The pair is in a downtrend, Friday’s candle was large (moved 70 pips) and broke below the support zone at 0.6170 with some serious momentum. Price is also well below the 200dma and I am looking for a retracement and indication of a bearish continuation. The obvious target would be in the 0.5960 region. If this works out as I expect, we are looking at a + 2R trade....
I can see many reasons to go short on GBPUSD next week. 1) The USD decline during the holidays may have ended. Note on the DXY chart, the solidly bullish (engulfing) candle formed on Fri. 2) Price is stuck at 1.370 region and failed to close convincingly above it during the last 3 trading days. 3) The 200dma is acting as resistance too. 4) The current move seems...
With the exception of USDJPY (it looks a bit tricky) all JPY crosses are giving clear bearish signals. I am looking to take a short on CADJPY. The support at 88.30 has been convincingly broken. This happened on 30th Nov as well but subsequent bullish recovery attempts were quite weak by comparison. I believe that after a retest of this previous support, we will...
No one would argue that this pair has been bearish since Nov. this year. But for the past 10 days, it has been correcting within a channel structure. On close study of price action, I feel that it may be ready to breakout of the channel and resume the down trend. If this correction continues and took price up to the resistance at 82.38, that would be excellent....
The support at 128.00 has been broken and then re-tested. The H4 view shows that the bears still have the upper hand but I feel that 128.00 will be seen again before the bearish move resumes. Note also that price has been below the 200 DMA and that by itself is a bearish sign. An entry at / just before 128.00 would permit a small stop loss and my target would be...
XAGUSD has been consolidating between 25.40 and 24.50 for the past 2 weeks. But it looks heavy and bearish now and I am expecting a break out to the down side. A breakout/pullback entry is what would work best .. if it happens. The next major support lies at 21.50 region. There is an awesome potential here so vital not to rush into a trade, stay patient and let us...
As the daily chart shows, this pair has resumed the downtrend already. Note how the 200 SMA repeatedly held price at 0.6900. The best entry would have been in that 0.6900 region but that does not mean we cannot get on this train now. We need a pullback to get a good entry and if price pulls back to the 0.6800 area, that would be ideal. I like that location...
Is the bearish trend coming to an end? I have no idea, but I do know that: - 1.4300 is a solid S/R area - price has been consolidating in a tight structure since 13 Oct. - the bears made at least 2 major attempts to break below but failed. - we seem to have made a higher low and for now the price action seems restricted to the top half of the structure. Ideally...
From my daily chart, note the S/R levels (zones) at 0.9340 and 0.9115. The preceding trend was bearish after which this pair has been moving in a sideways manner. When this happens, the higher probability is for the bearish price action to continue. We are quite close to the top of this consolidation zone thus providing the opportunity for a high R/R trade...
When this market is trending, the relationship it has to the 20EMA is consistently good. The EMA holds the price down when bearish and provides support when bullish. When price touches the EMA it has been a good location to take a trade in line with the trend. We seem to be at the start of a new bullish move and if this holds true, taking a buy at the next...
From my daily chart, note the S/R levels (zones) at 0.9037, 0.9235 and 0.9440. Overall trend is bullish although price action is not very clean. Price has already tested the 0.9235 region twice but failed to take off. We have not seen a daily close below 0.9235 and my bias is bullish. If you look at the H4 chart you can clearly see that this level has been very...
From my daily chart, note the S/R levels (zones) at 24.00 and 22.60. Also see: - a downtrend that began in May. - for the most part, price has been contained below the 20 ema. - a break below 22.60 and price has now pulled back. As long as we are below 24.00 on a daily close basis, my bias is to the down side. I am anticipating a continuation of the bearish trend...
As you can see from my weekly chart, price is within a multi-year S/R zone. The daily chart shows repeated attempts to break above the zone since end of June, but failing each time. IMO, we are witnessing another effort by the bulls and we will likely see them fail again. I will be looking for a daily close below the zone, it will also be important to see this...
We have had 6 trading days during which this pair has been indecisive. The bulls could not continue the bullish move of the previous week with the area around 152.00 providing solid resistance. Overall, I think this pair is bearish (since June) and in my opinion, we will see 149.30 over the next 2 weeks. At current price, I still see a 3R trade that makes it a...
As you can see from my daily chart, after reaching a high in early July, this pair is forming a sequence of lower highs/lower lows. The recent high of 76.53 is actually a double top (scroll back to 30 Sep 2018). After bouncing off the support at 61.700, we had a pullback to 70.500. This level (area) acted as minor support/resistance during the past few months....
The pandemic has opened up investing opportunities in the healthcare sector. While buying stock in major companies may be attractive, I feel that investing in healthcare ETF (XLV) may be a better and more conservative option. XLV recently hit a 52 week high but as you can see it has been pulling back (perhaps in part due to the uncertainty caused by the delta...
This pair had a strongly bearish week that ended with a break & close below the s/r area around 75.64. Looking at the H4 chart, I think we may have a bearish trend in the making – it started around the 78.00 region. Initially it was strongly impulsive but that changed a bit as price neared the 75.640 support with some pullbacks appearing. We are currently in a...
This commodity has been in a bullish run since April 2021. It found resistance at 3.810 but after a few attempts, on 20 July it broke above this ceiling. These last few days it has been trying to retest this level and I am hoping that it will do that early next week (starting 02 Aug). My intention is to place a pending buy order in the region of 3.80/3.84 with a...