The 4 hour chart above shows some bullish exhaustion as the bears start to close in. With that said, there's a good chance of another retest of the 200 SMA on the 4 chart before this pair makes higher highs. Stochastics is overbought and momentum candles have faded. This only leaves room for a possible reversal at this stage. Trade Safe - All the Best
I wont' spend too much time explaining my thoughts about this pair. The above chart illustrates in a nutshell my expected predicted projection for EURUSD - around 3rd week price to be around 1.03 Now let's take a closer look at some of my thoughts. Jumping over to the daily. Reasons to be long include: Stochastics Oversold RSI Above 50 Bullish...
Starting with the 4hour chart above. At time of writing this thesis, I'm not seeing any reasons to go long with this pair leaving only further downside probability in play. RSI is trading below 50 and larger timeframes remain bearish. See further details below. == DAILY == * Downside pressure remains * Trading below 200 SMA and 50 RSI * Bearish channel...
Starting with the 4hour chart above, price action currently trades just above the 1.38 handle. As of writing this article, there are still lots of bullish indications in play such as the ascending channel, RSI above 50, and price action above the 200SMA. == DAILY == RSI Divergence Maintaining Bullish Channel Trading Above 200 SMA ( Bullish Sign) ==...
Currently price action consolidates on the daily timeframe as traders wait for the wedge breakout. My guess is that we're more likely to break lower as US inflation continues to rise pushing the USD higher and thus BTC lower. If we get the breakout, personally I'm not interested in chasing the train but will wait for potential buying opportunity around the area I...
Cable weakened following this morning's CPI data despite better than analysts forecast. CPI (YoY) (Sep): Actual: 10.1% Forecast: 10% Prev: 9.9% Now the question is: "Will the Sunday gap be closed by end of day?"
If you take a look at the weekly timeframe, we had a bearish breakout near 3rd in September. Since then on the daily timeframe as illustrated on the chart, this pair has remained in a bearish channel. Perhaps there are several indications of bottoming action on the daily but this week looks vulnerable to the downside.
Weekly timeframe best shows the bullish channel breakout. This may cause bearish continuation towards 1.0950. As of right now, I'm not seeing any reasons to buy this pair with only bearish confirmations still in play. Trade safe
Starting with the daily, we can see price action managed to pullback to the 78.6% from the most recent bullish impulse to the upside. I'm not suspecting we may get a continuation impulse towards my target as displayed on the chart. == 4Hr == * Price action holding above the 21 MA * Support buffer between the 61.8 and 78.6 Fib levels * RSI maintains bullish...
Starting with the weekly view, this pair is maintaining it's bullish momentum as it looks to test the 1.40 area for the next level of possible resistance. On the other hand, RSI is giving us some early indications that this pair might be getting exhausted as it attempted to break and hold below 70. Let's now jump down to the daily timeframe for some better...
Top down analysis for EURUSD. Starting with the Weekly view, then looking for some entry opportunities on the smaller timeframes. == IN SUMMARY == Currently waiting for a pullback down towards 50% retracement of the current bullish impulse. Should we retrace to that level, I'll monitor for a potential buying opportunity to the upside. Share, Like, Comment
Trade Planning Strategy Technical & Fundamental Analysis
== Key Takeways == * Wait for pullback to enter on 4 hour timeframe * First target ascending level of resistance * If we manage to trade back into the previous channel, monitor the 200 SMA on both the daily and weekly for continuation to the upside * Monitor inflation figures this week with CPI on Tuesday and PPI the following day on Wednesday.
The dollar index has 2 likely scenarios. Either it's going to break higher above the 109-109.50 resistance zone, or it's going to break down towards the channel support. Taking a look at the weekly chart, we can see some fairly strong divergence with price action and RSI. This indication isn't always accurate, so use it with a grain of salt. But my feel is that...
As illustrated on the daily chart, price action is now approaching the 1.16 handle. From 1.16 down to 1.14, this area might show some bottoming or consolidation action. RSI on both the daily chart (left side) and the weekly chart (right side) are indicating this pair is oversold. == TRADE IDEA == Wait for RSI on the daily timeframe to confirm lack of bearish...
There are lots of reasons to be bullish Gold and in today's top down analysis, I'll give you my full technical outlook and when I think is the best time to enter and potentially exit this trade. Let's start by taking a look at the 4hr chart above. The first thing I notice is that Stochastics is in the overbought territory which makes me hesitant about buying...
Starting with the 4hr chart above, price action made a strong push to the upside following this morning's weaker than expected US economic data. Currently price action is struggling to break and hold above the level of resistance. If we manage to break higher, expect the 200 SMA to act as potential resistance. Let's now take a look at the daily timeframe ==...
Starting with the 4hr chart above, we can see this pair made a strong push to the upside following this morning's US economic releases. Manufacturing PMI - weaker than expected Services PMI - weaker than expected New Home Sales - - weaker than expected Let's now take a look at the daily chart == DAILY == With the daily timeframe we can see Stochastics in...