For those who missed yesterday's short trade... all is not lost. A bigger opportunity awaits us if the index ends the day below 7300. In that case, the sell-off could be extended to 7184 - 200-DMA.
Head and shoulders breakdown Rejection at 10-DMA 5-DMA & 10-DMA sloping downwards Index likely to revisit 7300 Sell around 7365 Objective 7300 Stops above 7385
consolidation underway, upside break could yield a 100-pip rally...
head and shoulders breakdown. Sell around $48.70 Keep stops above $49.00
Bearish breakdown on the 1-hour chart. overbought daily RSI. Sell around 128.30 Objective 127.40 Stops above 128.63
The weekly chart below shows consecutive candles with long upper shadows. On the daily chart it would look like a nice rounding top... Also worth noting is that the rising trend line from November 2015 has been breached. I would want to be a seller below 0.8756 (weekly low) for a downside target of 0.8684 - 23.6% Fibonacci retracement of July 2015 low - Oct 2016...
Intraday trade- buy USD/CAD around 1.2970 for 1.3020 on completion of the classic 5-wave structure. The RSI is above 50.00 and pointing upwards. Place stops below 1.2950. Stops might be triggered but I would re-enter trade as long as I don't see a break below the recent low of 1.2912.
The sharp rally in Brent oil has run into the 50-DMA hurdle. The moving average is sloping lower, so I wouldn’t want to bet on further gains. Expect sideways to negative action. Also note the bearish 100-DMA & 200-DMA crossover. What’s more important is the fact that the crossover has happened during the sharp rally… so it is more likely to work. One can initiate...
Sell GBP/AUD around 1.6935, Objective 1.6777, Stops above 1.6980 RBA might stay neutral as opposed to widespread belief that the central bank would turn hawkish in line with its advanced nation peers. Meanwhile, GBP is likely to see a pull back on weak manufacturing PMI data.
Head and shoulders breakdown, ECB rate hike talk overdone. Sell around 1.1394 Objective 1.1350-1.1340, Stops above 1.1420
Reversal (Long) from around point C would open doors for a possible rise to point D (102)
Pair made a comeback inside falling channel and suffered sell-off earlier this month. short-term loss of momentum is resulting into a correction, which is likely to run into wall of resistance around 0.9700 There is still one more week to go for Brexit referendum and thus haven demand for CHF is likely to strengthen.
Break above 17,947 (falling channel resistance + 50% Fibo retracement) would fuel a rise to point D at 17,987 (78.6% of XC), where bears are likely to come in.
In my opinion, we could be going higher once again from the range of $48.34 - $47.60 (rising trend line blue). US oil inventories are dropping and the monthly OPEC report released this week did not carry any bearish signals. Last week's inventory report did show a build in gasoline inventories. however, a drop this week could easily fuel fresh rally to $51.64 and...
The index could drop another 400 points from here in run up to Brexit referendum. Shorting the index looks good at current level
USD/CHF has taken out trend line support and could be heading towards 0.96-0.95 handle. I would place my stop above 0.9780
Note - Initiating shorts at 0.80 is advised but stop should be given due respect...volatility could rise on account of Brexit referendum.
The hourly chart shows a bullish flag and pole breakout. This is a continuation pattern, however, I would want to see a more convincing break above 1.1376 (Feb 11 high) as that would open doors for a rise to 1.14-1.1464 levels.