So I posted this chart some months ago (see tagged) and with the referendum on the 23rd of June, currently polls are favouring the UK to exit the EU! The head & shoulders pattern is clearly in formation and BREXIT could be the cause for this pattern to happen. A break of the 1.3825 area would indicate that this may happen. If it does then we could be seeing a...
So I'm under the assumption that whilst the US Dollar takes a breather on poor NFP results and the AUSSIE Dollar is performing well that we might see this pair which as high in between the 0.755-0.76 price area. Reasons are: 1.) The US Dollar is weak although the mention of a rate hike this summer has given it a chance for buyers to price that in and therefore I...
In recent days particularly last week, Natural gas rocketed without any significant retracement. The RSI high period is now heavily overbought and is currently sitting out of the sell bollinger band level and therefore I expect this instrument to retrace back to at least half way to the missed monthly pivot. For more information, follow me on here, twitter or at...
I love trading this pair! It has a technical obedience that most currency pairs don't follow. A trendline on the daily has formed and with some divergence in play I feel that the triangle pattern formed will be in play for the next few weeks and therefore a retracement to the Fibs identified could be in play. Tight stops above the trendline and targets 1 & 2 to...
There may be a trade in place if the trendline above is broken. A classic H&S pattern has come to fruition and if he US Dollar index progresses north then I expect USDJPY to follow for a decent break to the 111.25 - 111.5 area. For more info, please follow me either on here, Twitter or at www.ejfxtrading.com
The GBP pairs in recent weeks has rallied hard without a signficant retracement and now we are approaching a pivotal moment whereby I expect this pair to resume south. The trend line is about to be broken, I have divergence on my RSI and with brexit in the picture I expect some volatility to drive this pair aggressively. For more information+setups, follow me...
The GBPAUD has been on a rampant upwards correction, which is expected after its recent hammering versus the AUD Dollar. With some weakness seen this week in GBP pairs against the AUD and DXY I expect this pair to retrace either to my first profit target of 61.8% and potentially the 50% area. For more information on trade setups, please follow me on here,...
The AUDUSD in tremendous form broke the wedge and is now playing suit to the pattern I observed some weeks ago. Profit taking may begin this week at the 23.6% Fib area and I would expect a retrace before a further resumption of the downside. To play this, if you're in a sell trade be mindful of the 23.6 area and potentially counter trend trade up to the nearest...
GBPJPY is in a nice Bear trend mainly driven by the brexit issue. In the coming weeks I expect some increased volatility on GBP pairs and I expect this will lead to a drop in price for this pair. A h&S pattern has emerged on the 4HR timeframe and if obeyed would see price fall to around the 148-150 area. Place sells under the neckline and take profit at 149 to be...
So Oil has been correcting and given the bearish trend for sometime this correction is nearing its end. Potentially a Head & Shoulders pattern could be forming and the neckline would indicate a move lower to the missed monthly pivot. I'm also seeing another pattern which if this H&S is confirmed will confirm the next pattern. Place sells under the 43.2 mark...
With the recent NFP numbers released, a retracement that is about to finish in the US Dollar, the Canadian Dollar about to further reach back south, USDCAD is poised for a big move upwards. The first monthly pivot has been hit and I expect a retracement into next week before resuming for the following missed pivots. Trade small and be patient as this trade will...
This week we have the FOMC tomorrow and is bound to bring some volatility to the cards and especially in the FX market. The USDCAD has been on a decent correction, its rapid bull run was quite aggressive which always equates to a deep correction, with strength in Oil and the Canadian dollar has allowed this pair to retrace. My reasons for going long are: 1.)...
So I've been ranting on for some weeks about this trade and I think we should have some confirmation by the end of this week, or certainly by the following week this correction resuming the downtrend. Reasons for my assumptions: 1.) Rejection by the closing of price below the daily correction trendline 2.) Weekly trendline is still in tact 3.) RSI (high period)...
AUDUSD has nearly begun to stage what looks like exhaustion in this corrective rally. I think its better to watch and see how it obeys this pattern and wait for either a break to the south. If the upper trend line breaks then this would potentially signal a change in from a bearish to bullish trend on a higher time frame. For more information, please either...
The AUDUSD has been on a lovely correction catching many people out in its aggressive up run. However there is an inflection point about to happen, these being: 1.) The weekly trendline drawn above my prove to be a good resistance trendline and force the AUDUSD south in the resumed downtrend (on the higher timeframe). My analysis leads me to this conclusion as...
The GBPUSD is about to come up to an interesting point in its instrument life! A nice triangle wedge has formed which is a corrective from the overall bear trend formed over the recent months with the US Dollar index. I suspect we'll see some oscillation for some days possibly the next week or so and then a potential big move towards the south. I did publish...
I recently posted that Natural Gas would follow south following the formation of a wedge. This has now been broken to the downside and I expect the momentum to the monthly pivot and potentially further south. For more information please sign up to my website: www.ejfxtrading.com