Dax has been acting rather harmonic lately and now we've got another Butterfly completed on the 4h, while a beautiful bullish Wolfe Wave is in play. I'm still expecting a much larger correction in the long term, but I think we could see a nice run from around here or the bigger daily AB=CB at the fake out in daily + weekly demand, before bears eventually takes...
Price completed abc correction into big figure 109/Bullish order block Impulse move out of base Correction above 111 H&S formation, i believe its a fake out Price has broken short term Trend Line in H&S Pattern i expect price to run to the next big figure 112/Resting stops and from there price could potentially run to 113 as the DXY continues to gain...
interested ratio at 4H
EURJPY: Selling EUR at Supply Zone
BTCUSD: Selling at fresh supply zone
EURUSD: Selling at fresh supply zone
XAUUSD: Selling at fresh supply zone.
USDJPY: Buying at fresh demand zone
As you can see on USD/JPY we can see the price is breaking the channel and preparing for a breakout, if that doesn't happen then we are preparing to go short from here , i wait for tommorow.(note that we are in seller's territory) Happy and safe trading (Follow for more) DailyFx Forecast: USD Is neutral JPY Is bearish Trend Down Volitility 26%
COPPER HG HG1 Like last week, just more confusing Gann fan forming maybe? Price might Fakeout and bounce again. #Patience and wait for a sign. If I had to bet now I would say Long but - again - let's wait for a clearer view.
Looks like a pretty good Opportunity to me. Confluence on the Daily & the 60min chart. 1234.29 will be my target, but as usual you're free to choose some major support down lower for your target. Take Care Maximilian
Update to my previous analysis on GBPAUD.
No doubt that fake out caught many traders unawares, but price fell back below the resistance trendline in the next candle. This slightly complicates my EU chart as I cannot really on that trendline as much now. Price was very overbought in that breakout candle, and began to drop as USD started gaining more strength - bad timing as the markets closed 4 hours...
We had an inside bar last week and broke out to the upside on Monday, only to get rejected. Today we have seen the break of the opposite of last week's inside candle. Now a strong move to the downside can be expected - I suggest targets around structure at 112 or the 38.2 fib retracement. Aggressive traders could even look for previous highs from July at 109 as...
Seems to be a regular pattern of fake outs setting major trends on 4hr chart with USDCAD note the highlighted areas forming a new high/testing highs, then a sharp reversal. Current position also appears to be similar with 1.312 as a major support line Will continue doing more research...
FX:EURAUD The rate broke the consolidation range but run straight into the major falling trendline from August 2015 and fell right back into the familiar range so I am now looking for a pullback to the former support which should now become a resistance around 1.4440 to 1.4470 to target the lows around 1.4120 again. To check the video about my weekly set-ups...