On the EURCHF pair a fortnight ago, we looked at the weekly timeframe, on which bears have been in control. At the time, the fakey setup was our point of analysis. Two weeks later price has rallied closing above the consolidation.
This week on the AUDNZD pair we have a setup that depicts a pattern within a pattern. A double bottom within a descending triangle.
This week we revisit the pair of GBPNZD that we covered in last week’s analysis. At the time, price was trading in an ascending channel which is an indication of bullish dominance. The doji followed by the marubozu gave us a bullish bias, and we can testify that the rally continued. Currently price is at our major resistance zone with the formation of a pin bar.
On the CADJPY pair the focus this week is a consolidation in form of a weekly descending channel. The tag of war between bulls and bears within the channel is evident as prices have been within the support and resistance boundaries. However the main players are the bears who’ve taken price lower and lower for the past 2 years.. The past week closed off with a pin bar.
Looking at the British Pound vs The US Dollar which we looked at a fortnight ago.At the time, price had just closed above the mother candle,indicated by the breakout candle.Our bias was bullish , ensuing the breakout.
Early this month we looked at The Great Britain Pound vs The Australian Dollar. We are doing a follow up on the previous analysis where an ascending channel had formed. A bullish engulfing candlestick pattern formed at the bottom of the channel. After the said formation, we had bullish bias and we were patient for price action to confirm this bias.
On this week’s analysis looking at The British Pound vs The US Dollar on the daily timeframe.. We are going to analyze the candle stick formation. This pair has been on a very much sustained downtrend. Therefore it goes without saying that we’re in a bear market.
On the weekly chart of The Euro vs The Australian Dollar, we can see the complete formation of an ascending triangle. Price has been trading within the triangle since August last year. Moreover, two months ago we had a false breakout whereby a candlestick closed above the triangle, but the next one reversed prices all the way down to the lower boundary. This is why it’s important to wait for confirmation after a breakout to avoid false breaks. Recently we see another close above the triangle.
On this week’s analysis of the Euro vs The Canadian Dollar. We’re looking at a weekly ascending channel. Price has been supported by the lower boundary and resisted by the upper boundary since 2012. The last two candle sticks are long legged dojis, which show uncertainty
Following up on this week’s analysis looking at the Euro Kiwi, which we looked up a fortnight ago. At the time, price was trading within the ascending channel. Our bias was bullish. But then the ensuing week, price broke out of the channel and was confirmed. Immediately our bias shifts to bearish. A double top was later formed, broke out and came for a retest of the neckline.