Now the gold price at 1338 level, bearish zone for typical harmonic traders with good rr ratio.
While on the other hand,if us cpi data keeps weak tonight, in turn enhance the expectation of fed rate cut, may cause weak dollar then in favor of the gold momentum.
For bullish side, eyes on data tonight and the previous high at 1348 last week. 1356 as ultimate...
On weekly chart of sterling, I am going to divide the downside movement between 1.7192 and 1.1904 into 5 impulse waves, judging by the price action and ratios required by EW rules,detailed as below:
Wave 1: 1.7192-1.4566
Wave 2: 1.4566-1.5930, closed at 1.5892, 50% ret of wave 1
Wave 3: 1.5930-1.1904, 2x length of wave 1
Wave 4: 1.1904-1.4376, 61.8% ret of wave...
On daily chart, price retested 6200 and closed with pin bar,a really strong bullish signal.
On weekly chart, there are several levels to watch,especially the price zone between the black and red line,detaled price levels are: 8220,9441,11394,13346. It may requires 1-2 quarters to hit the ultimate target.
On daily chart the price closed below 123.65, with new potential swing low heading to the colored zone.
Foundmental aspect, the risk aversion mode caused by D.T. further in favor of the appreciation of yen.
Focus on the Draghi speaking tonight,sell the pullback if you wish.
Over the past 2 weeks euro performed so weak due to poor economic data and strong dollar as well.
While I'd like to remind you to think twice this week before you just short the pair for further plunge, below tips fyi:
1: Euro has been ranging down since Feb, with lower Hl, while the price fail to move deeper last Friday, even the US GDP seems to be strong, a...
Daily chart a double top formation about to complete.Good rr ratio to short.Rsi also indicate a overbought signal.Besides, both 1.27 extension complete and 1.200 level indicates a strong bearish signal to sell.
Compared to yen, the swiss rallied longer time whiled also accumulates higher correction risk,which means larger downside space.
On daily chart price is breaking the pressure since last oct, actually good rr ratio to setup long even before BOJ minutes.Netual or dovish bias expects.
For example, I opened long position at 111.85,use the simple ema to set stop, and set tps with price level given in the chart.
If you set tp as 113.8, RR ratio can be over 1:2
Though the ratio is profitable,...
On monthly chart I mentioned that price just broke the 1.1200 level, creating yearly low.
On 4h chart, ab=cd formation will complete at 1.1057,and price is now moving down within the channel, 2 strategy fyi
1: Wait for long set up at around 1.1057
2: Short high during the channel and use it for entry and stop setting.
Personally I shorted at above 1.12, with a...
Here is a monthly chart, price under presure since 2008 til now.
1.1200 is the 50% retracement since 2000, probably a bearish candle formation if price fail to climb up 1.1200 again when apr ends,which is a mid-term bearish signal to attention.
On hourly chart euro retested 1.1200 then fell down tonight.Though 98 is quite high for dxy, we cannot exclude the...
On 1H chart price crossed the rs line, waiting for 1276 retest to setup long positions.
Levels in color above can be set as tps.Take profit gradually as price appoaching the yellow zone if you trade intrady.
1.12000 is near due to the dovish ECB speakings, it is the 50% retracement level from 2000 til now
I'm wondering the real prospect of euro zone, but technically, 1.2000 maybe hard to break, instead, 1.1180-1.1200 can be ideal set up zones for long positions.I'll update for confirmation signals next week.
For intraday traders, we succesfully got over 130 pips yesterday in my last post. Since it is the end of the week,price is ranging above 1.3000, watch out for the gap or plunge caused by the news in next few days.
On daly time frame, a bullish battern completed its entry point at 1.3000, strong signals for buyers to set up.I'm waiting to set up long position...
There is a bearish bat formation in mid feb at 1340, also with the dovish fomc minutes together with the inverted yield curves, good news for gold price.
For intraday traders, focus the upper edge of the channel, at around 1325, then 1330-1340 if price keep moving up.
Personally I'd rather waiting for long confirmation signals then to buy between 1285-1300 level.
There is bullish gartley pattern of euro at 1.1765, with support of 200 sma at 1.1745.
Based on risk-reward ratio, u may consider to take long with 20 pips loss, and target at 1.1808 and 1.1837.
In another hand, if u consider a strong buck coming back, u won't take the anti-trend risk until a right moment to short high after data released tonight.