EURUSD has climbed for the 2nd consecutive days and is about to approach its previous high at 1.1215.
Based on the previous wave of rising trend, the price is expected to climb beyond 1.1215 and test the supply zone just above 1.1220.
As of now, the price might experience a short period of consolidation between 1.1190 and 1.1160.
It would not be a good price to...
The gold has retraced through the week after the 1st bullish trend has completed from 1273 to 1287.
The retracement has formed an AB=CD pattern and the price is slowly breaking away from the bearish structure as seen in H1 chart.
The candle bodies have shrunk as it fell towards point D of ABCD pattern which is a sign of weakening sellers.
It is a good time to...
Continuing from my previous post on EURUSD, the price is already in the midst of completing the 2nd wave of retracement.
The price is most likely to rebound off around 1.1170 just above the illustrated seller trap zone.
The day ended with the 1st wave of retracement completed.
The consolidation before the 2nd wave of retracement has just begun and will take a while more until the Euro session later.
The price is most likely to retrace towards the 1.1170 - 1.1160 region just right above the breakout point of the previous falling trendline.
Since the first breakout of the 3-Month falling trendline, the gold fell all the way close to the previous low and found support at 1273.2.
The price consolidated for about 2 trading days and yesterday it finally jumped and broke above the falling trendline for the second time.
This is also fundamentally caused by falling stock prices and weakening of the dollar...
USDCHF has retested a supply zone at 1.0120 and is considered successful as it had fallen and broken new low.
The price is currently in the process of retracement with the 1st wave completed and the 2nd wave in the midst of completion.
Wait for the 2nd wave of retracement to be completed around 1.0108, setting the stop loss just above the previous high or above 1.0120.
USDJPY has just completed a mini ABCD, a consolidation of 2 waves of movement in the same direction of equal time and volume, and is likely to climb further to close the gap left uncovered since 6th May.
The price has closed above the breaking point at 110.30 with a strong bullish candle, signalling that it is likely to climb further.
Also, This buy setup came...
USDCHF has turned bearish ever since it fell and broke below a previous low at 1.0130.
The retracement has started and lasted for the whole of last week and finally found itself broken yesterday by a strong bearish full-bodied candle.
It fell a little further to confirm the break before it retraced again and retested the supply zone and the breaking point around...
USDJPY has turned bearish since it broke below a 4-month rising trendline.
The price has fallen for extensively for close to another 2 weeks before it begins its retracement since last week.
The price has retraced significantly and completed 3 equal waves, a sort of ABCD pattern with the extension of EF.
There is a good reason to believe that the price may start...
The intention to long the gold just like the post yesterday stays the same.
We are supposedly expecting an ABCD pattern near 1290 and that price will continue to climb.
However, the price fell too fast and more than what's needed, yet another formation appears which still favours the bulls - a bullish bat pattern.
The completion of the bat pattern is part of a...
The gold has broken above the key price of 1300 soon after it has broken above a 3-month falling trendline.
The trend has clearly turned bullish brought forth by a significantly bull strength.
Since the price broke above 1300, it fell into a consolidation yesterday and the price continues to retrace lower.
A retracement channel has been plotted to determine the...
We have been expecting the 2nd wave of bullish trend since the price climbed from a 2-Year low around 1.1120.
However, the price has fallen into a major range for the past 2 weeks.
EURUSD ranged further after it failed to break new high and it is about to retest the bottom of the range.
Look for buy opportunity near the bottom of the range at demand zone 1.1170.
USDJPY broke new low yesterday and has recovered fully.
The price has seen retraced back and beyond the breakout level at 109.50 which shows that USDJPY is prone to selling.
A bat pattern is formed in the process and the price consolidated within the supply zone.
This would be a good opportunity for an intraday sell where the price is expected to fall further on...
Since the price climbed and closed with a very bullish candle on 9th May, the price has undergone a stage of consolidation up till now.
In fact, there's a prominent bearish ABCD pattern completed from 1.1136 to 1.1250, yet the price only started to crept lower from last Friday and selling pressure is still absent.
The obvious reason here is that there's a major...
It is mostly confirmed that the short-term trend has turned more favourable to the bulls.
The price faced strong resistance after it attempted to break above 1.1215 together with the falling trendline.
The day closed with a long upper shadow yet there's no sign of sellers today even as we are already entering into the euro session.
If the seller has shown no...
The gold has completed the second wave of a bullish run and plunged when it reached a 2-month falling trendline.
The full-bodied bearish candle decisively broke below a rising trendline and no significant rebound is seen afterwards.
The price has consolidated for the 2nd day but only recovers less than half of what's loss from the plunge.
Therefore, the gold is...
GBPUSD has begun the process of retracement since the beginning of this week after it has surged as it turned bullish after breaking above a 7-week falling trendline.
It has completed 3 waves of retracement, or what some people called as three-dive down, and the price is now back to the sentimental price of 1.3000.
This would undoubtedly be a worthwhile trade to...
AUDUSD didn't make it for proper completion of ABCD but AUDJPY did.
Selling the aussie against the yen instead of the dollar might be a better choice at this time as safe haven assets have started to gain in demand.
This is a near-perfect technical setup if we try not to complicate too many factors into a trade.