Sellers came in strongly as seasonal weakness set in
Look for selling to continue till Mid-September where then it gets a bit choppy before the seasonal strength period in October
Support levels are marked on the chart
Selling continued last week
Price now approaching the confluence of Daily 200 SMA, Weekly 50 EMA, Weekly Trendline and Monthly S1 Pivot
Look for a potential bounce from this level and a move back up before the main seasonal drop in the first week of October
Last week, GBPAUD and GBPNZD were identified as potential buys and buyers did not disappoint
This week, GBPCAD could be the chart to concentrate on as price has broken the previous daily high and downtrend
Look for intraday buy setups should price stay above 1.6230
The Loonie is starting to look very interesting.
Still in a Weekly Phase 2 and trapped between the Monthly R2 pivot and Yearly pivot, a break above and price could reach the long term trendline. Any sell trades should initially target the yearly pivot.
A clean break of the yearly pivot would open up to more selling.
Really boring consolidation last week as we see a very weak Phase 2 movement
Look out for an exhaustion candle move up this week and if price stays below 0.6850-60 then there is a potential for a Phase 1 move back to the downside
A move above the level could signal that the weekly chart has bottomed out. Interesting to note that the Pre-Election seasonal cycle...
Following the brief sell off the week before, sellers dipped their toes towards 1.2000 and failed
Buyers spent all last week slowly pushing though and break through two levels (marked Resistance Level 1 and 2 on the chart).
Seasonal wise, we have approached a point where the weighted and all-time seasonal trends diverge
Given how oversold GBP is on all the...
Buyers made a break for it early last week following a period of consolidation
Looking across the major charts, the move up is more to do with EUR weakness rather than dollar strength
Expect a continuation to the upside with the EURUSD and possibly USDCHF charts as the best ways to buy dollar
Should price break the August Swing High then look to target the Monthly R1 Pivot
AUD outperforms NZD till the end of the month
RBNZ have taken a more dovish stance compared to RBA
Price has bounced off strong weekly support
With the seasonals, fundamentals and technicals all lining up, look for a bounce off the 4HR 20 EMA (1.4065 level) before another potential push to the upside
Following a 1000 + pips move up, we are finally seeing price pulling back.
Should price stay below 1.7390, then look for a formation of a lower high on the 4HR before a push down.
Any potential move down should be treated as a Daily Phase 2.
Sellers took price back down to the June 2019 Swing Low before settling above the Monthly S2 and Yearly Pivot.
Should price stay above this level and we are likely to see more upside especially if DXY goes into Daily Phase 1.
I am waiting for a reversal pattern before taking a buy trade.
A clean break below could open up to more downside.
Buyers managed to push price up to the Daily 100 and 200 SMAs before sellers came in strongly.
As per last week, a break below the Yearly Pivot (1.3180) would be good news for sellers. Should price stay above the pivot and we could see a test of 1.3355 and even 1.3430.
RBNZ surprised the market by cutting interest rates by 50 basis points when only 25 points was priced in.
After a sharp drop following the decision, buyers eventually came in and pushed price back up to trendline resistance.
A break above resistance and we could see a push up to 0.6540 level before another potential move to the downside
A change in trend on the smaller time frame means change in phase in the higher time frame. After a big spike down, price finally moved into Daily Phase 2.
I am looking for a move up to the 0.6860 level before another potential push to the downside