GBPUSD rallies strongly and reached the resistance level. However, the area between 1.2740 to 1.2810 could be a potential reversal zone. So, watch out for bearish price action in this area and sell with 1.25 as TP. The above set-up will be invalid if there is no bearish price action in the potential reversal zone and price closes above 1.2830
EUR/JPY rallied strongly and reached the resistance level. However, there could be a reversal here and a subsequent drop to 122. Watch for bearish price action and then sell with 122 as TP. The sell set-up will be invalid is EURJPY closes above resistance.
CHFJPY is creating Lower Lows(LLs) on each successive dip. So far, the resistance level of 114.65 is intact. However looking at the structure, the possibility of a breakout is increasing. Sellers must be careful here. A breakout beyond the 114.65 level will be a strong buy signal with 118 as the target.
The rally in commodities shows no signs of slowing down amidst the US dollar weakness. XAUUSD is all set to touch it's ATHs near 1920 level. We might see some pullback once 1920 level is reached. Until then, it's best for sellers to stay away from selling Gold.
EURUSD has broken 1.15 level quite easily. Since there is no resistance now, it's quite possible for EURUSD to test the 1.16-1.17 level. Persistent US dollar weakness has led to this strong uptrend in EURUSD without any meaningful pullback. It would be a wise idea to wait for a correction and then buy again for 1.16 TP
AUDUSD is struggling to break the 0.70 area. A strong reversal from this area could happen in the coming days. If you see bearish price action in the lower time frame , then look for sell entries between 0.70-0.7050 with SL above 0.7120. TPs can be set at 0.6850, 0.6730 and 0.6580 respectively.
EURUSD is hitting the top of the Megaphone pattern that has been in play for many months. There is a high probability of a reversal here. If you see bearish price action in the lower time frame, then short EURUSD between 1.1464-1.1510 with SL above 1.1540. Traders can set 1.1160 as the first TP once the reversal materializes.
USDJPY is creating a rising wedge pattern after a big drop. It could drop to 102 area again from its current level of 106 if the lower trendline breaks
XAUUSD has once again printed a long-legged Doji Candlestick in the daily chart which indicates confusion among the market participants. At this point, it is possible to see some sort of minor pullback in Gold. This is definitely NOT a recommendation to SELL. However, if Gold continues to struggle around the 1680 area, sellers can consider adding a couple...
GBPNZD seems to be finding some support in the 2.04 area. So, if today's market is being driven by risk-off flows, GBPNZD can continue to go up from its current level of 2.0470. Potential profit levels could be 2.06, 2.08 and 2.10
GBPJPY seems to be forming a bearish pennant. If the lower trend line breaks, we can possibly see a larger drop of 300-500 pips from the current levels of 135.85.
Similar to EURUSD, GBPUSD's rise last week was quite strange. I expected a pullback to the 1.2950 but GBPUSD reached even higher breaking the 100D EMA and also the BEARISH channel in the process. However, this rise is due to US Dollar sell-off and not GBP strength which makes it possible that the entire rally will fade in the weeks to come. So, if I see GBPUSD...
As indicated in the chart, EURAUD is finding resistance at the channel TOP. So, far the price action indicates the formation of a TOP and possibility of EURUAD to drop in the coming weeks. Low-risk sell entries can be taken at 1.7020-1.7120 with SL above 1.7300. TPs can be placed at 1.6770, 1.6540 and 1.6230
After a series of successful trades and set-ups in EURUSD, last week's unprecedented EURUSD rise triggered the SLs of my EURUSD shorts. However, I feel this is too early to think that EURUSD has reversed. Just 3 weeks ago, EURUSD broke through the 1.0880 support and went as low as 1.0760 area. At that time, I saw various analysts and experts say how Euro could...
In all my previous analysis (see attached idea links below), I mentioned about selling the minor rallies in GBPUSD. At this point, GBPUSD has not only broken through the 100D EMA but also consolidated below it which is quite bearish. From the fundamental point of view, post-Brexit EU-UK talks will determine the direction of GBPUSD in the near term. However, I...
EURUSD appears to have reversed from the channel TOP and I already have sold multiple lots at 1.1181(see the previous idea attached below for long term analysis and entries) However, the current price action indicates that EURUSD may drop even lower after some consolidation. So, it gives traders the opportunity to think about executing sell trades around the...
Previous analysis on XAUUSD was spot on and reached exactly 1650 from the entry around 1575 that I had mentioned (idea attached below). However, currently, it looks like Gold might drop towards the 1608 area before rallying any further. Note that this is not a recommendation to buy or sell. So traders need to exercise caution before placing any trades.
I have started trading USDCHF after a long time because I feel the market has been sold off to a point where it could potentially reverse. As indicated in the chart, USDCHF is currently in a historical demand zone + Trend Line Support. Besides, the recent rate cuts by the Fed will provide some sort of support to the stock market thereby reducing the demand for...