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GBPUSD PROjections week of 9/1FOREXCOM:GBPUSD As the sweet drawings on the chart suggest, GBP has some options. When you get into levels of structure such as this, it can make for some interesting waves. Last week, the 4H saw some nifty trending moves to the upside, but ultimately, and as shown here, are most likely just a complex pullback in a larger downtrend. For those wishful thinkers, there is still a path to the upside, if price can break through multiple levels of structural resistance. I do believ this pullback still has some upward potential, mostly because it''s own pullback is struggling to surpass .618 fibs, and because of the structure swap taking place since it hit bottom on 8/11. I'd look to get in on some short positions on one of these pullbacks, 'cause you know GBP aint ready to rally just yet. visit us at blackorchidfx.com! For some good reads visit our blog at www.blackorchidfx.com If you'd like to contribute, please submit all blog posts to contact@blackorchidfx.com
Short
by QDX_dsconsole2
EURUSD PROjections week of 9/1FOREXCOM:EURUSD Overall, I do not believe this downward trend has completed. I do however feel a pullback will take place over the course of the week, potentially bringing in some limited short-term buy opportunities. The bearish momentum candle with the extended wick into the support zone suggests that bulls are willing to enter the market at these prices. I expect a small rally to run out of steam near the closest resistance zone when all the orphaned bears come to feast on an extended trip south. EUR, get your s*** together. visit us at blackorchidfx.com! For amazingly insightful reading material, check out our blog at www.blackorchidfx.com Leave a comment so we know you were there!
Short
by QDX_dsconsole2
NZDUSD PROjections week of 8/19FOREXCOM:NZDUSD Two numbers: 25 and 3 Of the last 25 candles, only 3 can be considered definitively bullish. If you're playing averages, and assuming you're looking at this because you trade Forex you probably do, there's a high likelihood of a bullish candle printing any time. At the current support level and the 12% bull candles of the last 25, now is as good of a time as any. My long shot projection for this pair is for the bull candle to engulf the last 4 to 5 candles and enter the resistance zone all at once, before continuing downward to create new lows. Hopefully I at least hit some rim on this one. Check out our website at www.blackorchidfx.com and let us know what you think!
Long
by QDX_dsconsole2
USDCAD PROjections week of 8/19FOREXCOM:USDCAD My initial gut feeling was short until I started marking up the chart with SR zones. Besides the uptrend it's currently riding, it just put in a double top at a resistance level that recently held. The bear reaction to each push was substantial, but I don't think it's a true roll. Price sits at a significant support level, and if you didn't notice, the 1.272 and 1.414 fib extensions perfectly bracket the top resistance level. That resistance level was drawn before the fib, and I don't think it could have lined up any better. For me, structure is king, but I do have a very special place for fibs in my heart. I'm going bull, putting one hand up, and hanging on for dear life. Check out our website at www.blackorchidfx.com and let us know what you think!
Long
by QDX_dsconsole2
USDCHF PROjections week of 8/19FOREXCOM:USDCHF Potential for trend continuation move after seeing confluent signals including a small reversal candle at the same level as the .382 retracement, which also happens to be at a level of resistance. The aggressive play is to get in soon, or we wait for a few more factors of confirmation such as a close below the recent swing low. If not, and with the stack of relevant structural levels just above, price could pinball for a while before establishing a stable direction. Check out our website at www.blackorchidfx.com!!
Short
by QDX_dsconsole2
AUDUSD Projections week of 8/12FOREXCOM:AUDUSD Although the massive bear trend looks to be losing steam, it doesn't seem as though it's ready to end. If you're a candlestick trader your long entry on the retracement may have already passed, or it's right around a second chance entry level. The resistance zone is my projection for max pullback before the continue downward. Look for short opportunities near the strong price level in black, or near the resistance zone if it can make it that far.
Short
by QDX_dsconsole2
NZDUSD Projections week of 8/12FOREXCOM:NZDUSD The current sell-off cannot last forever, and the major support level it just entered will have something to say about it. Price action just completely disrespected two support levels on its way down to where it currently sits. The .382 retracement level sits in the middle of the two structure levels and is where I'd like to see some signs of reversal for the bearish continuation. If price breaks the support level, I'm looking to retire on a short with stops trailing all the way down to the beaches of Mexico.
Short
by QDX_dsconsole2
USDCAD Projections week of 8/12FOREXCOM:USDCAD Major Structure Long-term Support Line Important Price Level Overall Bullish Trend We have two beautiful and powerful support and resistance levels surrounding another important price level. Play the range or wait for the break, but more importantly, enjoy the amazing story unfolding. As if it was fate, a support line (not a trend line since it's below a bull trend) created late '17 and early '18 crossed through the bottom of the major level of support and price bounced cleanly off of it (first red circle). Due tot he major resistance level that caused price to reverse downward, another fateful meeting of the support line and zone could play out. I may only be projecting it because I want it to happen, but either way, welcome to FOREX theater :)
by QDX_dsconsole2
USDCHF Projections week of 8/12FOREXCOM:USDCHF USDCHF is interesting in that it ranges in a very deliberate fashion. The green box represents a roughly 250 PIP range in which price tends to bounce. If you extend it either direction (up or down) the same amount, you have a box that contains somewhere around 99% of price action for the past 4 years. The green box itself seems to have an equilibrium price, and seeing the double bottom it just printed, could be a nice place to place T1s on a long position. Even better, the top of the green box could be an excellent spot for a T2. For the short side, a breakout of the green box could spell profits for those ready to take that chance. Not many obstacles on the way down to the lower side of the before-mentioned larger price box. I'm going to stay on the sidelines until I see some confirmation of which direction price wants to go.
by QDX_dsconsole2
USDJPY Projections week of 8/12FOREXCOM:USDJPY Bearish momentum Potential for confirmation of mid term bear trend C leg bear trend fractal Important level of support I'd rather not get into a habit of projecting consolidation periods, but it certainly feels like a possibility for this pair. Price action is attempting to put in new lows to confirm a larger overall bearish trend that started somewhere around October of last year. This will be challenged by a very important level of support, a level that has held true multiple times in the past. The C leg of the big bear trend is trending itself, and looks primed for relief right at the support level. The blue lines indicate the range in which I'd expect to see a complex pullback in the form of a rising channel, or something of that sort. The support level is not one I'd expect to be blown by, but if there is a break and close below the blue range, I'd be careful of a fake-out. If not a fake, the breakout could offer some nice PIP gains to the downside.
by QDX_dsconsole2
GBPUSD Projections week of 8/12FOREXCOM:GBPUSD All-Time lows Extremely important price level/support level Psychological number Relief imminent Expecting a period of relief or consolidation. Look for price to have a hard time breaking structure in the short-term, but once there is a break, it will make large moves quickly. Price is currently at a level that has shown extreme support in the past and that has not been seen many times before. I do not have a projection for the direction of the break, but by looking at the momentum it is carrying, I wouldn't be surprised if price put in a few more bearish candles before finding bottom. But, bottom is coming, so expect to start seeing reversal patterns form.
by QDX_dsconsole2
2
EURUSD Projections week of 8/12FOREXCOM:EURUSD Range tendencies Near long-time lows Price currently at very respected level Bull flag High structure relevance Look for price to either make a move straight up into the depicted resistance level, or a dip down to the support level followed by a push up. Looking for immediate confirmation of move. Look for break of flag pattern to enter immediate long. Look for high-test candles to form in support zone to signal long entry. If bull move does not happen, look for break and close beyond structure lows to signal short position. Price is not currently trending, so no trend continuation opportunities are present.
Long
by QDX_dsconsole2