The lack of upside volume and the short term declining trendline suggest a drop back to the daily trend line before a breakout to the upside. entry 110.10, stop loss 110.50 take profit 109.60
Looking to buy the USD/JPY today off the trendline from the breakout of the bullish flag from the daily chart I will post entry and stop loss if we hit the trendline and show signs of rejection.
We are currently testing the declining trendline on the daily chart which is from the second peak of a double top. A break back through the trendline should see a return to the support and eventually a breakthrough for a longer-term downtrend. However, a break above the trendline will give opportunities for a buy if it then sees the declining trendline act as...
Looking for the sell of the daily trendline to finish the double top set up
After breaking above the trend line resistance on the daily chart we just need to see a pullback to the new trend on the hourly chart to take the buy
Similar to the GBP/USD we need to see some pullback after the big move yesterday. On the daily analysis, we have a triangle pattern forming which should eventually break out for a long position, but there is a lot to happen between now and then. In the short term we are looking for a pullback to the trend line of a secondary declining channel then a sell to the...
After the move yesterday there is not much we can do except wait for the pullback and a retest of the channel support , which should become resistance. The move is consistent with the daily analysis. Keep an eye out for my next release in a few hours to see where we are.
I am looking for a return to a steady 45 degree angle bullish trendline (a correction on recent buying if you like) this will be my signal to take a buy if the uptrend resumes from this point. watch this post for updates
The breach of the descending channel fits with tapering suggestions from the FOMC we should see an eventual recovery to pre-covid highs for the USD. Watch my 1-hour chart analysis for entries as this new trend develops.
Its hard to think that the USD would be weak enough for the USD/CAD to return to 2012 lows, however, the clear double top is telling me different. The price of oil is stabilizing and expected to settle above $80 so further strength in the Canadian dollar is likely. Currently looking at the bottom of the double top we could be looking at an imminent sell. heck out...
The top of this descending channel is at the top end of a triangle pattern on the daily chart. If it breaks through the top then you can expect to see a test of the top of that triangle if we get rejection then we can trade a return to the bottom of the channel.
As you can see from the daily chart the current uptrend has started to break formation and I suspect is starting to form a triangle before breaking out to the upside. At the moment we are in a bit of no man's land with little position to trade from. However watch my daily chart analysis for trading near term channels and breakouts
Looking for a break below the support and a retest of the declining trendline for a sell. A break through the trendline and a pullback to support would warrant a rethink. GDP data tomorrow could see the set up happen fairly quickly
Looking at the daily chart we could be seeing the development of the the second shoulder of an inverted head and shoulder pattern. The concern is the neckline has not been completed on the recent uptrend... but hay these things can not always be perfect. If a break out of the secondary channel on the 1-hour chart is breached I would expect to see pull-back to the...
As you can see from the daily chart analysis linked to this chart I am expecting to see a pull back on the current uptrend. However the rejection of the channel today does suggest another retest of the upside channel resistance. I am not going to trade the buy but wait for the sell from the top of the channel or a buy if it breaks through and pulls back to form a...
tAKEN AT CURRENT PRICE AS PER THE CHART WILL UPDATE ON ACTION ONCE/IF WE REACH THE TREND LINE
This longer-term analysis is just for my own benefit and nothing to do with my day trading strategy. However, feel free to comment