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Blueberrymarkets

GBPCHF CONTINUATIONThis week we were looking for GBP to continue the sell-off as Theresa May continues to be criticised by parliament for her current draft agreement with the EU. Despite the EU accepting the draft agreement, parliament will likely reject PM Mays plans which will cause further disruption to the GBP. We only see downside to this market for now and looking to pair the GBP against stronger currencies such as the CHF. Technically the market is in a downtrend and has re-tested resistance and the moving averages. Targets come in at the support of 1.2640.
Short
by BlueberryMarkets
AUDJPY SHORT-TERM UPSIDEAUDJPY has seen a boost higher at the key weekly support. We expected downside here if the price could break and close below the lows. Despite the market breaking lower, we did not get a confirmed close lower. The 4hr timeframe has now broken through trendline resistance and formed a higher high, higher close with our moving averages also pointing bullish. If price re-test the minor structure highs we could look for a short-term trade into the highs around 82.70.
Long
by BlueberryMarkets
GBPAUD BREAKOUT PATTERNGBPAUD has been bearish for a while now and with Brexit volatility looming we could see further downside here. Price is currently testing the moving averages and key resistance of 1.7750. Applying trendline support we could expect a breakout if this market breaks and closes below the trendline support. 1st targets come in around the key support at 1.7360. Alternatively, we could wait for a double top pattern to form here before seeing further downside.
Short
by BlueberryMarkets
EURUSD INVERSE HEAD AND SHOULDERS PATTERNLooking at the EURUSD this week we can see the market is holding at the key support area of 1.1300. With the potential for USD downside, we could see this market head back towards the resistance of 1.1750. If we see the market form bullish price action here we can look for the long trade. If you are slightly more adhere to risk, look for the neckline break on the head and shoulders to confirm the move before looking for the long opportunity.
Long
by BlueberryMarkets
USD SHOULD FALL IN LINE WITH 30YR GOVERNMENT BONDSThe bond market is a place where traders can gauge the strength or weakness of a currency. Typically when looking at the US 30YR Government Bonds, if the price of the bonds increases it tells us that traders are willing to invest into the US economy for the long term. This then should show that the USD is likely to increase in price. If the price of the bonds decrease it tells us that traders are unwilling to invest in the US economy for the long-term and that we should expect the price of the USD to fall. Currently, the 30YR Bonds are struggling to increase any higher and we could likely see a fall in price back to the highs in May. This tells us that the USD could fall lower in the coming weeks. Keep an eye out for this correlation and try looking at the past history using the compare tool here on TradingView.
TVC:US30YEducation
by BlueberryMarkets
USDCHF CONTINUATION LOOKS LIKELY Price action here suggests further downside is to come here. Typically when we see strong continuation moves the retracement is shallow with small range candles. This is showing a lack of buyers at this point in this example on USDCHF. The 10 and 20 EMA have also crossed bearish adding to our confluence of further downside to come. If the market does want to test a key area of resistance, the Fibonacci retracement tool has highlighted a short-term resistance level which the market could re-test before continuing lower.
Short
by BlueberryMarkets
AUDCHF 1HR TREND CONTINUATIONAUDCHF is another market we have focused our attention on due to the CHF strength we are currently seeing in the market. AUD has seen some short-term weakness this week and could be set to re-test the key support of 0.7140 before longer-term buy opportunities come into play. Technically we have our moving averages in the right direction and if we see a break and close below the supporting trendline we will look for a short opportunity down to the support.
Short
by BlueberryMarkets
DXY POTENTIAL HEAD AND SHOULDERS AT KEY RESISTANCEWe have been looking for the USD to sell off this week due to FED Chairman Powell less hawkish position on the US economy and the false break of the $97.00 resistance. Looking at the daily chart here we can see that the market may be looking to re-test the $97.00 resistance and if we are to see the USD sell-off we should see this pattern complete. A break of the low around $96.00 will be enough to see the market form a daily lower low giving us a better idea of further downside.
TVC:DXYShort
by BlueberryMarkets
USDCHF DOWNSIDE CONTINUATIONWith the buying of safe havens we have seen a reprise in CHF strength which we saw slightly last month with no follow through. Technically we have taken out the supporting trendline from the daily timeframe and the 4hr is now forming lower lows and lower highs. This is a great market to look to trade now and we will be waiting for price to pullback into the moving averages for further downside. Make sure you follow the links below to be on top of trades we have taken.
Short
by BlueberryMarkets
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FOCUS REMAINS ON SAFE HAVEN BUYING- USDJPYAs political risk looks to be taking the spotlight again with President Trump re-iterating his stance on China and the current trade tariffs we have seen a shift from risk on to risk off and the buying of safe haven currencies. USDJPY looks set to continue its current downside after breaking through the supporting trendline after failing to break above the 114.00 level. Looking for further downside here on our trading timeframe with a pullback to the current minor resistance with 61.8 Fibonacci confluence. For added confirmation we have the moving averages pointing down and will look for these to be re-tested before looking to short.
Short
by BlueberryMarkets
USD ON THE MOVE THIS WEEKLast week we saw a sell of in the USD as FED Chairman Powell spoke with a less Hawkish tone. This may have spooked the market into thinking a December rate hike could be played down. If we look to the weekly chart the candlestick finished as a strong bearish close at the key resistance. This gives us the opportunity to potentially see further downside. We have a trendline offering support however if we were to see this break we could see the market head towards that $94.00 support.
TVC:DXYShort
by BlueberryMarkets
GBPCHF CONTINUATION SHORTWe have refrained from trading GBP these past couple of weeks due to the volatility however GBPCHF technically setting up as are other GBP Markets for further downside. As we have seen this week although PM May had her agreement passed however, her cabinet are now resigning showing a lack of support for the draft agreement. This has led to downside for the GBP and we expect this to continue as the country is so divided over BREXIT and the terms on which the UK leaves the EU we can only see downside in the near term. Technically the market is testing structure resistance and the moving averages and could see further downside here into the key support of 1.2640.
Short
by BlueberryMarkets