RileyEdwardsFX

RileyEdwardsFX

What a week it was for GBPJPY currency pair. Last week we saw this pair fall nearly 500 pips smashing through our 147.5 weekly support and closing solidly beneath that zone. With an extremely strong weekly close, and taking into consideration the nature of the GBPJPY currency pair, we are now looking for the pair to bee-line towards our monthly support at 140.0....

RileyEdwardsFX

Last week was saw the EURUSD currency pair indicate a medium term reversal with the double top on the Daily time frame. The double top was confirmed when the pair made a new lower low at 1.2150 in comparison to the previous daily low at 1.220 as marked on the chart. Although we have confirmed a reversal, the pair swiftly popped up just shy of 200 pips during the...

RileyEdwardsFX Updated 

Technically speaking this pair is in an uptrend, and has been for the good of a couple months now. We saw a little bit of retracement after almost a full month or two of price gains, and we saw another pull back last week. But, at the end of the week, price rejected off the 61.8 fib line, not perfectly, but it was a rejection. There is a lot of news this next week...

RileyEdwardsFX Updated 

Last week, we watched GBPCAD move upward at test some major resistance. Well, price action broke our resistance and is now coming back down for a retest. Due to the volatility and heavy consolidation, I’m currently neutral on the pair. Structure wasn’t clean enough for me to be able to make a confident decision towards the future direction of the price. However, I...

RileyEdwardsFX

Last week, we saw USDCHF at the 0.92692 price level, which we were awaiting a move upwards into our resistance zones. Well price did such that, and now we can begin to short this pair until the 0.92725 price level, which is also the 61.8 Fibonacci retracement level. Once we hit our take profit at this level, we can look for a buy entry to ride this pair back up...

RileyEdwardsFX

For the past several months EURGBP has been traveling through this price channel. We can clearly see that the pair is in a downtrend, making consistent lower lows with corresponding lower highs. We are aware that the highs are decreasing more than the lows are, which can sometimes result in price breaking out from the channel and shooting higher. Trading with the...

RileyEdwardsFX

The USDCAD currency pair has been somewhat of a nuisance to short sellers over the last few weeks, including the end of last week where we saw a spike of over 100 pips to conclude the trading week. We are now approaching major resistance again, the same resistance that was retested last week only to get rejected sharply to the downside. There will be another...

RileyEdwardsFX

GBPCAD experienced quite the bull rally back in January, jumping from 1.67601 all the way to 1.76437. However, price action for February so far is volatile and has consolidated around the 1.755 levels. Heading into this week, we are remaining bullish on this pair and waiting for a good entry point for a long position. We are looking for a few different options for...

RileyEdwardsFX

USDCHF has remained bearish ever since the bulls broke their run in the beginning of November 2017. Last week, the pair broke upwards through our first resistance level, and we are expecting to see price action move up towards the 50.0 and 61.8 Fibonacci levels before we begin to look for a short entry. There is also a possibility that the price action could...

RileyEdwardsFX

What a Friday we had for the EUR/USD currency pair. With buyers taking control all week, the last half of Friday's trading day saw the pair sharply drop over 150 pips forming a very strong bearish daily hammer. This candle was formed right at our 1.25 major monthly resistance and has led me to believe that bears are coming in for the short term. The trade plan for...

RileyEdwardsFX

After a relatively slow week for the GBP/JPY currency pair, we are now approaching very strong weekly support. The week before last had seen price rapidly decline over 600 pips only to seen a flurry of Daily candle rejections, but still not signs of bulls yet. Due to price being so near to major support, I would refrain from any short positions for the time being...

RileyEdwardsFX

As we see, GBPNZD has been in a bit of a consolidation period this week. Two days ago we saw price stop hunt with a spike down only to come back up leaving us with a huge daily candle rejection. This rejection also lines up with the 38.2 Fibonacci retracement on the previous low to high move from 1.8641 to 1.946. The 38.2 Fibonacci rejection is typically...

RileyEdwardsFX Updated 

As I had stated yesterday in my weekly analysis of Gold I was expecting this pair to fall below 1340 towards 1335 due to the significant resistance it was at. We have now seen a push downwards towards the strong support zone between 1330 & 1335 that I have marked on the daily. I personally will be taking longs at 1332, with stops below last weeks low at 1327.5 and...

RileyEdwardsFX Updated 

Over the last 7 weeks we have seen Gold 0.39% rally 1300 + pips to take out 4 month highs. Last week we saw the pair run into major weekly resistance at 1365 only to stall during the last 2 days of the trading week which included a significant daily rejection on Thursday's candle close. Price is currently stalling at minor support at 1345 which could easily be a...

RileyEdwardsFX Updated 

Last week GBPAUD proved to us why it is one of the most volatile currency pairs with a 350 + pip surge past 1.770 only to take out all buyers with a 280 pip drop during the last 2 trading days of the week. This significant drop to end the week has brought us clarity as to where this pair is headed next. As we can see the pair was halted at the 61.8 fibonacci...

RileyEdwardsFX Updated 

Similar to other Pound pairs, GBPJPY took a hit during the last 2 trading days of last week. This 250 pip decline has led me to believe that the 155.0 psychological level, which also happens to line up with key monthly resistance, has held firm and further retracement is looking imminent. As we can see price has rejected from that level and has also breached the...