Trading chart patterns: EUR/USD and EUR/NZD in double top, USD/JPY in falling wedge [Video]
|Price action on USDJPY has formed a falling wedge and we are wondering if it has reached the bottom as the Stochastic Oscillator is showing an oversold signal.
If we look at the Daily Chart we can see why we consider the falling wedge as a bullish continuation pattern as price action has been rising on USDJPY since the beginning of the year.
We see a huge Double Top or Head and Shoulders pattern on the EURUSD Weekly Chart so this might take a while to show us a direction.
If price action breaks the neckline we could see many levels of support on the way down.
Looking at the last several weeks of price action on EURNZD, we see a series of Double Tops and Double Bottoms.
Price is currently at a key level which has been the Neckline almost every time.
We need to see a break of this level of support before price actin falls to the next levels.
We see quite a few opportunities with AUD pairs so please watch your trend lines, indicators and levels of support and resistance.
For example, both AUDCHF and AUDJPY are trending down and price action is rising to the upper trend line so we may look to sell the bounce.
As promised last week, we took another look at the China A50 and, as we thought, price action reversed from the post-COVID 61.8% Fibonacci level of support and reversed.
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