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.
HR News: Fri.
OBSERVATION: After last weeks breakout price is rising again as it seems that the market have digested last weeks news but it could just be for a retest, I have marked two possible retest zones. Will monitor this pair for a suitable entry.
There seems to be this possible XABCD pattern that will be occurring when the market hits the resistance level. This is a possible reason on why it may reverse at this level, it is due to the fact that the when formation hit A at that level, prices started to go underbelly aggressively so I am hoping for a move similar to that previous downtrend.
GBPUSD ranging between well tested support and resistance levels at 1.215 and 1.26.
Based on existing uncertainty surrounding Brexit, and fears of 'Trump Rally' reversal I hesitate to predict the trend going forward, but as 'Brexit' appears to be at least partially priced in, I'm more comfortable buying below support, with a tight SL, and TP at 1.26. This...
There seems to be a possible double bottom formation occurring around the 5.35 area.
The first V sectioned of the market shows a reversal upwards and the next V section shows even more upward momentum.
I'm hopefully waiting for it to hit the 5.35 area so I can buy it and go long and I will take another trade straight after the first one takes profit cause of...
USDJPY – 19/03/2017
The value of trading trend channels is that the trader can trade short term, or look for a breaking of the trend line. Be wary of intraday breaks and fakeouts.
Point 3 the trendline was violated on an intraday basis but then closed in the direction of the original trend.
The RSI is also supporting this analysis of a bounce.
Price jut completed an ABCD pattern and is showing a retrace from the D extension which coincides with a monthly support zone of 118.00. I am anticipating price to get up to 120.00 zone which is in line with the fib i have place from the most recent lower high and 'Roof' of my EMA. The confluences are amazing on this pair!
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.
As we saw trumps victory caused huge volatility yesterday , however we are still looking for a target zone of around the 1.23000 area possibly even lower. Im still very bullish on this pair as Im expecting a huge rebound to the upside once we are in the 1.23000 zone. but for now small short position. 100 pips or so.