TWO SCENARIOS. PRICE IS BACK DOWN AT SUPPORT WHERE IT HAS BEEN REJECTED A NUMBER OF TIMES. PRICE COULD BE CAPPED AND IT COULD POSSIBLY GET REJECTED AGAIN AT THIS LEVEL. ALSO ON THE DAILY PRICE HAS APPROACHED THE 200SMA WHICH COULD ACT AS A DYNAMIC SUPPORT. ON THE FLIP SIDE I WILL LOOK TO SELL IF PRICE BREAKS THIS MAJOR SUPPORT BARRIER WHICH IS ALSO THE SUPPORT OF...
basic textbook setup. price has retraced into a key resistance level which also has 2 fibs lined up with it aswell (38.2% and 61.8%). double top has now formed and price has bounce off the Resistance forming a pin bar/inverted hammer. Target at the neckline of double top.
PRICE IS STRUGGLING AT AN IMPORTANT STRUCTURE WHICH HAS ALSO FORMED A SMALL DOUBLE TOP. PRICE ACTION IS SHOWING THAT SELLERS ARE PROTECTING THIS LEVEL. THIS IS LOOKING LIKE A GOOD OPPORTUNITY TO GO SHORT IN LINE WITH THE DOWNTREND. IF PRICE MANAGES TO BREAK THE STRUCTURE LEVEL THEN THE NEXT LEVEL TO LOOK TO SELL IS AT THE 200 SMA WHICH HAS BEEN ACTING AS A DYNAMIC...
LOCKED IN PROFITS AND MY NEXT TARGET IS AT THE PSYCHOLOGICAL LEVEL AT .1.00000 RBA GOV STEVENS SAID RATE CUT IS POSSIBLE AND THAT THERE IS A 'VERY' GOOD CHANCE AUSSIE IS LIKELY TO CONTINUE FALLING. THIS IS A VERY DOVISH COMMENT AND I BELIEVE THIS WILL WEIGH ON AUD THROUGH OUT THE REST OF THE WEEK. ANY RALLIES WILL PRODUCE A OPPORTUNITY TO SELL AT A BETTER PRICE....
DAX IN A NICE UPTREND BUT WE'VE RECENTLY STALLED CAUSING THE DAX TO CONSOLIDATE FOR ABOUT A WEEK. WE'VE MANAGED TO BREAK OUT OF THIS CONSOLIDATION CAUSING THE TREND TO CONTINUE. PRICE IS NOW PULLING BACK TO A LEVEL WHERE THERE'S GOING TO BE BUYING INTEREST. TARGET AT 12500 WITH STOPS AT 11974
LOTS OF UNCERTAINTY WITH GBP BECAUSE OF THE ELECTION WHICH IS CAUSING THE POUND TO DEPRECIATE. PRICE BROKE OUT OF THE RANGE LAST WEEK AND IT IS NOW LOOKING TO RETEST THE RANGE LEVEL (SUPPORT TURNED RESISTANCE). THIS IS A TEXTBOOK TREND CONTINUATION PATTERN (BREAK,RETEST,CONTINUATION) IF PRICE MANHES TO RETRACE BACK UP TO MY SELL ZONE I ALSO HAVE 2 FIB CONFLUENCES...
BREAK RETEST CONTINUATION PATTERN. PRICE BROKE OUT OF SUPPORT WHICH HAS NOW TURNED INTO RESISTANCE. PRICE HAD TESTED THE RESISTANCE THEN BOUNCED OFF FORMING A INVERTED HAMMER. THIS LEVEL IS ALSO IN CONFLUENCE WITH THE 0.5 FIB LEVEL AND 20 SMA IS WHICH ACTING AS A DYNAMIC RESISTANCE
ANOTHER TEXTBOOK SETUP ON USDCAD. PRICE HAS BEEN STUCK IN THIS RANGE SINCE THE END OF JANURARY. A FLAG PATTERN HAS BEEN FORMED AND THE LONGER THE MARKET IS STUCK IN A RANGE/CONSOLIDATES THE BIGGER THE BREAK OUT. USDCAD HAS FAILED TO BREAK SUPPORT OF THE RANGE WHICH IS ALSO A MAJOR PHYSIOLOGICAL LEVEL (1.24000). THE MARKET IS CLEARLY CAPPED AT THIS LEVEL BECAUSE...
IM ALREADY SHORT IN THIS PAIR BUT IF PRICE RETRACES AND TAKES ME OUT OF THE TRADE THEN THE NEXT LEVEL I'D LOOK TO SELL IS AT MY CLUSTER ZONE/SELL ZONE. IVE GOT LOADS OF CONFLUENCES AT THIS LEVEL WHICH ARE THE 0.5 AND 61.8 FIB, SUPPORT TURNED RESISTANCE STRUCTURE LEVEL, MAJOR TRENDLINE, DYNAMIC RESISTANCE (50 MA) AND A NICE PSYCHOLOGICAL ROUND NUMBER (1.03000)....
MARKET WAS PRICING IN A 80% CHANCE AUD WILL CUT RATES TODAY BUT RBA DECIDED TO LEAVE RATES UNCHANGED WHICH SHOCKED THE MARKET CAUSING AUD TO RALLY. RBA SEES FURTHER EASING MAY BE APPROPRIATE IN PERIOD AHEAD AND THEY ALSO STATED AUD NEEDS TO BE LOWER TO ACHIEVE BALANCED GROWTH. THIS MAKES AUD A BETTER PRICE TO GET IN AND SELL IT RIGHT BACK DOWN TO SUPPORT.
textbook setup. Price has failed to break the 1.10 psychological barrier several times so this could be a nice level to go short with a nice 1:3 risk to reward. if price does manage to break out of this barrier then next resistance to look to get short is at 1.11294 which is also in confluence with the 61.8 fib level.
PRICE HAS JUST MADE A HIGHER LOW WHICH LOOKS LIKE A GOOD OPPORTUNITY TO GET IN WITH THE UPTREND. THIS COULD BE A GOOD CHANCE TO GET IN BEFORE THE RBA STATEMENT ON TUESDAY. THEIR IS A VERY GOOD CHANCE THE RESERVE BANK OF AUSTRALIA (RBA) WILL CUT RATES WHICH WILL SIGNIFICANTLY WEAKEN THE AUSTRALIAN DOLLAR WHICH WILL CAUSE THIS PAIR TO APPRECIATE. THE REASON WHY IM...
SWEDISH KRONA (SEK) is very weak fundamentally and there's absolutely no reason to be selling this currency which is the reason why we've got this nice on going uptrend against the U.S dollar. Price pulled back to previous resistance turned support. It bounced off this level forming a morning star which is also in confluence with the 50 SMA and a physiological...
LOTS OF SELLING PRESSURE ON THE DOLLAR AT THE MOMENT BECAUSE YELLEN WAS QUITE DOVISH IN HER SPEECH CAUSING THE MARKET TO PUSH BACK BETS ON WHEN THE NEXT RATE HIKE IS GOING TO TAKE PLACE. THE FED SAID THEY ARE PAYING CLOSE ATTENTION TO INFLATION AS THEY WANT IT UP TO THE 2% MARK. THE MARKET WILL BE VERY SENSITIVE TO INFLATION DATA IN THE COMING MONTHS. IF CORE CPI...
NZD GAINING MORE STRENGTH IN THESE LAST COUPLE OF WEEKS WHILE CHF IS COMPLETELY THE OPPOSITE. SNB (SWISS NATIONAL BANK) STATED THAT CHF IS OVERVALUED SO IF CHF DOES SOMEHOW GAIN STRENGTH THEN THE SNB WILL INTERVENE AND SELL THEIR OWN CURRENCY. NZDCHF IS IN A NICE UPTREND MAKE HIGHGER HIGHS AND HIGHER LOWS. WE HAD A RETEST OF THAT SMALL RESISTANCE TURNED SUPPORT...
PRICE AT AN IMPORTANT KEY LEVEL AND JUST BOUNCED OFF THE RESISTANCE TURNED SUPPORT FORMING A DOUBLE BOTTOM. ALSO THIS KEY LEVEL IS IN CONFLUENCE WITH THE 0.5 FIB LEVEL. GBP AVERAGE HOURLY EARNINGS IS EXPECTED TO COME OUT BETTER AT 2.2% AND THE REASON WHY THIS IS IMPORTANT IS BECAUSE THE BOE (BANK OF ENGLAND) SAID THEY'LL BE MONITORING HOURLY EARNINGS DATA. IF...
TEXTBOOK SETUP. GOT NICE CONFLUENCES ON THIS SETUP, PRICE BOUNCING OFF PREVIOUS RESISTANCE TURNED SUPPORT, TRENDLINE AND ALSO BOUNCING OFF THE 0.5 FIB LEVEL. TARGET 1 AT THE SWING HIGH WHICH HAPPENED AT THE END OF FEBRUARY AND SECOND TARGET AT THE NEXT SWING HIGH WHICH WAS IN DECEMBER LAST YEAR.
WE REMAIN BEARISH ON AUDUSD AS I BELIEVE DOLLAR WILL GAIN MORE STRENGTH AS INVESTORS/TRADERS ANTICIPATE YELLEN DROPPOING THE PHRASE 'PATIENCE' IN NEXT WEEKS FOMC MEETING WHICH WILL SEND THE DOLLAR SOARING BECAUSE THAT IS A INDICATION THE FED ARE GETTING CLOSER TO RAISING RATES. AUDUSD IS RALLYING BACK UP TO SOME PREVIOUS STRUCTURE LEVEL WHICH IS ALSO IN...