ForexStoreau

ForexStoreau

Good morning traders, Fairly simple trade set up here. AUDJPY still has a gap yet to be filled. The 161.8% FIB extension level could provide a target, this is also inline with the gap which needs filling. Any thought or comments let me know!

ForexStoreau

Good morning traders, Crude oil is getting ridiculously cheap! Whilst the global demand for oil is decreasing due to mass quarantine, this will only be short lived (1-2 months). China is pretty much back online and working again as their outbreak has tapered off. We are looking to start buying crude at the 161% FIB level roughly $23 per barrel. Keep your...

ForexStoreau

Good afternoon traders, The AUDNZD is creating an inside bar on the weekly time frame. This is a strong reversal signal when at a major support or resistance level. RBA Interest Rate decision next Tuesday. Due to a turn around in the housing market, as well as strong employment figures, the RBA could hold interest rates steady. Jump down to a daily time frame...

ForexStoreau

Good morning traders, The ASX has reached a key level failing to break above the inclining channel. There is currently a bearish divergence on the RSI followed by an inclining wedge formation. With global indices looking very fragile at the moment due to the Coronavirus, Impeachment and earnings season in the US, the ASX could follow suit. Any comments are welcome!

ForexStoreau

Good morning traders, Today we are looking at the AUDUSD There appears to be a clear 1-4 wave structure. Waves 1 and 3 are made up of a 5 wave structure, wave 2 and 4 are made up of a 3 wave corrective structure. Bullish divergence on the 4 hour RSI, The AUDUSD is re-testing a key trend line, The RBA has previously signalled the economy could be facing a gentle...

ForexStoreau

Good morning traders, The EURUSD appears to be forming the c leg of wave 4. Once this wave has completed we are looking to go long on wave 5. Wave 5 will also have 5 sub waves providing opportunity to enter further positions on pull backs. Wave 5 will need to reach at least the peak of wave 3, meaning 1.1240 can provide an initial target. 1.1020 will also...

ForexStoreau

Good morning traders, We are looking at a potential leading diagonal for the EURGBP A leading diagonal consists of five waves, labeled 1-2-3-4-5. Waves 2 and 4 are always corrective, Wave 1 is usually the longest Wave 3 cannot be the shortest among waves 1,3 and 5. Waves 1 and 4 overlap Leading diagonals occur in the position of the first wave of an impulse...

ForexStoreau

Good evening traders, We are testing out some Elliott wave analysis. We are currently watching the GBPCAD as we could be looking at a leading diagonal. A leading diagonal consists of five waves, labeled 1-2-3-4-5. Waves 2 and 4 are always corrective, Wave 1 is usually the longest Wave 3 cannot be the shortest among waves 1,3 and 5. Waves 1 and 4...

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Good morning traders, Trade War negotiations appear to be breaking down which will put pressure on the NZD. The NZDUSD is about to break an ascending wedge formation. There is also a nice head and shoulders forming. We are looking to sell down to the 0.6300 level. Any thoughts and comments let us know.

ForexStoreau Updated 

Good morning traders, The rally in all US indices has been built on gaps. Check the Dow Jones, NASDAQ and also the SP500. There are numerous gaps which need to be filled. There is no gap which has not been filled in the history of the stock market (apart from the present ones). The SP500 has now reached the FIB 127% extension. Expect some negative press...

ForexStoreau

Hello Traders, The EURGBP is trading between a bear flag and has now been rejected from resistance. The overall momentum is bearish. We can now expect a move towards the next support zone at 0.8750. Trade with the trend. It appears there could be some more strength going back into the GBP. Check out or other post on the GBPJPY below. Any thoughts please comment,

ForexStoreau

Hello Traders, Apples stock price is now approaching a major double top. There is also a strong ascending wedge formation on the stock price. We will be looking to short sell in the company waiting for a break below the wedge line. Any thoughts or comments let us know, www.forexstoreau.com

ForexStoreau

Hello traders, The GBPJPY made a large recovery on the news a no-deal Brexit has been blocked by the UK Government. There has been a nice cup shape recovery, followed by a retracement down to the 61.8% FIC level. This is also a major support zone. Johnson is now negotiating with the EU about the Irish boarder issue. Any positive news coming from the negotiations...

ForexStoreau

Hello Traders, We are currently watching this pair for a potential bull flag , and a break higher towards the shoulder line. Major resistance found at 1.6420. We will look to enter a sell position from the shoulder line with a long term target of 1.5900. The RBA will cut interest rates tomorrow therefore expect volatility on all AUD pairs. Short term we are...

ForexStoreau

Hello Traders, This week it is time to short the USD. The DXY has been a very nice tool to use when looking for forward movement across all USD pairs. The DXY has been trading between an 'ascending wedge' /inclining channel for some time now. This means we can look at other currencies to buy against the USD. Check out our analysis on the EURUSD and...

ForexStoreau

Hello traders, There is currently a gap in the market which is yet to be filled at 1.0780. Any short term spike in the market is an opportunity to sell lower. Germany is in a recession and the EU as a group is not far behind. The ECB has also cut interest rates into the negative territory, therefore the EUR is bearish long term. The DXY is due a pull back...

ForexStoreau

Hello traders, The NZDUSD has created a descending wedge signalling a potential reversal. There is a bullish divergence on the RSI signalling upside. The USD Index has also reached a sell zone - Check DXY Index The RBNZ held interest rates steady which could provide strength back into the NZD. We will look to buy from the double bottom (check weekly charts)...

ForexStoreau

Hello Traders, The USD gained a lot of strength early hours this morning during Trumps speech. Trump suggested he was positive on making a deal with China, Japan and the UK after Brexit. GOLD dropped due to decreased demand of safe haven assets. The head and shoulders pattern is suggesting a break towards the 61.8% FIB level at roughly 1450. This is also...