The drop in EURUSD was definitely frightening for euro bulls and it seemed that the bears have taken control and we are done with the upside. However, things are not always as they first appear, especially with this pair. First of all, euro travelled from 1.20 all the way to 1.3993 and did not break 1.40. C'mon - it's like driving 3000miles from NYC to Los Angeles...
This pair has been in a downtrend for quite some time. The high was set around 1.58 in the beginning of this year and now we are trading almost 1200pips lower. In my opinion, the time is right to start looking for a possible reversal but I'm not looking for a massive move higher - nono. Only a bit. First thing I'd like to see is the blue dotted trendline to be...
I was bearish Aussie but.... the price action is bullish, so time to reassess. What I am looking for is a fast move higher towards 0.9500 area. Why I like this scenario is the fact that it has a very clear invalidation area, which is @ 0.9330. If that one goes, then the bullish outlook goes with it.
EURJPY formed another leg lower, which is apporx 61.8% out of the Original move. Given the fact that Europe is about to go home, we might have a small bounce higher. So, it is a fairly good setup for quick 20 to 30pips.
The situatsion in GBPUSD is extremely interesting. We have two triangles there! First triangle, the Blue one, has reached its conservative target, which is approx 70% of the largest segment of the triangle. On the other hand, the second triangle, Brown one, suggests there is plenty of upside to come, as the price is simply testing the upper trendline of the...
GBPJPY sold off together with GBPUSD and EURUSD (etc,etc) on Thursday and Friday last week. Allthough the sell off was pretty impressive, we retraced most of it yesterday. and right now we just saw another fairly strong move to the downside. Eventhough it looks bearish right now, I am interested to see higher values. Line in the sand for me is the green line on...
USDCAD is showing nice bullish price action and I am looking for way higher values there. What I would like to point out is the BLUE trendline. It not just a regular trendline! It is from the weekly/monthly chart and it held for 11 years! Now we have tested it 3 times and I suspect that the 3rd test, on Friday, was the last one. From here on, I am expecting a trip...
For me the pair looks bearish and I am looking lower but I dont expect any aggressive moves. I expect this one to drift slowly to the downside. It broke my trendline, re-tested it twice and failed to break back above it (for now at least). As long as the highs @ 0.94601 are not taken, I will remain bearish until we reach 0.9000 (approx).
USDJPY has made some sort of double top here, testing the 102.00 area once again. By the look of it, I don't think it will hold. Looking for higher values for the day but not much, perhaps up to 102.40.
Since last Thursday the world turned from bullish to bearish in EURUSD but I think it is way too early to get excited. On weekly chart we are still above the multi-year trendline and perhaps we just went back for another re-test? Also, the fact that we didnt reach the 1.4150 area, which has triggered massive sell off before, makes me a bit skeptical about the...
EURCAD broke out from that wedge long time ago but it didnt reach my 50% retracement level target, until the ECB presser triggered the sell off in euro across the board on Thursday. To be honest, even though the euro is under pressure, I am looking for this pair to go higher and the first thing I need is to see that green dotted line to be taken out. I will be...
AUDUSD took out the triple top after RBA as predicted. That is the reason why I dont like double or triple tops - they are just like magnets for the price as it is an obvious area for StopLosses. Though, I am pleased with the fact that the triple top got taken out, Im not really thrilled with the current situatsion as the Main Resistance on my chart didnt act as I...
Well... it was quite a ride yesterday in EURUSD during the ECB. We went higher, took out the 1.3966 high, failed to take 1.4000 (by 3pips) and then headed lower. Time to switch bias? Oh no! Way too early to do that. We went back into the triangle and right now we are testing a major support level. If we break that one, then further upside should be put on hold but...
Pound has made its way above the recent channel and is re-testing the former resistance line. If this one should hold it could provide a solid launch pad to go for that 1.7030 area to make a new higher high since 2009 august. Time will tell, watching closely.
EURUSD has been consolidating since tuesday evening and all the levels are still perfectly valid. Ahead of ECB I am looking for couple of things. First, I do not rule out a spike lower to re-test the triangle. If the re-test does not come then I am looking for a fast move higher, through 1.40 level to the target area that is marked on the chart. But if we get a...
I don't usually look @ this pair but today it caught my attention and the reason is of course the triangle. It looks absolutely beautiful. Even too beautiful and unfortunately that may damage the scenario as it is just too obvious. Whatever the case - this pair is worth tracking right now. Projected targets are between 179.20 -181.10 and we should arrive there on...
Euro is pushing higher and it seems that there is nothing that could stop it. Yesterday's rally broke through the resistance (red dotted line) , and then re-tested the area by consolidating there during the Asian session. There are two targets that I am looking for (short-term) and they are both projected using the longest leg of that triangle from where we broke...
USDCAD is droping like a rock and todays sell off is very imressive to say the least. However, we are approaching a possible support area @ 38.2 fib + Pitchfork 50 line. It doesn't look like a good, strong support but it might be enough to slow the price down and perhaps consolidate for a while. Time will tell.