Silver could be set for another small push higher to finish wave 5 before a large corrective structure lower.
This also falls in line with the DXY index. The DXY could be set for another leg lower before a corrective structure higher.
Metals have continued to dominate across the board including gold and copper. The could face profit taking and...
Australia has just moved Melbourne back into stage 3 lockdown for an additional 6 weeks.
The AUD has performed extremely well over the past month due to the market pricing in an economic recovery.
If other governments feel pressured to copy Victoria we could be set for a second lockdown in numerous parts of the world.
This suggests the AUD may...
Good evening traders,
The DXY could be set for another leg lower to complete wave 3 on the greater degree before a larger retracement higher to form wave 4.
The DXY is trading between a bear flag formation and has created an a-b-c corrective structure.
A break below the bear flag will attract sellers into the market.
Please share any related ideas,
Good evening traders,
We are tracking the EURUSD for further downside.
We have seen a fairly obvious 5 wave structure higher over the past month, we are now expecting a C wave down to test support completing the a-b-c correction.
Safe haven currencies may be in high demand as fears of a second wave of corona-virus are coming to the forefront of the news,...
Good morning traders,
AUDJPY has broken to the downside of a bear flag structure.
There is also a head and shoulders formation playing out suggesting a break to the downside.
JPY appears to be strengthening across the board this morning.
Any thoughts or comments please let us know,
Tracking the EURUSD for a potential pull back from the ascending wedge before the next leg higher.
EUR has switched to a bullish bias due to stimulus packages coming in the EU.
Parties in German Chancellor Angela Merkel’s coalition wrestled over final details of a huge stimulus package to aid recovery from the COVID-19 pandemic. However, the...
USDJPY has broken to the downside of a wedge formation with a bearish divergence on the RSI.
Risk in the market is beginning to increase due to US China tensions.
JPY appears to be in high demand heading into the EU session.
SELL position down to 107.00 with SL set at 107.85
Any thoughts or comments let me know,
Crude oil has enjoyed a great run over the past weeks with minimal pull backs.
Looks like we have just seen a break of a wedge formation with a bearish divergence.
We are look at SHORT positions with a retest of the previous resistance around 30.00
Any thoughts or comments let us know.
We are now looking to enter a short position on the AUDNZD.
Breaking through a key trend line paired with a bearish divergence.
China and global tensions are increasing today suggesting the AUD may see some downside.
Fundamentals and technicals align to short the AUD.
My position: SELL Entry 1.0720, SL 1.0800 and TP 1.0530
Any thoughts or...
The NASDAQ was 5% from its record highs pre COVID - 19
If you take a look to the left hand side there was a gap in the market which has now been filled.
Yes the FED is printing trillions of USD, however I feel we could be due a sizable pull back across the board.
Bearish divergence on the RSI whilst the market prints new highs.
It has now reached...
Bearish divergence on the RSI daily time frame.
Extremely sharp ascending wedge formation.
Technical analysis is suggesting a breakout to the downside.
First major support zone can be found around 1680 which will be my target if we see a break to the downside.
Any thought or comments let me know,
Fairly simple set up on the NZDJPY.
Wedge formation at a key resistance zone.
I am now going SHORT on the pair with SL above the swing high at 66.15 and take profit targets highlighted.
Bearish divergence on the RSI.
You can also see similar setups across NZDUSD, EURNZD and NZDCAD. When all pairs are suggesting a similar outcome it can be a strong...
Today we are looking at the SP500.
It appears as though we are in the middle of wave 4 (ABC) structure which is currently forming.
Generally speaking wave 4 may re-test the top of wave 1(2600-2700), meaning we could be setting up for another leg lower before a 5 wave rally to finish wave 5.
Once Wave 5 has finished we may see a sizable drop...
AUDJPY has broken a key trend line to the downside and has possibly finished a 5 wave structure higher.
We could be set for a ABC structure lower, also known as a corrective wave.
Next week we will see the RBA provide their next interest rate decision, although rates are expected to be kept on hold this may cause some volatility.
Any thoughts and...
Two different scenarios here.
Looking at a technical perspective there is a head and shoulders formation.
Crude is currently trading at the shoulder line.
Looking at the supply and demand issue we already know supply and storage is at maximum capacity.
However with the US planning on re-opening a number of states in the near future along with the rest of the...
EURUSD has broken a key negative trend line.
The pair has retested the trend line and demand zone at 1.0810.
We are now looking to go long on the EURUSD as we feel the USD will devalue over the coming days.
Any thoughts and comments let us know
NZDUSD has broken a negative trend line.
There has been a confirmation through a re-test of the negative trend line.
Higher Highs - Yes
Higher Lows - Yes
We are now looking to buy up to the next resistance zone 0.6198
Any thoughts and comments on this set up are welcome!
Playing around with some Elliott Waves theory.
We have seen a 5 wave structure from the major highs to form wave 1.
We could be set for a large wave 3 structure lower after an ABC flat corrective wave.
Large money printing from the FED could cause a decreased demand for USD.
If we are over the corona-virus scare there will also be a decreased demand for the...