This week in the currencies world, we had 7 majors pairs show up on 7 time email alerts. Typically a 7 time email alert is high probability for a trend to begin. But it can also be a high probability to reverse. Lets take a look at this past week high probability email alerts.
You can see that on the 4hr that the cadjpy is in a consolidation. The 4hr was a (2) on the email alert. It pulled back to the Kijun-sen could not break out bullish. Now its pulled across the senkou span B. So look for a possible reversal if the Senkou sapn B does not hold. Or at least to the bottom of the consolidation range.
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You can see here on eurcad 4hr that we are in another consolidation. Its (2) on the email alert and the break out failed. Now we are still above the senkou span B, so we are still bullish. We need to break a support or resistance. Right now just in a consolidation.
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Same consolidation on eurnzd. Was a (2) on the email alert, pulled back to the senkou span B. Still bullish. Needs to break the support or resistance.
Here we have eurgbp in a consolidation. Has broken below to the bearish side. This could be the best set up for a reversal. Look for a bearish pull back. Wait for the future cloud to flip.
Gbpnzd is also in a consolidation as well. Still bullish above the senkou span B on the 4hr. Needs to break the pivot high to stay bullish. If it doesn’t, this could work itself out to revers.
So over all the pairs are all consolidating. EURGBP was the only one that looked good for a reversal. the others need to break some levels to see if they are going to get out of the consolidation. Keep an eye on them. Consolidation is a good sign that a new trend will began. The question is which way will they go?
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