$ETH has put in a great set-up.
We are currently sitting around $207
Price has pulled into an area of structural support, through a harmonic AB=CD move.
At this area of structure, we get the 127.2 Fibonacci confluence.
For me, a key indicator to go long here, is a the addition of a double bottom coupled with bullish divergence on RSI (7).
This suggests that...
Exemplarily, the S&P500 rebounded on its 61.8% Fibo-Retracement. Also there was the correctional high of October.
If the S&P500 can´t close above 2.820 points, it is in a short-term downtrend. The next first target would be at about 2.610 points.
If the bulls still do not take the scepter, it can slip one more level to 2.480 points.
If we see the year-end...
This 1W chart of WTI Crude Oil gives a great example of many confluences of support.
- Hitting trend line support
- Hitting 0.382 fib from Feb 2016 low
- Hitting 0.5 fib from June 2017 low
- Horizontal resistance possibly turning into support
- 100 MA support
- 1D RSI of 20, signalling oversold after 23% drop in 27 days
Sentiment in this 27 days has flipped...
Have a nice elliot wave triangle set up, to confirm that WE MAY be heading down to the downside, Daily has created a strong bearish engulfing candle. I have marked off three areas as to why I expect to head
I also am expecting price to rise a little more higher, so have to remain discipline and patient and await for a good entry
A nice move of 100+ Pips could be...
SEE PICS BELOW!
- price currently in a donwtrend
- this weeks weekly candle closed below previous lower low
- nice rejection from the monthly key level
- price in a downtrend (confluence with weekly chart)
- price broken through level 1.13668 with two strong bearish...
SEE PICS BELOW!
- short term pullback (overall trend is a downtrend)
- price currently consolidating between monthly and daily levels (red and black lines)
- daily candle closed with a rejection candle
- daily close candle has been rejection from 50% fib level
- price has been rejected from a key level of 129.713 which has been tested as S/R multiple...
Looks to me that the GBPJPY will struggle around the resistance heavily as it has tested it multiple times already and hasn't broken through in the past. Who knows though maybe it will, you can never know? However more likely a sell looks more like a viable option, dropping heavily all the way to the 61.8% on the Fibonnaci which is a key support zone also. On the...
Cable seems to be stalling around the 1.3035 level where we have confluences of the 200 MA on H4 along with the 61.8 fibonacci level and the daily resistance just above at 1.3050 all acting as dynamic resistance and illustrating that price is struggling to take this area out.
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.
If structure holds this pair should bounce back from its bullish trend line since the start of last month, and with added confluence of the 61.8 fibonacci level, we should have seen the end of this downwards correction. The bearish momentum of USD/CAD has been overturned since coming out the daily parallel channel and subsequently this pair has been forming higher...
Published 01/11 - RISK ON TRADE
IF risk on sentiment returns to the market (even in the short term), JPY will continue to weaken across the board as USDJPY will push higher towards 114.50 resistance. USDJPY bulls defended the 112 handle as USTs found resistance and equities have bounced for now.
Also, new positive brexit commentary is out today, with Raab, the...
This pair has entered the consolidation zone once again after failing to match the previous high. The head and shoulders pattern is 95% complete as price is looking to retest the neckline once again and a break of this would be further confirmation that USD/JPY would melt taking out the monthly support and beyond. On the daily timeframe the recent bullish move...
With ongoing weak sentiment for GBP breaking below 1.29 GBPUSD as a result of break down in Brexit negotiations, technicals breaking key levels to the downside helping to push this market lower.
On the CAD side the BOC hiked rates today 25bps to 1.75% from 1.5% as expected, but also featured hawkish comments in the statement saying "bringing rates to neutral" and...
With the Brexit uncertainty once again beginning to haunt the GBP this morning, it may well be worth taking a chance with a long of EUR/GBP.
Daily chart shows a perfect pick up opportunity on the 78.6 Fibonacci level at 8723, the market low on 10th October 2018.
Previous support levels now plot a predictable band of resistance around the 8850/8865 area....