GBPCAD has retraced the upward move from last month back down to support at 1.695-1.7. Price has accepted above the 1.7 level and furthermore volatility over the past 4 days has dropped significantly suggesting a large move is coming. The move will more likely be to the upside in line with the major trend over the past 3 months and bullish fundamentals for GBP....
BOE's Gov Carney hinted to stimulus yesterday, indicating that the pound could come under severe pressure if incoming data show no improvement. Coincidently, the same day there were suggestions that the EU-UK talks could be dragged past the tight deadline BoJo has set. The passenger plane crash in Tehran didn’t reflect into the markets as uncertainty about the...
Currently the markets are mostly focused on the US-Iran conflict, what about 'Get Brexit done' on 31 of January? Going long between 1.305 and 1.314 price zone provides good R:R, if waiting for the target around 1.333. Keep in mind, that the target can be reached in several days and GBPUSD long has negative overnight swap.
A good time to update the Cable chart as we approach the first macro driven event risk of the year with NFP. As mentioned a few times the range we are trading is crystal clear with 1.33xx highs and 1.31xx lows. While the market is holding the key support at the lows, I maintain a view that a correction back towards the highs is both corrective and necessary to...
With US-Iran de-escalation traders shift their focus on Brexit talks and safe-haven outflows! The new EC President threw doubt into a free-trade agreement in her visit in the UK to initiate talks. And this could have a reversal effect on the uncertainty we saw removed over the past few weeks. Watch me analyze GBPNZD and CADJPY for further technical insights...
After a major rally in wave 3 labeled (i)-(v), GBPJPY seems to be making a three-wave pullback in wave 4 which is expected according to Elliot Wave principle. The wave 4 correction which is currently unfolding as a simple zigzag is almost completed. However, it still has the potential to sell lower to around 50% Fib of wave 3 which also lined up with a support...
If it breaks below the line I expect it fall to a nearby support.
At the start of Brexit, GBP tends to be bullish and we should see the top very soon. 1.400 looks eminent.
A bearish bat that may turn into a bearish shark or invalid pattern as Point C touches Point A. This could give a second chance entry for traders who might just have missed the shorting opportunity on the daily timeframe.
A bullish flag pattern might be over, but my trade plan isn't. If market cross point B, I know I will be waiting for a bullish bat setup for another buying opportunity. Yes, plan your trade and trade your plan.
GOING LONG.... Look for the moon where possible lol.
As you can see from the chart, GBPNZD has broken below a daily support zone impulsively. Price is expected to retest this level that lined up with mean value + 50% Fib as resistance in wave "b". Once the corrective wave b is completed, it will give us the chance to go short in wave "c" of (y) of B. The correction might extend higher but must not trade above the...
There will be a vote on the Brexit deal today. The US FED increases the balance sheet and thereby weakens the US dollar against major currencies. And success in the Brexit agreement could yet strengthen the England pound. Attention, We don't have stop-loss. If the price down, we 'll look for a place to buy again. Or we will modify the position.
Hi Traders! Happy New Year to you all! GBPUSD is correcting the major rally that started in September 2019. The impulsive move is labelled (i)-(v) in wave A. The correction which seems to be unfolding as a Zigzag in wave B is yet to be completed. I'm looking for price to move higher in the shorter cycle to complete wave (b) of C around 78.6% Fib, then look for a...
Since mid-October the GBPound has been gaining momentum against the JapenseYuan. Reaching a recent high of 147.900, the price point immediately reverted to retest the previous channel's top trend line near 141.500 (shown in orange). After a showing of strong support, the price point returned to its longstanding uptrend which started August 11th 2019 (shown in...
The FX majors stretched into 2020 firm, spelling a strong term against a weaker #dollar! Will this continue being the case though when uncertainty around #tradewar and #Brexit remain elevated? Take a peek at our #elliottwave analysis for some technical insight at least. Timestamps EURUSD 1H 01:45 USDJPY 1H 03:30 GBPUSD 1H 05:50 Trade safe Stavros...
A bullish bat setup within the buy zone for a countertrend trading setup. I will be waiting for confirmation to engage the trade.