A slight pull back to 108.6 area will give a potential:
rejection of previous lower time frame descending trend
rejection of higher timeframe support/resistance.
Good R/R comes from targeting previous strong higher timeframe support/resistance
Just like myprevious EUR/JPY set-up I'm short & I'm anticipating EUR/JPY to decline 18 pips with a risk to reward of 2:1 .
Reason being is because we are still bearshish with a lot of seller in the market, intraday S&R and strong
highs lows, lower lows plus, decending Triangle formantion which will most likely break to the downside & many more.
Lets see how...
Quick look at the setup on Gold which trades under ticker XAUUSD, the pair are trading at the top end of its upward sloping channel with a range of 1430 at the top and 1400 to towards the bottom. The pair yesterday spiked to the top of the channel on Ray Dalios latest macro outlook suggesting the market should be buying gold long term.
Predicting a short movement on AUDNZD.
This is a more long term trade with a larger R/R. The 382 fib was respected well from the 24th of June 19 and the 5th of July 19 and I normally like to trade off the second touch of it as I believe it holds some weight.
NZD was not strong enough to push past the red zone highlighted on the last occasion, however news from...
As you can see from my chart I'm anticipating #USDUSD to decline 32 pips to 1.3004 with a risk to reward of 2:1 .
Reason being is because we are still bearshish with a lot of seller in the market, intraday S&R has been broken & many more key factors.
Lets see how this trade plays out!
Good morning traders,
After last nights confirmatory words from US central bank chair Powell that they will be looking to cut interest rates (as the market expected) we had a bout of USD weakness which we were able to take advantage of for our team in longs on GBPUSD, EURUSD and short USDJPY clocking up over 200 pips on those three trades alone. We are now...
Smashing the trades out today with G20 out of the way and the start of a new month there is some great setups lining up. Euro versus British Pound being one of those with a bearish divergence forming on RSI. As you can see in our trading view chart RSI has been forming lower highs at the same time as price action was forming higher highs. This...
Looking at fibonacci supports on New Zealand dollar versus US dollar after a perfect wave pattern formed and pulled back to fibonacci support around 0.6672. The pair have broken below and look set to make a move lower towards low 0.66. Our trading view chart is hopefully self explanatory.
Additionally we had the Australian central bank cut...
British Pound versus US dollar looks set for a break lower to low to mid 1.25s over the next week. The just announced PMI data coming in below expectations and a hardening of stance from Jeremy Hunt on EU trade deal where he suggested he may withhold some of the £38 billion funds that the EU is looking for is bearish for British Pound. The...
Today we are taking a look at Aussie Dollar versus US dollar which is finding substantial selling at resistance levels just short of 0.6970. The pair appear to be at the latest lower high of its lower highs, lower low patterns and looks set to turn lower back towards mid 0.68.
The touching of resistance levels is being met at the same time as...
Monday afternoon and we are looking at the 130 pip run up in Euro versus Japanese Yen since early morning Friday taking this pair up to resistance around 122.4 area where the pair are running out of steam and turning over on stochastic indicators.
Our trading view chart highlights the relevant support and resistance levels for this pair which...