USDJPY has just managed to withstand the DXY upside quite substantially and looks like it could continue to fall from this point. 106 was the original target, however I think 105.500 would be more suited due to the location of the fibonacci support zone.
Further downside is possible for this pair after resistance was identified. Furthermore, looking at the fibonacci resistance fan, the price has fallen out of it's main upside trend as highlighted in red and is falling through the different fan lines. Support may be found at the 107.00 region, however it will likely be stronger at the 106 / 105 levels.
Updates downside prediction for EURAUD after Mondays huge market volatility. What comes up must come down, back to the SMA's to reconfirm support as stage one, where we may see the price test the next fibonacci support level due to higher time frames weighing the retrace down.
Right then after a very volatile period due to coronavirus, it is time to move on as best as possible with unaffected pairs. Currently we have found a sell off available for CHFJPY, which does not seem to have the volatility issues presented currently through other main currency pairs.
A death cross is looking due on the daily charts, towards the fibonacci level...
1] Price has shown a massive surge of price action in a short period of time due to First CAD data and now
looks like is coming back up for a retest down to either the Horizontal support or the upward Trendline.
2] It also looks like price is losing momentum with smaller candles forming on the 4hour chart. (Please see 4hr Chart)
3] Price has reached a...
Eyeing up USDCAD for a potential SHORT position. if we can get a break of this ascending trend line then wait for a retest for confirmation, we could we a push to the downside toward the take profit levels marked out in blue.
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We previously sold this pair at 50SMA if you look through the analysis available on our profile; it looks like the downside is due to continue after ending last week with a hammer at the Fibonacci levels highlighted. April 2018 low is the overall target.
I review NVDA on larger time frames. There is a tremendous fight between the bulls and bears at a 23.6% retracement on the Daily time frame, with momentum heavily for the south. NVDA has suffered the worst fall in its history. It is still a bear market at least on the Daily and Weekly time frames.
Despite the GBP's surge on Friday following the reached agreement on migration between the EU and U.K the Pound still looks like it can print a new downside leg.
The Monthly candlestick closed below the key support region of 1.3250 and formed a hanging man candlestick which was mirrored on the Weekly timeframe also.
Here on the Daily timeframe, we can clearly...
Traders we have been watching EURUSD for a while as it struggles to break above its previous highs and is sitting within a weekly resistance zone. We are looking for a break below the daily lows for opportunities for a short position. Weekly chart suggests a weekly retracement could be playing out.
FOMC last week stated they expect to hike rates 1 more time this...