The New Zealand Central Bank has cut interest rates. We are therefore expecting NZD to slump even further. Since AUD rates are unchanged, we are going long AUDNZD to trade this move. Support seems to have held, and we are looking at a possible flag formation. We are also close to the bottom of the channel. This could possibly also be a Wave 2 retracement, but we...
Price has come to a strong support point, after a strong bearish candle sent it down. We can also see a diagonal triangle Elliott Wave formation as wave 4 has re-entered the territory of wave 2. Also, we see a hammer candlestick formation forming with a daily candle which can signal the bears losing momentum.
Our Entry : 0.747
Stop Loss : 0.743
TP1 :...
EURJPY is in a downwards trend. We are trading close to the upper trendline, so we are at a good position to short. We are also observing an inverse cup and handle formation (bearish). For this pattern to be valid, we will wait for price to break the horizontal support. We will be making an entry now, and taking profit when price approaches support. If it breaks...
Crude Oil has broken below our ascending channel. It has also stopped making new highs, after peaking at the 66.5 region. Fundamentally, oil is looking very weak as well, with an oversupply evident. In addition to that, Donald Trump has mentioned that he wants lower oil prices. The last time that happened, oil pushed up to 76.87 (upper resistance in the chart) and...
As we can see from the weekly chart, Copper had broken out from a range it had been in between July 2018 and February 2019 (Orange). The price then stalled at the low region of the previous range between August 2017 and June 2018 (Green).
In the Daily Chart here, price was trading within this ascending triangle between the months of February and April. It...
