the daily following the bigger trend line, however it is currently on the up retracing back to the downward trend line within the upwards channel and so provides a great potential buy. - Price is currently between two key S/R levels, I will wait for price to bounce off the upper resistance level, I will be looking to buy on a bounce off the support level below it. - My goal TP is marked on the chart at 108.49 which is a key resistance level, it also matches up with the downward trend line well. - If this TP is reached I will then wait to see whether price obeys the downward trend line or whether a breakout is on the cards. Let me know what you think! if you have a different outlook I would love to hear it. Thanks
Long
by Simple_FX_