I opened multiple positions on various assets last Friday, which adds more to my active positions. That will make it difficult for me to navigate between all of these trades at the same time, but I don't mind the challenge, and this is something that I have to get used to because it helps minimize the risk.
I was expecting a positive performance from the US dollar before the Non-Farm Employment Change was released, but things did not go as expected. Despite that, and from a technical point of view, the current situation still looks promising with the market closing above 109.32, which, as I mentioned in previous posts, is critical for maintaining the bullish momentum in the medium and long term.
As you know, I had long positions on this currency for a while, but I closed them at a significant loss after I found that the price behavior predicts the continuation of the long-term bearish correction as the price may continue to decline towards the support level of 19717.8.
Now I see that there is a symmetrical triangle formation on the H4 chart, and as we can see on the attached chart, the price is already trading below the lower side of the pattern, which gives us a good selling opportunity, although I didn't need this as I held my position before the breach.
For these positions, I will take level 26466.80 as my first target, while the second will be at the support level of 19717.8.
After the market closed, things started to look negative on this pair and I started thinking that the inverted head and shoulders pattern might fail and turn into a continuation triangle pattern, as shown in the attached chart.
I will not be surprised by this because my target from the long positions was within a bullish correction, while the price may continue to fall on the daily chart to test the support level 1 and this goes in line with the proposed triangle formation.