Trendsharks

Trendsharks

The price action of the EURUSD pair recently completed a Triple Top pattern, which implies the likely continuation of the downtrend. However, for the time being, the price action continues to be consolidating in range between the 61.8 per cent Fibonacci retracement level at 1.15794 and the 38.2 per cent Fibonacci at 1.16138. If the price action manages to break...

Trendsharks

The share price of Facebook has just completed a sizable correction, which now appears over. The dropdown rebounded from the 200-day MA (in orange). Given the better than expected earnings data for Q3 (which was posted yesterday), the uptrend would now likely be resumed. A breakout above the upper limit of the Descending Wedge pattern would signal the beginning...

Trendsharks

Recently, the price of EURUSD completed a decisive bullish rebound. This was exemplified by the emergence of a Falling Wedge, a classic trend reversal pattern, at the bottom of the previous downtrend. The price action went on to consolidate in a range between the 23.6 per cent Fibonacci retracement level at 1.16153 and the 38.2 per cent Fibonacci at 1.16716...

Trendsharks

The price action is displaying early signs of a potential bullish reversal, following the publication of the UK inflation numbers for September earlier today. The MACD indicator is underpinning mounting bullish momentum while the price action appears to have already bottomed out at the major support level at 0.84250. The first major test for the likely new...

Trendsharks

The price action of silver is currently attempting to break out above the regression channel, which is likely to mark the beginning of a new massive uptrend. Notice that the latest upswing commenced following the completion of a bearish 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. The first significant bullish indication was the breakout...

Trendsharks

The price action of the USDCNY pair has been range-trading since the 16th of July, as underpinned by the ADX indicator. Bearish pressure has been slowly accumulating over the same period, which is illustrated by the current reading of the Stochastic RSI indicator. The price action is likely to reach a new dip at the 23.6 per cent Fibonacci retracement level,...

Trendsharks

USDCAD's downtrend continued to gain bearish momentum today following the publication of the September PPI report in the U.S. The bearish trend was initiated after the previous Ascending Wedge, a type of trend reversal pattern, was recently completed. The MACD indicator illustrates this steadily growing bearish bias. After having broken down below the 200-day MA...

Trendsharks

The price action of the EURCHF is currently consolidating above the previous swing low at 1.07000, which represents an early indication that the market may be due for a bullish correction. Moreover, the price action completed a Descending Wedge, which is a type of pattern that, when found near the bottom of a downtrend, signifies a likely bullish reversal. If...

Trendsharks

The price action of Ethereum looks poised to continue appreciating towards the previous swing peak at 4200.00. The first Wedge signalled the bullish rebound, while the second one indicates its continuation. Notice that the price action is currently strengthening above the 23.6 per cent Fibonacci retracement level at 3475.79. Bulls can use this as an entry...

Trendsharks

The price action of the EURJPY pair is currently probing the 23.6 per cent Fibonacci retracement level at 128.593. A potential breakdown below this threshold would mean that the broader downtrend is ready to continue diving lower. The next target would be the previous swing low at 128.000, which bears psychological importance. However, a potential rebound from...

Trendsharks

The price action of the EURUSD pair appears to be developing a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Recently, it completed the second impulse leg (2-3) and is currently in the process of establishing the second retracement leg (3-4). It could reach as high as the 61.8 per cent Fibonacci retracement level before the pullback is...

Trendsharks

Bitcoin's tumble was bolstered today following the decision of China's central bank to declare all cryptocurrency activities illegal. The price action is currently testing the 23.6 per cent Fibonacci retracement level at 41764.04. A potential pullback could ensue to the 38.2 per cent Fibonacci, which is about to be crossed by the 50-day MA (in green) and the...

Trendsharks

The price action of the USDJPY is currently transitioning from the previous ascending channel into a newly emerging descending channel. The Stochastic RSI indicator demonstrates that the underlying selling pressure has already climaxed, which could catalyse another bullish rebound. If the price action manages to penetrate back above the 61.8 per cent Fibonacci...

Trendsharks

The price action of the GBPUSD pair is establishing a new bearish reversal following yesterday's test of the lower boundary of the ascending channel. The latter is currently serving as a support-turned-resistance. The temporary pullback from yesterday was prompted by the August CPI numbers in the U.S. The market has already priced in these inflation numbers,...

Trendsharks

The price of USDCNY is establishing a new downtrend. It is structured as a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. After having broken down below the 38.2 per cent Fibonacci retracement level, the price action is currently testing the lower limit of the Triangle. If it manages to break down below it as well, then the price action would...

Trendsharks

The price action of the EURGBP started developing a new downtrend following a recent breakdown below the Wedge pattern. Currently, it is consolidating around the 38.2 per cent Fibonacci retracement level. Once this temporary break in the trend is over, the price action would likely head towards the 23.6 per cent Fibonacci retracement level.

Trendsharks

The U.S. CPI numbers and British unemployment data tomorrow are likely to catalyse another directional swing on the price action of the GBPUSD. The pair is currently developing a major reversal following the recent completion of a Double Top pattern. The reversal comes after the price action had completed a major 1-5 impulse wave pattern, as postulated by the...

Trendsharks

Following the release of Japan's Q2 GDP numbers from yesterday, the yen has been on a path to recovery. Now, the price action of the USDJPY looks poised for a reversal from the upper limit of the range, and a possible dropdown to the 61.8 per cent Fibonacci retracement level at 109.522. The reversal takes place following a failed breakout above the 23.6 per cent...