Our outlook for EURUSD in the bigger picture is cautiously bearish. The pair seems to have traced or is tracing out what seems to be a large A-B-C pattern with the final leg of wave C still unfolding as shown above. However we are attentive to the clear bullish divergence on Weekly MACD as shown in chart above (red lines).
Price has pulled back from All-Time Highs to test the 38.2% Fibonacci level, almost to the pip.
With price closing right at resistance, a breakout is imminent.
If price breaks out higher, I will be looking to get long on a successful retest of the breakout area.
Previously, we anticipated this pair as bullish towards 0.7550 area. Price did hit the 0.7600+. The current movement suggests that AUDUSD is correcting and may or may not revisit 0.7450 before bulls reign once again.
Happy trading everyone!
Price has generally been consolidating and recently broke out to new highs, before falling back into the range.
Support around the $54.60 - $55 dollar range is holding. This area looks reasonably strong, and has confluence with the 61.8% Fibonacci level.
With an inside bar forming at support, a breakout trade is on the cards.
As we are still in an uptrend, I am...
Following an 80 pip gap up, today's session has closed as a very strong bullish candle.
The DAX has been consolidating all year, with no direction. Today's candle is finally suggestive of bullish momentum building.
I am now looking to take a swing long position, targeting the All-Time Highs at 12390s.
Intraday I am firmly biased to the long side, and will look to...
Following the Trump press conference the recent breakout higher has failed to hold above resistance.
Price completely retraced and broke through support, starting a new bearish phase on the hourly timeframe.
I am watching for another opportunity to short this index on a pullback. Former support at 11560s has confluence with the 38.2% Fibonacci level.
IF the new...
A huge bullish candle on 4H suggests strength in this market.
The small bearish candle is probably profit taking and consolidation. If price should break above this candle I will be taking a long position and targeting the top of the range around the $57.40 area.
A more conservative target is the $56 level which has confluence with the 61.8% Fibonacci level.
Price is consolidating between some significant Fibonacci support
There is a double bottom on the hourly chart and I will be looking to take advantage of any bullish trends developing
An ideal scenario would be a false break of support to test the trendline.
Decent RR ~2:1
Price has slowed/paused at an interesting level of resistance. I am not advocating shorts just yet, but I will be watching price action carefully in anticipation.
If the pullback is significant enough we could see the 10800s again, but there would need to be a fundamental catalyst to kick things off.