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Fibonacci Retracement

Forex Price analysis - GU, AU, UC, UJ and CJWelcome to this week's Forex Price Analysis for the week starting June 30, 2024. We're analysing GBPUSD, AUDUSD, USDCAD, USDJPY, and CADJPY. GBPUSD: The bullish wave structure is broken. High probability sell at 1.2654 targeting 1.2612. AUDUSD: A bearish wave suggests a buy at the low. A strong rally on Friday. Prefer buying after a correction to the 0.6640 buy zone. USDCAD: A bearish move on Friday indicates a revisit to 1.3734. Expect lower prices to 1.3627 before buying. USDJPY: Strong uptrend last week. Bullish wave failed; trend change pattern with a corrective wave in Fibonacci sell-zone. Trade below 160.70 suggests further decline. A break above 160.96 negates selling. CADJPY: Similar to USDJPY. Potential downside after Thursday's high. A strong break of the high on Friday suggests an uptrend continuation. A break below 117.43 indicates a selling opportunity after a pullback.
by Charts247TradingAcademy
USD/CAD Trend reset - Buy ContinuationMomentum preceeds prices! The USDCAD has had a trend reset (Secondary Trend), which is key to the Up-trend continuation. The structural point for trend reversal is 1.3656, we want to see a second breakdown below the structure without breaking below 1.3624. A trade back above 1.3656 will be the first buy, confirmation will be a trade above 1.3671. In terms of Target, we will use the Fibonacci retracement from the low to the high of 3. Target 1: 1.3780 Target 2: 1.3838 Initial Stop Loss: 1.3624
Long
by Charts247TradingAcademy
1
GBPJPY Strong Reversal & GBPUSD UpdateThe Japanese Yen(D) is going through the B to C leg of its correction, which we saw in the yen pairs in the last 24 hours. The GBP/JPY is our pick for a long trade because it has a more technical-bullish outlook than most other yen pairs. More info in the video. GBP/USD The cable broke higher yesterday above 1.2634 , the limit for any downtrend continuation. The violation of this point invalidated the expected downtrend continuation trade. We must wait for the price to conclude the current rally before we can act on a new position in the cable.
Long
by Charts247TradingAcademy
3
Trend Continuation - CADJPY Wave STructure AnalysisHey Traders, This is my take on the CADJPY Looking at the 1HR and the 15 Mins timeframes. Momentum precedes prices! When there's an ongoing primary trend and a completed wave structure, wait for the price to be discounted/pullback. This discounting in price gives us a piece of important information, we can deduce whether the price will continue the primary trend or the trend will change in the opposite direction. The only tool that gives us this information is the price by counting the wave structure. As long as the primary trend structural point is intact, the trend is intact and we can trade safely in harmony with the market. This is not theory, it is practical, but the application is psychological. CADJPY SHORT KEY LEVELS Stop Loss:114.88 Target 1: 112.18 Target 2: 110.59
Short
by Charts247TradingAcademy
1
GBP/USD Follow upA quick Follow-up on the GBP/USD Long Trade. We have reversed the position at 1.2448 a test of the structure 2. Technically, the trend is still down and a failure to trade above the structure 2 makes the GBP/USD still bearish. The last Bullish wave 4 to 5 has given us a short setup using the Fibonacci. This is a high-probability setup for a strong reversal (short) or a downtrend continuation setup. Initial Target 1.2347, If the price breaks below 1.2330, the downtrend will continue. Stop Loss: 1.2473
Short
by Charts247TradingAcademy
7
Kiwi Upbeat after the RBNZ Hold but US CPI LoomsNZD/USD reacted positively as the RBNZ kept rates again at 5.5%, appeared a little more worried about inflation than the last time and said it is necessary to maintain a restrictive stance to reduce price pressures. The move above the EMA200 gives it the opportunity to take out the 38.2% Fibonacci, but does not yet inspire confidence for further gains that would challenge 0.6217. RBNZ appears further form a pivot than its US counterpart, but the Fed has turned cautious around lowering rates and the three cuts scenario is being questioned. The RSI points to overbought conditions that can contain the upside and a rejection of the 38.2% Fibo would keep new 2024 lows in play (0.5938). Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website: Stratos Markets Limited clients please see: www.fxcm.com Stratos Europe Ltd clients please see: www.fxcm.com Stratos Trading Pty. Limited clients please see: www.fxcm.com Stratos Global LLC clients please see: www.fxcm.com Past Performance is not an indicator of future results.
by FXCM
Fibonacci retracements and extensions Fibonacci retracements and extensions are popular tools used in technical analysis to identify potential support, resistance, and reversal levels in GBP/USD (British Pound/US Dollar) trading. Here's how traders can utilize Fibonacci retracements and extensions effectively: **Fibonacci Retracements:** 1. **Identify the Trend:** Before applying Fibonacci retracements, identify the prevailing trend in GBP/USD. Fibonacci retracements are typically applied during trending markets to identify potential retracement levels within the trend. 2. **Select Swing Points:** Identify significant swing points on the GBP/USD chart, such as recent highs and lows. These swing points are used to anchor the Fibonacci retracement levels. 3. **Apply Fibonacci Levels:** Draw Fibonacci retracement levels by connecting a swing high to a swing low (in an uptrend) or a swing low to a swing high (in a downtrend). Common retracement levels include 23.6%, 38.2%, 50%, 61.8%, and 78.6%. 4. **Analyze Potential Reversal Zones:** Traders look for GBP/USD price to pull back to one of the Fibonacci retracement levels after a significant move in the direction of the trend. These levels may act as potential support or resistance zones, where traders anticipate a reversal or continuation of the trend. 5. **Confirm with Other Indicators:** Confirm Fibonacci retracement levels with other technical indicators, such as moving averages, trendlines, or candlestick patterns, to increase the probability of successful trades. **Fibonacci Extensions:** 1. **Identify the Trend:** Fibonacci extensions are applied to identify potential price targets in the direction of the prevailing trend. They are often used in conjunction with Fibonacci retracements to identify both retracement levels and extension targets. 2. **Select Swing Points:** Similar to Fibonacci retracements, select significant swing points to anchor the Fibonacci extension levels. These swing points should represent the initial impulse move in the direction of the trend. 3. **Apply Fibonacci Levels:** Draw Fibonacci extension levels by connecting a swing low to a swing high (in an uptrend) or a swing high to a swing low (in a downtrend). Common extension levels include 127.2%, 161.8%, 200%, and 261.8%. 4. **Identify Potential Price Targets:** Traders use Fibonacci extension levels to identify potential price targets where GBP/USD may encounter resistance or support as the trend progresses. These levels act as potential areas for taking profits or setting price targets for trades. 5. **Combine with Other Analysis Tools:** Combine Fibonacci extensions with other technical analysis tools, such as trendlines, chart patterns, or momentum oscillators, to confirm potential price targets and strengthen trading signals. By incorporating Fibonacci retracements and extensions into their GBP/USD trading strategy, traders can identify key support, resistance, and price target levels, helping them make more informed trading decisions and manage risk effectively.
Long
by FrankAgbo
GBPJPY - Rising Channel Into Structure Resistance The GBPJPY has been bouncing back & forth between structure with the most recent move being one back into a level of previous structure resistance. At this level we also have a rising channel along with our RSI going overbought 7 showing bearish divergence. Targets are taken using a combination of price action analysis, & Fibonacci tools. If you have any questions, comments or want to share your views & analysis on this pair. please do so below Also. remember to hit that like button & show so love before you leave. Best of luck this trading week. - Akil
Short
by Akil_Stokes
2