The US dollar index is trading near the psychological level at $94.
EUR/USD: bulls are retreating
SELL 1.2315 SL 1.237 TP1 1.2215 TP2 1.2095 TP3 1.205
SELL 1.2215 SL 1.227 TP1 1.2115 TP2 1.2095 TP3 1.205
On the daily chart of EUR/USD, bears made the first attempt to pull the pair below support at 1.2245. As a result, it formed the junior pattern “Widening wedge”. To continue the decline the pair has to fall below April minimum.
On H1, there’s a “Widening wedge”. Pullbacks to 23.8%, 38.2% and 50% as usually are used for selling with targets at 78.6% of the Gartley pattern. At the same time, advance above 1.2417 will increase the odds of uptrend’s resumption.
On the daily chart, AUD/USD is forming 5-0 and AB=CD patterns. After reaching an interim target at 127.2% of the latter, there was a natural pullback. Bears keep hoping to reach 161.8% target.
On the daily chart of NZD/USD, a pin bar let bulls to counterattack. They are trying to form a double bottom and return the situation under control.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.
We've got a pullback from the nearest "Window", so there's an "Engulfing" pattern. In this case, the pair is likely going to...