The last bearish “Doji” pushed the market lower. Also, the 55 Moving Average acted as a resistance.
Daily Market Analysis
The last bullish “Harami” hasn’t been confirmed. Also, we’ve got a bearish “Three Methods”.
We’ve got a triangle in wave (Y) of [B], so bears formed a wedge in wave 1. Also, there’s wave 2, which was ended last month.
On the daily chart, NZD/USD made several attempts to bring the quotes outside of the descending channel but failed…
There’s a “Double Bottom”, which has been confirmed. Therefore, the pair is likely going to reach the nearest resistance at 1.2595 – 1.2614.
All Moving Averages have been broken, so bears achieved a support at 1.0639, which pushed the price to a resistance at 1.0678.
Trade scenarios for EUR/USD, AUD/USD and USD/CAD based on key option levels.
The 55 Moving Average acted as a resistance, so we’ve got a “Doji” on this line. Considering a confirmation of this pattern, the market is likely going to test the nearest support.
The pair has been declining since a “Harami” was formed at the last high. Also, there’s a developing “Three Methods” pattern.
Trade scenarios for EUR/USD, GBP/USD and USD/CAD based on key option levels.
The price met a support at 1.2382, so the market is consolidating on the one-hour chart. Meanwhile, bears are likely going to continue pushing the pair even lower.
Bears reached a support at 1.0678, so the price is consolidating. Therefore, the market is likely going to test the next support at 1.0655 – 1.0594 in the short term.