An inversed head and shoulders pattern in NZD/CAD is activated after the bulls have managed to break above the neckline. The zone around the 0.8500 mark, a neckline, is a clear bull/bear line in this pair. Any sustainable move below this zone will invalidate the pattern. The bulls will target 0.8640 first
EURUSD is currently attempting to break below the ascending trend line. If successful, it could pave the way for a test of the 127.2% extension at $1.0960.
Bitcoin broke below the key support around the $7,500 mark. More importantly, Bitcoin is now trading comfortably below the 61.8% retracement level.
A break of the $7,500 further complicates life for the BTC bulls. Despite the fact that Bitcoin has been rallying today after printing fresh 6-month low of $6,515, the short-term outlook is bearish. In case it...
Ethereum (ETH/USD) took a significant blow last week as it breached an important support around the $153 mark. As a result, today’s low of $131.35 marks the new 8-month low for the world’s second biggest digital coin.
A break of the horizontal support above the $150 mark has pushed Ethereum to the supporting trend line of the descending channel (chart below)....
The entire crypto community seem to be busy with decryptoing Peter Schiff's tweet about "omnious" price pattern a.k.a head and shoulders. As far as I can see from the screenshot he posted, this is a long shot to say the least. First, it's a poor-looking H&S pattern. Second, even if he is correct it points to around $5,000 and not $1,000
AUDNZD has created a perfect, textbook, setup.
The pair broke below the important horizontal support at 1.0660-> travels quickly to 12.7.2% Fibonacci extension -> Bulls jump in and defend the extension -> AUDNZD returns higher to retest the broken support, now acting as a resistance -> Rejected, returns lower to penetrate the 127.2% Fibo support in the second...
As expected and outlines in the previous USDCAD trading idea, the pair has found support in the 200-DMA, which launched the pair higher this morning. This resulted in the creation of a hammer candlestick pattern, signaling resolve of the bulls to take the price higher. A zone around the $1.3340 remains the first target for the bulls.
EURCAD has moved above the 7-year trend line resistance, the previous support. The pair is now eyeing the 200-DMA, which comes at 1.4833, closely followed by 200-WMA at 1.4853. Don't be surprised if the pair moves there in abrupt fashion given the overall CAD weakness.
USDCAD has broken above the key resistance of $1.3280, which consists of triple confluence - 38.2% Fibonacci retracement, horizontal resistance and the 200-DMA. Following the break, the price action went north of $1.33, however it has retreated since to offer late bulls an opportunity to jump in. This confluence is now expected to act as a support to bulls, as...
NZDUSD is facing a major resistance at the current levels - $0.6430s. The bulls are bracing for a fight with the 100 DMA and the down-slipping trend line that connects recent highers lows. A break of this zone will likely trigger a move above $0.65 cents where the ascending line meets the 200 DMA.
As expected, and explained in the previous USDJPY trading idea (), the pair has broken out of the ascending wedge to the downside. In a perfect manner, USDJPY came back to retest the underside of the supporting trend line of the wedge, just to fail and rotate lower again. This can be seen as a major bearish development short-term as bears target $107.95 support next.
EURUSD has stopped at the 61.8% Fibonacci retracement around the $1.0990 mark, around 25 pips shy of the double top profit-taking zone. The price rebounded all the way to test the 100 DMA, now as a support. In case the bulls fail to clear the 100 DMA, we may see new short-term lows before end of the week as more sellers will appear at 100 DMA.
Ethereum price action has broken out of the symmetrical triangle. The supporting trend line was broken yesterday to fuel a break of the 50% Fibonacci retracement as well. Bears are now targeting the key 61.8% Fibonacci retracement next, around the $170 mark.
Bitcoin broke the descending wedge yesterday at $8360, which facilitated a trip below the $8000 mark today. Bears are targeting two levels now:
1) The confluence of 78.6% Fibonacci support and the descending trend line (the red line) at around $7950,
2) The 100 WMA which currently sits at $7519.
USDJPY has been threatening to break from the ascending wedge and rotate around 100 pips lower to 100 DMA. Yesterday's daily close below 200DMA could facilitate a bigger correction lower. Overall, we are trading within an uptrend as bulls are still trying to clear the major resistance that sits just below the $110.00 mark.
GBPUSD has been consolidating since the UK Parliament was dissolved. As a result, the pound has been trading sideways as it prepares for a bigger move into one of the two directions. At this point of time, it's hard to tell what's the next move. In my opinion, the risk is to the upside as the market seems to be over saturated with Brexit and its impact on the...
