Elemont

Elemont

A clear ascending triangle is developing on the 4H chart for EURNZSD Usually ascending triangles breakout higher, but we will wait for confirmation of a breakout in either direction before entering a long-term trade. In the short-term price is bouncing higher from the low of this triangle for a nice long towards the top of the triangle.

Elemont

We expect price to continue its current local flag pattern and drop towards the bottom of the channel. From there price will either breakout of the channel, or bounce back up and possibly break the top of the channel. As GBP is very volatile at the moment, we will assess the major breakout as it comes.

Elemont

Potential double button on GBPUSD. Price to retest the pennant. May enter long with SL below the local low. Note that it will most likely fail the retest and then continue lower after its attempt.

Elemont

Trying to break through the pennant. TP at next support level.

Elemont

CHFJPY looks set to continue along its bearish path with a major downtrend in play on the Weekly. We expect the local pennant to have atleast one more leg, before retesting the outer pennant (yellow) + the orange weekly downtrend and then continuing along whilst breaking lower. Enter a trade short with SL just above current trendline.

Elemont

EURUSD has just broken through a pennant and looks set to break back up to the former flag pattern's resistance. Enter long now with tight SL below the local trendline

Elemont

DXY has rallied significantly within a very narrow and unsustainable channel. This channel is also within a much larger flag pattern, with both patterns having a tendency to result in a bearish breakout. We believe price will either break lower now, or after one final spike up. We await a breakout for confirmation.

Elemont

AUDNZD will either make a new leg in its 4hr flag pattern, or break below towards next support. If it creates a new leg, we still expect it to then crash through the flag pattern afterwards. On the Daily there is a much larger flag pattern, and price is currently near the bottom. We expect price in the longer-term to bounce back up towards the upper levels of the...

Elemont

EURNZD is looking to break local trendlines towards the outer flag pettern before most likely making a bigger reversal. Key breakout levels offer us some nice potential trades. Good to keep an eye on

Elemont

EURJPY is looking to reverse down into another leg within its current flag pattern with candlesticks finding resistance. After that we expect a major correction up through the flag pattern towards higher resistance. If price does not fall as expect now, we await a break through the flag pattern for an entry long.

Elemont

Our analysis sees NZDUSD heading back up towards the top of the current flag pattern. There is a perfect opportunity now for an entry point, with the 4h candlesticks looking to form a reversal pattern from the small bounce off the 200 MA. Viable trades: Enter long, TP at 200 MA. Enter long, TP at next trendline. SLs below the local low or flag trendline.

Elemont

We still believe USDCAD will reverse back down towards the bottom of its channel on the Daily however it might have one more upwards break left in it towards the top of a flag channel. Look for key trendlines breaking before entering any trades.

Elemont

USDJPY has just broken upwards from a local pennant on the 4h charts and is now testing a resistance level. A breakout of this resistance level would further confirm this bullish breakout and we'd expect price to run towards 3 (top of flag pattern). After price moves to 3, there may be a big short opportunity. We will reassess as the time comes.

Elemont

AUDUSD broke out of an upwards flag pattern and is looking to drop further. Upon a bounce lower from the orange line, or a break below the local trend, we expect price to head towards the bottom channel of the Daily.

Elemont

EURAUD is looking to breakout to the upside off a bullish flag pattern and also having touched the lower Daily trendline. On breakout enter long towards the top of the Daily channel

Elemont Updated 

EURUSD seems to be forming a reversal pattern with the 1H candlesticks, looking to fail a retest of the previous flag pattern and move lower towards the next support level.

Elemont

NZDUSD is trading in a bearish flag pattern nearing the final leg where we expect a breakout to the downside to play out.

Elemont

USDCHF has been relentless recently in it's conquest upwards. Fortunately, this can't last forever and we have a clear bearish flag pattern formed on the 4h. On break below the flag pattern we are clear to enter into a short trade targeting the trendline beneath.