EJ has been in a very clear ascending channel. On the daily timeframe, all eyes are on how price reacts around the 124.00 handle. Entries will only be taken on the daily candle closures and this is because of the amount going on. Let us explain. Around that 124.00 handle, we have the daily 50EMA & 800EMA - this is very rare that these two EMA's are ever near...
AUDJPY has, in my opinion, finally run out of steam in this impressive rally. We have seen 8 daily wick REJECTIONS of that pink highlighted resistance, which has in turn, formed a rising wedge, a bearish reversal pattern. Just above these wicks is the daily 800EMA also adding more bricks to that ceiling as well as the completion of the Eliot Impulse Wave (albeit...
As you can see, price is consolidating the most since it's record breaking month from April's crash. It is ranging between the two pink zones highlighted and also within the potential bullish pennant forming (note the fakeout with the bullish engulfing straight back into the range) A break above $43 should see $43.50 tested, however it is difficult to say when...
GBPUSD is trading in a very slight ascending channel in the summer months following the dollar weakness. This is surprising considering that Brexit talks are not going well at all but nevertheless, we follow the market with 0 bias and simply react to price action. If we plot a Fibonacci Retracement from the bottom of the channel and the beginning of August to the...
The Aussie bounced around last week with it being the most effected by the dollar pullback. It is currently sitting at the bottom of the ascending channel which has been the support zone for the last two summer months where we have seen lower volatility. Technically, we can see price has formed a double bottom with good pushes confirming this channel trendline is...
Gold dropped through the floor last week as we saw the Dollar pullback across the board with the DXY rising. Technically, we can clearly see a Head and Shoulders formation here as well as price being well under the 38.2% Fibonacci Retracement and offers a good target with the ascending trendline pullback. However, given the clear fundamentals still in place with...
Pullback into the support area where the fib retracement lays.
Bullish until support is broken. Targets highlighted.
GU has ranged over the last couple of weeks with the indecisive DXY. Very similar set up to GJ, buys on the break of resistance and sells on the break of support. Plus an intra day 150 pip range to consider! Targets highlighted.
GJ very simple after bouncing off the key 140 level. A 4hr candle close above the resistance sees a break and retest scenario buy. A 4hr candle body close below 139 sees sells. Intra day opportunities within the 100 pip range also to play the range! Really liking a strong buy off the bounce of 139.
EURJPY has been in a strong uptrend since the 13th July lows when it attempted to get back below the 120 level. Within the higher high's and higher low's, the Eliot Wave has completed it's 5th wave now and thus we should see a correction to retest the bottom of the channel. How price reacts around the minor support at 125.50 will determine our bias for the...
AUDJPY is coming to a make or break range in a month where historically, the Auzzie Dollar does not perform well. Current price is only 40 pips away from a stonewall ceiling that it has failed to breach since coming below it in May 2019 (76.80-85). Also, adding further cement to the ceiling is the falling daily 800ema EMA sitting around 77. However, given the...