Both the RBA and the BOE have dovish and hawkish stances regarding monetary policy, and have hinted at the possibility of a rate cut and hike respectively, in the next 12 months. The daily chart is showing a technical setup, calling for a long position, with a stop loss at 1.9650, and a tentative target at the 2.0207 mark. There is a clear AB=CD geometry if we go...
I apologize for the disorganized appearance of this chart. The Red lines indicate times when the price reacted to the Fib Speed Resistance Arc. This blue line Represents a mirrored version of price action from mid 2004 to mid 2010. Due to its reactions to the fib levels in the recent past and the 10 year resistance level it is likely that GBPCAD does not have the...
Another Technical play in conjunction of Janet Yellen currently speaking about interest rates. It was a quick move as I write this b/c of Yellen and this is another pure technical based play. Anticipating upward momentum with a target of around 2.1180
Prices for GBPCHF fell sharply away from the 1.4483/1.4498 area pretty strongly, penetrating deep into the H1 demand zone. This signifies the end of that zone as it may not survive another move into the area. If this works out, it pays 3:1 at least with a 15-pip risk. Profit target also lines up with half the distance between the demand zone below and the supply...
GBP/CAD had a great fakeout last Thursday. The daily chart looked like it was breaking to the upside. The Canadian jobs report came in on Friday and smashed those dreams (and this is post a Ivey PMI that came in on fire @ 62.5). With oil holding steady, this is one of my high-conviction trades right now. I'm looking for the UK election gap to fill on this pair,...
Rally to 1.5815 completed wave W, and the pair has pulled back as expected per our 5/15/2015 post (see related ideas below). Wave X pullback is currently still in progress and expected to complete at 1.536 - 1.545. We don't like selling wave X pullback. From 1.536 - 1.545 area, the pair should see buyers for 3 waves higher at minimum to correct the decline from...
AUDGBP turned around dramatically at 0.50000 as there was obviously demand in that area. The question is, how strong is this zone? Is it strong enough to take another bout of supply? Will it rally again? The recent down trend has wiped out all intermediate demand and formed new supply areas to watch out for on the way up. If this works out, reward is anywhere...