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FORK

AUDJPY Done Correcting?This pair seems to be finally done correcting. Has found support at the sliding parallel of a modified Schiff pitchfork. If it holds, we should see a rally up to the 95.75 level, or perhaps even to 96. Otherwise, the correction will continue to reach 94.22 or (less probable) even the lower median line parallel. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial adivice.
Long
by ForceFollower
24
AUDCHF Above the SupportIf this fork is going to hold, I expect the price to get at least to 0.8245. I like the support level below, so any SL orders should be placed below 0.814. The aussie has been performing below its recent 'true potential', became overbought (by my measures), so I expect it to strengthen in coming hours. On the other hand, I find the Swiss franc pretty weak, but with a potential to weaken further, so a rally in this pair seems to be quite justified. However, if the setup fails, we should first expect the support at 0.8152 to hold; and if even this one fails, we'll probably see this market follow the dark red fork, perhaps even down to the lower median line parallel. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial adivice. The presented set-ups are not solicitations of any order to buy or sell.
Long
by ForceFollower
5
AUDUSD Still In the ForkNow it's just a debate: if the current up fork is going to hold or fail, as price has crossed it from its upper parallel to the lower one with ease. This market is in a very-long-term down trend, found resistance above 94 and then even below that level. Now it is about to say, whether it's going to stay within the fork or not. It can either turn into an overshoot and go up again or... continue lower toward some support level. If the fork holds, we should see price go up to at least 0.937, otherwise we'll see, if either 38.2% retracement level or prior lows' support is going to hold. Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. All content posted is for educational purposes only and is not a financial adivice.
Long
by ForceFollower
47