Elemont

Elemont

EURAUD has broken out of its flag pattern and we now expect price to test the next support level

Elemont

GBPUSD is trading in a distinctive range currently. We are looking for firstly a breakout through the pennant pattern, and then a further breakout of this trading range for a good trade setup. In the meantime, there are some potentially good trades to be made with the right confirmations for range trading.

Elemont

We expect EURJPY to head towards support after touching resistance just before close. RSI reinforces this idea with a sell signal. TP where price touches the trendline. After that we look for a potential breakout lower, or a reversal pattern back to the top of the channel.

Elemont

AUDNZD is looking to complete its Cypher pattern / M formation and we expect more downwards pressure early on this week. Breaking the immediate support level is key. If it holds, we expect a retest of the 200 MA first, before it continues its bearish trend.

Elemont

GBPJPY is travelling up along its local trend, currently retesting the 200 MA. We expect a bounce off these levels towards the channel's high for a final retest before falling to the bottom of a larger flag pattern. Traders can go long with SL just below the current channel, and TP near the top, and then short it back down. If price was to break the top of the...

Elemont

EURAUD has broken out from its previous flag pattern into a new bullish channel. Price is currently testing resistance, and may break down from its current channel and test the nearest support, before most likely continuing on its bullish path. Otherwise, price may just breakout further within its current channel to test next resistance.

Elemont

EURGBP has broken out long of yet another pennant after breaking above the local flag pattern. We expect price to continue towards the next resistance level as RSI is also showing a nice uptrend. Traders may wish to exit the trade upon a bearish break of trendline or MACD/RSI reversal.

Elemont

NZDUSD is currently trading within a potential pennant pattern waiting to breakout towards either direction. Traders should use caution and wait for a breakout before entering a trade.

Elemont

USDCHF has just broken down from it's flag pattern so we expect the downside to continue. There may be a possible pullback to retest the support level that just broke, but we then expect price to continue lower if so. Otherwise, price should resume its downtrend on open towards the bottom of the major channel. TP's at support levels along the way, SL above the...

Elemont

USDCAD is both nearing the top of its major channel and currently trading in a local bearish flag pattern. We expect price to either reverse at the top of the major channel or break this local flag pattern and then head down towards the bottom of the major channel. TP's along the way at major support levels, SL just above the major channel. We await breakout...

Elemont

USDJPY has broken down from its local flag pattern and could head lower in the short-term. However, at the moment it has bounced from the bottom of its main channel. Thus, we have 2 highly probable setups: 1. Price retests the previous (dotted) trendline and fails, bouncing back down and then breaking the yellow flag pattern 2. Price breaks the yellow flag...

Elemont

AUDUSD is looking to retest the previous trendline + 200 MA, after completing its previous M formation as we predicted. Upon finding resistance at these levels, we expect price to bounce back towards support and then we await further breakouts for direction. Short-term long to the previous trendline + 200 MA. SL below local low.

Elemont

EURUSD has spiked up and hit a major resistance point where we expect price to correct back down towards the trendline. RSI is signalling overbought and price is at the top of its local channel. Looking to short with TP at the first support level and SL above the local high.

Elemont

USDCHF is nearing the end of its pennant pattern where it will breakout, potentially offering major pips. We await breakout confirmation with entry towards the breakout direction, targeting pivot levels.

Elemont

EURGBP has broken out of its flag pattern TP at next resistance level SL where price breaks below trend

Elemont Updated 

AUDUSD has broken yet another trendline on its bearish run towards the bottom of its 4th leg of an M formation. Those who have been following us should be in this trade from the top with nice profits. We will see now if the next trendline brings a bounce or another break through

Elemont

USDCHF is about to break out of a pennant. We expect price to break lower out of a bearish flag pattern, which has major downside potential. If it break to the upside instead, we can go long and TP at the previous high, using the flag pattern as SL confirmation. If it breaks to the downside, go short for a potential massive correction, with SL above the downwards...

Elemont

Gold is looking like it will head down to test the 4th leg of its current flag pattern channel. It has already broken one trendline, and we are looking for confirmation from breaking the second (dotted) trendline and MACD. TP will be at the bottom of the channel if price breaks out.