CurrencyWaves

CurrencyWaves

I have two lots short already with an average of .8542 and looking to add, I will add after the RSI breaks the uptrendline. Looking for target of .7950 before moving higher.

CurrencyWaves

Price as well as the RSI have falli in a wedge shape pattern, The RSI has lid sideways out or the wedge but not enough strength to get back above 40. I do believe it will stay there until a bottom is in.

CurrencyWaves

The left shoulder may be complete but waiting to see if we get some divergence.

CurrencyWaves Updated 

The recent RSI uptrend line has broken indication more down side short term. I will be waiting to see wha happens when the longer down trend line on RSI breaks to the upside before my next move.

CurrencyWaves

Looking to see if AUDJPY can reach the top of channel in this possible wave II.

CurrencyWaves

Looking for some resistance at channel top and 200 period MA. Will be watching RSI for clues.

CurrencyWaves

Crude Oil looks to be nearing the end on it ABC correction around 41.70 before possibly moving back above the 49.00 level again.. Note the descending triangle in the RSI.

CurrencyWaves

The AUDJPY is trying to break the downtrend line in both price and on the RSI. A break above could lead to a move to the top of the channel toward 77.2 before moving back lower.

CurrencyWaves

The RSI can be a great trading tool if used properly. Most Traders use it for an overbought/oversold indicator and that is the worst use of the RSI. As you can see from the chart, there are multiple short term trade setup in this one hourly chart. Although I am only showing 3 examples there are many more setups on this chart but did not want to make a mess...

CurrencyWaves Updated 

USDCAD is approaching tough resistance in the 1.3200 area following the two equal legs up. Also just ahead it the 200 day moving average. Longer term I am looking for 1.3550 but should see a retrace before higher.

CurrencyWaves

This will be day number 4 of inside days. This morning price action drove price to the highs of this range and right back down to the middle again. The short term price action is currently headed up within a channel so I would expect a break higher to retest the highs around 1.1525 before moving back lower. Longer term I do expect much lower prices.

CurrencyWaves

If this is a B wave triangle then wave I and II may be complete and a 3rd wave down is about to start. Target would be below 1.4300 so the risk reward would be real good with stops above 1.5100.

CurrencyWaves

Both the Running Triangle and the Rectangle are continuation patterns. With the recent trend being down I would expect lower prices on a break of 1.2870. A break above the A wave high would target resistance and the 200 day MA at 1.4070.

CurrencyWaves

The Symmetrical Triangle on the Daily #USDJPY points to a move to 92.00. A break below 99.50 would boost this idea but the pair needs to stay below resistance at 107.494.

CurrencyWaves

Like Silver, Gold seems to be tracing out a bull flag also. Weekly Support stands at 1293.30

CurrencyWaves

Silver looks to be creating a nice Bull Flag. I would expect a move down to weekly support between 18.29 and 17 80 before higher.

CurrencyWaves

Buyers tried to take the #AUDJPY higher today but lost out to the bears as they pushed price back down below the open. A break of 76.00 would target the 74.00 to 74.50 area.

CurrencyWaves

This possible H&S top would work perfect for a ABC correction needed in the pair before moving higher.