GBPJPY has been falling for several days now, taking out every level of support as it goes. We have seen what may be perceived as an order block by some people form in the daily/four him time frame. With that being said we can look for a pullback towards one of our retracement levels before the pair continues pushing down to fib extension levels. Students in our...
As published by my self on September 4th this pair had retraced to our 61.8 fib with a clear rejection of this level. Price then continued to push down taking out previous lows to eventually reach our target zones at the -27 and -61.8 fib extension levels. Those that are part of our private educational group capitalised massively on this particular set up.
As explained yesterday if we saw GBPJPY push down and break the swing low to the left we would be looking to short. We have now seen that break and retest on this pair for price to potentially fall further and reach one of the target areas we highlighted earlier (138.000/139.000). We must always remember trading is reactive, not predictive. Meaning we do not enter...
GBPJPY has made a full retracement through all of our Fibonacci zones back down to the previous swing low, it may be just be retesting previous "resistance" gone "support". However, if we see the pair take out this low that is a break in the bullish market structure and we could see it push down further possibly to levels around 138.000/139.000.
XRPUSd has done exactly as expected and as explained in one of my previous pots. After a break of the support, we saw price push back up to retest the consolidation before pushing down to 0.2350o/0.23000. We may now be looking at further shorts possibly down to areas of 0.17000.
On GBPNZD we have seen a retracement to the 61.8 fib in this overall bearish trend. We can also see that the we are retesting the August open which sits nicely with our 61.8 fib. If we see a strong close below the August open we will most certainly be looking to open a short position down to our -27/61.8 fib extension levels that correlate nicely with previous swing lows.
GBPJPY looks to be retracing to our 61.8 Fibonacci there about. potentially filling the wick to the left to then push upwards to our next target area (a swing high). If it continues to push down through our fib levels, we may see it retest the previous swing low at 100 making a full retracement. Of course if it pushes through this low we are seeing a break in...
GBPUSD has broken through our yearly open price and pushed up to 2019 yearly high. It looks to be turning over short, potentially to retest resistance turn support and continue moving up. However, we must remain patient as price can just as easily break back through to the downside and continue pushing down after testing 2019 high.
The DXY is looking to push down. We have taken out previous lows to perhaps see a retest before pushing down to 91.00.
GBPJPY will be looking good for a long position if we see a strong close above the wick it is currently filling. We have seen a nice break and retest of the previous high that sits just above the zone. Targeting the next swing high/zone above (144.500) .
Xrp looks have broken the range that had been forming through August, potentially looking to come back and retest the zone before shorting further. It may just be pushing down to remove orders from the market as it has not yet retested the previous swing high.
My update on GBPJPY, as the pair has been ranging for the past day or two it has been slowly creeping upwards and has taken out the "tweezer top" that formed on the 13th of August. As this has been happening my daily bias has been edging towards a long position, if we see a clean close in the four-hour chart above said: "tweezer top" that will be my confirmation...
USDJPY has broken out of the wedge formation with a clear re-test in the one hour chart, before moving long. It now looks to be turning back over to come and re-test the level again. This level just so happens to sit near our 50 fib on 106 flat (key level).
On GBPJPY we seem to have been forming an expanding wedge for the last several days. It is now at a crucial stage as to whether it turns over and shorts back down to support or breaks and heads up to previous highs.
In CHFJPY we have seen a break and potential retest of the trendline marked out. It then looks to have formed a "double bottom" and pushed back up to the "neckline". Will price break or reverse? I will be looking for a clean reversal from this level and them looking to short. However, if we see a clean break and retest i will be looking to enter a long position.
AUDUSD has been longing since it formed the "double bottom" on the 21st of August. It is now approaching what most would refer to as the "neckline". If we see a break of this "neckline", I would be expecting price to head up to previous highs.
On GBPUSD price has broken this ranging structure to the upside. After doing so it has retested the swing high created without taking it out and price seems to have pushed back down heading towards the bottom of the structure.