About meI have been a Technical Data Analyst and trader for the past 3yr, I currently work with a propriety trading firm and have also aided novice traders in their learning.
I specialise in price action and structure.
We have seen quite a vigorous rally on the Dollar Index for the past six days now. However, we have now arrived at the 50DMA and price is starting to show a lack of momentum having formed a doji with today's close, on the 4h time frame you can see this in finer detail. It is important to note that there is no secular and clear catalyst for this...
The GBPJPY has been meandering around the 158 - 164 region for quite some time now, considering the vivacity of it's downtrend at the beginning of the year this is a fairly reasonable response.
However the pair may well be bouncing around inside a triangle, taking into account the fact that the recent swing high failed to break the previous which peaked...
The XAUUSD made quite a rally yesterday during Fed Chair Janet Yellens speech. It now finds itself at trend line resistance and directly on top of both the 50/200MA. It has also just made it back above 1230 which is an extremely critical level. There is still some significant levels still to break on the upside however.
I recommend entering this trade...
The GBPAUD is currently receiving support from the 50MA and a trend line that has previously been acting as resistance. There is also some rather significant levels of support and resistance in this current price area that have, historically speaking, yielded very strong moves.
I recommend waiting for a break of the 50MA coupled with a break of the...
Early last month it became clear that the GBPUSD was taking heavy resistance from the 2015 lows but also from the bottom half of a trend channel that lasted several months. It now appears that it's also starting to form a descending wedge formation.
With this in mind I'll be looking to take shorts while we remain below the 1.46 - 1.44 region but will be...
The GBPJPY is starting to loose steam with regards to it's recent bullish rally and appears to be starting to fall back to the downside. Having shown some major resistance and bearish price action at the 162.000 region the pair is now on it's way back to 154.00. There is however some support between it's YTD lows and its current price, although I do not...
The GBPNZD has just broken through the major level of 2.15000/50% Fib Retrace, that has been incredibly supportive for quite some time. It was taking heavy resistance from a descending trend line and the 50DMA. Please note that this break was mostly if not totally fueled by the announcement that the Mayor of London has decided to back the campaign for the...
The NZDUSD has been fluctuating around the 200DMA for over two weeks now. It's mostly being kept pinned in this range due to a rise in the price of metals and a weakening dollar. However it is failing to gain any momentum to the upside and is wedged in a triangle formation.
A break of the 0.65500 level would open up the downside and allow a test of the...
Since last Thursday the USDJPY has formed a Bullish trend channel. However it is now approaching a significant block of support/resistance. If we see a rebound of this area then this will make a brilliant short entry for those who have missed out on the action.
I recommend taking a short entry once we see a rebound coupled with a break of the bullish...
The EURUSD failed to close above major resistance this week which go's back over ten years. It is also worth mentioning that the USDOLLAR Index itself is at major support.
With the continued decreasing popularity of the USD I am still bullish on the EUR but it is quite possible that we may experience a pullback to the 200MA, this would be a great place...
The US Dollar Index, which is evenly weighted against all the other major currencies, has found itself at a critical juncture. It seems to have found support at the bottom end of an acending trend channel which is also where the 50MA finds itself, on a daily timeframe instead of the 50MA the 200MA is where the Index has found support.
A break of...
The GBPUSD has recently been flirting with it's 2015 low which is now acting as a solid level of resistance. The pair does however seem to be receiving a little bit of support from a trend channel going back to late 2015.
Take shorts below the 2015 low with an initial target set at the bottom of the Jan dip, after that we'll head into the 1.37000...
The USDCHF has broken it's multi-week trend line and has successfully fallen below the 0.76% fib level that has previously been supportive. It now seems to be acting as resistance, the pair is now wedged between this level and the daily 200MA.
A break of the 200MA would signal a resumption of the downtrend, once broken 0.95000 will be the initial target.
The Japanese Yen has arrived at a very critical level, historically speaking this area has provided extreme volatility. If we manage to gain a successful close below this fib level then we can expect a test of the 106-100 region. If the 50% fib level is breached then sub 100 will be opened up.
The S&P500 Seems to be heading back down towards it's 2015 low in the wake of Janet Yellens speech to Congress today. We do however have some more Fed commentary today at 18:30GMT from FOMC Member Williams which could push this either way.
A break of the recent resistance/support line would confirm a bearish setup.
The USDCAD is currently hooked at a critical level that is acting as support for the pair along with a trend line that began back in Q4 2015. Note that the 50MA is also acting as resistance.
I'm flat on the CAD until we see a break to either the north or south, once we receive this signal expect this pair to move very rapidly as is it's tendency.
The Japanese Nikkei is once again testing a historical level of support/resistance, moreover this index has also broken a major long-term trendline (which is better viewed on a weekly timeframe).
If we manage to clear this level with a solid daily close then this will make an excellent short opportunity.
Expect a potential retest of the trendline...