With the price of EUR/CHF just 30+ pips away from critical support, it remains to be seen if EUR/CHF can break out of its long established channel. Political turmoil and a flight to the CHF could bring pressure on this pair in the next few weeks and months but its more likely we'll continue drifting. We are SHORT this because of current political uncertainty and...
More downside expected on EURGBP as last weeks candle was a BEARISH Maribuzo. With the H4 200 sma and the DTF 200 both together, it would take something quite remarkable for the BULLS to defeat this level (.8622) and the path of leat resistance is clearly down. Oversold on H1 means we cannot rule out a bounce from these levels but any pullbacks are an opportunity to SHORT.
There's little to stop EURJPY continuing its direction south and there's little support before 113.69. Oversold conditions on H1 make a SHORT trade from these levels risky so it may be prudent to wait for the price to ease before shorting.
EURUSD looks to be headed for support at 1.0539 and a break there opens up a deeper move down. Above 1.0674 turns the picture more BULLISH and takes the pressure off the downside.
As with GBP/AUD, last weeks GBP/NZD weekly candle was just about BULLISH but price currently is 240 pips below the weeks high. Technically a move down to support at 1.7739 and key support at 1.7696 looks likely adn then we will need to see if this support holds. If 1.7696 fails (200sma on H4) then a move down to 1.7570 (200sma on DTF) lokms and under that we could...
Last weeks weekly candle showed that GBP/AUD finished the week higher then when it started but any encouragement that this gives to GBP/AUD BULLS is misplaced as the price hit 1.6722 earlier in the week and now stands 200 pips lower. Technically the picture is extremely BEARISH on all key time frames and its hard to see how the G/A rallies from these levels. With...
The last 3 days have seen 3 indecision doji candles suggesting the BULLS are running out of strength. As long as we remain above the 200 on the DTF we must assume we are still in an uptrend but with RSI weakening, a move back to support must be favourite. I'll be looking for a move down to 1.25 in the next trading week and see if support here holds. With political...
GBPCAD BULLISH structure remains intact as long as we stay above the H4 and DTF 200 SMA's. Fridays daily candle was a perfect indecision doji suggesting the BULLS and the BEARS had an equal share of the action on Friday and from a technical standpoint a move down to support at 1.6643 looks possible where we may see the BULLS move back into the market. Under 1.6618...
With key support at 136.75 broken and price now trading under the 200 sma on the Daily, more weakness in G/J is likely. The rising trendline shown, which comes in at 134.76 may offer support but this seems unlikely. Adding to the BEARISH technical picture are political tensions over North Korea and Syria/Russia which will lead to investors seeking out the safety...
GBPUSD is in a rising wedge pattern and is looking at a retest of 1.2615. 1.2500 looks key and as long as we remain above this level we should move higher. Under 1.2500 turns the picture BEARISH for a potential move back to 1.2380.
We are SHORT this pair from 136.69 and 136.55. The key support level at 136.45 has broken and although price is now bouncing off WS1 support at 136.40 we think this pullback will be short lived and GBP/JPY looks on the edge of collapse down to 134.00
136.65 has held up G/J BEARS and the falling trendline shown (red) is holding up the BULLS. On the Daily TF TDI (not shown) the price is becoming increasingly squeezed with just 14 points covering the volatility bands and the RSI, Market line and Signal line all held within this tight range. The RSI on the DTF is headed up indicating a general BULLISH look but...
From early 2011 to early 2016 USDCAD rose steadily. On hitting the .786 Fib level price swiftly retraced down to the .50 Fib and since then price has largely traveled sideways between the .50 Fib and the .618 Fib levels. This makes trying to work out where USD/CAD is headed very difficult if not impossible unless certain levels break. North of 1.36 would suggest...
Friday saw AUD/NZD bounce off a well-defined support/resistance area but doubts remain whether this pair is headed higher or lower. The Daily and H4 TDI levels suggest we're going lower but H4 is moderately BULLISH. If the support level at 1.0761 holds then look to go LONG. If this level breaks then SELL this pair down to 1.0560 area.
The stiff resistance at .7732 area remains intact and whilst we remain under this level we should be looking to SHORT this pair. However from these levels (.7500) with RSI over sold and solid support beneath, AUD may attempt to recover. This looks quite an easy trade so if .7490 remains in tact and we see price move north we can look to BUY this pair from current...
BULLISH week last week for the EURAUD but this had less to do with EUR strength and more to do with AUD weakness. Whilst the AUD remains under pressure the EUR could gain ground but any sign of Aussie strength and this pair could reverse rapidly. Technically this pair is BEARISH whilst we remain under 1.4176 and we are looking to SELL this pair down to 1.3624 support.
As price remains under the 200 sma on the DTF , EUR BULLS look to have it all to do. The RSI on the DTF is at extreme oversold levels so a bounce cannot be ruled out but this is likely to be short lived and a downward resumption looks inevitable. Look to SELL this market down to 116.
Last Friday saw EURUSD hit significant support but failed to move higher with any authority. The picture is very BEARISH with RSI falling on the higher time frames and TDI equally BEARISH. With the USD showing no real strength there's always a chance the EUR could bounce but from a technical standpoint the BEARS seem to be in control.