From my earlier post, the EUR/CAD trade setup reached first target. While AUD/USD trade setup unfolded as expected.
Trade setups for today: AUD/NZD completed a topping pattern. EUR/NZD bearish breakout and Palladium retest process are probably completed.
Trade Setup 1: AUD/NZD Upside Pullbacks Are Probably Shorting Opportunities
A simple setup based on major double top price pattern completion. The price has broken below the neckline of the pattern at around 1.0665, suggesting a possible trend reversal. Any upside pullback towards the pattern neckline is a new opportunity to short.
I would short on a simple retest, or before reaching it f the price prints a long bearish reversal candle, such as a shooting star over the four or eight-hour time interval below 1.0665. My main target is around the 200-day simple moving average, around 1.0550 areas.
In the case of the price retesting 1.0665, my stop would be just above 1.0710. That would yield a trade with just better than 1:2 risk to reward.
Trade Setup 2: EURNZD Retest and Bearish Resumption
EURNZD may have completed a retest to the broken key support turned resistance at the 1.7300 area. I am looking for a downside move at least toward the most recent swing low at 1.7150. Then the area near the 200-day simple moving average and next key swing low around 1.7000 level.
Trade Setup 3: Palladium May Resume the Most Recent Bearish wave
The price has broken below its medium-term rising trend line in addition to a key swing low at 1733. That break was followed by an upside move. The evidence so far suggests it’s a corrective pullback towards the broken rising trend line and swing low, as the price has formed multiple rejection candles with long upper shadows. Meaning every upside attempt was faced with renewed selling.
My first target is at the most recent swing low at 1680, followed by 1632 next key swing low and potential support level.
Trade with care