I think this daily chart is printing a well defined a-b-c wave correction; waves 1 to 5 already showed up and now we could face a major retracement. Maybe the 'c' wave could be tradable on a lower time frame, but what I'm actually looking at is a possible retracement towards 118.00/119.00 area and see if such support will hold. In that case I'll be a buyer.
There's an interesting technical confluence that could trigger a long trade; the 1.4700 area represented a stiff resistance for quite some time until it was finally defeated on 7/3. Since then, no significant pull back provided any opportunity to jump on the train headed north, but now we are seeing a major one who's pushing prices back to that same area that...
Despite delicate situation on the Euro, EURJPY could be the most bearish pair involving the common currency; this simply because as the Euro remains under pressure, the Japanese Yen is usually considered the "safe heaven" of currencies, hence the biggest Euro weakness could show up here. Technically speaking, a H&S pattern is taking shape on the daily time frame,...
The Cable broke the support provided by trend line originated back in April; the break has been steep and decise and now a rally took prices back to 1.5500 level. A retest of this area as resistance could trigger a shorting opportunity; Stochastic is already overbought and is starting to turn lower. Should it print any bearish sign along with some candlestick...
Looking at recent price action it's clear enough that the important support at .7600 has been taken over by the sellers; now the pair is breathing into what could turn out to be a bearish flag or pennant. Honestly I don't think it will make it back to .7600, but should it make it I'll be ready to sell, finding further confirmation with the bearish BAT completing...
Another 2618 trade involving the Greenback. This time the paired currency is the Canadian namesake, but here I'd be a bit more cautious with respect to USDJPY (check related idea). Recent price action seems too bullish to suppose a resume in the downtrend, even though 1.2400 is a stiff resistance. On the daily time frame a bullish inverse divergence made prices...
Prices double (triple, actually) bottomed at 122.25 and popped sharply towards 124.50. Despite recent outcomes from Bank of Japan stating that the Yen is too weak, I won't see any bearish potential until we trade above 122.50. That said, a nice 2618 trading opportunity is presenting here on the H4 time frame, where the .618 retracement lines up with the double...
I think the Euro remains under pressure due to Greek turmoil and from a technical perspective I see some bearish behaviors that lean my bias on the bearish side. Price neatly broke a rising wedge and now is retesting the rea between 1.1200 and 1.1250 which could provide some resistance. Further confirmation is the 89 periods moving average nearing from the upside....
Level at 1.5800 could provide a good support area; hourly stochastic already oversold and graphic confluence with EMA21 on H4.
Today sellers failed to breach 1.2200 level (former support) and the daily price action produced a neat bullish pin bar. As you can see, that area represent some sort of "reaction level" for prices, who respected that price in different situations. Today's pin bar and a hidden divergence on Stochastic oscillator may be warning on an upcoming trend resume toward...
The sharp drop of last week has been stalling for a while around .7200 figure, breathing into a neat symmetrical triangle. Today this important support level has been broken, along with the technical continuation pattern (symmetrical triangle). As you can see, an ABCD pattern is taking shape and its completion is around the .7000 major support. Price looks headed...
Bullish flag taking shape on support at 1.5525. Stochastic is almost oversold so an upturn could be readying towards former highs.
After BoJ strengthened the Yen, a further down move could be in the cards. Area between 123.80 and 124.00 could be a nice resistance to look for further declines.
The technical chart is not so clear, but I would favor the long side above 1.1250 and the short side below 1.1150.
Previously 1.1000 threshold represented a nice support and now could provide some resistance as the pair is nearing this level from the low side. Stochastic is headed upward and far from overbought, so don't rush to get in this trade. Better wait for any bearish reaction (bearish divergence, bearish candlestick, double top...) and carefully pull the trigger
I'm pretty bullish on this pair, due to strong British Pound and weak Australian Dollar; remember that despite last weeks rally, RBA cut rate interest in last rate decision, so in the long run I see this currency weakening even more. Now the pair is taking some relief at 1.9750 handle (former resistance) and this level could provide some support. Some confluence...
Another H&S, this time on the daily chart. Cable clearly broke above the neckline and now looks like it's retesting that level as support. Area around 1.5500 should provide some support. Look for any bullish indication on a lower time frame (such as a pin bar, bullish engulfing of bullish divergence on H4 time frame).
Neat Head and Shoulders pattern on 4-hour time frame. Prices already started to breach the neck line, but low volatility didn't yet produce a clear break. I think 134.00 should be a good point to look short.