I did not update last week but the previous week was looking for a consolidation or completion of the ABCD pattern (see links below for previous evaluation). The outcome was a consolidation. So now my view is that we will se some further consolidation next week around the yearly PP and previous important structure at just above R14/USD. But the following week...
Another pair with a bit of chaotic price action. Nonetheless I think there is a good potential sell opportunity hidden in here. If the small resistance area around 0.72600 holds first target should be around 0.7210, followed by 0.7160 and thereafter 0.711-0.7085, if each level fails to provide support and folds that is.
Pretty similar to the setup on the cable. Looking for a retest of 1.12350 to go long up to 1.12555 and in extension 1.13050. If 1.12350 folds I think the zone between 1.1190 and 1.12050 can provide new support.
In a hurry today so unfortunately not able to write a description. My apologies.
Quick play before today's interest rate decision with a possible extended target if the trade is in the green once the news come out. In a hurry so unfortunately not able to write a detailed analysis. My apologies.
A more tricky one for a change. On this pair I actually have two support zones where I am considering to go long depending on if the first one holds or not. If not I think there is a fairly good chance that there are a lot of buy orders parked around the second support zone. Since price action is not as clear as I would like it to be, I've marked 3 take profit...
All the majors are showing the same behavior. Strong impulsive move, followed by a horizontal corrective price action. If the minor support zone around 101.50 holds my short term target is 102.50 and long term target is around 104.00.
The cable is printing a perfect corrective structure with very detailed boundaries which now have been tested 3 times on both sides. Initially I am looking for a move down towards 1.3065 and if that level folds a further move towards the support zone coming in at around 1.3035-1.3020.
Gold is retracing to the 1300 level. Waiting to reach the 1.618 extension of the lower median line to go long. However, I am expecting the retrace to take the entire next week to complete.
GBPUSD reacted to the trigger line of the Pitchfork during Brexit but never made it all the way back to the median line. We are now seeing a corrective structure. Volumes are increasing going long and no demand short. Looking for the retrace to the bottom of the corrective structure to take a long entry.
Silver has been in a corrective structure and for some time. Price has reached the 1.618 extension of the lower median line. A no demand candle (low volume / small spread) with increasing volume on the subsequent move is indicating a good probability long entry. Looking for a move to the upper pitchfork median line.
The retrace that we waited for last week has potentially completed at the monthly pivot, 61% retrace and trend line. Now we are looking for a no demand day to go long targeting the previous high at the 0.78500 level or even long standing structure at 0.80000 level. Following the Wyckoff evaluation previously explained we are now in the mark-up phase.
I think we're in corrective structure, probably test 1310 area before going up I'll update the chart if I can find a trade setup Thank you
The lower trigger line held and we are now moving to the upper trigger line. A corrective structure has been formed by the YearlyPP and resistance at 0.995. Will be looking for completion of the up move at the upper trigger line and resistance at 0.995.
USDJPY the bottom of the trading range was tested. A buyers entered the market with high volumes overwhelming the sellers. Now the top of the trading range should be tested. The 'TDI is also defining a trading range. So I will be looking long until the 'TDI reaches the top of its range to go short again.
I am still expecting the USDCAD to correct to the confluence of some significant levels. However, I now think this may take the rest of the year to achieve this. Volumes remain low and will be watching for volume to return at the 50% retrace level of the AB leg of a potential ABCD pattern.
Last week we waited for the correction to complete but we probably will also have to wait for most of next week. I will be looking for a no demand candle (low volume / small spread) at the Yearly PP and Brexit key level. Once formed I will go long targeting completion at point E towards the latter part of September. However, the move after the 21st of September...
Buyers entered the market just above R13 to the dollar. This was an area where previous buying also occurred. A high volume low spread candle. Price corrected back to the Yearly PP just above R14/USD. With all the talk of possible US interest rate hikes, downgrade of credit ratings and prosecution of the SA finance minister the market seems to be selling the Rand....