Short EURAUD for following reasons:
- BROKEN AND RETESTED MAJOR SUPPORT NOW TURNED RESISTANCE
- BROKEN 200MA AND RETESTED ALSO - was previously respecting 200ma 4h really well
- CONSISTENT LOWER HIGHS AND LOWER LOWS
- RSI TURNING BEARISH
- MA CROSSOVER ON DAILY TO DOWNSIDE
GBPNZD has printed a HUGE WEEKLY BEARISH ENGULFING CANDLE ( engulfing the past 5 weeks alone!). Bears are now firmly back in control here and is working beautifully in line with pound weakness and kiwi strength. Expecting new lows on this pair - FIB D1 0 target 1 and 1.8 TARGET 2.
AFTER DISMAL JUNE NFP RESULT THE DOLLAR IS ON THE BACKFOOT AGAIN AND WE CAN NOW SEE RESUMPTION OF LOONIE BEARISH TREND WITH PRICE ACTION CERTAINLY SHOWING A BEARISH VIEW,. 5 PRIOR DAILY CANDLES WAS INDICATING TO ME THE BULLS ARE BECOMING EXHAUSTED WITH LONGER UPPER WICKS. EXPECTING NEW LOWS ON THIS PAIR TO KEY STRUCTURE. SELL ANY PULLBACKS IN MY OPINION.
DXY LOOKING LIKE ITS SETTING UP FOR A BREAK OF THE RANGE (AWAIT PRICE ACTION). SENTIMENT IS NOW TURNING BEARISH AFTER JUNE NFP, STUNTING GROWTH IN THE ECONOMY.
ON BREAK OF RANGE EXPECTING A SHARP SELL OFF TO 200MA (YELLOW)
After a beautiful HUGE BEARISH ENGULFING WEEKLY CANDLE from 50sma. Bears are now back in control ready for the next down leg. Feel free to hit the sell button on any pullbacks. Targets are FIB D1 and D2 levels
Here we can see heavy rejection at the major weekly trendline.
- RSI divergence can be seen with formation of a possible LOWER HIGH
- Bounce from trendline resistance also aligning with key fib level
- Short on break and retest CTL
- Price is currently ranging within triangle
After Fridays candle close (Bullish engulfing off key support) and heavy rejection on weekly candle. We are set up for a retracement to Supply level highlighted before our next possible move down.
Target: 2000 level
SL: 1800 level
SEE ANALYSIS FOR LONG TERM REVIEW
- BEARISH SETUP IS PREVAILING - ON BREAK ON MAJOR COUNTER TRENDLINE - CONSIDER LONG TERM SHORTS!
- MANY CONFLUENCES ON LONGER TFS AS WELL AS PRICE ACTION ON SHORTER TFS
LONG TERM - AUSSIE IS CURRENTLY SITTING AT A MAJOR KEY RESISTANCE LEVEL AS HIGHLIGHT ABOVE -
- This suggests bulls are coming in and if further bullish price action is seen on lower TFs I will be buying this market long term.
- Price action is also confined within YEARLY TRENDLINE SUPPORT (black trendline - seen more clearly on YEARLY CHART)
- RSI was last at...
3 MONTHLY ANALLYSIS - The last candle produced was a BULLISH ENGULFING candle off a major support level.
- suggests a bullish year is ahead for the kiwi
- alignment with bounce from MONTHLY 61.8 FIB LEVEL
THIS IS A LONG TERM TRADE - HIGHLIGHTED AREAS USED AS MANAGEMENT POINTS