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EURUSD ONLY BEARISH BELOW 1.1650 LEVELThe euro has moved back towards the 1.1650 level, after Federal Reserve Chair Jerome Powell struck a more dovish tone during the second-part of his testimony before US Congress. The MACD indicator across the four hour time frame is also showing bullish potential, however, price still trades below the 200 period moving average on the mentioned time frame. Sellers will once again target a break below the 1.1600 level, while buyers will look to push price above the 200 period moving average. The EURUSD pair is only bearish while trading below the 1.1650 level, key support is found at the 1.1630 and 1.1600 levels. If the EURUSD pair moves above the 1.1650 level, buyers may once again test towards the 1.1684 and 1.1700 resistance levels.
by OctaFX_Official
BTCUSD BITCOIN PRICE CORRECTION LIKELYBitcoin has surged to its highest trading level of the July so far, as the bullish inverted head and shoulders pattern was triggered above the $6,800 level on Tuesday. The BTCUSD pair now has scope to correct level if the $7,400 resistance level holds, as the price has reached overstretched levels. The MACD indicator also appears overbought across the one and four-hour time frames, further supporting a correction lower from current trading levels. The BTCUSD pair is strongly bullish while trading above the $7,400 level, further upside towards $7,550 and $7,760 levels seems possible. If the BTCUSD pair continues to fail around current levels, price may correct back towards the $7,000 and $6,850 support levels.
BITFINEX:BTCUSD
by OctaFX_Official
USDJPY NOW BULLISH ABOVE 112.80 LEVELThe US dollar has soared to a new six month trading high against the Japanese yen currency, as FED Chair Jerome Powell’s bullish comments on the US economy and future rate hikes lifted the US dollar. The move higher in the USDJPY pair has scope to run higher if buyers can keep price above the 112.80 level, which is former key resistance now turned support. USDJPY buyers will target further upside towards the 113.40 level, while sellers will look to break the 112.80 level. The USDJPY pair is strongly bullish while trading above the 112.80 level, upside targets are found at the 113.40 and 113.88 levels. If the USDJPY pair moves below the 112.80 level, sellers may test towards the 112.55 and 112.20 support levels.
by OctaFX_Official
EURUSD STRONGLY BEARISH BELOW 1.1650 LEVELThe euro has erased recent trading gains against the US dollar, following hawkish comments from Federal Reserve Chair Jerome Powell during his testimony before US Congress. The EURUSD pair is turning bearish across the four-hour time frame, with the MACD indicator turning lower and price now trading below the 200 period moving average on the mentioned time frame. Sellers will once again target the 1.1600 level, while buyers will look to stabilise price above the 1.1684 level. The EURUSD pair is strongly bearish while trading below the 1.1650 level, key support is found at the 1.1612 and 1.1554 levels. If the EURUSD pair moves above the 1.1684 level, buyers may once again test towards the 1.1700 and 1.1724 resistance levels.
by OctaFX_Official
GBPUSD RETAINS BULLISH BIAS ABOVE 1.3205The British pound continues to move away from the 1.3290 level against the US dollar, as traders book profits ahead of the release of key Jobs and Wage data from the United Kingdom economy. The GBPUSD pair has recently failed to move price above the 1.3300 level, as ongoing Brexit concerns limit the upside in the British pound. Buyers will look to target the 1.3300 level once again, while sellers will look for a sustained break below the 1.3205 level. The GBPUSD pair is intraday bullish while trading above the 1.3205 level, key technical resistance is found at the 1.3255 and 1.3300 levels. If the GBPUSD pair falls below the 1.3205 level, sellers will likely target the 1.3155 and 1.3130 support levels.
by OctaFX_Official
EURUSD INTRADAY BULLISH ABOVE 1.1724 LEVELThe euro currency continues to trade above the 1.1700 level against the US dollar, with bulls pressing against the key 1.1724 resistance level. Euro traders remain cautious ahead of Federal Reserve Chair Jerome Powell’s semi-annual testimony before US Congress later today. Buyers will look to advance well-beyond the 1.1724 level to keep the recent bullish momentum in the EURUSD, while sellers will target losses below the 1.1674 support area. The EURUSD pair is only intraday bullish while trading above the 1.1724 level, key resistance is now found at the 1.1757 and 1.1820 levels. If the EURUSD pair falls below the 1.1700 level, key technical support is found at the 1.1674 and 1.1650 levels.
by OctaFX_Official
UC Ready For Another Strong Bearish Move?USDCAD is still struggling to break the support zone at 1.315 - 1.316. However, looking at the 1H chart we see multiple indications of a downtrend. 1. Price got rejected of Fibonacci R2 level and have seen a downward move since 2. After rejection, price came back below R1 and then crossed back to the upside but failed to stay above forming a Lower High 2. Price did not complete a lower low, however, did see the closing price lower than since we broke above the support level 3. 5 EMA and 10 EMA have crossed the 21 EMA 4. 5, 10, 21 EMA are all below the 50 SMA 5. Price is well below the 50 SMA 6. We closed the week just below the 100 SMA on the 1H time frame (SMA is in the middle of the candles body at the moment). 7. 200 SMA in a neutral position with no slope after a slope downward indicating price may be consolidating for a strong bearish move 7. MACD has crossed to the downside with a weak move on the upside prior to the crossover If you see others indications for the bearish move or if you see reasons for this pair making a bullish move, please comment below. I'd love to hear your feedback. Happy trading.
Short
by TheCaffeinatedTrader
LTCUSD STILL BEARISH BELOW $79.00Litecoin continues to trade to the downside, as the broader cryptocurrency remains pressured by bearish fundamentals developments and a lack of buying interest. Litecoin is likely to see the next strong directional move coming soon according to the MACD indicator. Buyers will aim to break above the LTCUSD pairs 50 period moving average on the four-hour time frame, while sellers will continues to target a break of the $70.00 support level. The LTCUSD pair remains bearish while trading below the $79.00 level, further losses towards the $73.00 and $70.00 support levels seems possible. If the LTCUSD pair moves above the $79.00 level, buyers may test towards the $81.00 and $82.35 resistance levels.
BITFINEX:LTCUSD
by OctaFX_Official
GBPUSD FURTHER UPSIDE EXPECTED ABOVE 1.3235The British pound has regained bullish momentum against the US dollar, after US President Donald Trump’s speech with British Prime Minister Theresa May reaffirmed the two countries commitment to a future trade deal. The GBP/USD pair has now moved back above the key 1.3205 level and is currently testing the 200 period moving average on the four hour time frame. If the GBPUSD pair starts to trade above the 1.3235 level, buyers will likely target the 1.3255 and 1.3300 resistance levels. The GBPUSD pair is only bearish while trading below the 1.3205 level, key technical support is found at the 1.3170 and 1.3133 levels.
by OctaFX_Official
EURUSD ONLY BULLISH ABOVE 1.1681 LEVELThe euro currency has once again recovered upside momentum against the US dollar, after the US dollar index failed to hold onto gains above the 95.00 level during the US trading session on Friday. The EURUSD pair is now trading above its 200 period moving average on the four hour timeframe, whilst the MACD indicator on the four hour timeframe is currently pointing to further upside. The EURUSD pair is bullish while trading above the 1.1681 level, key resistance is now found at the 1.1700 and 1.1750 levels. If the EURUSD pair moves below the 1.1681 level, key technical support is found at the 1.1650 and 1.1630 levels.
by OctaFX_Official
Dow Jones analysis The DJI did not close below the 200 SMA on a daily timeframe since June 27th, 2016. This is a major signal, which could be one of the reasons Trump decided to ease the tensions with China, at least for now. Potentially expecting the Fed to back off the rate hikes to lower the dollar or make some announcement stop the drop in indices. With all the tensions now, a strong dollar is more damaging to the US economy. Dow respected each fib level and now price is still at 61.8% retracement. Elliot waves suggest that we could see a test of the trend line, where the corrective wave ends and a new trend should start to emerge. But a 3rd touch and bounce of the trendline is needed, which would make it a good setup to trade. With price below both 50 and 200 SMA’s, a break above 24600 is needed for a long term long position. RSI approaching oversold area as well and reaching 30 on it seems to be in line with price touching the trend line soon. Today’s GDP will shed further light on the US economy and could provide a boost depending on the figures. I would expect that a figure lower than 2% or higher than 2.4% is needed for a serious price dollar move. With both GBPUSD, EURUSD testing the trend line support again and DXY testing resistance, we could see some explosive moves today on the majors, which will reflect on the Dow. Happy Trading!
DJ:DJIShort
by Antonio_trader
1
USDCAD 15M Short | Evening StarCandle Pattern: Evening star Trend: down Trend Entry: wait TP/SL Ratio Target: 2 to 1 Target TP PIPs: 40 SL PIPS: 20 Fib Entry: .764 Fib TP: 1+ Stochastic: over-bought MACD: bullish 200SMA: above BB: n/a Pivot Point: R1 Elliot Wave: Currently on wave 5 Looking for a final wave 5 low or a retest of the last low Notes: Entry placed at 764 of last swing high, above 200sma, shy of R1 pivot stochastic showing over-bought at time of entry macd is showing bullish strength at time of entry. Was bearish at time of analysis What can go wrong: could start the ABC upside correction instead
Short
by ironcondor
EURCHF 15M Short | Evening StarCandle Pattern: Evening star Trend: up Trend Entry: against TP/SL Ratio Target: 2 to 1 Target TP PIPs: 40 SL PIPS: 20 Fib Entry: 1 Fib TP: 1+ Stochastic: over-bought MACD: bullish 200SMA: above BB: n/a Pivot Point: R1 Elliot Wave: Currently on wave 5 Looking for the start of ABC correction to the downside Notes: Entry placed at the last swing high stochastic showing over-bought at time of entry macd is showing bullish strength, however we are seeing some divergence to the downside What can go wrong: could make a new wave 5 high beyond my SL
Short
by ironcondor
AUDCAD 15M Short | Evening StarCandle Pattern: Evening star Trend: down Trend Entry: with TP/SL Ratio Target: 2 to 1 Target TP PIPs: 40 SL PIPS: 20 Fib Entry: .618 Fib TP: 1+ Stochastic: over-bought MACD: bullish 200SMA: above BB: n/a Pivot Point: R2 Elliot Wave: Currently on wave 5 Looking for new wave 5 low to be completed Notes: Evening star formed at the 764 level. Entry placed at 618 fib for entry to the downside right at the 200sma stochastic showing over-bought at time of entry macd is showing bullish strength, however we are seeing some divergence to the downside What can go wrong: wave 5 could be completed and we could be starting the ABC correction to the upside instead
Short
by ironcondor
ETH LEAD to CROSSOVER LAGMy first post of hopefully more to come! Please note, I have no formal TA training and the lines are just a rough guide to get my main SMA crossover point across. Please also forgive me for my vague phrasing. A friend and I have been researching and testing a few different neural network models, LSTM and reinforcement. We are now getting deeper into the LSTM model to predict near term price changes, later incorporating market sentiment (positivity) that we will hopefully use to construct a portfolio of non correlated instruments that will be automatically readjusted frequently to push fund allocation towards positive predictions and away from negative ones. Now to this chart, while we were looking at different models and backtesting strategies we came across a simple program where you can search for the optimal (most successful) lead/lag SMA periods for crossover trading. While this doesn't mean that the crossover periods will continue to perform as well or at all compared to the backtest, it has worked the best so far. I'm going to be making a small entry if the lead crosses above the lag by 2.5%, with selling to be done when it falls below it by 2.5% Let's see what happens!
BITFINEX:ETHUSDLong
by sammc
USDJPY 15M Short | Evening StarCandle Pattern: Evening star Trend: up Trend Entry: against TP/SL Ratio Target: 2 to 1 Target TP PIPs: 40 SL PIPS: 20 Fib Entry: .764 Fib TP: 1+ Stochastic: over-bought MACD: bullish 200SMA: above BB: n/a Pivot Point: R2 Elliot Wave: Possibly Elliot wave 2 Looking for next swing high to fall short of previous swing high then make a move for wave 3 to the downside Notes: Evening star triggered entry at the .764 fib level of previous swing high. Entry placed 10 pips of current swing high 200SMA is starting to show possible turnover to the downside. Looking for a retest of the last swing high before making a move to the downside stochastic showing over-bought at time of entry macd is showing bullish strength, however we are seeing some divergence to the downside What can go wrong: could make a new wave 5 instead
Short
by ironcondor
AUDJPY 15M long | Morning StarOpened overnight, already at 60 pip by morning Candle Pattern: Morning star Trend: up Trend Entry: with TP/SL Ratio Target: 2 to 1 Target TP PIPs: 40 SL PIPS: 20 Fib Entry: .50 Fib TP: 1+ Stochastic: over-sold MACD: bullish 200SMA: above BB: n/a Pivot Point: R1 Elliot Wave: on wave 5 Looking for final wave 5 high Notes: Morning star tail triggered my entry at the .50 fib level. .50 fib used because .618 and 764 were below 200 sma stochastic showing over-sold at time of entry macd is showing bullish strength What can go wrong: could make a new wave 4 low before starting wave 5.
Long
by ironcondor