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Opportunity to short.
Market full of buys.
Touch of weekly resistance.
Longer-term daily RSI divergence (slight one).
Potential for second target in the case of stronger move.
If we look to the DXY idea we expect USD weakness. The DXY is made up of 58% EURO. Which is why there's a heavy correlation between the Index and the currency pair.
If we expect USD weakness we must expect EURUSD to move higher, price is currently sitting at the key support much like the DXY sitting at the $95.00 resistance level. If price holds at this key level ...
EUR weakness proving a consistent theme across some of the longer timeframe charts.
EURCAD has almost fully reversed the Jan-Mar ascent and with startling symmetry. We saw price pay the upmost respect to the 2016 high with a few wicks breaching the level before sellers drove price south.
For clues as to where this pretty choppy pair might head next it is worth ...
Looking here at the Swissy, a pair not long added to my watch list, I'm already short USDCHF from the open earlier today. For me the this could perhaps be one of those times where the fundamental analysis and the technical analysis seem to match up rather nicely. IMO the USD will continue to weaken over the coming weeks, and paired with a nice rejection candle ...
The Euro took a beating over the last several days but the game is not over! This is just hotting up. I refer to some key areas for possible reversal on the lower time frames.
EURUSD is a ratio of two currencies. It is important to look at the USD, which on the world stage has actually been weakening. In the video of the weekly chart I look at the strength of ...
Taking a step back from the intraday/intraweek stuff here and looking at a longer term position idea on the GBPJPY. If we close out this weekly candle below the trendline then I would be looking for this pair to continue on a bearish move towards the potential target area on the chart between the 50% & 61.8% fib levels. Righ where we intersect with a monthly ...
big long term sell for EURJPY. on the weekly chart it looks like it could continue down for new lows
CADCHF looking over sold on the RSI and seems to have bounced on the weekly trendline. looks like 400+ PIPS are up for grabs
In the last year of my trading I've been looking more at weekly and monthly time frames. CADJPY and several other pairs show potential reversal set ups on the weekly time frame. This does not mean that they will reverse.
I've noticed that weekly time frames 'explain' an number of changes in directions of markets - especially forex markets. My thoughts on this ...
Bearish session today with technical breaks to the downside and the break below the key daily trendline. Before i get too bearish on this market one thing to pay close attention to, the weekly trendline connecting the lows Nov07-17' & Dec18-17'. Also note the 1.21 handle and the Sep04-17' high.
If the weekly trendline holds as support, the next major area of ...
Weekly pin has closed above a weekly pivot area (blue line) and current week is above the 2017 close which is usually a key area in most markets.
1st target is just below 2017's high but depending on how the market closes if it reaches this area will determine whether i stay in the trade or not/
There is a clear support and resistance identified - XAUUSD has been going bearish for the past couple of months and it should reach the middle Support , after it reaching the support we should be seeing a retest at the 1230.00 key level and hopefully pull back down to the support 1130.28 key level
Hey guys, thanks for checking out my idea, hope it helps.
Why do I think Trend continuation?
Let's start with the first Double Bottom (DB), it retraces at the 618 and shoots up to a new structure high, I believe that this pair is on a retracement after hitting the strong structure resistance from 2011 and also as ...
Looking at a potential scenario here over a position trading timeframe (weekly) on XAUUSD
We seem to be holding a relatively key Fib 'area' on the W1 chart at the moment (38.2% & 61.8% of the recent upwards moves) - with this in mind I'd like to see a continued rally in this metal to hopefully re-test the highs of last year and if we can break above then ...
Steady zone lies above if price keeps moving up from where it is currently. Swing high fractal is slap bang in the middle of the 50/61.8% retracement zone. Something is bound to happen here, hopefully it'll meet my rules of engagement.
OBSERVATION: Entered long after price closed above the wedge, currently a long daily candle formed and closed above resistance and is heading for the next resistance zone. I will be adding onto this trade as I am anticipating that it will fly past my TP.
About to hit the monthly support at 1.26
Broke weekly support heading down to monthly then it may retest or break further and head up
could head to the 1.253 level where the impulse break was
2.Opposing level breached by strong support
3.Profit margin 1:2 (Not the best)
4.No resistance until below 13450 (minor) obstruction