Due to the chaos caused in the markets this week by the Reddit group/Gamestop stock buying there have been big unexpected moves that have ruined some ideas on here. The markets have started calming now so expect some retraces.
This is very much over bought, RSI is at 77 so expect a pullback soon. I have marked the next high with the blue line which is the highest...
This has moved beyond the upper trend line but looks like it has reached its peak which is a lower high. Now expect this to drop and possibly create a lower low, but to be on the safer side TP can be at the previous low. SL just above the previous high of 1.27994
As previously reported this has been following a descending triangle for many months now. It is near the top trend line so a short is fairly safe from here with a stop loss just above the trend line, TP at the previous low. For a better entry I would monitor the 1HR timeline with MACD.
I expect this to continue gaining up to the resistance level at 0.80500 to 0.81500. AUD has recently had some profit taking but is now growing again, USD should continue its weakness. Stop loss can be just below the support area marked in Blue (around 0.76400)
USD/CAD looks like continuing to fall. It has been following the bottom trend line and breaking support levels. CAD has been very strong and USD is expected to continue weakening so I do not think this will change soon. It broke support yesterday (14th Jan) and is testing it as resistance today. If this rejects the resistance then expect a fall to the trend line.
Taking a look at the Daily chart on EURAUD shows us that we are now moving towards a bearish leg playing out on the currency. What were seeing on this 15 min chart is a small ranging area of structure that price has moved into while making a longer term bearish leg. I believe that we'll soon break this bearish leg to the downside and continue a steady drop down to...
Potential H&S forming on daily time frame. The completion of the pattern presents the possibility of the pair creating a lower low on the weekly time frame to reach, at least, the 127.2% fib extension of rally on weekly time frame.
Dollar Index - Weekly chart - After patiently waiting ( for monthss!!) for dollar index to rally into the weekly supply zone for a reversal, we have now reached this point and can anticipate a share reversal/decline for dollar in the coming weeks to months.
Looking to short USDJPY with stop loss at fibonacci support around 112.3 area; targeting 109 area over next month with trade driven by interest rate differentials (carry trade) on US treasuries vs JGB after last weeks break out higher on US 10yrs
USDCAD this is a nice place to enter for a short.
stop loss should just be above my blue line.
FOR THOSE THAT have been keeping tabs with
my analysis, you should have made lots of profit on this pair. :)
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