The bullish momentum remains intact, if we should continue to retrace with weak selling candles, we'd be looking to buy at a confluence area between 0.382-0.5 fib, s&r at 1245, 100 SMA, and RSI s&r at around 53.75
Looking at the hourly chart on price action alone, it looks like the sellers have more firepower, producing 2 big down 2 hour sequences within the general consolidation range. We're looking for another small corrective move to the upside followed by a strong breakdown to the downside, if price acts accordingly we'll join the prevailing fundamental bearish trend.
The 1.82 s&r is currently being tested on the pullback, we're looking for supportive candles to confirm a long entry, aiming towards completing the ABCD pattern at the previous highs around 1.854.
We're waiting for the pair to break through the 100 MA as well as the descending trendline, our intitial targeted levels will be around the 1.465 mark.
The USD/CAD Bull-trend still looks appealing, both technically as well as fundamentally. The pair is currently in consolidation/correction mode, We'd be looking to enter in the trendline+50%-61.8%+100 and 200 MA zone, looking for supportive candles around there, a stochastic cross-back from oversold would also help confirm the trigger.
The pair has been in consolidation mode for a while now, which means some kind of significant break is likely coming. We're looking to follow up and see to which direction is the pair going to break the pattern, if the pair breaks higher we have our first resistance zone at around the 1.107 handle, if the pair breaks lower we're looking at a round trip back to the...
Our current plan for the USD/JPY on the hourly chart is to enter long at around the 38.2 fib+100 MA at around 106.65, with corroboration from stochastic. Our target will be the prior swing at around 107.3, simple trade with acceptable r&r. We want to always have a Game-plan and wait for the market to come to us.
The pair is showing signs of building momentum towards another leg up, the monthly and weekly charts indicate the pair is in a strong bullish trend, we'd be looking for entries on the daily chart. If the UK ends up hiking in 2015 the trend could keep going for a substantial period.
The NZD/CAD is trading well below the 200 (red) and 100 (blue) MA's, in fact we've recently had a bearish MA crossover, this coupled with it trading under the kumo should be enough to classify it as in bearish mode. For the last couple of weeks, the pair has pulled back and is now trading around the 0.900 handle, we're looking for bearish candles at fib and cloud...
We got mixed candlestick action on the top of the channel, with a strong bearish engulfing candle closing out the week as well as a stochastic crossback from overbought, We're in this trade, with an r&r of a little over 2 to 1, we're looking to trail stop all the way to entry by the time the pair hits the 1.595-1.6 area.
The pair has been unable to break the 85 handle s&r line. The trend is bearish, trading below the 200 and 100 MA's, coupled with stochastic crossing back from overbought territory, this is a classic with trend trade.
The trend is still bullish, we're looking to trade with the trend, but only if the market comes to us (our key rule). This is the kind of bullish setup we'd be looking for, which we'll join if the momentum and candlestick patterns corroborate this kind of move.
we're looking at a similar breakdown of the continuation pattern here, aiming back towards the 0.8500 handle
We're looking to enter on a 4hour close breaking above the pennant, with good r&r, aiming towards the 1.675 handle
The 1236-1238 support still seems strong, we'd be looking for a clear break of the flag formation to the upside, with the initial targeted area at the 1250 recent high.
The pair is currently testing the well established 1.28 support-resistance zone. We feel like the momentum is picking up, meaning the pair will likely breakthrough the zone in the near future. We would not buy a breakout though, given the presence of sellers is still substantial, we're looking for a breakout pullback play, with good r&r.
Fundamentally, we're looking to short this market in the short term, as the pound is weak overall and the dollar is still maintaining some of its strength. This kind of technical situation is our chance to rejoin the overall trend, with a trendline resistance backed by a slow stochastic cross back from overbought in a downwards market.
Our current bias on gold is still bullish, with a strong buying momentum as of late. If 1238 support holds we'd be looking to go long, 1st target being of course the upper channel line at around 1244, though we feel the fundamentals tend to suggest that gold may very well breakthrough to the upside sooner than we may have thought.