This pair is tricky to trade no doubt and this possible triangle has been annoying me for quite some time. I still believe, that it IS a triangle (or will be) and from the Elliott Wave perspective, I think it can only be either B wave, 4th or X wave - meaning that the outcome will be the same - higher. And as this one is on daily chart, we are talking about at...
We have some data coming out from US today + BOJ Kuroda is also going to speak later (in the coming Asian session, I think) so, the only right thing to do is to look @ USDJPY. I bet this pair is a nightmare for bears right now, cause probably some of them got triggred, when we got that spike lower, which turned out to be a false break. However - bulls can't relax...
EURJPY tested the trendline support which acted as resistance for a quite some time and by the look of it, I really doubt if it is going to break this time. Of course never say never but I favor a bounce higher from here. When the line acted as resistance, it took 4 tests before the price managed to break it to the upside and on Friday we had a 2nd test, since the...
EURUSD is showing some signs strength today but of course, so far the move from the lows is only ~~30pips which is clearly not enough to draw any long-term conclusions. But as I'm bullish on this pair I sort of like what I see. What I also like is the fact that the two nearby lows were taken out last week and suddenly after that, price want to turn?! If we should...
EURCAD has enjoyed a nice, steady downtrend for quite some time now but I think there is a good chance that we might find some news buyers very soon. I will start looking bullish signs after we have reached the Equal Legs target. The area should provide some sort of bounce higher but right now it is very difficult to say how big this bounce is going to be. I'll...
I will start looking for long opportunities in AUDUSD next week because I think that pair might suprise and not the downside. Infact, I'm even considering new highs. However , before I start considering long positions I want to see another leg lower and only after that I will decide what I will do next.If I do not see any signs of reversal in Target 1 zone I'll...
Euro is under pressure and bulls are starting to doubt if this sell off is ever going to stop. We don't know that yet but by the look of it, a test of 1.36000 seems very probable. However, 1.36 is also a mayor confluence area and a profit taking area, so we might bounce higher from there. I wouldn't be very optimistic to see that happening today, because it is...
AUDCAD is drifting lower and it seems that very soon we might have equal legs down from the top. The target is near - approx 50pips away. Equal legs in itself are sometimes enough to get at least a small bounce but what makes this case interesting is that if we go a bit lower, then we might have a possibility, that the market is forming a Bearish 5.0 Harmonic...
First PMI's will be released in 10min and EURUSD is doing pretty much nothing. There are 2 main figures to watch. Short-term Bears probably want to see a quick ride to 1.36 to book some profits. Short-term Bulls hope to see a rally back to 1.38. As it looks like a coin flip right now, it is probably wiser to play this one with pendings but for me... a bit too...
Isn't it beautiful? The pair broke out from that triangle and is now pushing strongly higher. I am expecting it to move fairly fast and Ideally way beyond Target 1 & even Target 2. Invalidation level is clear and current bullish price action is supporting the setup.
The pair is heading lower as BOJ Kuroda fails to help USDJPY bulls. Nevertheless, we have arrived to an area which could be enough to turn around and sqeeze the shorts a bit as we have taken the lows and probably a lot of traders are short by now. If we should turn here, then the first thing to look for is a break of downward trendlines and if we fail to do that...
NZDUSD has slowly made its way to an extremely important trendline. If this one breaks we might see a fast move to the downside. What I really like about this setup is actualy AUDNZD, which looks bullish, so what I need is either AUDUSD pushing strongly higher (which is unlikely) or NZDUSD to fall like a rock. And I prefer the last option. Watching this one closely.
Consolidation is the name of the game. Arcoss the board basically. Today, in approx 1hour & 30min, we will see the UK's CPI and ahead of that event, Pound is trading in a fairly small range. A break from here is of course only a matter of time but which way? Extremely difficult to say. Whatever the outcome is from that event, I suspect that the reaction might be...
EURJPY has been under strong pressure as both, EURUSD and USDJPY have been piling up losses. But it looks like we may get a small bounce from here.
Interesting setup in this pair and based on what I see, I tend to favor the upside. I really like the combination of that broken (and re-tested) trendline + a possible triangle. For bullish setup to gain momentum first we need is a solid breakout from that triangle. How far higher?. I tend to favor more visible targets in this pair and for me the last...
101.40 area seems to be some sort of magical line in the sand for that pair and it is very difficult to say is this situation bullish or bearish (short-term). If we should go higher from here, I suspect we will see some sort of spike lower to take out weak the longs and then reverse strongly. If we should go lower from here, then price will probably just sink...
I was bullish last week on USDCAD based on higher timeframe but unfortunately, things didn't go exactly like planned and I personally blame the H&S pattern. The pattern was so visible that every person on earth could see it and if it is there, then what do you do? You go long and perhaps that was the reason why that H&S was destined to fail. However, I remain...
Shor-term outlook for AUDUSD is so mixed in my opinion that it is slowly starting to annoy me. Yesterday I presented a bullish version, which was invalidated quickly after I posted the chart. Today aussie is again well bid, every dip is being bought. For my bearish setup, the first thing I need is for price to break that support level @ 0.93345 (around there). If...