Elemont

Elemont

USDJPY is in an interesting position with no clear future direction. We have identified two patterns: A bearish flag pattern on the daily, and a pennant on the 4hr. Considering the pennant is within the current flag pattern, we place more emphasis on the flag pattern. We expect USDJPY to either break above the current pennant, run to 3, and then drop OR break the...

Elemont

Gold is currently trading within a bearish flag pattern which may potentially end after the 3rd leg. Thus, we have a potential trade here from 2 to 3, and then the main trade which is from 3 down to the Daily trend. Afterwards there may be an even greater potential flag pattern form before a massive breakout lower.

Elemont

GBPUSD has just broken out of a bullish flag pattern and is now a prime for a buy trade. Stop loss below the Daily trendline and Take Profits at key resistance levels.

Elemont

EURAUD is nearing the bottom of it's trendline on the Daily offering a potential breakout upwards. If price can break the local trendline, we expect a test of the 200 MA. Stop loss would be just below the Daily trendline. If instead the Daily trendline breaks lower, we have a short trade towards next support.

Elemont

USDCAD has bounced down from the Daily trendline and is looking to head lower. Upon breaking the local uptrend, USDCAD may drop on it's 5th leg and even breakout lower from it's current flag pattern, providing a MASSIVE short opportunity. If you are to take the trade early, you should use a stop loss just above the Daily trendline. We await confirmation of a...

Elemont

AUDUSD is gearing up for a massive sell on the Daily given it's bearish flag pattern. On the 4hr we can see another flag pattern expanding out on the top side, meaning that it may have over-run and the bottom is set to break. We expect price to find resistance very soon before breaking lower towards the bottom of the Daily flag pattern, where we will then reassess.

Elemont Updated 

AUDUSD is currently in a downtrend hitting a support level. Here we believe price is probable to reverse back up towards the Minor Resistance level before continuing along it's bearish path towards S2. Another very interesting pattern we have noticed is a MASSIVE "M" formation if you scroll out of the chart (Pink dotted line). If the M pattern plays out,...

Elemont

EURUSD has just broken lower from a flag pattern and it looking to retest the flag. We expect price to consolidate a little before bouncing off the next major support level for a great trade. The overall trade is still Short, but there is a reversal pattern for a quick scalp back into the flag pattern for those brave. Our recommendation is waiting until a new...

Elemont

We have a nice flag pattern setup on GBPUSD for a trade long on breakout. If the lower trendline breaks instead, we have a short setup towards next support.

Elemont Updated 

EURUSD just broke even lower. Short to the bottom of the major trendline, where we then expect a reversal. You can enter a long trade at the bottom of the trendline, with tight SL below.

Elemont

GBPUSD is still downtrending as per previous analyses, and is currently trading within two short-term channels. We expect price to either quickly drop to the Major Support Zone (staying within the blue channel), or to break above the blue channel and head towards the upper band of the green channel, before finally falling back towards the Major Support...

Elemont

USDCAD has just spiked up triumphantly, however we expect it to lose its steam just as fast. Price has touched the Daily Trendline (Upper), failing to break through. We expect a reversal is now imminent, provided the Daily Trendline does not break, as price is now significantly overbought. We expect price now to fall back towards the closest support level, before...

Elemont Updated 

EURUSD is still well and truly bearish after negative ECB news, causing a breakout through the support (now turned Resistance) level. Price is currently trying to break even lower from the local trendline , which would see EURUSD head towards the bottom of the long-term Major Trendline. From there we expect a bounce back towards Resistance before falling towards...

Elemont Updated 

AUDUSD has gone to plan, creating an M top formation before reversing and breaking both S1 and it's narrow uptrend channel, as discussed in our previous analyses. We have now taken profit on our short, but believe the bears are not finished yet. We expect price to possibly rebound in the near-term towards the minor support level, before falling to test the 200 MA...

Elemont

GBPUSD has continued its bearish run as per our previous analyses and is now heading towards our latest TP point. Price has just broken lower through it's downtrend. We expect demand to pick up once again at the Major Support Zone where there may be a potential reversal trade if price can break back above. If price fails to reverse, GBPUSD's recent historic low...

Elemont

EURJPY is currently in a downtrend on the Daily and 4H, with price nearing the bottom of the daily consolidation zone. We expect price to continue to S2 where it will either bounce back towards R2 or break lower towards S3. Confirmation of this bounce is given by a break of the upper band of the trendline channel. However, until then price is bearish.

Elemont

USDJPY has broken trendline again, back into a minor uptrend (requiring higher-low confirmation). Trade Setups: 1. Break green trendline upwards towards R1 2. Break pink trendline lower towards S1 We await confirmation of breakout and then follow that trendline.

Elemont

Our previous two trades on GBPUSD went perfectly, where we took profit taking a long from support to resistance, and a short after price broke below support. GBPUSD is currently in a downtrend channel, so all plays should be short for the moment. We remain bearish on GBPUSD as it heads towards the Major Support level. A breakout through the trendline may provide...