So CHF is in a range for the past 3 years, but current fear in the world has boosted its valuation. A historical look show that every peak above the channel top with RSI above 70 on the daily chart has been in anticipation of a turn down. We're gonna bet on history repeating itself.
- Peak over strong channel top
- RSI and Stoch overbought (which has been a good...
So GBP has been shit lately. And frankly, it deserves to be, with the hopeless negotiatiors of the Brexit team.
After the fall I've hypothesized about a rebound, but more and more it looks like this might turn into a proper downtrend.
- Downtrend channel with current consolidation precipitating another bearish impulse
- RSI and Stochastic trending lower,...
So this one is really interesting. CAD has to my pleasure been really bullish for a while, and it looks like that might continue. We're currently in a breakout channel from a previous downward trend, and has just gotten out first smell of fresh air.
I was thinking about putting a short on since its rebounding, but then I realized that that would be fucking crazy....
So NZD is not really a perfect buy right now - sloping channel and clear downtrend. However, there is some support for a bounce in early next week. For example, AUD and NZD often has some sort of correlation, and both look like jumping.
- Channel bottom stopping momentum like has happened previously many times before.
- Stoch and RSI coming from super...
In general I'm kind of sceptical to the AUD right now. The economy is in a dubious situation, employment and mortgages are not uplifting. But let's not worry about this right now!
This is a mean-reversion trade setup, with AUD bouncing for the edge of its range. Price action has been forming a wedge for a while now, so breakout might come in the next week or two,...
JPY is moving in a nice range for the last while, which means we're going to trade mean reversion. I've learned that RSI, Stochastic and other overbought/sold indicators are more useful for this than trend trading, so we'll rely heavily on them for this type of setup.
- JPY is right at the top of the trading range, being clearly rejected with fat bearish candle...
Past week was marked by the eventual breakdown of the EURUSD, which has been awaited for a couple of months now. For that particular pair, there is a long way down before next key level is found. That is good news for us, because we can hopefully rely on the trend continuing for a while now.
- The weighted EUR index shows a clear downtrend channel.
Setup: CAD had a good run and looses momentum at previous key levels. Way overbought on both RSI and Stoch. AUD looking pretty much other way - pulled down with NZD but looks to form a H&S on it's 60m chart. Currently sitting on previous key level and way oversold.
We're looking for a shorter move since it's basically an anti-trend trade. Enter now. Stop loss can...
Reposting my previous idea as I want all the chart to be posted. Hopefully works this time!
- Euro-average looks like it's going for the last wave in it's descending channel.
- CAD-average has been going from strength to strength and I expect it to push at least to the resistance at the top of the current channel
EURCAD as a whole shows hidden bearish...
A downward channel has formed in the previous 2 weeks, as shown in the chart. Currently we're sitting at the top of the channel with a nice long pinbar from friday's close - although it closed on green and not in red.
- Top of channel
- Pinbar on channel top-line test, firmly rejected
- Overbought on Stochastic, decent level on RSI.
DXY is also heavily...
As according to my previous analysis of this pair I think we've a pretty clear indication that this pair will face a downturn for the next 3-8 weeks. The ascending triangle on the daily strengthens this belief by coming to a point where we might see a break-out in the next 3-7 trading days.
So given we're facing a long way down, I'm currently looking for a nice...
- Ascending triangle pattern for the past few years.
- Sitting just below weekly resistance
- Bounced several times before
- RSI/Stochastic topped out
- Slight bearish divergence on both indicators
Conclusion: I expect some 100-200 pips down from here
AUD/USD turning after a rapid rise during the afternoon.
- Turn at resistance zone
- RSI and Stochastic topped out and turning
- Descending channel
Good risk return when putting stop above upper resistance zone boundary.