In the perspective of a weekly timeframe, we can clearly see that, following a strong downward impulse that has commenced in late 2015, and has reached the 1.54 area price-wise, the pair has been consolidating ever since.
Oil is in a downside rebound, at the moment, with what seems a strong impulsive movement, looking at the weekly timeframe. Looking at the technical analysis, it could either be going to re test previous low, in the $38 area, or also be forming a three drive pattern, in which case it could be a good idea to sell in the $58.5 - $59.5 area, with a target at...
Talking about complex structures, this is the evolution of GBPCAD. There has been an impulse followed by a fragmented flag retracing back to the 0.382 - 0.5 Fib levels. This structure has then evolved into something more complex including an upward channel.
The trend is still bullish, on the daily timeframe, and with an impulse-correction-impulse final target in...
Now it seems clear that the upside rebound on Gold (1047 to 1365) has come to an end, and OANDA:XAUUSD is ready to continue a longer term downtrend.
As visibile on the daily timeframe, a downward trend line has formed beginning on the double top in correspondence with the major resistance in the 1370 area.
Seeing this simple structure, every break of every upside...
FX:EURJPY might have completed a medium term correction and could continue its uptrend from the 0.5 fib. Wait for a break+consolidation on the 60min. trend line to go long. Updates will follow. Trade with care.
We are about to take long position on FX:EURJPY.
We believe, in fact, that the EURJPY is at the end of a longer consolidation following an impulse, and is ready to resume it's upwards movement. First target in 122.59 area. Stop loss below 118.295.
Risk reward on chart is referred to first target. A better risk reward is forecasted if the pair breaks the daily...
A bullish H&S seems to be forming the right shoulder right about now. This formation, indeed, could be the pattern that begins the big up move, with the end of a consolidation lasting several months.
It is very worthy to take a long position here.
Entry level: 1.468
SL: Below head (1.453)
Final Target: 1.9 (that's right!)
Trade with care,
FX:GBPCAD seems to be in a triangle formation, inside a running flat.
It is either going to start its impulse at "E" point, or re consolidate slowly all the way to re-test the running flat's lower trendline, around the 1.618 area.
Suggested entry points: "E" (1.63220) or 1.618.
Stop Loss: to be placed according to your strategy.
Target: 1.7152 (Yes, that's right...
At the market, we are currently selling the break of the 1Hr flag on FX:NZDUSD. A smaller correction on a running flat, before the down drop.
Entry level: at the market.
Stop Loss: 0.7198
Target: Daily Trend line retest (0.698 area)
TVC:USOIL is at the 0.618 retracement of the last downward impulsive movement. Higher than expected inventories have made the price rebound upwards quite quickly yesterday. It is either going to continue the upward drive, in which case it will consolidate a larger structure, or continue it's downward movement in an AB=CD or ABCD formation.
This is not a setup, as...
FX:NZDUSD seems to be ready for a downside, right at the long term trendline. Possible bearish H&S in formation, but it could also never reach the sell structure, as it has already broke a channel on the 1hr timeframe, and has formed a consequent flag
(it could start going from here)
Stop above "H", 1st target in the 0.6978 area.
Trade with care
FX:AUDJPY could be ready for a good short occasion. The pair has seen a strong impulse on the downside, followed by a longer channel correction up until the 0.88 area. It has then formed a bearish harmonic structure, making it ready for another downward impulse.
Entry around "D" point, stop over "X", first target at the channel trend line, second target at "C"...
On the 4hr timeframe, a bearish bat in formation would confirm the beginning of the downtrend direction which FX_IDC:XAGUSD has shown us in advance, by breaking a medium turn upward channel. A great occasion to short, with a target in the 15.74 area.
Potential entry level: 17.267
R/R: 1/20 !!!
Trade with care.
If USDCAD 0.07% breaks the triangle (could be a flag) consolidation, and follows the bigger structure on the daily, we are looking at many pips on the downside.
Short right about now.
Target 1: 1.300
final target: 1.142 (I know, unbelievable).
FX_IDC:EURJPY is still in consolidation of its bullish trend but a harmonic figure could be in formation with a potential short. The problem is where to place your stop, in this scenario.
The only potential setup would be shorting at the smaller harmonic completion (123.680) with a stop loss just above previous high and a first target at main support. Second...