Lots of lines here, but with USD strength seen for now, I expect a drop to the next significant support level, and possibly beyond. 1h provides more detail, 4h is more of a general overview
With the week closing, and AUDJPY approaching a significant S/R zone, I plan on watching very closely for conformations, breakouts, and retests. Either direction provides 300+ pips in profit, however the trick will be in guessing correctly.
With this pair turning bearish, if price breaks through the support TL shown above, then there should be a down movement to the next significant support at 1.2825
Pretty self-explanatory Hoping to see some action now that Tokyo markets are open. Weak Yen at open.
EURAUD 4h chart, price once again retested the resistance TL shown above. Seeing as how price more or less conformed to it, excluding Trump's election, it consider it pretty reliant. This price formation is pretty tight, with price respecting the resistance. I've entered a short position at about 1.4403, stop loss and target are shown above. 1h MACD is bearish.
A strong daily bullish candle at the support price is at right now may begin a bullish move up to 1.3500. The candle forming currently is not overly bullish as it has a small body, so it's smarter to wait for a stronger confirmation signal. Where price has been at since mid-October is a result of the breakout of an ascending triangle setup. Price also retested...
Here on the weekly chart we have a Fibonacci Retracement. In July, price went up to test the 38.2% level and went down. Bounced up from 23.6% for about 3 to 4 weeks, and then began to be very bearish. As there are no more Fib levels below price, the only support is at 1180, and that has been broken on the daily chart. Next week I strongly believe to short Gold...
AUDNZD 4h, probably down to 1.0250 soon, may first go up to retest resistance trendline. It could go up once again, but with the bearish momentum I think a short is more reasonable. Either way, we will know within a day's worth of 4h candles, either a bounce from the support or a support breakout.
This week when markets opened, the first candle closed bearish, just above the support zone. Today's candle, when it closes, will indicate bullish momentum as price bounced up from the support at around 118.41 My position is as follows above. Euro has been showing significant strength across all pairs.
A couple weeks ago, AU broke a support trendline (not pictured above), and broke the support at 0.7450. Now we know that this was a bearish fakeout. If any of you have read "Naked Trading", there was also no Last Kiss setup here. There is also building bullish momentum on the MACD indicator at the bottom. Now, I think price will be heading up to the 0.7700+ zone.
Although markets won't open for another 20 hours and 23 minutes, when they do I will be expecting a short on this pair to be a god position to take. Solid 50 to 75 pips to be made, depending on where the gap forms.
After breaking a long term resistance TL and 2 resistance zones, this pair is headed to the next major resistance zone which is found at 86.00
This will likely be bearish as EUR weakness continues to emerge. Support trendline will most likely break and price will head down for a couple hundred pips
xxxJPY pairs have been very bullish recently. USDJPY especially has been very bullish due to immense Yen weakness and the strength of the US Dollar as DXY broke above a pretty important Daily TF Resistance zone. As a result, I will be opening a buy position if price decides to beat the previous day's high. Risk to Reward ration on this EURJPY trade will be 1.25...
Over the past 5 months, NZDUSD has formed a Head & Shoulders formation on the daily chart. Pretty self-explanatory; first shoulder, a taller head and a second shoulder that is taller than the first and yet shorter than the head. Unfortunately, this isn't a perfect setup in the sense that the second shoulder is taller than the first one. Ideally, the second...
On the USDCAD pair, we've had a decent up movement on the daily chart for about 580 pips. Now a double top has formed with the second top being lower than the second one. Essentially, this is a textbook double top formation. Price is now at what one would call the neckline, and if broken, I am placing a sell order at 1.3375 with a target of 1.3325 and a stop loss...
3rd bounce off a support trendline results in a move up to 1.2650
Once again we have a broken resistance zone at 116.40 area on an xxxJPY pair. Go long with a target of 118.25