Tag: bullish

GBP/CHF: Flipped resistance is in play

GBP/CHF produced a bearish candle on the daily chart yesterday. The price made a bullish correction on the H1 chart. As of writing, the price has been bearish in the last candle. The price finds its resistance at a flipped level. If the level produces a bearish reversal candle, the price may head towards the South to make a breakout at yesterday’s lowest low. That would drive the price towards the South further with more bearish momentum. Chart 1 GBP/CHF H1 Chart After being very bearish, the price had a bounce at 1.18750 and had an upside correction. It headed towards the North with a moderate bullish momentum. It had a rejection at 1.19430, where the price had had a bounce earlier. If the level of 1.19430 produces a bearish reversal candle, the sellers may go short below 1.18750. Trade Summary: Entry: Sell below 1.18750 Stop Loss: Above 1.19430 Take Profit 1: 1.18465 Take Profit 2: 1.18300 Take Profit 3: 1.18000

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EUR/NZD: Support pushing the price towards the upside

EUR/NZD produced a bullish engulfing candle yesterday. Thus, intraday buyers may keep their eyes on the pair to go long. The price has been choppy on the H1 chart so far. However, the price may have found its double bottom support. Thus, it may head towards the North and offer a long entry to the buyers. Chart 1 EUR/NZD H1 Chart The H1 chart shows that the price upon finding its support made a strong bullish move yesterday. It had a rejection at 1.78500 yesterday and today as well. On the other hand, the level of 1.77650 has been working as a level of support. As of writing, the level produced a bullish inside bar at its last bounce. If the price heads towards the North and makes a bullish breakout at the level of resistance, the buyers may go long above 1.78500. Trade Summary: Entry: Buy above 1.78500 Stop Loss: Below 1.77650 Take Profit 1: 1.79080 Take Profit 2: 1.79435 Take Profit 3: 1.80000

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USD/JPY: Eying on the next breakout

USD/JPY has been bullish on the daily chart for the last three trading days. Yesterday’s candle came out as a long bullish candle closing within a significant level of resistance. This may make the pair consolidate around the level before making its next move. However, major intraday charts suggest that the pair may continue its bullish move today as well. Let us now have a look at those three major charts. Chart 1 USD/JPY Daily Chart The chart shows that the price after being bearish had a bounce at 106.085 and headed towards the North finding its resistance at 107.815. The reversal candle came out like a spinning top. The bear looked strong till then. However, the next two candles came out as bullish candles with a long body having no upper shadow. The buyers on the daily chart may want to wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. Chart 2 USD/JPY H4 Chart The H4 chart shows that the price made a strong bullish move before finding its resistance around 107.800. Upon producing a shooting star, it headed towards the South. The level of 107.730 has been working as support. As of writing, the price has been bullish in the last candle. If the level produces a bullish reversal candle, the buyers may go long in the pair above 107.800. The price may find its next resistance around 108.445. Chart 3 USD/JPY H1 Chart The H1 chart shows

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