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EURJPY DOWNSIDE CONTINUATIONEURJPY has been on our watchlist as we expected further EURO downside. Technically looking at the daily chart we can see the market rejected the key resistance and 50.0 Fib level of 130.12. Recently we have seen the market break a supporting trendline highlighting further downside to come in this market. We are looking for lower timeframe trades down to the key support of 127.35. If this support breaks expect further downside to continue to the 127.2 Fib extension and support of 124.95.
Short
by BlueberryMarkets
USDNOK BREAKING KEY TRENDLINE RESISTANCEThe FOMC's latest meeting minutes highlighted the data from the US continues to be good and rate hikes are still likely leading to a boost in the USD. USDNOK we had been monitoring around the key support of 8.3000 to see if the market would break or bounce. Since we have seen the market bounce from this area we could be heading for higher prices especially if the market breaks and closes above the current trendline resistance. The Fibonacci extension of 127.2 sits at highs of 8.6520 where the market could look to target. Looking to our lower timeframes for entries.
Long
by BlueberryMarkets
DOW JONES TO MOVE HIGHER (US30)We have been sitting out of the indices after recent volatility made it difficult to judge the moves. Instead we have decided to let the market find its path before getting involved. The great thing about technical analysis is the strict rules you follow to keep you out of making poor decisions. Before going long we wanted to see the direction confirmed by waiting for the daily higher high which we have now seen. The recent highs around 25880.0 would be a likely area for the market to re-test before seeing the market return to all time highs.
OANDA:US30USDLong
by BlueberryMarkets
ASX 200 first local low.Forgot to update this when it did pivot. Have been busy trading crypto again due to bitcoins recent movement. Anyway, bull div on the fisher, MACD very much over sold and the bogglett bull divved too. I was wrong about testing the 6k zone in my other post, we didn't go as high as I expected. However, I am expecting to break the previous high of 5945. The steep trendline has broken and markets have been green since. American companies have been coming out with their earnings and the DJI looks good for a temporary reversal too. In my previous chart, I mentioned some green movement with a catalyst event occurring that would take us into the current zone. I was right regrading earnings... though of course, it may have not been the only catalyst. www.abc.net.au "There have also been disappointing quarterly earnings from several big-name companies"
ASX:XJOLong
by rarea
2
USDSEK (EURUSD BABY BROTHER)USDSEK often gets overlooked by retail traders as they see this market as having a mind of its own however, this market can be traded instead of the EURUSD due to its strong correlations. If you use the compare tool in tradingview add this chart to the EURUSD chart and you will see when EURUSD goes long, this chart goes short and vice versa. Often the EURUSD can become cluttered and the USDSEK could show clearer trading opportunities. Technically we have been waiting for price to break the key supporting trendline, price completed this on the Daily chart and now we are looking for the continued short trades after it re-tested the key resistance at 9.0200.
Short
by BlueberryMarkets
EURCHF STILL AT KEY RESISTANCEEURCHF hasn't performed the way we expected but again it is back into the key resistance of 1.1470 where we could see some downside. USDCHF is at a key resistance and if this holds we could see further downside out of this market. We will only be looking for short opportunities if and only if the 4hr breaks the supporting trendline and previous lows around the 1.1430. The reason being the market will have broken key supporting levels and start to form lower lows.
by BlueberryMarkets
EURCAD CONTINUATION SHORTEUR continues to be our weak currency and USDCAD is stalling at the key trendline resistance suggesting we could see some CAD strength. EURCAD technically has been a bit of a messy chart to work with however the market formed a lower low in price after falsely breaking out of a resistance. Now the market has re-tested the resistance and printed a bearish pin candle. Adding fibs we can see we have a 38.2 fib confluence at the resistance also adding weight to our trading idea. In our telegram group we our short looking for a 2:1 trade.
Short
by BlueberryMarkets
USDCAD SHORT IN PLAYUSDCAD has been struggling for a while at the key weekly resistance trendline. If you take a look at the weekly chart you can see that the market could not close above the trendline resistance. This gives us an idea that the market cannot sustain buying at this point. Moving to our 4hr timeframe we can see a minor resistance level was broken and close below around the 1.3120 level. We have highlighted this level with arrows and was a deciding factor in taking a short position here making sure our stops are above highs to protect us from market fluctuations. Technically we have a minor support sitting down at the 1.3050 which if price breaks and closes below we can look for continuation trades short with key support down at the key support at 1.2900.
Short
by BlueberryMarkets
EURUSD CONTINUED UPSIDE EXPECTEDWe have been relatively quiet on the EUR as we expected further downside to come out of the cross pairs involving the currency. We have been anticipating a relief to the USD however which is aiding to the current bid on the EURUSD. Technically we can see that the 4hr timeframe has formed a higher high and looks to be heading to the key resistance at 1.1540. Applying Fibs we can see the current candle high shows the 61.8 fib sits back at the structure support of 1.1444 and would be a likely area to look for a long opportunity.
Long
by BlueberryMarkets
WTI CRUDE OIL TO RE-TEST RESISTANCEWTI and BRENT has been a great source of trades for us this past month and downside looks likely to continue however we would like to see the market retrace after breaking through the key support level around 64.80. Seasonally Crude Oil through the end of November to the middle of December sees significant downside which lines up with the technical analysis currently shown on the chart. The 4hr trend is down and could just continue to fall, a bearish set up at the lows may offer us a good return on investment. Ideally we want to see the re-test of the double top neckline from the Daily chart is it offers a greater return.
TVC:USOILShort
by BlueberryMarkets
HEAD AND SHOULDERS COMPLETION ON USDMXNWe have been monitoring USDMXN for a potential short opportunity as the USD looks to be failing to move higher. We have seen price move higher as of late due to the increase of interest rates in the US however we are now at a key resistance zone. Looking at price it printed a head and shoulders pattern at the key resistance potential showing further downside to come. If we see the market pullback into the neckline we could look for bearish price action to short down into the key support of 19.6000.
Short
by BlueberryMarkets
NZDCHF LOOKING FOR RELIEF ALSOJust as with AUDCHF we have been trading this market long successfully and now we are approaching a key resistance up at 0.6720 with 1.618 Fib extension confluence. This market is almost mirror imaging AUDCHF and could be traded instead of the AUDCHF pair. Again counter-trend traders here could look for short opportunity back into key highs. Look for double top patterns or the market to create lower lows before executing a short trade. We could see the market pullback into the key highs at 0.6600 before seeing more upside in line with trend.
by BlueberryMarkets
AUDCHF OVEREXTENDED ON THE DAILY TIMEFRAMEAUDCHF has been on our watchlist taking long trades from key support successfully. We are looking to continue the uptrend currently however the market looks to be over-extended as it heads towards the key resistance of 0.7280 which also holds a 1.618 Fibonacci extension. We wouldn't look to buy here as it sits at a key resistance however we could look for the market to pullback from this area back into key support highs. Counter-trend traders could look for short opportunities here on lower timeframes.
by BlueberryMarkets
NZDCAD INVERSE HEAD AND SHOULDERS COMPLETESWe have been talking about NZDCAD upside for a while and in our previous post talking about a long trade into the resistance shown in the trading idea. Now we have seen the market complete an inverse head and shoulders pattern and looks likely to continue higher. We are now looking for the market to consolidate at the supporting neckline of 0.8660 where we could see buyers step back in pushing price into the resistance of 0.9000. Market patterns show us potentially changes in trend and work often, this is why we use them in our trading analysis.
Long
by BlueberryMarkets
EURAUD CONTINUATION TRADEWe had a great trade on EURAUD recently and could be set for another move lower. AUD Non-commercial long contracts gained by 11% this week showing the big money traders are looking for the potential AUD to gain in value. EUR still looks to be suffering from Italy problems and concerns of Brexit still weigh heavy here. Technically the market on the Weekly timeframe has broken and close through a trendline support as well as double topping at key resistance on the daily chart. This shows the market could turn significantly bearish with key support sitting at 1.5580. The 4hr downtrend is in play with the market creating lower lows and lower highs. The 4hr chart has just closed below the CTL and could see the market push lower here.
Short
by BlueberryMarkets
AUDUSD BREAKS WEEKLY TRENDLINE RESISTANCEAUDUSD has finally broken higher on the Daily chart forming higher highs and even taking our the key weekly trendline resistance. We have been talking about this for a while now as the Commitment of Traders long contracts have been increasing significantly of recent. Combining this with AUDUSD being at a key support level of 0.7050 we expected the market to hold here and break higher. With that being said we must be patient to see if the market agrees with our idea and now we have seen the market close above the resistance and previous highs at 0.7160. We can now look for the continuation long trades on retracements.
Long
by BlueberryMarkets