1) price has just hit an ongoing downtrend resistance line
2) 62 period EMA acting as a dynamic resistance line
3) Stochastic indicator currently in overbought conditions
1) double top formed during uptrend. Reversal signal so next move is down.
2) 3 black crows bearish candle formed
3) 5 period EMA currently pointing down, and...
Daily: consilidation triangle so market is ranging
1) 62 EMA period currently acting as a support line
2) Stochastic indicator showing pair as oversold
1) falling wedge formed during downtrend, reveral signal, so next move is up
2) stochastic indicator has left oversold conditions
3) morning star bullish candles formed
Daily: Swing low
Overall - bearish rectangle consilidation formed.
1) Stochastic (14,3,3) momentum currently oversold, should gain buying momentum this coming week.
2) price has just reached a 62 period EMA currently acting as a major support line since Jan 2017
3) Price has just bounced of a support line
1) Falling wedge identified formed during...
- Strong reverse head and shoulders formed with a successful break past neckline. Left with exhaustive bullish candle, followed by strong Three inside down candles
- Stoch indicator has strong selling momentum and heading towards over sold conditions
- Bollinger band bounce down
- MA5 heading down towards MA20
EURUSD - Possible H&S forming
- Bearish Engulfing candle has formed following bullish white solider candles, suggesting strong move downward
- MA5 has cross down below MA20
- Bollinger Band Bounce down
- Stochastic indicator showing selling momentum and has left overbought conditions.
- Sentiment: Sell
AUDUSD: Area of Interest from consilidation in triangle
- Bullish Engulfing Candle suggests a strong breakout up may be coming
- Stochastic indicator approaching overbought region, there's still buying momentum
- Continuation of Bollinger Band bounce up
- Sentiment: Await till Tuesday morning to see if breakout happens.
- Support line turnt resistance after breakout. Tested a few times.
- Possible head and shoulder forming
- Bollinger Band bounce down
- Stochastic indicactor leaving over bought conditions
- Sentiment: price will go down
- Identified possible completed Elliot Wave, allowing for possible correction.
- Possible head and shoulders forming with left shoulder and head formed, with neckline at a downtrend.
- 5MA heading up to crossover 20MA
- Stoch indicator has left over sold region.
- Bollinger bounce up
- Sentiment: Price will go up
- ABCD consilidation triangle formed.
- Price has just broken past support line, but bullish spining top doji candle formed, testing the broken support level.
- Stoch indicator has entered over sold region, price to leave over sold region?
- However, MA5 and MA20 still pointing down, indicating continuation of down-trend?
- Bollinger Band bounce up.
Consilidation shown in the triangle with higher lows and even lower highs.
Current support level has been broken before: awaiting for confirmation of bounce or breakout.
MA7 has crossed over MA20, suggests possible breakout for a short position.
Also, ADX signalling a not so strong trend, strengthining the consilidation view.
(D) EUR/GBP - Short: Support & Resistance + Policy Uncertainty
- From the chart, sellers overpowered buyers, bringing down the price level from the tested/highest point at 0.89058. The pair closed below the support line at 0.88453 and continued to decline until closing at 0.87889.
- Although this sell is overextended, EMA 5, 15 and 60 indicate a strong downward...
EUR/GBP: Short, week commencing 07 July 2017
Fair reverse Head and Shoulders pattern forming; resistance line tested but not broken through 2/3 times. Expected fall over the coming week.
Enter - 0.90262, target - around 0.89997
Gold: Short week commencing 07 July - 11 July
Fair Head and Shoulders pattern forming, starting in March: right shoulder currently peaking lower than left shoulder, and downward sloping neckline suggests sellers have continously taken over the market from buyers. Potentially brake through the neckline and continue falling.
Risk/Reward Ratio - 2%, Position enter...