🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Harmonic View Of Next Week's Market: FX Pairs

Published 10/25/2019, 06:08 AM
Updated 07/09/2023, 06:32 AM
EUR/USD
-
EUR/GBP
-
NZD/USD
-
EUR/CAD
-
EUR/NZD
-

Disclaimer: The views shared through tweets are personal and not of my employer. Harmonic patterns are correction patterns and not reversal patterns. Any position must be taken after a thorough research.

Below are chart projections of Harmonic patterns (ABCD to be precise) for the upcoming week starting 28/10/2019 to 01/11/2019 that forecast some small inflection points along the way. Profits can be taken when prices react from the below grey box (Potential Reversal Zone) and retrace 38.2% from the beginning of the pattern. We have chosen EUR pairs because of interesting possible moves as we have also outlined some important levels to keep in mind.

1. EUR/CAD: Expecting a bullish reversal off the PRZ around 1.4500. The harmonic pattern is coinciding well with the RSI as well as other proprietary indicators not visible on the below chart. A reasonable target can be place at 1.4570

EURUSD H3

2. EUR/USD: Having done the expected reaction from last week's signal. The pair now awaits a nice short opportunity at the PRZ confluence around 1.1240/1.1270. At the moment no significant move is triggered yet. An intermediate resistance zone to play short-term moves can be placed at 1.1210 but it is not highly advised to trade on it. The RSI is still not showing clear signals.

EURUSD H3

3. EUR/GBP: Expecting a bullish move around the PRZ at 0.8515/0.8475 for a target at 0.8860. The harmonic pattern is a 0.382/2.24 ABCD. RSI has been diverging signaling an exhaustion in the bearish trend.

EURGBP H3

4. EUR/NZD: And finally, for the Euro kiwi pair, although harmonic patterns are not really meant for a range-bound market, they can exist inside the range as can be seen below. With a PRZ at 1.7530/1.7560, we expect a drop towards the middle of the range at least.

EURNZD H3

In conclusion, always do your own research before trading / investing. Remember, it's the fundamentals that govern the markets.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.