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USDJPY Continues Consolidation Above Key Support!Dear Friends! USD/JPY is trading sideways around 154.00 during the Asian session on Tuesday. The pair was weighed down by Japanese comments and a softer risk-on tone. However, a fresh rally in the US Dollar limited the pair's losses ahead of the US November Retail Sales report. From a technical point of view, USDJPY remains in an uptrend with the trendline, EMAs and price channel still favoring buyers. In the short term, keep an eye on the upper limit of the channel, which could provide fresh upside momentum for USDJPY. Wishing you happy and profitable trading.
Long
by Trader-Briannnn
Elliott Wave View Expects NZDUSD to Extend LowerNZDUD decline from 10.1.2024 high is in progress as an impulse Elliott Wave structure. Down from 10.1.2024 high, wave 1 ended at 0.6049 and wave 2 rally ended at 0.6119. Pair then resumed lower in wave 3 towards 0.5813 and wave 4 ended at 0.5928. Currently wave 5 is in progress with internal subdivision as another impulse as the 1 hour chart below shows. Down from wave 4, wave ((i)) ended at 0.5801 and wave ((ii)) ended at 0.5888. Pair has resumed lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 0.5758 and rally in wave (ii) ended at 0.5817. Pair then nested lower with wave i ended at 0.575 and rally in wave ii ended at 0.5793. Expect wave iii lower to end soon, then it should bounce in wave iv before turning lower again in wave v of (iii). Near term, as far as pivot at 0.588 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
by Elliottwave-Forecast
"NZDUSD: Room for Further Decline?"NZDUSD: Approaching a Critical Support Zone Amid a Strong Bearish Outlook The NZDUSD pair is gravitating towards a significant support zone that it last tested over a year ago. This return to familiar territory comes under the shadow of a strengthening US dollar, which continues to exert downward pressure on the pair. The growing momentum behind the dollar and New Zealand's lackluster economic fundamentals are intensifying the likelihood of a major support level breakdown, potentially paving the way for deeper declines. Bearish Momentum in Full Swing The broader downtrend in NZDUSD remains firmly intact, driven by several key factors: Rising Dollar Strength: The US dollar has been bolstered by robust macroeconomic data, tighter monetary policy signals, and increased demand as a safe-haven asset in a volatile global environment. Weak New Zealand Fundamentals: New Zealand’s economic landscape offers little support for its currency, with lower growth forecasts and subdued sentiment adding to the downside pressure. Technical Weakness: The price action clearly reflects sellers' dominance, with the pair facing persistent resistance while struggling to hold onto key support levels. Testing Key Zones: Resistance vs. Support The pair is currently navigating a critical battle between resistance and support levels. A detailed breakdown is as follows: Resistance Levels: The 0.577 and 0.5817 levels are acting as formidable barriers for any bullish attempts. Each time the price approaches these zones, selling pressure intensifies, capping upward momentum. Support Levels: On the downside, 0.575 serves as an immediate level of interest, while the next significant floor lies at 0.562. This lower support remains untested in recent months and could act as the next price magnet should the pair breach the current descending channel. Descending Channel in Focus The NZDUSD is confined within a well-defined descending channel, which has dictated price movements for several sessions. Currently, the lower boundary of this channel is acting as temporary support, holding the pair above critical levels. However, the technical picture suggests that any decisive break below this channel could trigger a cascade of sell orders, as there is minimal structural support below until 0.562. Scenario Analysis: What Lies Ahead? Bearish Breakout: If the descending channel support fails and the price consolidates below this level, we may see a rapid acceleration of the downtrend. In this scenario, sellers would likely push the price toward the 0.562 mark, with minimal obstacles in their path. Temporary Correction: While bearish sentiment dominates, a temporary corrective bounce cannot be ruled out. Should buyers manage to defend the current support zone, the price could revisit the resistance levels at 0.577 and possibly 0.5817. However, such a move would likely be limited to short-term retracements rather than a trend reversal. Support Retest and Breakdown: The most probable outcome remains a retest of the support zone. Given the current macroeconomic backdrop and technical setup, any subsequent breakdown of this support could trigger fresh selling, opening the door for a deeper slide to 0.562. Conclusion: Downtrend Unlikely to Reverse Despite the possibility of minor corrections, the overall picture for NZDUSD remains overwhelmingly bearish. The combination of a strengthening US dollar, weak fundamentals for the New Zealand dollar, and a bearish technical setup creates a perfect storm for continued downside pressure. Traders should keep a close eye on the support zone near 0.575 and the descending channel boundary. A decisive break below these levels would confirm the next phase of the downtrend, targeting 0.562 in the near term. On the other hand, a sustained bounce above current levels might offer a brief reprieve, though it is unlikely to signal a reversal of the prevailing bearish trend.
Short
by lonelyPlayer0
GBPCAD POSSIBLE SELL Based on DAILY and 4HR TF, the market seems to be forming a possible reversal pattern. We could see SELLERS coming in strong should the current level hold. Disclaimer: Please be advised that the information presented on TradingView is solely intended for educational and informational purposes only.The analysis provided is based on my own view of the market. Please be reminded that you are solely responsible for the trading decisions on your account. High-Risk Warning Trading in foreign exchange on margin entails high risk and is not suitable for all investors. Past performance does not guarantee future results. In this case, the high degree of leverage can act both against you and in your favor.
Short
by WiLLProsperForex
#001 New2 DCA LONG USDCADOk, I decided to close all of my positions previously opened in NEW DCA and begin a new log because I want to tweak some things and I feel that those opened positions that goes into drawdown and then into profit isn't helping me mentally. So, I closed all of them out for maybe 3 or 4% loss, maybe at most 10$ loss, I am not sure. New tweaks are as mentioned below, - Buy when price is trending up, short when price is trending down. - Pick the strongest products only for watchlist and potential trading. How do we determine if something is trending up, or down, and how do we determine which is the strongest? On the bottom left of tradingview chart, theres the 5D button. Or in the tradingview app, there's a overview option when we click into any pair. Select 5D range. The glowing price movement will tell you if price is trending up, down or sideways. It is quite easy to tell which one is trending, ranging, and their strength. If one is doing it on laptop browser, then, click on the bottom left's 5D range button, and then use a vertical line to mark the first day of the 5D range (from the left most). Then, zoom in or out to fit the entire 5 days on the chart, and try to not show as much of the price movements on the left beyond the 5D range. This is to prevent clouding ones judgement. Strong price movements should be in your face. It moves in one direction so strongly you just know it. Besides that, another clue is price making higher high, higher low for up trend and lower low and lower high for down trend. Avoid ranging or weak trending markets. Go for the strongest movements only. Now that we have understood the settings and preferred price action, we are going to look at chart type next. I am going to keep it simple. I will be using the line chart for the most part. Avoid clouding your judgment with too much moving parts. There will be time where candlesticks come into play but those are not the rule. And even if we forgo candlesticks completely, we are not missing out anything at all, because the current price and the previous closed prices is all we need to know about how the market feels in the end. Third, is to mark out the previous higher highs and higher lows, vice versa for short. I would like to think it is always easy and very clean movements. But that should actually be the fact. Because if price isn't moving cleanly, then if we choose to be a part of the movement, we are just entering into states of unrest within our minds. And then we begin to have other thoughts and bs and we change things again. I hope that this changes I am going to implement would be the last for a long time. Besides the forex market, there's gold and stocks, indices. I shouldn't be focusing on the forex market all the time. If there's prettier flowers else where I should go to those gardens and admire other peoples flowers too. Possibly supporting their bouquet business too because it is all about "Guan Xi". Anyway, I hope this is the last. I have been missing out on tons of action on other products such as bitcoin, GameStop, NVDA, Gold, JPY carry trade, and other shit. I have to broaden my worldly outlook, instead of hoping that only this shit works out. And I only focused on this piece of shit because I have limited funds, but now that my partner is also with me on this trading and investing journey, and also that I am feeling much much better mentally wise after years of suffering, I should chase what moves instead of hoping I could heal the dead horse with my superior post flop folding skills. 1712SGT 18122024
Long
by ProfessionalDuckHunter