Analysis. Overall momentum is still bullish but we have seen price begin to decelerate off the monthly resistance zone. Formed a double top and if we break daily higher low and form a continuation pattern on the lower time-frame we can expect price to continue to downside as directed.
Potential longs in play. The extended bearish move was very sluggish towards end indicative of a sign of reversal. We had a nice breakout of this channel and have since been trying to create higher highs and higher lows. As Dollar strength seems to be expected technically we should see a oush to the upside too via this pair. Let the trade develop.
DXY analysis - 17/01/21
From recent price action we bounced from monthly/weekly support and now have begand to create higher highs/higher lows. Overall momentum is still bearish but current momentum is bullish. We can potentially expect dollar strength this week.
Possible play for longs.
We had a nice push to the upside and since have been correcting. If we see an nice valid break/retest of the last 2H lower high we will see price push back to the highs and possibly beyond.
We can still expect price to correct further before the upside move - this will just add to the premium of the trade.
Price has been moving to the upside and has since been correcting. If we create short term higher highs as directed , I will take buys to the tops as directed. Sells will only be considered if a daily break is observed and then a valid continuation pattern.
After a heavy fall last week off the reversal predicted we can expect a form of pullback to confirm further downside. I will keep this on my watchlist and try to capitalise on another fall given the opportunity.
Gold is forming a reversal pattern and showing considerable signs of deceleration. If we break the 4H support and form a continuation pattern on the lower timeframes we can expect price to test the broken structural prior resistance which is yet to be tested. Price can continue moving to the daily resisrance/weekly resitance until we see further rejection...
Price formed a nice bearish flag, and now is breaking and retesting the 4H support. We can expect price to come down to the area marked with TP1 being the area of interest to see if price will continue down.
CADJPY - Price had a nice doji candle formation on the weekly descending trendline on the weekly timeframe. Since this formaition price is showing bearish structure.
On the daily timeframe we had a nice impulsive push to the downside and since then we are reliefing. If price is to make short-term lower-lows we can expect price to move another leg to the downside...
USDCHF - Price is clearly in a descending structure but showing signs of reversal. If we start pulling back we can look to take it back down.
If we break last significant lower high on the daily we can expect price to continue to the upside short term as directed.
Both trades are of moderate/high risk given its risk parameters.
31/12/20 - Current momentum is clearly bearish but it is sitting at/near weekly and monthly support hence sells will be considered short term of moderate/high risk.
Buys should only be considered once price breaches weekly resistance with strong momentum. Then we wait for a nice continuation pattern to confirm further upside.
Have a great new years!
Price is expected to relief and we can expect exhaustion before another push up. Price is at/near monthly resistance so buys are short term of higher risk.
Shorts can only be taken if we have a daily break as directed and a nice valid continuation pattern.
Have a great New years everyone!
XRP has fallen significantly since the fear and dispute between SEC and Ripple. Technically , with every impulse comes retracement. Until any further clarity is provided , it is still very much a grey area and we can expect price to retrace to the level directed before taking another fall.
Lets see how this develops.