We had a good entry at the start of the week. Now we are seeing price is finding support at the trendline but overall things are looking down on the technical side of things.
Here is what I think will happen :
Price is going to find resistance at the upper trendline and come down but most likely only going to start really moving down where we see the 2 trendlines...
EURJPY H4 - Little way for this to go until it finds support 123.500 needs to see a break (monthly support level) and then to actually find support for a possible reversal at 123.145, this is the area we would be scouting potential long positions.
USDWTI H4 - Monster RR on this one if we can find resistance on the support zone we have just broken... WTI is more impulsive than confirmative, so often very fast moves are seen without 2 stage or multiple retests. 618 to 786 ties in nicely with corrective fibs from week open down to current price (resistance retest point).
EURGBP H4 - We saw this bounce from support to resistance over the course of last week, market gapped down and then retest that 0.91 handle nicely. We covered this in the weekly watchlist video posted yesterday, strong GBP gains as we kicked off EUR and LON open!
USDCAD H4 - Another USD setup, this one is more so a bearish setup than a bullish, so converse to the above. USD setups will be largely influenced by how the markets react and settle to the debate as previous mentioned.
EURAUD H1 - This pair tried to bounce off support yesterday, but quickly round resistance at around 1:1.3, following protocol this would have been risk free. Still flirting between that 60 pip range, markets are fairly flat at the moment, looking for something to spice up today. Not masses on the economic calendar, but hopefully we can find something that moves...
CALL AND ATTENTION GIVEN TO ALL GROUP MEMBERS
1. 15 TF TREND LINE WAS RESPECTED
2. IT BROKE THE TL ON 4 TH ATTEMPT
3. CONFIRMATION WAS GIVEN AFTER BREAKING DAY LOW AND RSI CONFIRMATION
4. EASY 300 POINTS GRABBED ON PUT OPTION
AUDUSD H4 - This pair is well underway, arguably breaking above the monthly key level and previous resistance low. at 700 price. If we can keep gaining I feel we may reject 0.71 and pullback to 0.70688 to gear up for a break or the next zone upside. Trying to tie this is with DXY support/weakness.
USDJPY H4 - Arguable HS here, support has marginally be broken, but we are seeing rejections just below that price, fairly slow/tame markets at the moment, but I'm sure this will spice up as we move into the NA session with the labour data at 13:30.
USDJPY H4 - Since yesterdays analysis (technical rundown) UJ has kicked off nicely from that support zone we mentioned, multiple confluences. Previous support, monthly key level, weekly key level. Lets see how much mileage this pair hair, DXY trying to set hourly higher highs too.
EURAUD H1 - We have seen the first stage breakout unfold, just waiting for a bit of a clearer retest of the breakout price before considering a long position. Huge RR potential on this setup. Still arguably need to breakout above that previous LH at 1.64100, but lets see what happens with this counter/breakout trend.
EURJPY H4 - Looking for this pair to find support at current price on that 124.500 half number. Monthly key level, previous S/R and trendline test. Few confluences there, just need to hold off and see if we find support first with some maybe H1 reversal signs.
GBPUSD H4 - Cable broke above that key 1.30 psychological number last week, currently looking to retest and find support (previously resistance). If we find support and sit above 1.30, we would be looking for that bullish intervention to push cable higher once again.