Shingi_Lesetedi

Shingi_Lesetedi

A short trade may be possible next week as price is evidently testing two breakout points. The support trendline was broken as well as the horizontal support zone. Both seem to be being retested. 38.2 fib level is yet to be clearly rejected. Best to wait to see how next week plays out before considering going short.

Shingi_Lesetedi

We can see a clean head and shoulder formation on the daily. Fibs from the head to the neckline show areas of interest that might indicate the top of a right shoulder. I'd ideally like to see strong rejection of the 61.8 fib level to attempt a short to the neckline support and possibly lower.

Shingi_Lesetedi

Price is currently trading within a horizontal channel. If you check the weekly chart you'll see a 3 touch resistance trendline which price is likely to push lower from. There is also a weekly bearish pinbar formation present. My ideal trade is to go short after the break and retest of the channel.

Shingi_Lesetedi

Price is rallying to a key level that may contain seller interest. If we get a swing failure and nice rejection a low risk high reward short trade could be initiated.

Shingi_Lesetedi

Head and Shoulders pattern broken, channel broken. Now we can wait for a retest for a low risk sell.

Shingi_Lesetedi

Price is approaching a mirror level which might hold buying interest. The trend line indicated might also serve as strong support and propel price to the resistance indicated.

Shingi_Lesetedi

USDJPY has reacted to the 61.8 fib level which means we might see another leg to the downside. Short trades can be taken after the neckline is broken.

Shingi_Lesetedi

Price is now very close to buy zone and has formed a smaller wedge pattern. A breakout or candlestick formation within the buy zone will initiate long setups.

Shingi_Lesetedi

Price failed to close decently below our support zone so I will maintain a bullish bias. Butterfly pattern completed suggesting price may push up to test 1515 highs once more. A more conservative entry would be to wait for channel break and retest before buying. Remember, risk management is key with any trade idea.

Shingi_Lesetedi

Price is trading within a falling wedge pattern which has a 5 wave structure as illustrated. We can also see RSI divergence which may signal exhaustion of bears. We might see a correction wave to the triangle highs. Price might also find support/false break at the 100ema like it did back on April 17. A candlestick formation is vital to attempt a long position....

Shingi_Lesetedi

We might see a break of the neckline and pullback to the support trendline before price continues to make higher highs.

Shingi_Lesetedi Updated 

Bears are struggling to push price lower. If we get a swing failure and a good reversal candlestick it could give us a long opportunity.

Shingi_Lesetedi

Price has broken trendline, we'll look for buys on the retest aligning with key fib levels.

Shingi_Lesetedi

I will start looking for buy entries once fully convinced the bulls are showing dominance in the market.

Shingi_Lesetedi

DXY is at a key level of interest and is currently failing to push higher. We might see price pullback to support and a key fib level before pushing higher. USDxxx and xxxUSD pairs might react accordingly.

Shingi_Lesetedi

Bias is clearly bullish, potential buy on pullback to mirror level with low risk.

Shingi_Lesetedi

Wait for price to retest neckline + 38.2 fib level and target 161.8 fib extension.

Shingi_Lesetedi

GBPAUD has is in a strong bullish trend and has pulled back to a key level better viewed on the daily. The 50% fib level has been hit and we having a falling wedge continuation pattern which might result in a push to higher timeframe channel highs marked on the chart.