Analysing the weekly and daily time frame we have price hovering and being rejected at key level (61.8% Retracement) However looking at the daily time frame we have divergence and oversold on the RSI. Key Confluence for downside target of 1.157500: - 200 EMA acting as magnetic support - Key structure level - Key retracement level. If price breaks below the...
Price on the weekly and monthly chart demonstrate price being at a key level (61.8%) retracement. That being said as seen on the daily time frame we have divergence with oversold on the RSI. On the opening of the market (for those day traders) price can reach 1.6000 then we may begin to see bearish PA. Our first downside target is in confluence with key structure,...
Have a bearish Crab formation with bearish candlesticks on the weekly time frame at key resistance. Our first downside target is 137.000. Once this target is met our next target would be 134.850 then 133.400. However, once each target is met PA confirmation is required to hold onto the positions. We have lower highs which represent bearish momentum. For day...
Can expect a retracement up to 100.350-100.500 on the opening of the market then a continuation to the downside to targets of 99.900, 99.400 then 98.750. Once each target has been hit PA must be analysed before keeping positions. However, on the opening of the market price can also continue to the downside without an retracement. We must wait for the opening...
GBP/USD is forming nice AB=CD pattern on the 4H chart. This pair has exceeded its C target setting the stage for a move to point D which will at least 100% of the A-B move. The B-C move should never exceed 78.6% of A-B, with that said we will set a stop of 100 Pips which will be slightly more than the 78.6% threshold. It's very well possible point D stretches...
Our first target being 2080.0, we then can expect a retracement to the trend line then a continuation to our second target of 2070.0. However, careful once target 1 has been met. If price breaks above the trend line then our targets are no longer valid.
USD/CAD is trading below the resistance at 1.2570 (04/15/2015 high). Support can be found at 1.2368 (06/02/2015 low). Nonetheless, we do not see the stronger hourly support at 1.2305 to be tested anytime soon. In the longer term, the break of the key support at 1.2352 (02/03/2015 low) indicates increasing selling pressures, which favors further medium-term...
GBPUSD our psychological target is 1.6000 within this year. However our weekly outlook is to 1.5300-1.5450. If price breaks above 1.52850 then we are looking to enter at 1.52900 to our first target of 1.5300 then to 1.5400 with a stop loss of 1.52650. (HOWEVER PLEASE CHECK CANDLESTICK FORMATIONS ONCE EACH TARGET HAS BEEN MET). If price breaks below 1.52535...
The trade Long or Short GBPUSD. This pair is forming a nice wedge pattern on the 4 hour chart. With the BoE interest decision coming early Thursday morning we are not sure which way this pair will break, but it will break out of the wedge pattern. We will be going Long with a break of 1.53750 or Short with a break of 1.517000. Our stop will be the ATR.
A nice wedge pattern is forming on the 4 hour chart of EURCAD, it's actually forming with two different lower trendlines extending to different times. This pair could break either way although our algorithm is indicating a move higher. We will be ready to take action on a break of either the higher or lower trendline by 10-20 Pips. A trade can be taken with a...
The Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 620 Pips apart. The GBP/JPY has enjoyed a nice run-up lately which may be stretched, bumping up against some near term resistance. With that said we will be...
20 May USD/JPY Daily 21:03 EST - Has this pair finally broken out to the upside? With the break of 120.250, clearing the red trendline is pushing this pair up to the 120.870 resistance level. Clearing here, while probably difficult should allow this pair to make a run at 121.850 - 122.000 levels set in Mar & Dec. We will be buyers on any pullback while...
*Position Update: As of 05/19/2015 @ 7:33 EST The Global Currency Scalper closed out both sides of this correlation trade with 112.2 Pips. The Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 600 Pips apart. The...
*Position Update: As of 05/15/2015 @ 7:41 EST we liquidated both sides of this correlation trade with a profit of 28.6 Pips. The Trade: Long EUR/USD & Short GBP/USD The correlation between these two pairs is 96% over the past year. The widest the spread has got over that time is about 700 Pips. Over the past 18 months we saw the spread widen to approximately...
AUD/USD is sharply higher breaking the 0.80760 top from April 29th and extends the recovery from the lows set last week and during the month of April. Since mid April this pair has been putting in higher lows and we believe this trend will continue. We are looking for AUD/USD to test the top trend line of the reverse triangle and will be buyers ahead of this...
AUD/JPY is back to pressuring 95.950 level with the ascending triangle suggesting a break higher to extend recovery from April lows. Support now at 95.000, 94.330 and 93.300 levels. We see these levels protecting the downside and suggesting not letting any losses exceed the extreme support level. Targets 97.100, 97.400 & 97.660 levels. We will be buyers on a...
The trade: Long USD/CAD & Short USD/JPY. A nice correlation trade is setting up between USD/CAD & USD/JPY. The spread in the correlation is currently 600 Pips, over the past year the max spread has been approximately 1,200 Pips. We will be taking 1/4 our intended position size, if the spread continues to widen we will slowly add to our position. There is a...
GBP/JPY is looking like it wants to break to the downside. After consolidating for several hours it's forming a wedge of lower highs and higher lows. Odds are it will break to the downside. As to not jump the gun we will be shorting this pair with a break of 181.800, looking for a move of 80 - 120 pips with a stop of 120 - 130 Pips.