We've recently had some Bitcoin short trades proving to be very successful with our overall targets of $6000.00 being met recently.
But what now?
Price has entered a key support zone between the $6000-$5420. We don't want to sell here because it has been proven to be held before by the buyers. However we believe this is the key area to whether we see further...
This week the BOC Gov Poloz spoke with a dovish tone, despite this the market took a bullish stance on CAD leading to some short term strength. The probability of a rate hike in July moved from 90% probability to 55% probability and has left investors disappointed.
Looking at the technical analysis we followed the higher timeframe uptrend leading to our upper...
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...
As you can see from the weekly chart above there could be a larger timeframe Head & Shoulders in play.
Price is currently rejecting the $95.00 level again this week which could indicate USD losing some of its recent momentum.
If price produces another bearish close on the week we could see USD prices back into the key area of $91.00.
For the head and shoulders...
Palladium has come into a strong support level and looking to be bouncing from the support, looking for entries on lower timeframes. Target short term into resistance of 960.00 where you could look for a reversal back into the higher timeframe trend.
AUDCHF long has been on the watchlist this as a strength and weakness pair. Strength coming from the AUD with a seasonal bias backing the strength up and weakness out of the CHF after recent declines against other currencies.
With this in mind, looking to take this pair long with a technical entry. As you can see price broke through and re-tested a key daily...
LITECOIN could start to see a rise again as the market looks to be slowing around the key support levels around $170.00.
Price looks to be slowing down as it approaches the trend line support which was once resistance. If we see bullish price action here we could look for long
opportunities back into the highs.
GOLD has been on a tremendous run of recent and continues to test new highs. Looking for the market to have some form of correction however if the USD fail to kick in we could see the trend line being used as support and a break up to $1400.00. If we were to break lower we could see GOLD re-testing the $1300.00 level.
4hr chart showing a counter trend trend line break with commercials at all time high in short positions. This could lead to WTI falling back to $60.00.
Looking for short opportunities down to this area.
Over the past month we have seen the main players in the crypto space lose most of the gains they made earlier in the year and they're questions hanging over the longevity of the cryptocurrency market however we feel cryptos are here to stay and will continue to look for longer term opportunities. LTCUSD has now broken the countertrend trendline and looks to be...
AUDUSD bounced perfectly of the 0.7500 level as expected. Price continues to move higher and is approaching the next weekly resistance level. The moving averages have crossed now and expect continued upside as the weekly trend seems to be starting. Ideally we would like to see a pullback into the support zone and 61.8 Fibonacci before looking for long...
GBPUSD finally broke out of the counter trend trendline and moved significantly to the upside. Looking at the weekly chart the trend is to the upside and will look to follow that. Next resistance level is 1.3600 where we may see some short term weakness before seeing the next leg higher. A break of that resistance will be key to further upside.
Bitcoin has come under fire again this week as yet again it reached all time highs. Along with this we saw a lot or demand in the coin grow as news and media outlets flooded the market with stories of all time highs and bubbles and what not. Taking a step back and ignoring all the waffle out there we can clearly see price rejecting the psychological level of...
As we are looking for GBP to continue to gain strength we can determine we may see FTSE100 fall. Correlation shows the stronger GBP gets the more likely they FTSE100 is to go short. Looking for short opportunities into the key level and 1.618 golden fib ratio of 7190-7200 before looking for a long position.
Continuation Buys in order on GBPCAD as we saw GBPUSD push higher and close above the key level of 1.3300. Looking for short term short positions from the resistance zones back into the support zone for a continuation long trade.
Price broke higher and formed a new cycle high. Looking for a pullback into the support zone highlighted on the chart around $53.30 area. If we see the right conditions we could look for a buying opportunity.
If we break and close below the new low we could see prices head lower but until then look for long opportunities