Market re-tested the resistance zone around 0.9360 and failed to close above 0.9370. The bulls don't seem to give up any sooner. They may make another run up to break 0.9370. Note that there is a bearish butterfly pattern there with potential completion slightly above the upper end of resistance zone. Will be waiting for another false break of this resistance...
Referring to my earlier analysis on the daily chart for this pair in the link below, this market has gone deep into the identified support zone and pushed beyond the lower end of the zone before rallying back up into the zone at the point of writing this post. The candle in H4 chart is not closed yet. Will wait and see if this is the false break I have been...
Last night I discussed the AUDCAD in a video that I put out for my Syndicate members. We had previously earned some pips on a a bearish Bat pattern, but the market never really ran too far way from this general area. What caught my attention was the series of higher lows and the fact that we finally achieved a LLLC as on last nights analysis. I didn't have a...
Overall trend in this market has obviously shifted to bearish with increasing momentum, looking at the steepness of the fall in price since mid July without any deep retracement. The market broke and closed below the key support zone around 0.8400 last week. It has just formed a small pin bar yesterday. Anticipating this market to re-test the now key resistance...
Market is having a free fall at the moment after breaking the key support zone around 1.3330. The momentum is obviously very bearish now. Market is now approaching the key support zone around 1.3116. That will be an interesting point to watch and see if that support holds or breaks. If it holds and presents nice price action buy signal, then I will go long to...
Overall daily trend is down even though market is carving out higher lows and high highs indicating potential change in trend. Market is currently testing the resistance zone around 0.9150. In fact it has broken above this level today with a gap up during the Asian session trading but have to wait until the close of the daily candle to see whether it has...
Price rejected by structure and possible formation of an AB=CD pattern completing in the same zone of a bigger bullish Cypher.
EURJPY has recently retraced back into previous structure offering an excellent opportunity to put on a short order. Looking left the market has proven to respect this level in the past, therefore I would expect the same in the present as support turns into resistance. Price action is also on the right side of a short-term bearish trend with having made a recent...
Overall trend is bearish. Market is approaching key resistance zone again after previous two 'tap and reverse' attempts. In addition a bearish pat pattern has just been completed near to the resistance zone. Will this action repeats itself - tap and reverse? Or the bulls will get it third time lucky by breaking and closing above the resistance zone?
Yesterday I posted a chart looking at a bullish Cypher pattern on the NZDUSD. After a move to hit profits during the London session, price action has sharply retraced back into support presenting a double bottom with divergence on the RSI. If this level can hold I anticipate a rally up to at least the 8470 to 8500 level. With the same psychological level being...
USDJPY in an upward trend. Made a 382 retracement and expecting a 1.272 extension to follow it up. If price comes up to the extension I'll be going short based on structure shown above.
I've had my eye on NZDUSD for a while now looking for a bullish opportunity only to see the market blow past structure level after structure level. Now it finally looks like I'll have a trading opportunity as price action looks to retest and hold it's current level of support. If everything goes the right way a retest would give me a completed Cypher pattern with...
GBP/AUD 4H Trend continuation setup (short) We can see price making lower low (new structure low) and that signals contiunation of the trend. Major daily structure is way lower and that tells us that price will drop down lower to that structure and retest it. PRZ is quiet large and i would take it at the top of it because of risk:rward ratio. If price will not...
Market has been correcting and approaching key resistance zone 0.9330-0.9355, which coincides with 0.382 and 0.5 retracement. Overall this pair is looking more bearish than bullish as long as price is below this key zone. Wait and watch for price action signal in the sell zone, preferably upper end of the zone so that SL can be placed above that wick on 6 Aug.
Market sold off heavily yesterday, thanks to BOE Governor. Market closed below key support zone 1.6700. Expect more downside towards next support zone 1.6550-1.6600. This is also the zone where the bullish cypher pattern will complete. It also coincides with 61.8% Fib retracement from the double pin swing low to the highest swing high. This looks to me like a...