This is an interesting pair. After making a clear trend higher on the daily chart, price has not yet been able to breakout of the recent consolidation and form new higher highs to continue the trend.
As the attached 4 hour chart shows; there are clear range support and resistance levels in play.
Aggressive traders could look to make range trades from both of...
USD & CAD are suffering bad data outputs and lack of demand for oil.
We could see this market testing the bottom of the short term range around the 1.315 zone looking for direction.
Further drop in manufacturing data could see further downside.
HAVE WE REACHED THE SUPPORT AREA FOR A SHORT TERM PULL BACK TO THE 0.905 ZONE ?
POLITICAL ACTIVITIES AND BOE HAWK TURNING DOVISH COULD PULL THE EURO UP BUT WE STILL SEE THIS MARKET BEARISH ON THE MEDIUM TERM TO THE BOTTOM OF THE RANGE AROUND 0.85 ZONE
RSI AND RESISTANCE LEVEL SHOWING POTENTIAL FOR GBP TO REVERSE TO THE BASE OF THE CHANNEL AROUND 1.82 ZONE.
WITH ALL THE POLITICS SWAYING THE PRICE ACTION IN GBP IT IS MOST LIKELY GOING TO BE A STEADY DECLINE OVER THE NEXT 7-8 WEEKS IN LINE WITH PREVIOUS WEEKLY CYCLES.
EURCHF is bouncing from the lower end of a large range.
Price action has remained above the large support band between 1.1106 to 1.1200 on the weekly chart. The bullish hammer candle that was posted on the week ending 7th June 2019 suggests that buyers could return in the short term.
The daily chart...
EU has been in downtrend for the past 12 months and has created a falling wedge on the weekly indicating that bulls are getting stronger. Bulls have found some support at 1.1110 which was last tested in May 2017. staying on the weekly there is a 60 pip demand zone between 1.1110-1.1170 which we have dipped into 4 times since April 22nd, each time bull have...
Breakout of the range this pair was trapped in since October and price retraced to the 61.8 to retest 1.15 psychological level and should bounce back to the upside.This zone holding as support and price action currently consolidating on the lower timeframe, implying a potential bullish impulsive move. Clean charts giving importance to pure price action and market...
Current structure tells us this pair is trading a range and hasn't shown signs of an upside break as the previous daily candlestick formed as a pinbar. Multiple rejections of this supply zone on the H4 timeframe indicates that price will retest the levels of around 1.1630 or even lower before possibly going higher and breaking this structure in the near future...
Tripe top on H1 if current candlestick closes bearish
Head and shoulders on H4/D1 where price is currently retesting the neckline
31.8 fib correction complete and confluence with my daily support now resistance of 1.7933
Bear market since mid October
Target 90 pips with 45 pips stop (1:2 risk/reward)
- Major daily support level of 1.1530 holding up as we can see several candlestick rejections on the H1 timeframe
- Bullish divergence on the H1 using both stochastics or RSI which paint the same story of unsustainable price decline
- EUR/USD seems to be ranging just above this key level before it decides to break 1.1620 and aim higher
- 60 pips target with 35 pips stop
First published idea here guys so any feed back or additional analysis on this trade is very welcome!
USD/JPY has been ranging in the 144.535 to 107.362 boundaries. It has now come to the bottom of this range with the stochastic's in the over sold area with near enough three support hits previously, this is a strong support. Retail trader data shows 76.5% of...
AUDUSD is currently trading in a defined range that has been in play of a while. Price is approaching the the support line of the ranging market as well as the 50 day and 200 day moving average . Stochastic RSI is also in oversold territory. Wait for price to move lower towards the 50 day and 200 day moving average and buy on the bounce. Profit target should be...
EURGBP is currently range bound. i am Awaiting a break out either side of range on the 2 hour to initiate either buy or sell trade.
Downside targets would be a test of lower trend line around 0.826-0.82500 area
Upside targets at 0.85000