Currently stay on uptrend and retest on lower trendline and retrace back, expecting little bit more down before a strong buy signal form
Personal perspective will tends to long on this pairing as it will be looking bad towards dollar recently
suggestion:
(1) set a buy order at 1.086 if the current candlestick unable to break the lower trendline
Buy order...
observed a reversal signal yet unable to break the resistance@ 108.100, which expecting a continuation downtrend
suggestion:
(1) observed the current candlestick if unable to break the resistance zone, aim for a sell trade
sell order (TP 107.38 SL 108.10)
(2) BACKUP PLAN : if the resistance zone breaks, a buy order can set towards 108.50
(not really suggested...
In previous week, there is a reversal on the downtrend which complete the Elliot Wave for uptrend, however it might be a recovery wave in this current trend, which has to be retrace from the uptrend, in order to check for the downtrend, fib. retracement used to determine the direction and it is more possible to see a downtrend till 107.2, before it tends to look...
In majority of the time shows a downtrend with head and shoulder pattern recently a strong free fall
However, for the moment market reopen, i would like to see some retracement from current price as there is a strong support zone between 1.075-1.079 area, which is hard to break at the moment and it is suggested to attempt on bullish side, which the resistance zone...
In previous weeks, there is a reversal signal ( bullish crab pattern + morning rise signal) which tends to be bullish until 1.245 as strong resistance.
After the bullish pattern, it is observed that there is a ascending triangle formed to pull down the previous bullish trend and continue the dominant bearish trend
it is suggested for a pending sell limit order...
As we see there is a consolidation on the latest price zone (116.559 to 117.416)
From the latest short term downtrend, need to wait for another breakout either minor trend line resistance or major strong support line
In short term trade, it is highly suggested to buy with a small profit before aiming for a big sell.
