GBPAUD is approaching the daily 200 MA at roughly 1.8040/1.8060 - This is also the 50% FIB retracement.
The pair are in a descending wedge pattern which is indicating a reversal, the RSI has also formed a descending wedge.
Entry for a buy at 1.8060 with a stop loss below the moving average at 1.7980
Target area of 1.8500 which is the 78% FIB
The NASDAQ is in a huge 'Ascending Wedge' similar to the one back in OCT 2018
You can see the RSI is capped in a negative trend, similar to Oct 2018
FIB retracement is suggesting 7300 for a target area
Also a TRIPLE TOP on the daily candles.
Stop loss above the resistance level of 7700.
Potential BAT Pattern
X-A – completed
A-B – between 38.2 and 50% FIB – Correct the pair finished at 50%
B-C – Between 38.2 and 88.6% -Correct the pair finished at 88%
C – Has finished below A
X-A-B-C Pattern Completed
Potential SELL down to 127% Fib at roughly 109.10-109.30
AUDJPY has been trading between a nice range since early January.
Potential SELL from 79.50 with stop loss set above 80.00
First Take Profit set at 78.50.
The pair are also trading between an Ascending Wedge Pattern, this indicates a potential reversal
The AUDUSD is approaching a key level in a 14 month negative trend.
With the RBA announcing their interest statement tomorrow, we are expecting a dovish stance.
SELL with stop loss above resistance of 0.7168
Take profit set at 0.7060 and then 0.7020 in extension.
One of my favourite tools is wedge patterns.
Last year the AUDUSD was a dream to trade using the wedge pattern.
An 'ascending wedge' pattern approaching a level of resistance indicates a sell opportunity is coming up (reversal).
To trade the pattern you will wait for a break below the wedge line before selling, with stop losses above the highest level in the...
The NZDUSD has been trading between a pennant formation since December 2018.
The pair have now touched the bottom area of the pennant due to a negative Interest rate statement from the RBNZ.
This provides opportunity to BUY back up towards 0.6920.
The AUDCAD is currently trading between an ascending wedge which is a reversal signal into a sell. Traders can look for sell positions (entry orders) from the top level of resistance at roughly 0.9577 to get a better entry.
Stop losses set above the resistance level.
Over a longer term view you can see resistance at 0.9577 will also be the cap of the negative trend line.
AUDUSD is capped in a 14 month negative trend
It has just reached resistance due to strong unemployment data, however RBA are possibly looking at an interest rate cut this year.
SELL down to 0.7070, stop loss above 0.7170
• Investors are focused on the Fed to see whether the central bank will affirm its commitment to “patient” monetary policy and for clues about the likely path of U.S. borrowing costs.
• We have numerous announcements coming from the FED tomorrow morning at 5am (AEDT), we are expecting interest rates to be kept on hold, however the ‘Dot Plot’ could...
Ascending WEDGE pattern on the USDCHF - Sell signal
DOUBLE TOP on the daily candles - Sell signal
SELL preference down to bottom of the wedge, we are then waiting for a break below the wedge to SELL the break out.
First target of 0.9980 - Nearly 100 PIPS . Stop loss above the resistance at 1.0125
• NZDJPY is capped in nearly a 5 year negative trend since December 2014.
• As you can see below there has been a large sell off as the pair have reached the cap of the negative trend line.
• Looking closer there is a TREBLE top on the daily and 4 hour candles.
• FIB retracement tool is suggesting 75.25 as the first target level which is over 100 PIPS away (61%...
The ASX has formed a shooting star on the weekly candles.
We are now awaiting confirmation, this weeks candle will need to decline and close below last weeks candle.
We can then look for targets of 6100 and 6000.
The NZDUSD is forming a pennant formation on the Daily candles and is pushing towards the top level at 0.6890.
A break above the pennant could see it rise the 0.6930 and then 0.6966.
There is no major fundamental news events coming from NZ this week.