Top side consolidation around 200MA area with evidence of price rejection. This coincided with a downtrend line on the D time frame.
Strong support ~$16 level, with a descending triangle forming.
Short Trade Idea: Possible fading off trendline/200MA area.
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This is a continuation of the idea I posted earlier. EURUSD is still in the retracement channel, and it has bounced off the low of the retracement channel on Thurs, making a very nice short swing on the hourly time frame. Lots of buyers came in at 1.1670-1.1680...
USDJPY bounced off the 50% retracement level of 109.35 area with buyers stacking their orders around 108.8 to 109 level. This results in the double wick rejection we saw on the D time frame. While I am not bullish for USDJPY in the bigger picture, this technical...
EURUSD has rallied nicely since mid-Jul when it broke out of the multi-year resistance of ~1.15. It has since rallied 300+pips to 1.188 before a retracement kicked in. On the other hand, DXY has also pulled back after hitting 92.65 region. Both the EURUSD & DXY pullback towards their 20EMA, and exhibited signs of...
BABA did a nice consolidation between $150-$160 region for the past 2 weeks. The pullback also sent BABA back into the "valuezone" where a slingshot trade is likely to happen thereafter. A breakout of BABA happened yesterday and it closed at a high of $158.84.
Technically, I would expect the breakout to face...
USDJPY is at the bottom of the trendline now, at a contentious point right now. Looking at the chart, one can argue that the trend line has been breached. I would interpret it as otherwise, with the tip of the shadow as the "ultimate" level to interpret the trendline as...
EURUSD is undeniably in an uptrend for the past month and the RSI is hovering around overbought territory for the same period. 1.17 was the 1.618 extension from the start of the EU rally nearing the end of June, hence explaining the "pause" we are seeing in the pair now. Price action showing signs of...
Jul-Aug tends to be a reliably bullish month for LYB. LYB is in a multi-year sideways trend, but the trends in-between this range has considerable range. It has embarked on a short term uptrend, which coincides with the cyclical performance of LYB. It has cleared the fib retracement level of 61.8% and the next level to...