Taken a long position based on the following:
- Weekly bullish engulfing candle
- Broken 1.1150 resistance comfortably
This might simply be a bullish trap as we've seen in the past, however with USD weakness in the clouds prior to NFP, lets see where this takes us.
Will be looking to take a short position on CHF/JPY based on the following reasons:
- Previous support has now become resistance (108)
- Failure to break past 0.618 fib levell
- Bounce of 50 EMA
Will be looking to take a long position on USD/CHF based on the following reasons:
- 0.618 fib support held strong
- Inside a falling wedge which is normally a sign of reversal
- Following NFP earlier this month, the dollar has seen unprecedented strength, therefore I expect this to continue
As always, trade safe
Will be taking a long position on GBP/USD based on the following reasons:
- Bullish hammer candle on Weekly TF.
- Rejection of 0.786 fib
- Respected ascending trendline
You might be thinking that I am super crazy by taking this trade, especially with the referendum only a couple of days away, however I feel as though the UK will not be leaving the EU and this is...
Possible short opportunity coming up, I predict the £ will see more weakness as we run up to the EU referendum. A break of 1.41 will confirm this short position for me. We have already seen a break of the ascending trendline and support break.
I have entered a short position based on the following reasons:
- Break and retest of strong trendline
- MA's have crossed over since the break
- Daily candle looks to be closing on a doji and has failed to break above 0.68 level (This is also the level for 0.382 fib.
Caution: NFP is released tomorrow so this trade could see huge spikes in either direction.
Took a long position on this pair based on the following reasons:
- Ascending W/D trendline has not been broken + LH have been made constantly
- Inverted H+S pattern on daily
However, as this is a rising wedge, this has the potential to fall right through the roof and continue heading south, I have entered slightly early neglecting PA, so be patient and assess...
Shorted GBP/AUD based on the following reasons:
- Not able to break above 50 fib line on daily
- Beak and retest of 2.03 level
- Bearish engulfing on Daily
Caution: This might be a fake out and we could possibly just be re-testing the broken descending trendline in which this trade would be invalidated i.e. the trade would be closed if PA turns bullish.
A clean break of the 79 level would see price head towards the 77 level. We have already seen a break and retest of the 80.50 level where price has headed south and bounced of the 10 EMA. The long term outlook for this pair would be past the 77 level where we have the potential to reach the 75 level.
However if price does not break the 79 level we could see...
The Pound has come under the spotlight since the start of 2016 all because of the EU referendum. I expect the Pound to see even more weakness right up until the referendum date. Here we have a short term ascending trend line inside of a huge downtrend and we have been making LH and LL since mid-Feb.
Here were my reasons for a short position:
- Daily rejection of...