Current upward move now seems like an attempt to test the top of the trading range in blue.
if 153.80 - 154.77 proves to be a resistance zone then we should see an obvious bearish candlestick pattern in 1hr or 4hr in the next few hours.
This may be a good trigger to short to the bottom of the daily trading range around 147.70 (say short 153.70 to 147.70, we are...
Weekly Chart reveals more bearish candles and there is 1 particular big marubuzo bear candle that stands out marked by the 1st red down arrow with a box highlight.
As commonly known marubuzo is a continuation pattern, observe how the previous 3 weeks was bullish and the single marubuzo trashed the 3 weeks bulls bringing AUDUSD to below parity.
This week has...
Simple Bullish Divergence between Price and Price Momentum of USDJPY leads to my bullish sentiment on JPY crosses.
If 84 is challenged then 95's region might be the turning point for JPY crosses.
Bullish view breaks if previous month low is breached.
The chart drawn speaks about my bullish-ness about EURUSD.
1. Price has expanded away from Lower Bound of Long Term Downtrend channel.
2. 1.27 seems about a vital support for this current breakout as it is a round level; near to 2012's open ( another vital psychological level); and a point of confluence where the "Near Term trendline" coincides with lower bound...
The downtrend form within 2012 has been broken and along with recent price movement near the downtrend line suggest a cup and handle chart pattern.
1.28 is the next breakout level and if the downtrend line remains as support, the likely resistance zone will be 1.34 range.
Yesterday, 1.28 level is not broken and showed a kinda bullish hirami setup.
If EURUSD does not fall back to the congestion zone below 1.2911, the bullish momentum is likely to challenge 1.32 and then 1.38 as in previous post. :)
Aug 2012 is all time low for EURCAD as for the time being.
Price action is drawing nearer to the long term downtrend line.
With the bullish hammer and Sep as bullish, Oct is highly to be bullish and challenging the resistance by the downtrend line as well as 1.30 round level.
This bullish setup will fail if Sep low is tested within next 2 weeks.
On the monthly chart, EURUSD is now near 2012 low and 2011 low has been rejected.
It is showing signs of bullishness, though the long term trend looks bearish since 2008.
Assuming the current movement as retracement, it is expected that EURUSD will be hitting 1.38 around mid 2013.
Today's move should not hit back on 1.25 and 1.30 is likely to be challenged by this month.
