EURGBP M30 - Saw a break and retest of this pennant last week, but this was quite late during the week and markets then closed, and also failed to set new highs beyond the breakout high. I'm neither bullish or bearish on this until we hear more from the vote later on today. This will then set the tone going forward for the GBP markets and to a degree the EUR markets
EURUSD H4 - We have broken downside of the channel, but yet to have set lower lows, just waiting to see this lower low confirmation, then a pullback to optimise entries. Eying up possible shorts from around 1.18 hopefully.
USDCAD H4 - Slow markets like I mentioned in the video rundown, typical Monday, USD bear setup here on UC. New lows being set is required, nice break and retest already seen, CAD was an out performer last week, and USD was weak, trying to established whether this is a continued theme into this week too.
GBPUSD H4 - Nice strong GBP rally for the last few weeks, performed excellently, saw a bit of exhaustion towards the latter part of last week as we failed to set highs, that being said, we haven't set new lows, so we are technically range bound until we see a breakout. Generally would like to catch an opportunity to buy from support and hopefully break new highs...
AUDCAD H4 - As we mentioned on the EA analysis, AUD seeing corrections, pulling back to our S/R zone and ascending trendline support. Would be good to see another bounce from here and another wave upside setting new highs.
USDWTI H4 - Really want to pulldown to this support retest zone, we pulled down to 40.10, but think ideally 40.80 is optimal entry, seen an existing pullback in the last 15 minutes of circa 30 points. But don't want to jump in prematurely, patience pays, patience always stops FOMO fuelled losses!
GBPAUD H4 - Broke the interim S/R zones as we kicked of this weeks trading, rejection the major resistance at 1.80800 and have since seen an aggressive selloff, mentioned in the rundown video we would like to try and catch bid at 1.79800, relatively tight stops and great take profit extension. Potential 7.6RR.
USDWTI H4 - Plenty of time left on the H4, still an hour to go, but a break would be nice, we have been ranging far too long on WTI and some other pairs. Sideways markets are horrible. A break of $41.00, retest and then break of $41.50 should clear some space. Wishful thinking though, given the fact we have been moving sideways for over 5 weeks
CADCHF H4 - We monitored this yesterday and were looking for the retest, the rejection on the H4 candle started off nicely, but with just a couple of minutes left it's wicked up a fair bit, not to confirmation we are after, but lets just sit and wait for a little more clear rejection, possibly dig into the lower timeframe.
NZDUSD H1 - NFP later on today, so this may well cause a disturbance to ***USD pairs and USD*** pairs ahead of the data event. I'm personally inclined to just sit out of markets until NFP. Grab a scalp and wrap the week up and prepare for the next.
This pair is currently pushing up towards an area I consider to be a Daily Resistance Zone (Green). This is a level that has been tested multiple times by this market in the past and is a level that will possibly cause a nice drop out of this market. Because of that, I will be looking in this area for possible short/selling opportunities.
Happy Sunday Traders! Let's get started with this week's report.
This pair is pushing down towards the Monthly Support Zone (Brown Area) that has been tested multiple times. This level of support is likely to provide some type of bounce out of this market. Because of that, this is an area that I will be looking at for possible long opportunities throughout...
USDWTI H1 - Ultimately long bias on WTI for obviously and explained reasons over the last few weeks. Pulling back to this trendline support so we could see a bounce here to break the higher timeframe resistance. More noteable support zone at 31.30, so in the case we pullback this far, it could be wise to load up on positions.
This analysis was mainly based on the Wyckoff Theory and price actions, i've notced over the few weeks that the market has taken out alot of buy orders in need to make the next trend. Question is what will happen next ?
Continued downward momentum from 1.6231 resulted in the pair posting net daily losses yesterday.
Selling posted in Asia.
Previous support located at 1.6025.
Levels close to the 50% pullback level of 1.6327 found sellers.
A bearish Head and Shoulders is forming.
Trend line support is located at 1.6017.
The formation has a measured move target of...