EURJPY has extended below the average daily range low of 128.900. Its surpassed the S100 Weekly Fibo Pivot. The bears are still firmly in control, however, price continuing to push this low increases the potential of a reversal or strong pullback. This is my edge, trading from these outer fibo pivot points. I'll wait for confirmation the bulls are entering the...
YEN is proving to be the stronger of the currencies at the start of the week. CADJPY is currently trading between the S78 & S100 Fibo Weekly Pivots, the further extends into these areas, the more likely it is to reverse, or pullback. Waiting for the bulls to enter the market before buying this pair.
Pivots . Price Action . Patience
AUDJPY has entered the 'killzone' and is currently trading between the S78 & S100 fibo weekly pivot points. Expecting this pair to drop further due to the extended lockdowns in AUS. Waiting for indication the bulls are entering the market before buying.
Pivots . Price Action . Patience
EURUSD bears are looking tired. They've stalled at the outer pivot support level of 61. They've failed to make a new low and the bulls look to be entering the market.
USDCHF extended to outer Pivot levels where reversals or pullbacks are more likely. Currently failing to move towards R100, bulls looking tired and lower highs printing.
AUDNZD Daily has broken higher out of the strong down trend. It has now retested this trend line. Higher structure has been broken creating new highs, currently price is testing the 618 fib level. I've entered a trade long as shown. R:R looks great.
EURAUD is in an overall downtrend. We've seen a pullback on the Daily, testing the 38.2 fib, and previous tested area. Looks to me like a good area to short with a good R:R.
Another quick example, this time from both sides of the fence; a spike & sell and a break & buy.
With the USD CB Consumer Confidence news coming out, it has helped price run the stops on the higher liquidity, earlier in the day we can see they ran for the lower liquidity first. Sneaky :-)
Both occasions would have scalped you a fair few pips.
GBP is getting throttled currently. Looks to be heading towards a liquidity build up on the 4hr charts. I've noted it with the cyan dotted line on this 15m chart.
Looking for break and buys.
So i just managed to scalp a few pips off of this EURGBP 15m break & buy setup.
The liquidity at around the 0.83557 mark obviously had a few orders built up there with stops below. We can see from the way the 15m chart played out that the bears have pushed for the liquidity and taken out stops below. This was followed by a small influx of buy orders or closing...
With the DXY at a key resistance it looks like we may see some USD weakness in the coming days.
With that in mind, NZDUSD looks to be shaping up for some longs in my opinion. There's a fair amount of liquidity in the red circle that I'd like to see taken first before entering long, leaving it to a possible FIB 618 entry, or somewhere in that general region.
Just a quick snapshot of my current 4hr look on AUDUSD. These all have the potential to create beautiful break and buy scalps for no more than 10 pips.
USDCAD provided a few spike & sells yesterday, looks like the dollar bulls have continued their push for higher liquidity.
The 4hr liquidity on show is looking very desirable today. As both sets (1.31390 & 1.31440) are so closely together I'll wait for the higher liquidity to be broken before entering any shorts.
Targets of 2-10 pips as usual.
