Perfect little sideways triangle here, With aid of the broken daily trendline it will break down lower and continue on its downtrend.
Double top shown here with eurnzd, continued to break the support, we will see the price push further down and then come back up for a retracement of the broken support turned resistance then further continuation downward.
Short position changed to a long position due to break of the major trendline.
Short idea, the Rand has just broken a major trendline, out of ascending triangle, and now we will see a downtrend commence, I will enter this trade on the retest.
Price respecting the daily downtrend, have a look on the weekly chart to confirm this analysis and feel free to let me know what you think.
Possible Long setup, inverse H&S and a breakout of the bullish pattern will signify bullish momentum.
Eurnzd is still bullish, the bullish channel indicates so with a bullish englufing at a clear support and also there was no break at the 50 ema. Price could go up past the weekly resistance or it could form either a double/ triple top structure and reverse or form a lower high indicating reversal.
False break out to the upside and now we see price re-enter the range, it should hit the major support and then continue or even find support mid range and then push.
Head and shoulder patterned formed at the weekly resistance therefore could be a good opportunity to get in a short trade.
Price is respecting the trend and a bullish signal is expected although price is at a strong resistance on the daily chart so a reversal pattern may also come into play and send price on a downtrend like what happened previously, otherwise we stick to the trend. let me know your thoughts.
Dark Cloud Cover Pattern at dynamic resistance plus 61% fib and price is respecting the trendline.
Range then range constriction so we could see a break to the upside soon.