Following the Wyckoff analysis previously shown we are in a corrective structure. Waiting for the mark down to continue. I did not post last week but the previous week we were looking for a test of the top of the structure. This has occurred and we are now again moving to the bottom of the structure. We are now coming to the thin end of the wedge and will start...
I am still expecting the USDCAD to correct to the confluence of some significant levels. However, I now think this may take the rest of the year to achieve this. Volumes remain low and will be watching for volume to return at the 50% retrace level of the AB leg of a potential ABCD pattern.
The NZDUSD is pushing the median line of the pitchfork last week but unable to break it. A break of the median line should result in a strong rally but a break below the lower trend line should se a correction back to the lower median line.
The BC leg of the larger ABCD correction is probably going to take some time longer to complete. We saw a correction to the 61.8% level of the up move before we reached the confluence of significant levels around 1.335. This week we could see a continuation of the up move. The 'TDI is showing bullish signs and the down move is not supported by volume.
We have been following the ABCD patterns the EURUSD has been making for some time (see below). We broke the Brexit key level and trend line formed by the previous down ABCD pattern. The 'TDI is overbought and we can expect some correction back to the previous structure before the final push to point E. Volume is showing increase on the move up and no demand at the...
With the Municipal elections over there seems to be some change in the air. The market seems to be defined by previous market structure and has reached the 61.8% retrace of the previous impulse. With the time running out for the downgrade to junk status for the Rand and a looming USD interest rate hike we may just see the end of the Rand's good run happening soon....
The USDZAR is showing some strength. I expected some correction last week that never materialised and the trend seems to be strong. Price is in an area that previously showed some structure and the expected correction could happen this week. The TDI indicates overbought conditions. There is volume support for the down move with increasing volume and spread and...
TDI yellow line cross over red line and yellow (MBL). Overall trend is bullish over ichi cloud. Price broke short term trend line. TP: 77.10 SL: 76.68
The Daily TDI for this pair appear to be reaching a bottom and preparing to reverse in a similar way to they did around the last big upswing. Conservative entry would be higher above the 1.12 area as this could provide some resistance. Further heavy resistance expected around 1.13 but above that not much until 1.16.
Buying EUR/JPY based on a weekly timeframe bullish movement accompanied by expanding TDI indicators after a cross. Monthly also looks good for an extended holding of EUR/JPY looking for 1000 - 1500 pips with a SL of 500 and a timeframe of 4 - 12 weeks.