So first the pair broke the support ling and formed a head and shoulder pattern inside it one the 15min chart we can see a wedge pattern there is some hidden divergence that indicates the trend going lower And alsowatch for GDP releases in the morning
first there is an extended wedge pattern that broke out there is also a sign of weakness in the uptrend good entry to short now
Technicals Wedge pattern on 1 hour Zooming in on the 15min chart we have another wedge pattern very high risk to reward ratio and I also am going to hedge half my position when chart hits the green line Update status
underlying weakness and a descending flag pattern on the 15 min US is going to rise intrest rates after so many years we could see massive drops. On the larger scale we could see a market crash in 2016 prepare yourself
Every weekend I analize the markets and early past week I took a long position on gold/buck because Price broke trough previous resistance and it formed a big clear pennant pattern on the 5hour chart (best risk&reward pattern) so I got in and price broke to the upside got an divergence retraced back down to previous resistance good Entering oppurtunity now!
After analizing the markets and decide wich trade to open for monday I came across with this setup price could move up but will very likely rebounce at 1.00000 level because It's an key psychological level and an fibonacci retracement even previous support as well price wil rebounce of the trend support line or it will break and the down trend will continue further
after price broke the major resistance we can expect an higher trend the reason is because of the ISM rate that was negative pushed the prise much further and because of the unemployement rate when can expect big moves(on the smaller timeframe) notice the clear ascending triangle and the risk&reward is solid those are they main reason why I am long A Even if...
So yeah ! As you can see beatiful wedge pattern very bearish overal trend with recent retracement close to major resistance wich gives us a nice Risk reward ratio If price goes beyond major resistance then my market interpretation is wrong and I get out PERIOD.