EURCAD has recently broken through a thick cloud and now seems to be gaining bearish momentum.
Conversion line is below the base line with price still quite tight to the conversion line.
SL - 1.46629
TP - 1.45592
The daily chart shows price in a descending channel with Ichimoku showing bearish signals as the future cloud is a bearish cloud and price is below the cloud which indicates a strong bearish trend in price.
Chikou Span is also below price which gives us a confirmation that the we should be sell USDCHF.
The 200EMA is above price which is another indication that...
As you can see we are in a downtrend but also part of a channel, we can see key areas where price has respected this channel and either gone short or long.
As you can see at the moment we are at the support area on the channel and i expect to see this go long to the marked out area.
The fib channels also show certain levels in the channel where I wang price to...
So just when you think everything is golden, maybe it's not!
From a recent high of 1326, we're now at key support levels if this latest Gold run is going to continue. 1303 is first up but if that's breached then it's 1295. If we go through here, which is imo a significant support level, then 1281 may not be far behind.
That said as always, much depends on...
A surprise in Australis housing permits of -8.4% as oppose to the forecasted +1.8% has left the AUD relatively weak. A break and close above 1.8104 for GBPAUD would warrant a buy, assuming no negative news added to the Brexit situation. Will update with targets and stop loss accordingly.
FTSE lacking momentum one way or another
Technically we can see that the FTSE 100 remains negatively biased. The (orange) Chikou Span is well below the price line and has yet to define any significant support or resistance levels, which may not help if any further negative Brexit or other political concerns rear their ugly heads. That said a flattening Kijun Sen...
Gold finally showing direction, but will it last...
So last week I suggested gold was treading water looking for direction. Well a mighty push up of $22 on Friday seems to have confirmed it has found a positive direction, but will it continue?
On a technical basis there are issues as can be seen from the notes on the chart above. On a fundamental basis there...
Although the DXY has weakened from recent highs touching 97.7, the longterm trend is still positive. That said I'm not expecting a significant push through towards 98 and higher, more likely a drift down toward 95. There is support at this level, but if that doesn't hold we could be looking at 94. Let's see what happens with Trump and Xi to get a better idea on direction
Descending triangle portraying lower highs and support is being tested multiple times @0.75173, meaning when support level is broken, a breakout may occur. Although there was a previous false breakout where support was broken and price retraced back up. If price does break again a SELL STOP trigger line is set @0.74374 for confirmation of downtrend.
Yellow = Buy zone
Green = Sell Targets
Red = Stop Loss
Tweezer bottoms (Green Box) - Reversal pattern
Falling wedge - Reversal pattern
Stochastic RSI low. Bull Cross
RVI - Need to break resistance to confirm continued momentum upward.
Smaller timeframes are overbought which should pull the price back within to buy range before continued upward action.
All indicators turned bullish one after another:
- TK crossover: 20th of Dec
- Kumo twist, price breaking into kumo: 25th of Dec
- Kumo breakout: 29th of Dec
- Chikou Span above price and cloud: 6th of Jan
6th of Jan marked a great long entry with all signs bullish. Price was 0.05874 then and currently it is 0.10946.
Ichimoku Kinko Hyo:
-Tenkan Sen just crossed Kijun Sen.
-Kumo Cloud is still Bullish
There are just 2 conditions left to see BTCUSD moving upwards (to a new ATH?): Chikou above the price 26 periods ago and the current price breaking up the cloud.
Wait for all these conditions to be met and we have a high probability of BTCUSD recovering from this correction.
Good morning traders,
Today I've been ask for this analysis, which I think is really interesting, because it presents the end of an outside return (maybe), and also a wall as support ( >> Kijun), but let's start form a Weekly chart so you can understand why I'm talking about the "end of an outside return".
>> Weekly Chart << ...