CAD/CHF & AUD/NZD

CAD/CHF (Trend Continuation - Short)

 



1. Lower Highs Lower Lows
2. Below 50 & 200 EMA
3. Horizontal Resistance (0.9100)
4. RSI Convergence
5. Price Action (Doji Bar)
6. Fib Retracement Resistance (0.50%)

The only concern is the hard level of 0.9032 is in the way

AUD/NZD (Trend Reversal - Long)

 



The pair is on its strong monthly, weekly & daily support level of 1.2172. RSI is giving strong divergence signal while made an inside bar. The only missing thing is Fib Extention level which I am really wondering about as couple of week ago EUR/AUD same scenario happend when it wasn't giving any Fib Extention level but it was profitable trade. Even in USD/CAD & EUR/CAD in Trend Reversal trades (last few weeks) there was no Fib Extention level but the trade turned out profitable.

So the recent oppertunities of Range Based Reversal & Trend Reversal missed out due to no Fib Extention level but they all turned out profitable.

AUD/USD Continuation - Long

AUD/USD Continuation - Long

Hi Traders

The game is still ON, the current bar is going to be an inside bar bouncinf off a soft level of 1.0385. The only concern is its retracement which is deeper than the retracement of previous cycles which could be a start of downtrend but so far its checking all the boxes for an uptrend continuation trade.

AUD/USD (Continuation Long)

AUD/USD

Long Continuation

 

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 Hi Traders

AUD/USD is setting up to go long nicely, retraced upto 0.618 Fib level. It seems a high probable trade which scoring following 7 points.

1. Higher High & Higher Low
2. Above 50 & 200 EMAs
3. Horizontal Support              (1.03932 Level)
4. RSI Convergence
5. Bullish Price Action             (Inside bar)
6. No Resistance in the Way
7. FiB Retracement Level        (Support at 0.618 Retracement Level)

There is no hard level in the way apart from a soft level of 1.0493, which makes it 5:1 profit potential if it goes upto to that hard level.

NZD/CHF

Ascending Trianlge (Continuation Pattern - Long)

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Hi Traders

Today I noticed a trend continuation pattern Ascending Triangle on NZD/CHF daily time frame (Top Chart). I have drawn the expected price action move with blue arrows which normally takes place in Ascending Triangles. Once it breaks the level of 0.7870 & retests it, it will give us a nice oppertunity to go long; the next SR level would be 0.8025 which hasn't been broken since June 2008. The profit potential of trade will depend on the size of setup bar, which could easily be 2 : 1.

Bottom chart is weekly chart which is making an uptrend channel, the phase 2 has been over extended sideways thats why it was showing a long consolidation period in daily time frame

If the price action breaks & retests the SR level 0.8025 then it will be a strong bullish move. Alternatively if the this level rejects the price twice within a span of two weeks, it will form a nice divergence on RSI(6) which will be an opportunity of Trend Reversal.

This pair is on my radar now as the opportunity can rise in couple of weeks. Any suggestion is welcome, please do comment to give your opinion.

GBPAUD Continuation Short

Same story with GBPAUD as a continuation short.  Unfortunately at approx 140 pts risk those of us on half a percent cannot take this trade.

 

1. Lower lows and lower highs

2. Below 50 & 200 EMA

3. Strong Horizontal Resistance at 1.4635

4. RSI Convergence

5. Bearish Price Action (High Test Bar)

6. No level of support in the way

7. Fib Retracement Level 50%

 

I've taken USDJPY (long) and GBPAUD (short) on my retail account.