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With Bullish divergence on an oversold instrument, so far the AUDUSD seems to be following my wave pattern, along with a weak set of FOMC minutes and Grexit on the agenda I expect a retracement in the AUDUSD to it a target of around 0.755 - 0.76
Just trying the idea of a series of 5 waves as per Elliott Wave Theory, I like them and given a new formation of a potential down trend is occurring since this instrument is massively overbrought. With the FOMC conference on tonight, could this be a nice short to play?
Right now I believe the AUDNZD is going to retrace to next support level based on bearish divergence. At this point the AUDNZD may bounce and continue upwards, however if this resistance is broken then I fancy leaving my trade on for the weekly pivot
This looks like a typically H&S pattern with the Right shoulder in the completion of the process, which would indicate a steady move to the south. If played out and the pattern proves correct, there's atlas 500 pips in this move
If the Dollar remains short term Bearish but the EURUSD pulls back to that key 1.09 area then could be good to get into a short once pattern is complete and then enter long depending on the Dollar Outlook
The Euro/Dollar is in a nice down trend although currently either the pair is in a correction phase or a bottom has bee found and a trend change is occurring.
Providing the dollar remains sidelined for the next week, I suspect by the time we get the next set of good US Data we may see the down trend remaining. My outlook will be to place a pending sell trade...
Apples price has been in some consolidation but with a Bullish bias. I am long on this pair with the expectation that towards earnings this pair will respect the trendlines and continue to move on up, at a slow rate mind you!
The pound/franc has printed divergence for a move towards the upside. The pair is ranging slightly with a slight bias to the upside. I am entering long upon more green candles printed for a move up to 1.443
Missed monthly pivot! USDCAD is hugely over-brought and a retracement is expected to this missed monthly pivot. Triple divergence has been spotted on the RSI and momentum indicators so I expect a technical retracement in line with the decline of the US Dollar Index
Bottom found on Cable with bad US news on Friday following from the NFP looks as if Cable will target this monthly pivot. Triple divergence has been present for sometime now, expect from Tuesday onwards for this pair to rise
A diverging wedge to the downside gives potential for a long trade on GBPCAD. If the resistance break above 1.87555 can be achieved then potentially this will break to the upside with further evidence to break out of this wedge and to resume a nice bull trend.
My suggestion is to wait for the 20/03/15-12:30 CAD (GMT) economic news event and place a long trade...
A nice triangle range has been forming over the last week or so meaning that a potential breakout is on the cards. My view would be the overall trend is Bullish so a breakout to the top side is more likely. The use of pending orders either side of the triangle can catch which ever way the CADCHF decides to go?
The last forming shoulder looks to confirm the right hand shoulder which would imply a drop equal to the height of the head. Support for the arguement would be that the Euro is much weaker against the gaining Canadian Dollar and there I would expect a fall in this.
Also, looking at the Committement of Traders release, there is evidence that more support is in...