FXAutomate

FXAutomate

Despite a prominent classical head and shoulders top pattern present on the major US indices we have seen a strong bullish move over the course of the last few days. This very inconveniently for all the short sellers coincidentally coincides with quadruple witching happening tomorrow where all four asset classes, which include stock index futures, stock index...

FXAutomate

Gold on a higher timeframe appears to be going parabolic but for now it seems likely that we will first see some accumulation in the form of a flag or pennant. The crucial areas of support are between 1960 (38.2 Fib) and 1970 (Yearly R1 Pivot) with the interim target after a break being the Yearly R2 @ 2100.

FXAutomate

Not only have we seen the NASDAQ clearly rejection of the Daily 200 SMA and Yearly Pivot @ 15k but, we now also have a break below the Yearly S1 Pivot @ 13500 triggering the large Head and Shoulders pattern with a target near the Nov 2020 lows of the bullish channel @ 11200. For now the next level of support would be around 12200 with a re-test of the HnS neckline...

FXAutomate

With the larger trend still in a steady uptrend and following a short period of consolidation around the Yearly Pivot, price action from yesterday has hinted toward strong support from the Daily 200 SMA and also Yearly Pivot level @ 1.720. From here I suspect we could see a break above resistance from the Monthly R1 Pivot @ 1.727 triggering the inverted head and...

FXAutomate Updated 

Spear REIT has triggered a cup and handle breakout with a bullish target of 850. The 650 level will be important support along with the Weekly 50 SMA.

FXAutomate

Soybean futures has corrected 50% of the previous impulse move that stretched from middle 2020 to May 2021. The latest breakout therefore implies the possibility of a new bullish wave back to at least the previous swing highs @ 1650 with an initial target of 1490. Stops can be considered @ 1198

FXAutomate

EURGBP has now successfully bottomed and according to my 5-phase trend evaluation has now entered into the 1st phase of the next emerging trend. The bullish hammer candle on the daily hints towards a successful re-test of the breakout level and with another break above the Daily 200 SMA will set in motion a series of new bullish targets, starting with a new...

FXAutomate

As I have been saying for the past few weeks (refer to linked idea) price has reached exuberant levels and trading in very deep technical waters (so to speak). The reversal from yesterday occurred of the Weekly R1 pivot and could initially see price correct towards the Weekly S1 Pivot to 16250 with a break below that (also the Daily 21 EMA) likely seeing a move...

FXAutomate

Silwer is setting up for a beautiful inverted head and shoulders play with a breakout above the Daily 200 SMA @ ~25.15 the trigger to wait for. Targets include 26.12 and 28.00. Stops can be considered below the Daily 21 EMA.

FXAutomate

We are currently seeing what appears to be the conclusion of the first correction of the new bearish trend with price getting rejected from the Monthly Pivot and looking for new structure lows. The entry zone is between 1.917 and 1.924 with a stop @ 1.933 and T1 @ 1.899 and T2 @ 1.880

FXAutomate

The inverted head and shoulders bottom in silver is looking better by the day. The trigger would be a break above 25 and could see the precious metal first test resistance @ 26.10 and once this resistance is overcome head towards ~28

FXAutomate

USDJPY is currently undergoing a correction meaning it could soon be time to start looking for a new long opportunity with a favourable risk to reward to ratio. My guess is that we will see price retrace at least 50% to the 50 SMA @ ~111.875, from here I will start looking for a long setup with targets @ 114.6 and 117 and a stop below the 100 SMA @ 111.2

FXAutomate

The GBPUSD has found some interim support from the Monthly S1 pivot and is currently correcting towards resistance which I suspect to be in the vicinity of the Monthly pivot @ 1.365. Bearish price action from this area will provide a good short opportunity with short targets of 1.337 followed by 1.326

FXAutomate

The NASDAQ stands out as an absolute giant when it comes to its ability to simply keep on grinding higher to new ATHs. But, that said we are now approaching levels of technical exuberance which calls for alarm bells to start ringing. At this stage, there is still some scope for technical upside to where the Weekly R3 pivot meets diagonal resistance @ 16633. But,...

FXAutomate

Please be careful out there as there is still a possibility of a head and shoulders playing out with a short target of ~50k. For now support is holding and the trend remains bullish. But, a break below 57200 will likely see the short target playing out.

FXAutomate

It is quite possible that the breakdown in precious metals is actually the final shakedown before the trend change and rally. Looking at the chart it is not hard to see what could very possibly turn out to be an inverted head and shoulders. If this turns out to be so then based on my projections the right shoulder should be around 22.74 with the neckline around...

FXAutomate Updated 

The inverted head and shoulders breakout suggests we could see a move higher towards the Monthly R2 pivot @ 4600. The weekly pivot @ 3750 will act as interim support with a break below it possibly seeing a correction towards the Daily 100 SMA @ 3150

FXAutomate

AUDUSD could finally have seen the interim top with the high of last week showing strong rejection from the Daily 200 SMA. It is also quite possible that this can turn out to be a small head and shoulders with the neckline @ 0.746. In such a scenario, we can expect the right shoulder to form just above the weekly pivot @ 0.751. The eventual target would be 0.737...