1. Multiple rejections of 0.7417 resistance and trading in a sideways direction between this resistance and support at 0.7178. Price action is currently indecisive and we are waiting on either the bulls or bears to take a firm hold on this pair.
2. We then see our 0.7178 support fail to hold above this key level and the bears took control of this pair with a 300+...
Will see how this pair plays out early into this week. If we can hold and bounce off our descending trend line then I expect price to move towards our resistance of 1.30895 and the bearish upper trend line.
If "1" fails to hold then I expect a test of our 1.29619 support.
If bullish trend line holds then looking for upward targets to retest monthly support of 83.619 which we have failed a few times over the past month.
If price breaks bullish trend line then anticipate a bearish breakout but a pullback first to retest bullish trend line.
If bearish breakout occurs then downside targets of 80.52 over the upcoming weeks
My next pair on this weekly watchlist is AUDJPY.
We have had 4 rejections of our monthly key level of resistance at 83.619. Following our most previous rejection, we saw a 100 pip sell off.
A minor pullback was experienced but more small bearish momentum and our weekly close and bearish engulfing candle suggests we have broken this bullish trend and we could...
My next pair for this week is AUDNZD.
We are currently trading within a 110 pip range seeing 4 bounces off our monthly key level of support at 1.0864.
On the upside we have seen 2 rejections of our monthly key level of resistance at 1.0977.
Since the last rejection we have now formed a lower high coupled with a potential bearish trend that me say see...
1. Bullish GBP trend broken on 11/07/2018 due to increasing weakness and uncertainty around the pound amidst Brexit uncertainty.
2. 1 week post break of bullish trend, we saw 3 rejections of key level 1.3274 before seeing the bears come into play and producing a 250+ pip sell off, smashing through our key level of support at 1.3128.
3. Since then we have a...
Resistance found on DXY at 95.00 with some indicative price action. Right shoulder achieved with the daily close, closing as a shooting star.
If major trend line is broken, I anticipate a bearish leg to the downside, with a pull back to retests the trend line before aiming for new lows of 92.50 - 93.00.
1. Key level of 1.08884, if it holds then retest of 1.08389
2. If it fails to hold then test of next upward targets of 1.9023
3. If key level of 1.08389 is broken, then anticipating bearish downside targets of 1.07945
1. Retest of previous support now resistance of 1.31089.
2. If broken, potential of bulls to come into play and look for upward targets of 1.32382.
3. If holds at 1.31089 then further bullish momentum anticipated
1. If resistance holds at 110.347, looking at a mild sell off to 110.20 to retest bullish trend line.
2. Retest of bullish trend line, if holds then anticipating a retest of upper bullish trend line.
3. If resistance of 110.347 is broken, I anticipate a further upside move to our next level of resistance of 110.662.
4. If trend line is broken, then...