Gordonm612

Gordonm612

AU sits in a tricky spot. It broke daily support on Wednesday but almost immediately found the bottom of the wedge at 0.74550 which it failed to break. It then retested support and the wedge bottom failing to break either on Thursday leaving a doji candle before heading to retest support again on Friday. Both the wedge bottom and the support turned resistance at...

Gordonm612

Last week i expected the pair to either continue inside the wedge formation or break the bottom and find daily support at 0.68600. The pair currently sits at 0.68587 just below daily support. If we see a continuation of this down move with the assistance of strong US data, my next level to watch for is the .68000 area followed by .66770 and then finally .65670. If...

Gordonm612

A slow finish to the week for UJ as it struggled to break through resistance at 111.581. Although slightly oversold on the daily time frame, intra-day times tell me theres a little more upside to UJ before we see a move back down towards the 110.000 area. So I'm looking long here. With plenty of US economic data on the horizon, I'm expecting this pair to break the...

Gordonm612

I'm standing neutral on this pair going into the week since the pair sits directly on top of an intra-day resistance level. Stochastic is overbought on both daily and 4H time frames and sitting around the 50 level on most intra-day time frames. Key levels to watch on the south side are the .50 Fib (1.35722) which the pair is currently just above, below that we...

Gordonm612

EURUSD consolidated all week above the 200 SMA after reaching new highs from the French election results. The pair is currently caught between two support/resistance levels indicated by the dashed blue lines. A break and close of either level should indicate a move in that direction. But I'll be looking to the U.S. data releases this week for further confirmation....

Gordonm612

This week I'm looking at two advanced patterns. The first being the double bottom formation. After being rejected by support at 0.74900 again, the pair started to rally the last two days of the week. If it continues this momentum and breaks resistance at 0.76118, that would signal a completion of the double bottom and I will look to go long into the area of...

Gordonm612

Im currently bearish on this pair. after testing and being rejected by the micro trend line and resistance at 0.70518, the pair formed a reversal candle on Thursday followed by a small move to retest the trend line on Friday. I expect the pair to continue lower in the upcoming week and test the trend line support at 0.69125/50. A break of this trend line could see...

Gordonm612

The short-term .50 Fib has kept the pair lower this week as investors were relatively non-committed due to the French elections. On Thursday we had a reversal candlestick form after rejection of the .618 followed by a retest and rejection of the .50. We'll have to watch price action at the open because as of now, my longterm analysis is fairly neutral, especially...

Gordonm612

UJ continued its downward momentum at the beginning of the week before hitting support of the ever important 200 SMA. The Friday candle closed leaving an inside candle formation and I'd love to see a trend continuation breakout to the downside into the area of the .786 Fib. But with the French elections on Sunday, we'll have to wait and see where the candle opens...

Gordonm612

Ill be watching GBPUSD to continue lower this week after it tested the daily trend line back on Wednesday last week. It currently sits just below a 1H support/resistance level and near term analysis has me expecting the pair to drop down and test the support at 1.25000 area. A test of this level should also test the 100 day moving average and then I will monitor...

Gordonm612

GBPJPY is FINALLY breaking the triangle pattern that its been stuck in since January 15th. It broke and closed below the bottom line on Thursday last week and continued to head down on Friday. With that being said, the only support below this triangle comes from the .618 Fib at 133.847 which leaves room for ALOT of profit taking. Beyond the .618, The next real...

Gordonm612

EURJPY has A LOT of downward momentum heading into the week. The only sign of it slowing comes from the fact that it sits in the middle of a critical zone as its approaching the .786 FIB at 114.645. If the pair opens with a bearish candle, I may look to squeeze a few pips SHORT to the .786 Fib and take profit just before. Once it reaches that level, I'll be...

Gordonm612

The pair sits in a critical zone between a resistance level (82.600) and the .50 Fib (82.060). This is a trade that will take some time to develop. If, at the open, it continues its upward momentum right away, I'm looking for it to proceed to the resistance level and close above before moving higher tothe 4H resistance at 83.175. If the pair starts the session by...

Gordonm612

EUR/USD is approaching a critical area that involves two converging trend lines. On Friday 4H, the candle closed just below the .236 Fib line which makes me believe the price will continued down to at least touch the trend line in the area of 1.05860. This would be a quick short and should be taken advantage of at the start of the session on Sunday night. If the...