I hope you took partial profit as recommended. Pairs seem to always come back when we least expect it. GBPAUD has been kind enough to give us a potential double bottom. I recommend buying on the break to the upside of this wedge we see it currently forming.
GBPUSD is likely to be a swing buy, either here or slightly lower in the low 1.25000s. It's currently retesting the breakout from the accumulation range. If news comes in strong for the GBP this week, the reversal is definite.
If/when we see some USD strength this week, it should present an ideal EURUSD buying opportunity. These are our areas of interest for swing buys, targeting new highs.
The GBP bear run caused by the elections has presented a very promising potential buy here. We have both an inverse head and shoulders on the daily and the 78.6 Fibonacci level. I suggest using a rather generous stop loss and a low lot size, as the potential for variance on the entry is high, but the potential amount of pips made in profit is quite large....
USDCAD appears to be respecting the trendline and 61.8 Fibonacci point here. It's worth a buy with a stop loss below the trendline. I recommend placing two buys, with TP1 at 1.34900 and TP2 to be determined.
This is a prime opportunity to try a buy for USDJPY. I myself already have swing buys in, but now that it's broken this descending trendline and is retesting it, I would look to potentially buy here. I myself am still targeting 115.300 or the day of the rate hike decision. Whichever comes first. But TP whenever you're comfortable.
News tomorrow may be good or bad for the USD. But I expect a triple top before news, and a new high if Friday's news is good. If this makes a fresh low, this buying plan is invalid. I will place two buys here, one to TP at the triple top, and the other to hold through news, with SL break even if it's up around 114s when news hits.
Analysis from Phoenix FXC: USDJPY broke to the top of the bearish channel. This signals that it's officially time to start looking for buys. Now we'd like to see it bounce off of the 50 Fibonacci level that it's currently at and come down to retest the trendline it broke. This will likely be somewhere around 112.800. If it holds here, our target is 114. For...
This ties directly into what we wrote for Gold for this week. We're expecting a bullish USD over the first half of the week, possibly halted and reversed by bearish fundamental factors on Wednesday and/or Friday. If the current level around 111.300 breaks, I'll look to possibly buy at the retest of the broken trendline around 110.900. Price action and the...