Ones To Watch 22nd July
Welcome to another episode of my "Ones To Watch". This week I focus on;
With all of these pairs showing interesting set-ups there is certainly the potential to make some pips over the next week or 2!
Before we get into it though...
The pair has reached the top of an ascending wedge formation and looks as though it may be about to reverse and head back to wedge support.
A double top on the 4 hourly also suggests that price may be about to head lower. If you are a more cautious trader then you could wait until price heads below the ascending trend that has formed on the 4 hourly before shorting to previous lows around the 6582 level.
More than likely, there will be consolidation around the ascending trendline and so you could look to put your stop above consolidation highs which would give you a nice risk/reward ratio.
The pair has bounced off the top of range resistance and has since started to form a descending trend on the 4 hourly. Crucially, after the pair broke below the double top neckline support it then retraced to exactly this area before sinking further.
This provides an opportunity to short to previous lows at 7350 whilst being able to place your stop just above the retracement highs - around the 7564 level - providing a nice risk/reward ratio.
The pair is retracing back up to descending trendline resistance - the fist time it has done so for the last month and a few days - suggesting the next decrease will also be fairly large.
A pin bar forming at previous support/resistance meeting trendline resistance would be a good indication to go short. Potential target area could be previous lows around 13020 - although initially a small target profit - the next level of 12800 will give a nice profit potential.
The pair is still respecting the downtrend started earlier in the year. Although it appears to have tried to push above it, it has, so far, failed to maintain the bullish momentum and seems to have returned to following the descending trendline.
A push below 9800 opens up the possibility of a short down to 9700 target 1 with further decreases to 9600 a possibility. A stop loss just above the previous high pin bar should give you a decent risk/reward ratio.
Make sure you watch the video for more in-depth analysis as well as potential drivers behind the price movements.
I hope you enjoyed this update, don't forget to comment with any questions you might have - I will always try to respond as quickly as possible. Also tap the like button at the bottom of this post to let me know that you like my content.
Until next time...