Hello Traders, My last idea for this pair is still valid. The price closed above the important trend line and fib level. There may be upside for this pair next week. There were lot of bullish volumes at this level and 7250 level which I assume smart money has been buying at this level. My previous idea based on this published at a wrong time before FOMC minutes....
Hello Traders, I have been waiting for this pair to retest this broken trend line and now it has come closer to it. It has shown clear bullish signs with gap up in the weekend to close above the trend line. I expect the bullish trend to continue from next week. I expect some accumulation to happen before the price rally. I will have a buy limit order around...
Hello Traders, 7240 is holding pretty well for this pair and I see bullish hammer with high volume in 1 hour chart. Price may reverse from here. Took a long order @7255. My stop loss will be below 7200. Beware of a possible fake break out to 7200 before a move up. Goos Luck!
Hello Traders, There are several reasons to short this pair. The daily candles are bearish for the past couple of days at this resistance zone. The price action is good to go for a short trade. The reversal zone is previous structure support turned resistance now and also at 61.8 fib. RSI Divergence in 4 hour chart. I shorted this pair at 1.8730. It's good to...
Hello Traders, This pair testing the daily trend line support. Even though this in a weekly correction and will go one more leg downside, The price will go up short term to test near top of the trend line before moving down. The smaller time frames show bullish volumes. Wait for the nice price action near bottom of the trend line. Good Luck! Here is the weekly...
Hello Traders, Looking for a long around 7370 - 7340 level. This is an important level with previous resistance turned support and 50% Fib. I will be watching price action, volume for confirmation. Personally, I believe this pair still has room to go up but the surprise rate cut from RBA makes me go long only short term. If it breaks this level, it will...
Hello traders, One thing I noticed with USDCAD is 1.25 holds pretty well even when dollar weakened. It looks like an accumulation phase in 4 hour and probably soon it will go up. Stop loss below 1.2480. It gives good risk reward. Let's see how it goes. Good Luck!
Hello traders, This is the confluence area of previous structure support, 61.8 fib of last daily high low and the previously broken trend line. A good shot for Longs. Good Luck!
EURUSD formed inverted hammer and looks like price might pull back. If there is a rally tomorrow, the price may reach 1.3330 to 1.3360 which is a good place for short. Good Luck!
Hello Traders, This pair definitely has changed it's trend. But for now, the price has reached the previous structure resistance and trend line resistance. The price may pull back (good for quick short trade). I expect a sling shot move in one of the event risk (UK GDP or Fed). I will be looking for a long trade around 1.4400. Good Luck!
Hello traders, If you check most of the GBP pairs, you will notice something similar. It either broke a major trend line or about to break. Here is what i see. GBP-NZD broken the trend line to the upside. GBP-USD is about to break the triangle.(It may retrace a little before breaking) EUR-GBP broken the trend line to the downside.I believe top was already in...
Hello traders, GBPJPY is at trend line resistance, 88.6 Fib from previous high low (forming a BAT) and previous structure resistance level.However, there is no confirmation yet for short. The weekly candle of USDJPY is extremely bullish(USD strength and JPY weekness) which may make this pair to go further up. I will take short only if i see a bearish daily close...
Hello traders, AUDUSD clearly broke the trend line and heading towards 0.8000. I will long this @ pull back around 0.7740. There is no selling pressure and I will hope it pulls back to the broken trend line.
I was thinking about taking a short trade at 7780 level as I mentioned in my previous AUDUSD short idea. The price hit the top of the channel. However, It formed a big daily bullish candle and there are no selling pressure. Even though the one hour chart formed a doji and pin bar, the volume did not justify anything. The price may retrace a little but will test...
Hello Traders, AUDJPY Cleared the previous high and the next stop will be around 85.40 to 85.80 area. We need look for the price action for this. It's a confluence area of previous resistance, trend line and 78.6 Fib. With this momentum it will reach there by tomorrow. What do you guys think? Please provide feed back or your analysis. Good Luck!
Hello Traders, GBPNZD 200 pips away from hitting 1.618 ext and trend line support. This area supported by a trendline and also acted as resistance in the past. With the fast paced nature of this pair, it will be matter of hours before reaching this reversal zone. Harmonic traders will like the nice bullish deep crab. Good Luck!
Hello traders, Since the Oil freeze deal failed, I expect the the Oil go south and so the CAD. Looking for a long for USDCAD around 2900 to 2870. This area was last week's resistance and now turned support this week. I hope the price will pull back. Good Luck!
Hello Traders, I was thinking about shorting AUDUSD since the price has been rejected at this area multiple times. But if you look at the charts, it's forming two parallel channels. The first channel top is also 1.618 Fib level of 04/07 high and low. But looking at the buying pressure of this pair, we may see a quick rally to the top of second channel. I will...