CADCHF was on our list this week as we saw price break and form new lows on the daily chart. Once price re-tested the moving averages it formed a bearish inside candle. We took a short position on the low with stops above the highs. Expecting this market to move lower in line with our strategy.
In today's video update, we take a look at the AUD index as we see price start to accumulate at the key weekly support. If we see price turn bullish here on our trading timeframe we can look for long opportunities.
AUDCAD has been a great market for us to trade as we saw the market bounce from the range support. We managed to get a good position at the support and the 4hr timeframe gave us multiple positions to get on the back of the long opportunities. The market is now sitting at a key resistance, where we could see price struggle. However if we do see a break higher, we...
USDMXN has been on our list for a while now looking for the high probability short trade from the key resistance of 20.9000. With the recent uptrend forming here we can see the Fibonacci extension 127.2 sits just under the key resistance zone using the current impulse leg. This area will likely see sellers re-enter the market as it shows the market could be...
We looked at NZDJPY in our free telegram channel (find details in the description) for our trade of the day. This market falls in line with one of our key strategies. Technically the market is in an uptrend forming higher highs and higher lows after rejecting the key weekly support of 72.40. Price then formed a bullish engulfing candle off the 20ema. Looking for...
This week we were looking for GBP to continue the sell-off as Theresa May continues to be criticised by parliament for her current draft agreement with the EU. Despite the EU accepting the draft agreement, parliament will likely reject PM Mays plans which will cause further disruption to the GBP. We only see downside to this market for now and looking to pair the...
AUDJPY has seen a boost higher at the key weekly support. We expected downside here if the price could break and close below the lows. Despite the market breaking lower, we did not get a confirmed close lower. The 4hr timeframe has now broken through trendline resistance and formed a higher high, higher close with our moving averages also pointing bullish. If...
GBPAUD has been bearish for a while now and with Brexit volatility looming we could see further downside here. Price is currently testing the moving averages and key resistance of 1.7750. Applying trendline support we could expect a breakout if this market breaks and closes below the trendline support. 1st targets come in around the key support at 1.7360....
Looking at the EURUSD this week we can see the market is holding at the key support area of 1.1300. With the potential for USD downside, we could see this market head back towards the resistance of 1.1750. If we see the market form bullish price action here we can look for the long trade. If you are slightly more adhere to risk, look for the neckline break on the...
EURJPY looks likely to break lower towards the key support of 125.60. Our moving averages remain bearish on the daily timeframe adding to our confluence that price could break lower. If the trendline support highlighted by the purple trendline sees price break and close below we will look for short opportunities on the lower timeframes and trade towards the key support.
Price action here suggests further downside is to come here. Typically when we see strong continuation moves the retracement is shallow with small range candles. This is showing a lack of buyers at this point in this example on USDCHF. The 10 and 20 EMA have also crossed bearish adding to our confluence of further downside to come. If the market does want to...
BRENT CRUDE OIL is finally back into the key support level of 62.30. Price is starting to find some support here and we are expecting the market to see some relief here with a push back into the resistance of 70.40. Looking for a change of cycle on the 4hr timeframe before trading the weekly retracement.
As we expect the USD to move lower, we look to the USD crosses to see if they're any trading opportunities on the horizon. USDSGD has been struggling to climb above the highs of 1.3850 and has moved lower. Looking at this market technically we can see the moving averages have crossed bearish and currently the market is rejecting them. A move lower down to the key...
NZDUSD is preparing to move higher potentially forming a double bottom at the previous higher timeframe structure highs. NZD will take advantage of the lower USD and we expect this market to head towards the key resistance of 0.7000. Technically we can see the market is finding support and if we see a break and close above the trendline resistance we can look...
AUDCHF is another market we have focused our attention on due to the CHF strength we are currently seeing in the market. AUD has seen some short-term weakness this week and could be set to re-test the key support of 0.7140 before longer-term buy opportunities come into play. Technically we have our moving averages in the right direction and if we see a break and...
EURCHF has been on our watchlist for some time now as it struggled to break the weekly resistance at 1.1470. Looking at the 4hr chart we can see the market closed below the previous daily lows where we could see further downside from. Typically when the market trends we see a re-test of previous lows for continuation, if we see bearish price action here we will...
We have been looking for the USD to sell off this week due to FED Chairman Powell less hawkish position on the US economy and the false break of the $97.00 resistance. Looking at the daily chart here we can see that the market may be looking to re-test the $97.00 resistance and if we are to see the USD sell-off we should see this pattern complete. A break of the...
Looking at the latest COT Reports we can see Commercial long contracts back above 200k. Typically when this happens we see a weekly rally out of GOLD. Looking for long opportunities here on pullbacks. A re-test of $1215.00 will be ideal to look for the continued long trade into the key resistance of $1240.00.