Despite the overall bearish trend starting to lose momentum and all the signs of a bottoming formation being presented it would be wise to remain careful as there is still a chance for one more low on diagonal support @ 0.844. Whether or not this will happen is anybody's guess but for now, all we can do is trade the levels. As such; any move below 0.851 (WS1) will...
Generally, I am still very bearish on the GBPUSD but for now, it seems we might first see a slight pullback to the Monthly Pivot @ 1.376. If we see price getting rejected from this level chances are we will see a move to new structure lows below 1.360
The EURUSD is now in a well-defined bearish trend and looking for short setups into any signs of strength will offer traders with high probability setups. For this week I am expecting strong resistance from the Weekly R2 Pivot @ 1.179 and will consider a short to new structure lows @ 1.168 which is also the Weekly S2 Pivot. Should we see price strengthen to...
Bitcoin is currently testing major support from the Monthly Pivot and will need to get back above the Yearly R2 Pivot @ 46k if it looks to recover. Below 44k there is definitely more downside to around 42k where price will have support from the Daily 100 SMA.
Gold has broken below major diagonal and horizontal support but I am not yet convinced of a sustained bearish move. In the near term a re-test of the breakout level @ 1780-1790 is very likely with more downside more likely if the re-test fails. Support is currently around 1740 with a recovery probably looking for a test of previous swing highs @ 1830.
After breaking out of consolidation Brent Crude appears to be heading for a re-test of the breakout level @ 73.25. If price can find support from there the next level of resistance can be found @ 76.43 (MR1). If however it fails the next level of support is the Monthly Pivot @ 70.60
The NASDAQ has held up well as far as indices go but it is currently testing important Support from previous resistance and the Daily 50 SMA. From here the next level of support is the Yearly R1 Pivot @ 15000. If this level does not hold I suspect a sell-off to the Monthly S2 @ 14400 as this is where some other diagonal levels of support also converge. Resistance...
Judging from price action at the Monthly R1, it appears the AUDUSD has established now established a new bearish trend and is looking to test the previous swing low currently residing at the Monthly S1 @ 0.712. resistance will be provided by the current Monthly Pivot @ 0.728 with a break above that likely seeing a move back towards 0.741
EURGBP is showing all the signs of a new emerging bullish trend with price not being able to make a new low since the lows in August. Once price closes above the Daily 100 SMA @ 0.856 I suspect a move to the Daily 200 SMA @ ~0.863 is likely since this level coincides with the Monthly R1 Pivot and previous swing highs of July. Support can be found @ 0.850 with a...
At this point we can only speculate as to when and whether it will play out but there is no denying there is a massive head and shoulders forming with a neckline very near to the current Monthly S1 pivot @ 1.360. Looking at current market structure and price action I suspect there is a high probability chance we will test the neckline should we lose the 1.366...
The EURUSD is trading back at the 1.170 level which signifies an important market structure level of previous support which if broken could lead to a large double top formation playing out. For now additional support stands @ 1.164 with resistance @ 1.180
The USDZAR has seen a good recovery following the recent relentless sell-off. The recovery has now seen a 61% retracement and I suspect it will start finding some resistance around 14.85 to 14.90 which could lead to a re-test around the Daily 200 SMA @ 14.50 to 14.60. The longer term bias remains bullish but this does not technically rule out a much deeper...
XRP has broken below its trading range setting up a short-term target of around 0.877. This will see price right in between the Daily 100 and 200 SMA's which should offer it some support. In terms of a recovery, we would first need to see pricer head back into the trading range with a move above 1.133 followed by a break above Friday's high @ 1.241
Soon after hitting the phycological level of 50k BTC has seen very aggressive selling as profit-taking no doubt happened at these levels. This is not necessarily a bad thing but with the current price action, a deeper pullback can certainly be expected. Price is currently trading just below the Yearly R2 Pivot which equates to about a 38% pullback which is...
Brent Crude Oil seems to finally hint at a possible breakout after some consolidation. If we can get a Daily close above last week's high @ 73.74 it could trigger a move higher towards resistance @ 76.46. From there price action will dictate whether we see a continued push higher or a pullback to re-test the breakout.
Despite the recent pullback, the overall trend is still intact with price testing the Daily 100 SMA as it has done multiple times before. If the re-test is successful we can expect to see price head back to the Monthly pivot @ 35200 with another move towards ATH ~35800 also possible should the buyers step back in. If however, the price breaks below last week's low...
On Friday the GBPNZD printed a Doji-type candle providing us with a perfect range to trade a breakout when it occurs. The high of the candle is @ 1.950 and the low @ 1.939. If we break to the downside a move equal to the range will see price test the Monthly S1 Pivot @ 1.930 followed by further downside to support @ 1.918. If price breaks to the upside I suspect a...
Over the past 2-months, the GBPUSD has broken below the 200 Daily SMA twice now with price both times recovering back above albeit making lower highs. This time it seems as though it might be the last as momentum fades and a bearish pin bar is printed. As long as price stays below the Daily 50/200 SMA it will most likely be heading lower with the next support...