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...
Just like the dollar, and since EURUSD has been moving in harmony with the dollar this week, EURUSD has clearly turned bearish after breaking below the key level of 1.1173 after the break below a rising trendline. And all indicators such as MACD, moving averages and Bollinger band has pointed toward a bearish trend in the week to come. Therefore in this week, we...
The gold price failed to maintain its bullishness even after it had broken above a 2-month falling trendline. The break came on the first trading day where a strong bullish candle pierced through the top of the range at 1288 together with the falling trendline. However, the bear came in unexpectedly strong, recover all losses and ended up closing with a bearish...
The dollar has shown that the consolidation has completed as it headed north through the whole of last week. Every indicator is in favour of a bullish dollar such as the 20,55 and 200 moving averages that are pointing upward, the Bollinger band that has opened its mouth, and the MACD has crossed upwards above level zero. The low and the high keep getting higher as...
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...
EURUSD consolidated at the beginning and finally climb as expected, breaking above a falling trendline too. The price is now facing strong resistance at 1.1250, preventing it from breaking new high. If the price continues to climb, it will complete an ABCD pattern as it reaches 1.1300. The first 3 trading days will be very crucial for whether EURUSD will resume...
The dollar turned out as expected and broke below the bottom of the rising channel. The price is most likely to continue falling further and will eventually complete an ABCD pattern within the demand zone around 96.6. However, it is crucial that the price has to break below 97.2 in the first 2 to 3 trading days or else it may form a strong support for the bulls...
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.
The RBA will release its rate statement in less than an hour. The fresh new threat of the US-China trade war is very likely to be reflected in the statement which is most likely to be bad for its currency. The aussie has plunged since the market opened this week. While the price has retraced significantly, the gap has yet to be covered. Therefore, if the price...
The gold jumped in the first hour when the market opened but fell into consolidation immediately afterwards. This move showed the intention of accumulating buy orders at the top what would be the best to do now is to wait. Wait for the price to retrace lower, wait for the patience of those who chased at the top to run out of patience. The first point of re-entry...
Gold had a week of consolidation as it failed to break previous low and rebounded off quite strongly, closing higher than its previous day high. The price is expected to climb further and test the top of the current range of 1287 and 1267. The major trend will still be unclear until the price has chosen to break out either side of the range. If the price falls a...