This is another pair we touched upon last week as it re-tested key resistance and rejected on the weekly chart. We have had to remain patient with this pair for a high probability opportunity and now we are starting to see the trade shape up. The 4hr is starting to line up with our higher timeframe by creating a lower low breaking through the previous lows at...
We spoke the other day that we could see some upside to the USDJPY after it came into key weekly support of 111.70 . Now looking to the 4hr timeframe we have a confirmed higher high after breaking out of trendline resistance. In a trending market we tend to see old resistance act as support and the market is currently testing the previous 4hr highs at 112.40. This...
As we have seen of recent the indices have had what Donald Trump is calling a 'correction'. As a technical trader this looks likely to continue to the downside but we must ask ourselves where the high probability trade is from. So looking at key resistance levels will be key, seeing that the 50% Fib is sitting at the resistance zone of around 7250.0 looks...
USDCHF has been stalling around the key support of 0.9860 for a few days now and with the likely hood of further hikes from the Federal Reserve the USD strength looks likely to continue in the near future. Looking at the chart technically we can see the market could be forming a double bottom pattern with the neckline sitting up at the structure resistance of...
CADJPY has recently interacted with a key weekly support level of 85.60 with weekly 38.2 fib confluence and bounced breaking through a key trendline resistance. Technically this looks good for a long set up now we have created a higher high on the 4hr timeframe. Looking for price to retrace back into the 4hr highs around the 86.40 zone highlighted with the...
USDJPY technically has come back into previous weekly highs and support around 111.75. Combining this with our trend analysis with the market creating higher highs and higher lows we should expect the market to move higher until otherwise told by the market. Fib analysis shows a 38.2 fib sitting at the support zone adding to our idea. Looking for a 4hr change in...
NZDCHF is in focus this week as it approaches a key resistance level after breaking out of a trendline resistance. The market came into a support level and now looks to be forming daily trend if we see the market create a higher high. NZD is another currency of focus highlighted from our COT reports and we have already positioned ourselves on NZDJPY in line with...
We have touched upon the Australian Dollar this week and that the commitment of traders shows the potential for a long opportunity. However, the COT reports do not give us the timing of the trades and we must see our technicals line up. BoC (Bank of Canada) are talking up a rate hike in the coming week and that could look likely as data shows to be backing the...
CHFJPY has now come back to a key support level and technically this market looks to be oversold which could lead to some short term upside. Looking at the lower timeframes we can see a nice trendline resistance that if broken could lead to some short term upside with targets of the daily lows.
We are also looking NZD longs this week and into the following weeks if price acts appropriately so looking to our cross pairs for potential opportunities and especially looking at the weaker currencies. This led us to look at GBPNZD after it came into key weekly resistance. The GBP is under increasing pressure as BREXIT negotiation continue without any positive...
Looking across our major currency pairs the Australian Dollar sticks out as our COT analysis shows a significant increase in commercial and non-commercial long contracts over the week. The only element the COT analysis can't give us is timing. So this is where our technical analysis comes into play. The daily chart currently shows a down trending market however...
As we know this weekend Theresa May has been speaking with the EU discussing Brexit matters in detail and Fridays close finished very bearish for the GBP. We expect this downside to continue at least down to the short term trendline where the market then needs to make a decision.
NZDJPY has found support at the key weekly level of 72.40. If you take a look at the weekly chart you can see the long term trendline resistance above.
Looking at the 4hr timeframe we can see the market has bounced and could be setting up for as an inverse head and shoulders pattern which could
show upside to come. Wait for the market to create a new higher low...
EURAUD has seen a spike back into the key resistance zone of 1.6300 and looks to be struggling to break through the level.
Commitment of trader reports are highlighting that commerical long contracts on the AUD are building which could lead to a boost for the
commodity based currency. Combing this with the correlation of the USDCNY being at key resistance we...
We have seen the key resistance zone of $75.00 hold with price falling down to $71.00 into the supporting daily trendline. Looking at the weekly timeframe currently if it finishes as a bearish lower low lower close candle we could expect the market to continue lower on this timeframe.
How would we look to get involved with this?
Well the market is sitting at an...
With the trade tensions between the US and China growing we have seen the price of Gold range as the correlation between CNYUSD and GOLD still remains close. In the last 24 hours of trading we have seen a slight shift in sentiment across the markets including a 4% drop in the NASDAQ yet Gold remained fairly quiet. However now we are approaching the key level of...
AUDJPY 4hr chart continues it's downtrend making lower lows and lower highs. We are now seeing the market pullback into minor resistance at 79.80 previous structure lows. We can also see looking left that it has been used as support and resistance numerous amounts of time in the past adding to our trade idea. We also can see a 50% fib retracement lining up with...
USDNOK recently saw downside after coming into a key weekly trendline resistance combined with the Norges Bank (the central bank) talking about the potential to hike interest rates in 2019 as their economy continues to grow. Looking to the USDNOK pair technically we can see the market created new lows after rejecting the weekly trendline resistance. Using our...
