CADJPY fell off the cliff after the little bearish pin bar candlestick pattern that we covered yesterday. That bearish pin bar was formed at the 98.10 resistance level and at the time it formed, the Stochastic indicator and Commodity Channel Index (CCI) where in the overbought area which increases the odds of selling that bearish pin bar candlestick pattern. That...
London Session Watch USDCAD There are multiple inside bar candlestick patterns formed in the USD/CAD. The long term trend for this currency pair is still up as the short term moving averages (10 and 20 period) are still above the long term moving averages (50,100 and 200 period) but the Tenken-sen has slightly crossed below the Kijun-sen which could show that the...
There's a bullish pin bar candlestick pattern in the making on USD/JPY. If the price closed as it is right now or higher, we will then have an official bullish pin bar candlestick pattern. This bullish pin bar candlestick pattern also pierced through the lower end of the Bollinger Band which increases the odds of buying USD/JPY. Note that the Stochastic indicator...
EUR/JPY has been in a tight consolidation under the 139.05 resistance level for some time. The long term trend is still up as the price remains above the 200 period moving average but the shorter term momentum is favoring the downside as we can see through Tenken-sen remaining below the Kijun-sen. A breakdown below the low of this consolidation will trigger...
Gold slid lower after the bearish pin bar candlestick pattern that we covered last Friday. There's another pin bar candlestick pattern after the first bearish pin bar candlestick pattern that we pointed out. That second pin bar candlestick pattern pierced through the upper band of the bollinger band which is an ideal selling setup. Note that the Stochastic...
New York Session Watch - #USDJPY USD/JPY has been squeezing all the way since yesterday and we have a triangle chart pattern showing up on this pair. The long term trend is still up as price is still way above the 200 period moving average. Tenken-sen and Kijun-sen are flat as are the shorter term moving averages due to this price squeeze. When the price breaks...
There is a bullish engulfing bar candlestick pattern on EUR/USD that is pushing the price higher. The Stochastic, Commodity Channel Index (CCI) and the Relative Strength Index (RSI) are showing the price is oversold at the time the bullish engulfing bar candlestick pattern was formed. The overall long term trend is still down as the short term moving averages (10...
There is a hanging man candlestick pattern on EUR/USD followed by a bearish bar. This could cause the price to decline from here, in today's New York session. The long term trend is still bearish as the short term moving averages (10 and 20 period) stay below the long term moving averages (50,100 and 200 period). The Tenken-sen and Kijun-sen started to diverge...
EUR/CHF slid after the bearish pin bar candlestick pattern that we covered yesterday in our New York Session Watch. Before the price fell from the 1.2115 resistance level, there's another two candlestick patterns which add odds to the downside which is the doji candlestick pattern and the inside bar candlestick pattern. The current support level is at 1.2080 and...
There's an inside bar candlestick pattern at the 18.55 resistance level in the #silver market which could lead the price lower in today's London session. If the current candle closes as it is right now or lower, we would then have a bearish engulfing candlestick pattern, which would increase the odds for the bearish inside bar candlestick pattern. The long term...
There’s a bearish pin bar candlestick pattern in the making on EUR/CHF at the 1.2115 resistance level. This pin bar candlestick pattern also pierced through the upper end of the bollinger band and snaps back quickly. The long term trend is still bearish as all the short term moving averages are still below the 200 period long term moving average. The current...
We have a false break of the inside bar candlestick pattern on AUD/USD. First, the price broke below the low of the inside bar candlestick pattern but then moved back up and closed within the inside bar candlestick pattern which traps the sellers who sold at the break of the inside bar candlestick pattern. Note that the Stochastic and Commodity Channel Index (CCI)...
NZD/JPY formed an inside bar candlestick pattern at the mid band of the bollinger band and there's another bullish pin bar candlestick pattern after the breakout of the inside bar candlestick pattern which shows more buyers are coming in. Note that the stochastic indicator was showing oversold at the time the price formed the inside bar candlestick pattern which...
GBP/USD finally broke out of the long period of consolidation which could lead price lower in today’s New York session. The Pound consolidated after it’s rise to 1.6275 resistance level which we have discussed last Thursday in the London Session Watch. The long term trend is still down as the short term moving averages (10 and 20 period) continue to stay below the...
London Session Watch USDCAD There are multiple pin bar candlestick patterns rejecting the mid band of the bollinger band on USD/CAD which could potentially offer buying opportunities in today's London session. The long term trend is still bullish as the short term moving averages (10 and 20 period) are still above the long term moving averages (50,100 and 200...
AUD/USD formed a false break of the inside bar candlestick pattern and the false break candle itself is pin bar candlestick pattern which adds odds to the short sellers in this market. This bearish candlestick pattern was formed at the tenken-sen and the 10 period moving average as well as near the middle band of the bollinger band. The trend is still bearish as...
There's a pin bar candlestick pattern followed by a cluster of inside bar candlestick patterns printed on the EUR/USD chart. This combination of bearish candlestick patterns may lead the price lower in today's New York session. Note that when the pin bar candlestick pattern was formed, the Commodity Channel Index (CCI) was showing a overbought situation which adds...
EUR/JPY is still in a strong up trend as the Tenken-sen is still above the Kijun-sen and the short term moving averages (10 and 20 periods) remain firmly above the long term moving averages (50, 100 and 200 periods). There has been a pin bar candlestick pattern earlier today as well as a inside bar candlestick pattern which formed right at the Tenken-sen and 10...