Multiple confluences for temporary short
AUDUSD has my interest. Looking at the bigger picture, we still remain bearish, creating lower lows and lower highs. What interests me is we are now trapped within a falling wedge, which in my opinion is a bullish market pattern which tends to result in a breakout above, we also have huge support below within the grey boxed area. Therefore I will be watching...
We have a potential long opportunity approaching upon a rejection of the 0.618% Fibonacci, Daily 50EMA, third touch of an inner ascending trendline and round psychological number of 1.0000. Entry price would be 1.00050, with stops of 35-40 pips below. Target 1 would be initially be 1.01250 (Weekly resistance - we have not had a close above this for some time)...
Important resistance, we have been ranging for some time. A break and close above here will invalidate this trade idea.
USDCAD is at current support, I am looking to take a long position here for a 1:4 long ratio. Oil is at previous resistance. A break below the previous kneckline of the inverse H&S pattern would invalidate this trade.
USDCHF has not closed above this level since exactly 2 years ago. USDCHF has a strong correlation with EURUSD. If we have a strong close above this, I will be looking for longs to target 1.0200-1.0300. A rejection would execute shorts. This could correlate with EURUSD targeting a new leg to the downside. Both will need to be monitored. Market sentiment for EURUSD...
GBPUSD Short. 0.382 Fib, 4HR 50 EMA, Trenline touch. Targeting ascending TL as target