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USD/JPY Testing Major Zone USD/JPY has been in a long downtrend due to a weak dollar (fundamentals & geopolitical issues) and the strength of safe haven assets such as JPY. Recently though the dollar showed some life after bouncing off a major support zone mid week. A continued move up to the 111ish area is expected based on a minor change in market structure that made a FTR (fail to return) zone which created a HH (higher high). This FTR zone was retested when NFP numbers were released worse than expected but quickly the price started rising again as buyers jumped on a good opportunity. Based on the strength of the buyers at this moment I could see the previous 4hr candle wick being filled and price moving towards 111. If price gets to this area we will see how it reacts in this zone. The long term bias is down for USD and things geopolitically between them and NK don't seem to be improving. I can expect and look for a sell signal in this zone to take price lower. If this zone fails to hold 112 looks like the next upside target. Be aware that we just had a long downtrend so price needs to move through its waves.
by nick.trader4
Dollar Index ShortDollar index. Yellow zones are monthly. Blue zones are weekly. The Dollar began gaining strength and putting in higher highs and higher lows in may of 2011. Recently, the dollar has pierced weekly zone 96-97 which caused consolidation for a number of months before breaking out, putting in a higher high which hit monthly zone 102 but rejected strongly. The 92 area is the most recent support zone that has been tapped 3 or 4 times indicating this is weak level. Zoomed into weekly timeframe you can see the dollar putting in lower lows. Based on a strong rejection of monthly zone 102, and lower lows being put in, I'm anticipating continued dollar weakness, Eventually tapping the next monthly zone 81
TVC:DXYShort
by Lucidforex
USD/JPY Trump Fundamentals After last weeks NFP results were positive and price action looked good to support the fundamentals I was thinking longs for USD. Of course this was not the case as we had new fundamentals break that stated issues between North Korea and the USA. Important to stay flexible and keep up with news as things can change quickly and the bear trend continued, infact it actually picked up after breaking the major support. So here are my new zones and ideas for this coming week. I have plotted my major zones as seen, I think price could stay within these zones for a period of consolidation before it finds new direction. The support zone is a major one and if broken we could see price start to fall a lot more throughout the rest of the year. However there is still a lot of news this week including FOMC statements midweek. So should be an interesting week nonetheless.
by nick.trader4
Sterling Vs. Yen. Weekly Analysis Aug 14-18Last week we saw GBP/JPY fall flat on its face melting dollar after dollar. A lot of this had to do with the recent strength of the safe haven currency YEN which went up a good amount against USD due to recent issues between Trump and his counterpart from North Korea. It has since fell down to a nice support zone. We have a confirmed EMA cross on the daily chart so this week we can expect some push up for liquidity to retest the EMA before a further drop either back into the demand zone or to make a lower low into another major demand zone which has been plotted on the chart in the 140.000 area. If we do retest the EMA in a daily supply zone that can give opportunities for fresh selling positions.
by nick.trader4
XAUUSD (GOLD)- USD TREND ANALYSIS W/FUNDAMENTALS After last weeks NFP results were positive and price action looked good to support the fundamentals I was thinking longs for USD, which is bearish for Gold. Of course this was not the case as we had new fundamentals break that stated issues between North Korea and the USA. Important to stay flexible and keep up with news as things can change quickly and the bull trend continued, infact it actually picked up after retesting a new major support and making higher highs. Gold has now approached a really major resistance zone that has previously been rejected twice, could the third time be the charm for a break? We will see what happens this week, we may start a period of consolidation if both these major zones hold strong, enough for liquidity to be enough to push price higher. There should be enough volume and volatility this week with all the news events including FOMC statements.
OANDA:XAUUSD
by nick.trader4
Bitcoin bulls, don't get your hopes up too soon. Your levels.I just want to take a quick minute to remind everyone that the previous trendline for which I drew the bottom of our bullish channel (GREEN) still remains significant despite the fact that it was already broken three times (down on the 10th, up on the 20th, and down again on the 25th). That being said, I am not saying that we'll enter back into the channel again. But what I am saying that it can still act as overheard resistance, and indeed, as you can see from the chart, it has. Bitcoin remains in semi-neutral territory here. Although, it is not bearish (downward sloping RED channel), it is also not bullish (at least, I wouldn't give it that credit) yet. Any trades entered before the first week in August remain fairly high risk in my opinion, especially considering what we are seeing on my charts which is indecision/volatility. Stay cautious and know your levels. The major levels I have indicated on the charts. Seven levels in our current area between the GREEN and RED trendlines are: 1) GREEN TL (currently around $2800 2) $2760 3) $2670 4) $2600 5) 50 MA (currently around $2550) 6) $2420 7) $2340 (which is also %78.6 Fib) Happy trading friends!
BITSTAMP:BTCUSD
by stewdamus
8
AUDCAD Weekly Long Term PerspectiveAlthough I prefer trading the shorter time frames like 1d, 4h, and 1h - it always helps to know the overall situation. AUDCAD has been ranging between 1.0350 and 0.9170 for many years now on the weekly chart, and on the time frames I just mentioned, this provides opportunities to trade the trend up and down to and from the zones above. So I mapped out the most likely price movements based on what has happened in the past. Notice that most recently, price has formed a low, high, HL, HH, HL, and is now possibly forming a HH. (beginning at the first vert. line) From here, I think AUDCAD will rise to 1.0340. If price failed to make another HL and instead print a bearish weekly candle at the 1.0350 zone, we will see price head to parity 1.0000, and then possibly lower. Learn to read the markets and you will be successful.
by MtxTrader