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Textbook bullish Gartley pattern in USDMXN targets 18.96 next and potentially 20.3
Since the 2016 low oil has made equal measured move corrections. If the choppy price action between summer 2016 and 2017 was an irregular correction we could be at important measured move resistance.
Falling back through the 0.236 Fibonacci support after NFP in GBPUSD validates a bearish bat harmonic pattern at yesterdays 1.3269 high which is the 0.886 retrace from the September 2016 highs.
(Not the GBP crash low was agreed at 1.1860 so low is adjusted). A break of the red trend line from June lows would confirm.
First target is 1.2933 and if that breaks ...
The rally from the 07 July low has reached the bearish ABCD measured move objective at 162.67. This is also the 200 day MA and strong resistance. The topping pattern and bearish price action suggest a reversal here and downtrend resumption. The rally from 07 July looks like a bear flag and a break down has a target of 157.20
Extended bullish runs tend to become butterfly patterns.
The S&P 500 hits that pattern resistance around 2335
Note I am not calling "the top" here, just significant resistance and a likely correction.
Bearish Gartley pattern triggers on a break of 1.0711 targeting 1.0544 next.
Bearish USD sentiment may be a little over done.
GBPUSD bearish bat
I dont think this is the high high but this is a valid pattern and they retrace hard ...
The AB=CD decline into and reversal at the 0.382 retrace from the 2015 lows argues for higher prices.
Stalled at the o.236 Fib retrace of the decline an hourl7y close above 0.7091 should trigger longs to 0.7226 or 0.7287 next.
Bullish ABCD decline to the 0.382 retracement of the rally from the 2015 lows.
An hourly close above 0.7091 should trigger next leg higher to 7165 7226 and 7287.
EURJPY bearish Gartley targets a return to 114.52 and likely new lows.
At 108.50 USDJPY has made a bearish ABCD pattern rally from the June lows and it is also the 0.382 retrace level from the November 2015 highs. I dont normally like drawing Fibonacci from interim levels but ... If we break back below the 200 day MA at 106.40 it will confirm.
The 200 week MA is resistance at the highs here also adding weight to the short idea.
Good example of a Wolfe Wave in GBPJPY.
Target is 150.00, resistance at 140.00
USDCAD has made a bearish ABCD rally from the May lows into the 50% retrace of the entire decline from January at 1.3575.
I think this is a sell on reversal price action and the target is 1.3020
XAUUSD daily bear flag breaking down and losing 200 day MA after election rally.
New lows target 890 but short term targets 1210 and 1270-80.
AUDUSD has been stronger than opther majors but might be about to do some catching up.
This pattern is a trend continuation short entry for another leg lower to around 0.7550.
EURUSD ABCD rally that terminated this morning and reversed is corrective and targets new lows at 1.06-1.0660 the ABCD target from the May 2016 highs. Interim support at 1.0790 and 1.0730 (major).
ZN bullish ABCD and bullish bat pattern into election results (which could ruin it).
This is bearish USDJPY.
Cable has been trading within a triangle pattern since the end of June lows with slow overlapping waves and respecting Fibonacci patterns nicely. The Mid August low was also a bullish harmonic pattern.
This harmonic bat pattern support at 1.2914-36 has us looking for a bullish reversal or bounce at least back to 1.3137 . This trade idea is wrong below 1.2850.