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Here we have our FTSE or UK 100 chart.
On the current positive news sentiment around the omicron variant, we have seen a huge rally.
We are looking short at we approach recent highs.
Short TGT noted by the directional arrow.
Much bigger dump than expected, evident YEN strength over the eastern session, outperforming and correcting against the AUD too. Additionally, USDJPY looked to be seeing an upside break and retest before being upset by this YEN surge.
Spoke about this pair in the technical rundown earlier on this morning. Retest entry was initially marked around 0.85080, where as the 0.85 handle was ideally the trade price to monitor. 0.85 pinned to the pip before rejecting and selling off.
That being said, we have bottomed out here on EURGBP. Eyes peeled on 0.85 again, possible short entry if we...
Long setup indicated here, again another one carried forward from last week, looking to see if we double bottom from our interim support/resistance price. If we do, we have a solid 4.2R trade measured from our buy zone to take profit target.
We pushed just slightly shy of 2R on the latest bounce, but again, fresh week more volume. Lets see what we can...
Failed to break the previous breakout high, hopefully you guys can see the familiarity and logic behind why and where we mark and place our trading zones now, and why we use 'breakout highs/lows' as an element of confluence.
We may see something similar to the previous range, until we have something to justify a bullish USD continuation or otherwise.
Resistance has seen an upside breach. Waiting for a support pullback, once of the main perks trading this strategy, regardless of whether a zone holds and rejects, or breaks and retest. We can also prepare and measure the trade or alternative trade, depending on what happens.
As annotated, waiting for the pullback (just like DXY H4 chart) before...
USDWTI H4 -
Extending higher with clear fresh highs set. Looking for a pullback to repeat what we have marked up and executed over the last few weeks, demand is still there, price is still on the rally. Simply looking to buy the dips effectively.
Hard to predict TP targets, typically we use the previous breakout high, but it's not always quantifiable, and with...
Appreciate this was posted yesterday, but it's important to keep market setups fresh and I like to provide them on a daily basis, even if there hasn't been too much change, no doubt starting to see sideways H4 consolidation on support though.
So expecting us to see another support to resistance range here as indicated. Fallen even so slightly short of...
Slight adjustments made to our support and resistance zone here on cable, generally more happy with the trading zones and the stance we have now in line with other ***USD pairs and DXY performance.
Still a measurable trade from support up to resistance, offering a nice 3R. Just need to sit and wait patiently for a test of support.
Trading from current price up to previous high still offer 3.3R, measurable trade no doubt. Not the typical kind of analysis we like that trade, seeing as it's more a trending environment, but we still break and retest out trading zones, and it's on a slightly lower timeframe.
Happy to see how things unfold though.
This range here on EURJPY is crazy, and has been running for circa 3 weeks with the exception of 1 or 2 fake-outs.
Monitoring this closely this week, we can trade the range from support to resistance and also resistance to support, but as soon as we break, we can trade the retest.
Don't fix it if it's not broken.
Simply waiting for a breakout of this trading range, 90,900 to 91,300 ish. Quite a significant S/R zone, seemingly bottoming out from the previous bearish H4 trend from the start of April until present date.
Hopefully, a break of this range will help indicate direction for these USD*** and ***USD pairs going forward for a few swings next week.
Not really the kind of structure we like to trade as we are moving away from our H4 trading zones, however, worth following and using as a comparative pair to determine USD bias going forward.
A strong H4 break here on EU, waiting for a correction back down towards our hopefully newly found support zone, we can simply look to scout out long entries from here up to breakout high initially and then towards our 1.21 region, area of resistance and weekly key level.
Really interested to see what happens as we approach our 109.200 price again. A double bottom/support confirmation would be great to look to trade long back up to the previous high price of 111 ish.
Really good RR on this trade offering in excess of 1:6. Keeping a close eye on other ***YEN pairs and also DXY.
Initial rejections see from that top end resistance price of 109.200, broken support level at 108.835 convincingly, now seeing a bit of a price pullback.
A retest of the underside of 108.835 could be nice to scout out shorts again.
Initially responded to that previous resistance we witnessed throughout the end of last week and throughout this week. Interested to see whether we break ready for next weeks trading, or whether we hold as resistance and see another range sequence.
We spoke about another potential entry on NZDCAD if we were to double top, that's exactly what we saw, not quite there on NZDUSD yet, but this has unfolded in excess of 1:2, previous breakout low would see us at 1:3 and then a break of support and selloff beyond 0.89400 would further increase that R potential.