At the beginning of the week, I made a post saying that I expect this pair to drop to the 1.16640 zone and it is playing out nicely. It has now broken it's previous recent low at 1.17702 and I will not be looking for sells if I get a nice confirmation of the rejection.
After breaking the trendline last week, GBPUSD made it's way down to the 1.37290 level which is actually a strong support level as seen in the past. Once the markets open I expect this pair to retrace back to the golden pocket area which is between the 0.618 and 0.65 fib levels at 1.38399 and 1.38460. This might also be a second attempt to break back into the...
CADJPY has been holding a trendline as support since 85.109 which was the base of the descending channel it was in. Now at 88.315 it has broken this trendline and looks to be reversing to the downside. My first target will be at 87.670 as that is a strong level of support.
USDCAD has been holding a trendline as resistance since 1.28957 which was the top of the ascending channel it is in. The price bounced off the base of the ascending channel and has now broken this trendline, to reverse to the upside. My target is at 1.27806 provided that the price can get through all the resistance ahead.
On the daily timeframe, the price is in a pennant and is looking to break out. The target is at 112.019, however there is resistance at 110.966. A similar situation can be found on the 1hr timeframe. Currently price has found support at the Fibonacci golden ratio between 109.844 and 109.750.
Hey guys. There is a bear-flag on GBPUSD and it has now broken out from it. Wait for a retest as confirmation before making a trade. The target is at 1.33483.
USDCAD is in a long-term ascending channel which it has been holding since July 2021. This is actually a bearish pattern and is expected to pull to the downside in the long run provided that it can break through the rising level of support that it has been respecting since July (indicated by the lower white line). The target for this move will be at 1.22804 as...
Gold is currently in a descending channel against the US Dollar. This is a bullish pattern and therefore in the long-term, we should expect the price to eventually break to the upside provided that it can break through the resistance line of the wedge. The target would be 2080 which is the top of the channel indicated by the green line on the chart. However, In...
On the daily timeframe, USDJPY is in a bullish pennant with a target at 112.907. We have to wait for a break and retest of the structure before making a trade. Let's see how this plays out.
On the daily timeframe, CADJPY is in a descending wedge. This is really bullish and the target if it breaks to the upside (as it should), will be at 91.866. Wait for a break of this structure and a retest before taking a position. Let's see how this plays out.
CADJPY is currently in a descending channel. Depending on how the oil market plays out this week, I will expect CADJPY to breakout of this channel to the upside around the 87.207- 87.265 level, assuming it can break above the downtrending line of resistance. Otherwise, I expect it continue bouncing within this channel and my next target for this to the downside...
Hey guys, just wanted to bring to your attention this inverse head and shoulders pattern that is forming on the 4hr chart of EURUSD. The target is up at 1.19217. Let's see how it plays out.
Currently forming a descending wedge (bullish pattern), I think GBPUSD will soon take a breather by moving back up to the 1.38450 level before breaking further to the downside if it rejects that level. let's see how this plays out.
On the daily timeframe, CADJPY is in a descending channel and has now rejected the top of the channel, making its way back down to the base most probably. On the 1hr we can see it hit the top twice and formed a double top to which it has now completed a drop for. The target is down at 84.674, supposing price is able to fall through the 0.382 and 0.236 fib...
Personally, I am bearish on this pair as GBPUSD has a double top forming on the daily chart. The deal entry should be at 1.37678 with a target at 1.36416 (TP1) and again possibly at 1.36031 (TP2). On the 1hr chart, price got rejected by the trendline and is currently retesting the 0.786 fib at 1.38296. Let’s see if it holds. If it gets rejected again, that might...
While trying to successfully break above the 0.618 fib level, BTCUSD formed a rising wedge. It currently seems to be breaking down from this wedge and the target is the bottom of the wedge at 44,600. Let's see how this plays out.
Similar to EURUSD, GBPUSD has also run into a wedge and has begun it's downtrend after meeting resistance at 1.38852. I expect it to pullback to the bottom of the wedge at 1.38296. As this market is really volatile at the moment, I would advise that we wait for a breakout from the wedge before opening any positions.
EURUSD has run into an ascending wedge which has started breaking down after meeting resistance at 1.18490. I expect it to pull back to at least the bottom of the wedge at 1.18123. However, note that there is support down at the 1.18300 and another at 1.18251.