Forex Trade Signals and Setups – Nov. 14th

NZDUSD – Kumo Rejection Plays Out Well

After the Kumo Break to start off the month, the pair has been well contained below the Kumo. It executed a downward TKx Signal on the 9th which worked out really well shedding over +150pips which our Ichimoku Traders made some good pips on so hopefully you did as well.

What is interesting is how price formed a price action pinbar setup off the lows, then climbed aggressively only to do what? Reject right off the Kumo.  Price literally got within 1pip of the Kumo bottom, and then sold off for the next 24hrs straight losing 175pips.  Price is now rapidly approaching the prior swing lows at .7730.  A break here would likely challenge the .7600 and .7500 figures shortly after, perhaps by the end of the week.

Oil – Holding the Channel, But For Hor How Long?

On the 4hr time frame, Oil has been holding a perfect channel that is about $3.25 wide for the entire month of November. It has also consistently been holding above the 20ema spending only 9 of the last 57 candles below it treating it consistently as dynamic support offering great trade entries.

Now that we are at the bottom of the channel, we really have an opportunity for both bulls and bears.  For bulls, they can get in towards the bottom of the channel with stops not too far below the $97.30 area while targeting  just north of $99 offering an almost 3:1 reward to risk ratio.  For bears, any breaks and closes below the channel could activate technical models and we could see some strong unwinding down to the $95/$94.50 region.

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