Broken Trendlines in Bullish & Bearish nature. On a Major resistance line having retested the broken wedge. This will depend wholesomely on News tonight & indicates why Fundamentals are so important.
Trade in GJ is a risky business this week, Interest Rate Decisions from both JPY & GBP mean this could go either way. Did it break trend in September & is this push purely a retest? Is the 23.6% area as strong as it looks? Fact is, the Ceiling was broken & the floor consequently tested which makes this Bullish. Even though the trend-line was broken before,...
Can I see EG fully breaking a trendline not broken since December 2015? Nope! I can see it pushing inside back towards the previously failed area but with support from the 50% Fib level, the 100SMMA & the weekly support line it will take something major to push this through. Something such as EUR GDP & CIP fundamentals on Wednesday, or GBP interest rate decisions...
I have gone very Bearish for USD this week on the Majors but ultimately it will come down to this break of resistance (Or Trump...) there is a Death Cross above however without a decent retracement off the top it worries me that it broke 23.6 so a DXY retest of 23.6 may catch alot of Bearish USD traders out if it shoots back up.
Overall a fundamentally volatile Major at the moment but ashort position should hold for a good few days yet.
When you look at the previous action in this range you will see why this last section looks strange. A clear rejection on the downward turn has made it look alot more Bullish than it was, even if it still appears to be a slam-dunk for a range trade - I dont think it is that straight forward and therefore I will be staying out of this until it answers my concerns...
Monthly floor level & popular trend-line hit well outside the scope of the Bollinger Band are what gives this a bullish outlook.
Critical point for GU - Having not yet filled the Brexit gap to reach a significant FIB retracement I fully expect it to break trend and hit the 38.2% on the Weekly Fib converging with the SMMA's at which point it will probably head back down to retest trendline, or cause a death cross. Watch Interest Rate rise but maybe worth getting into for now to capture the...
Death Cross of 100 & 200 SMMA's as well as the 50SMMA across both indicates a reversal from this shooting star at the 50% Fib Level. Very High RISK/Rewar basing the Stoploss just above the 200SMMA
Beautiful Shooting Star on the 61.8, expecting a retracement to at least the 38.2 / 61.8 area to meet the SMMA's
Due a retracement - Fib Convergence of last Two Lower highs at 38.2 & 61.8 to meet SMMA's before heading back down. Currently sitting on very strong support.
USDMXN due a large retracement,potential all the way to the bottom. It has now bounced off this strong resistance zone twice and is breaking down. Twice breaking trendlines and failing to push through.Candles show huge exhaustion. Stoch shows Twin Peak Divergence.
Simple Set-up - Flag on the weekly entered its final stage, Broke 4HR Uptrend and has created a Double-top at the 61.8%
Intersecting trendline @ 38.2 1-2 Wave & 61.8 from last major support. RSI 70ish. Not been doing this long any critique welcomed.