Similar structure to the AUDSGD trade idea I just published, but I have a few more points to add here.
I was originally short this pair.
I attempted to make another attempt to enter short and ended up taking out a loss.
Since price broke to the upside of this range, my directional bias has changed from bearish to bullish.
Momentum picked up nearing last...
The Singapore dollar appears to be weaker against several pairs. I believe the "cleanest" setup is on the AUDSGD pair, but this signal also exist on the EURSGD pair as well.
Price makes a new lower low.
Price fails to push to new lows, confirming that the previous low point holds up.
The third test and failure of forming a new lower low is a good indication...
I see high probability to the downside for the week ahead. Here's a breakdown of the five key points I'm looking at.
Price tops out in late-August of 2023.
Price fails to push above previous highs, which serves as another indication that this range marks a relative high point for this pair.
Price re-enters this range, but sits lower than the previous high at...
Early last week, traders started taking profit on US dollar long positions in anticipation of an end to rate hikes. The Federal Reserve shared a sentiment that there likely won't be any further rate hikes, but they will remain elevated depending on how inflation figures come out.
From a technicals perspective, I am beginning to see some major shifts happening....
The era of high interest rates may not persist for much longer. Or, at least, that's what price is telling us.
The US dollar sold off against pretty much all of its counterparts, maybe except for the Canadian dollar. It appears that investors believe that the Federal Reserve may not be sustaining a higher interest rate position and US dollar longs are closing out...
GBPNZD has been such a weird pair for me. It gives off bearish vibes as annotated in my original analysis.
As labelled on my chart, I entered short last week and got stopped out a few days later. Now that price entered and then exited the previous range on the downside, I'm enticed to make another attempt at a short entry.
Plan is to wait for 1-2 more daily...
Back in October, I managed to capitalized on the initial range breakout. Another momentum play has been observed based on the price action detailed below.
Price forms a lower high, which also indicates that we're likely seeing a price ceiling.
Momentum picks up towards the downside on the neckline break.
The range era has come to an end as price breaches...
The price action I've observed on the daily timeframe points to a very nice bearish sentiment in five key points.
Price peaks in August by forming a range, which breaks near the end of that month.
Consolidation forms shortly after and downside momentum forces price to break below the lower range boundary.
This marks a technical trend change as defined by the...
EURGBP is not the most trending currency pair, but I do believe are some momentum plays. They're slow to form, like taking all of last week, but the trend change does spell some opportunities.
There are two key points that signalled the reversal and hold.
Price broke above a consolidation that I marked for a reversal change signal.
Shortly after the neckline...
Observed a reversal and channel break on NZDJPY. It's a bit too early to tell at the moment given that I haven't seen anything structural over on the weekly timeframe. But, getting in early does help ensure a high R:R if this trend holds.
Over the past two months, I've marked four points of interest:
Price breaches previous high formed around mid-June of this...
The recent price action on the S&P 500 has been very interesting. While the long run outlook for this index is up, the recent price action tells a different story.
The S&P 500 experienced an excellent bull run from April 2020 to December 2021. The year 2022 was shaky with huge whipsaws at just about every other month.
2023 looks like we might be getting some...
EURJPY has been trading in a range between 157.139 and 159.336 since early August. Earlier this week, price finally broke below the lower range boundary and it looks like price will remain below it.
I currently have a bearish sentiment. Although price may take a pause post-breakout, I anticipate continuation to the downside will remain likely as this reversal is underway.
Price bottomed out mid-September and has been trading in a consolidation since August. After the initial break in the beginning of October, price entered another range (small pullback).
I'm currently seeing an upside breakout coming out of an accumulation. This is an indication that there is a good swing trade opportunity here.
Price made the original high on September 27th. A few days later, a retest of the high occurred on October 3rd.
After today's New York close, price continues to push to the downside. As long as price holds below the labelled neckline at 0.91492, I believe we can expect a bearish outlook.
The euro seems to be bearish against a basket of other major pairs. As price reverses from mid-August highs, we've seen two consolidation ranges.
Price is currently in the process of breaking out of the lower range boundary of the second consolidation. I expect momentum to pick up.
Quick update on the CHFJPY pair that I've been watching for the past while. the reversal is underway. After a quick consolidation, this pair continues to selloff.
There's a swing trade opportunity underway as price is breaking the lower boundary of this daily range.
EURSGD started consolidating at the beginning of September and then broke below this range 14 days later. Price retraced back to the lower boundary of the previous range and is currently holding below.
This is a good indication that selling pressure remains strong. As long as price is holding below this range, a swing trade potential is possible.
FOREXCOM:AUDSGD has been trading in a range since mid-August. Price not only broke above the upper range boundary but it also remained closed above it in today's session close.
As long as price remains above this breakout level at 0.8765, a structural reversal is underway. Since this breakout move and how it closed off, I remain bullish with an upwards...