Due to weakness in the greenback, cable have broken through the 0.382 Fib ratio resistance and is currently testing the channel resistance and 0.5 Fib ratio. I am expecting a pullback to the 0.382 ratio before it continues its bullish momentum.
Although a fake breakout remains a strong possibility, as demonstrated in cable's previous failed attempt to...
Prices are currently being supported at the Ascending Triangle support line and 38.2% Fib retracement lvl, suggesting a temporary halt in bearish momentum following Wed's dip from possible easing of US-Iran sanctions and negative IEA oil outlook. The recent Saudi oil supply disruption is expected to uplift prices from current support to the triangle resistance. On...
Despite ongoing Brexit worries, recent US-China trade tensions had produced a see-saw of prices within a bullish trend channel. However, prices has since broken past the trend channel support and a bearish descending triangle pattern appears to form right after the bullish peak.
With prices currently hovering around the 1 day support line and RSI levels...
Bearish outlook by FED Williams has driven USDJPY down past its 1 Day Support Level and towards its Trend Channel Support Level. Based on these two indicators, strong entrance of buyers is expected to produce a bullish pullback. Recent forming of dojis at this level also suggest presence of bulls. Lastly, oversold RSI level indicate possible reversal.
Trade: Look...
Bearish FED outlook has driven GBPUSD on an uptrend. Market is currently testing a key resistance zone, marked between 1.25705 - 1.25834. Coupled with RSI readings within the overbought territory, strong bearish presence is expected to challenge the bulls.
Trade: Wait for market to break through key resistance zone. Once broken, wait for a pullback around the...
Cotton has been on a bearish run since the end of April 19. The bears' domination is set to continue, as seen by the Double Bear Flag patterns recently established.
I'm currently short on the trade as I feel that the current Bear Flag action has come to an end. This is supported by prices breaching support levels and the formation of an Evening Star Pattern at...
SUGARUSD is currently consolidating at the peak of its uptrend, with clear resistance and support levels at 0.12506 and 0.12110 respectively. However, the formation of a Double Top pattern, along with a bearish Head and Shoulders pattern against the backdrop of the 2nd leg of the Double Top, suggest a strong possibility for a bearish reversal.
On the...
A strong bullish momentum is evident in the USD/JPY 4 hour chart. Prices were respecting the bullish reversal (Wedge) and continuation (Upward flag) patterns recently established, as seen by the breakouts that occurred at the end of each pattern. Additionally, 12 EMA has crossed the 36 EMA, signifying the beginning of an uptrend.
Trade: If possible, wait for a...
GBP/USD is currently in a range within the established support/resistance levels. Although a swing from its 1st support level to the next resistance level is to be expected, the formation of a downward flag pattern suggest a high probability of a breakout through its 1st support level. Moreover, RSI levels are approaching the "Oversold zone" and EMA 12 has begun...
Looking at the 1D time-chart, prices are currently testing the support zone, which was previously tested in Dec 2018. There is a strong probability of a reversal to the resistance zone, given that the most recent candles closed above the High of the Low Period (HOLP) candle, forming a Morning Star pattern in the process. Additionally, Parabolic SAR dots have...
On the 1 hour time chart, we see a clear downward trend with the 20 MA serving as a resistance. Though there were consolidation in recent prices, as highlighted by the strong presence of dojis and spinning tops, I foresee a temporary retracement to the 20 MA before prices continue its downtrend momentum. The upward retracement is supported by the potential...
Following the fall from positive technical results of the greenback and alleged China/Mexico tariffs, the chart has been dominated by dojis and spinning tops, signifying an indecision on the EUR Industrial production results. As the market could go both ways upon the results release, I recommend setting concurrent Buy Stops and Sell Stops near the resistance and...
Between June and prior to the NFP release, the market seems to be in a consolidation stage with no clear dominance of buyers or sellers. However, the chart point towards a slight uptrend during this stage, indicating a stronger presence of buyers. Also, shortly before the NFP release, there is clear market consolidation within the resistance levels, indicating a...
