ONT touched the support at the lower band of its bullish channel and which got rejected. We might see further consolidation above 620-630 SATs.
Key resistance levels are 670-680 at the intersection with the long term bearish trend line, if it breaks above that, 750-770 will be next targets.
Strategy: Long at 620-630
Target Price: 670-720-770
AUDUSD broke above its multi-month trendline yesterday and closed above on a much larger than expected trade surplus and also Chinese gov report they will support the economy with aggressive stimulus in a "do what ever it takes" approach. This positive news comes at a time when Asia Pac FX is extremely bearish and oversold without much in the way of relief.
Triangle formation building with a flat top and higher lows. This from the Daily trendline. Area of resistance 1.2360 which would need to be broken if this market moves higher. If 1.2360 is broken that would be the bullish sign to look for intraday long set ups.
If the daily trendline is broken & also the 1.2280 level is broken too that would be bearish signal...
GBPUSD - 1.40 handle was key price for this market acting as strong resistance Teus, Wed & Fri. Above 1.40 is the is the descending line of the triangle which could provide resistance, lining up also with 1.4050 adding to the resistance. A break through would be more bullish & could generate intraday long set ups and potentially test of Feb16 high (1.4150). Before...
Looking at USDJPY on the 4h timeframe we can see a clear trendline bounce with 2 confirmation candles. Low RSI shows a clear oversold making the trendline hard to break. Adding to the support there is the pivot point just on the trendline. Targets towards the top trendline but being cautious of the MA zone that is on the P pivot point acting as resistance.
Currently waiting to get filled on a bearish USDJPY Bar pattern on the 4 hour chart. This is a counter trend pattern so please be sure to follow your specific rules. The C to D leg did spike up towards the X completion before retracting, but didn't break below the C leg so it is still valid for me. 113% inversion stop loss and looking for 2 targets.
Small and a bit messy, but an at market Cypher pattern on GBPUSD 4H. Managed to get entered slightly below the X completion (just a matter of ID after it had completed). However, without pressing below X this pattern is still valid. Looking for a press upwards to Target 1 & Target 2. Using a 113% stop loss, and good Risk Reward.
Reversal may happen but because marlkets are bullish the low of the week may be touched on the start of the week so maybe down for now and then start buying later. Alot of recent accumulation shown at101 level because of smart money so current buyers might get trapped.
FX:GBPCAD is touching the 50 EMA with a slight green doji appearing showing the end of the minimal downtrend. The stoch is showing oversold and will touch the highs of the 1.74 level again that it was struggling to touch before.