05.05.26 Daily Forecast

288
Pairs on Watch -

EURNZD : Price is moving in a really nice sequence to the downside at the moment and we can ride this movement into the next lows. Right now there is a potential 123 structure forming for the short, however we need price to close below the wick to the left to mitigate any chance of a bullish structure forming. If this structure does form, I will happily flip bias and get involved in the longs

NZDUSD : Price needs slight development here but using the DXY to our advantage we can look to get short on this pair. Any internal structure leading into the ray line gives permission to move to the 15M for a risk entry short. Similar to GBPUSD I will be monitoring this pair to see its development.

GBPUSD : Very similar to NZDUSD above however the higher timeframe on this pair is a little nicer. I will be monitoring to see how this potential bearish structure forms, again any internal structure on the lower timeframe I will then filter to the 15M for a risk entry short. DXY also being monitored at the same time due to where it is positioned.

EURAUD : Just like EURNZD I am open to both directions on this pair due to its positioning. I am looking to play the long into the third touch of the bearish structure where price could break through and continue. If we do not get this, I will wait for the third touch to complete and look for either an insurance entry or a 4H risk entry short.

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