EURO/USD Technical AnalysisEURO has been in a falling wedge and the break and retest has been made. After FOMC tomorrow expect big bullish move, take profit in the 1.19-1.1950 area.
Breakandretest
Short GBPUSDGU is in a significant Supply area that is getting rejected. I'm looking for sells with H1/H4 candle close below 1.3932
potential target and SL indicated in the chart
Sell Setup on NZDJPY Looking at NzdJpy, price has been creating some solid downtrend structure recently. We have broken a Daily Significant Level and come back to retest while rejecting off of the Non-Horizontal Resistance Level that is identified. I'll be waiting to see if price could have a strong bearish candle closure before placing any shorts.
Possible Buy Opportunity on CHFJPYLooking at ChfJpy, we may have a buy opportunity setting up. Starting on the daily timeframe, price has shown us bullish rejection near 3 times off of the Daily Significant Level. The recent rejection was able to create a bullish rally that closed above the recent Non-Horizontal Resistance Level. This could identify a potential buy bias in the near future.
When scoping into the H4 timeframe, price has cracked above the recent H4 Significant Level and is currently bouncing at the other Daily Significant Level. I'll be waiting for a retracement back to this pivot point which encompasses the horizontal & non-horizontal levels before looking for bullish rejection.
Buy Opportunity on AUDNZDWe are beginning to notice some bullish rejection away from the Weekly Support Level on AudNzd. I've identified a Non-Horizontal Resistance Level that could halt price for the time being. I'll look to see identify a retracement back to the level, followed by a strong bullish candle closure above the NHRL before placing buy orders.
Bull case on AMC. Technical AnalysisWe broke out of the double bottom and we're going to see a retest of the $40 breakout. If we hold that we can see upside towards the descending resistance trendline, we break that, move through the supply zone, and go above $70, we have confirmed that we are out of the downtrend we've been seeing the past month.
This is my first published idea, since I'm feeling to have a good grip on TA after a full year of trial and errors :)
Potential Buy Order on USDCADOn UsdCad, I'm still waiting for an opportunity to pull the trigger on a long position. We are currently consolidating around a Weekly Support Level and a Daily Non-Horizontal Support Level. This leads me to believe there could be a potential bullish rally somewhere around this zone. I'll be waiting for a strong bullish H1 or H4 candle closure before pulling the trigger. Let's see how the market opens.
Possible Buy Setup on CADCHFOnto CadChf, price has recently presented strong bullish rejection away from the Non-Horizontal Support Level. This could be identifying some potential bullish momentum in the future. We also, have the break of a recent downtrend channel, which is also another bullish bias.
For now, I'm just waiting to catch a logical entry rather than chasing the wave. If price could manage to retrace back to the Significant Daily Level (.72750), then I'll be looking for a strong bullish H1 or H4 candle closure before looking for longs on this one. Patience.
Potential Buy Opportunity on AUDNZDStill being patient with AudNzd and waiting for the opportunity to place a long position. Price seems to be finding difficulty breaking the weekly support level it's currently bouncing at. I'll be waiting for a strong bullish H1 or H4 candle closure before deciding to go in.
Potential Buy Opportunity on AUDNZDThe setup I called on AudNzd is beginning to play out. Initially, when price rejected from the weekly support level, it popped above the minor swing level and failed to find support for a bullish rally and completely violated the zone.
Now, we've rejected off of the weekly support level once again, and popped above this minor level to try and find support. I have a hunch that sooner or later, we will find enough buyers to drive price towards the significant daily level. I'll be waiting to see how the hourly candle closes before determining if I'm comfortable placing a buy order or not. Just patience for now.
GOLD?! What's going on! A repeat of June 2020?!Im getting a familiar feeling with Gold at the moment, something similar to how I felt in June 2020 before we had a 23%+ rally in Gold prices. Now, we all know that Gold loves a break and retest of structure to flush out weak hands and keep people guessing. But if we really isolate the price action from March '21 to now we can see some textbook chart patterns being formed. Firstly, An easily identifiable double bottom - followed by a surge in price as expected. We have then continued to create higher highs along the way and rallied almost 15%. As expected, when you see large moves like this it is natural to see corrections and retracements and we've almost had a picture perfect retracement to the Golden Area (61.8 fib retracement). This now brings us to June and for almost the whole month after the -8.69% move, we have been trading sideways and we can see for the month of June that, from a COT perspective large Institutions have been adding long positions. As anticipated on the 2nd of July price broke out of the range and comfortably blew back above $1800.
On the left hand side, we can see June 2020 price action and how textbook the break and retests were (with hindsight of-course). But I am anticipating that we see something very similar... I expect a brief break back below $1800 before Gold catapults again. Fundamentally, we know that there are yet again further Covid-19 concerns. The FED are sticking with their transitory stance and from a COT perspective the big players are buying Gold again. Our favourite indicators are also cut for longs so we have our price alerts set ready for optimal entries and we move on to our other pairs!
If you have any questions please feel free to comment. - Nick
Buy Opportunity on USDCADEven though I just got out of a trade last night with UsdCad, it appears another trading opportunity may be setting up. Price is heavily retracing back to the weekly support/resistance level and daily non-horizontal support level.
The previous uptrend structure that price has created, along with the couple of confluences leads me to believe that we may have a bullish rally around this level of interest. Just patiently waiting on the sidelines until then.
Potential Buy Setup on AUDUSDLooking back at the setup I called earlier in the week on AudUsd, we've just broken the minor swing level that was of interest. This is identifying some significant rejection away from the weekly support level that has been established. If we could get a candle closure past this level, with a solid retest. I'll be waiting for a bullish "bounce" before placing my entry.
Buy Opportunity on NZDCADNow that price has fully retraced back to a significant daily level as well as a daily non-horizontal support level, the bullish rally looks much more promising.
I'll be patient and wait for a strong 4H bullish candle closure to convince me that the bulls are taking over, before placing a buy order on this pair.
Potential Trend Reversal on EURCHFLooking at EurChf, we could be seeing a potential buy setup form. Price is having trouble breaking the weekly significant level after multiple attempts to wipe it out. A weekly non-horizontal support level is also identified for confluence that a bullish push may be in sight.
If price could manage to break the daily resistance level and pullback with a retest as support, I would wait for some bullish confirmation before placing a buy entry. I'll wait to see if this ends up playing out.
Potential Buy Opportunity on AUDUSDLooking at AudUsd, price has been in a steady sell off since the market opened at the beginning of the week. We have now approached a weekly support level, and price is beginning to bounce. Just looking at the market structure, it seems that the pair is relatively oversold and a potential retracement towards the H4 horizontal resistance level is very viable.
Scoping down to the 1H chart, I'll be waiting for price to break and retest this minor swing level before looking at possible long options towards the resistance level.
Potential Sell Setup Forming on EURJPYEurJpy looks very interesting for potential sell opportunities. Price is continually creating bearish market structure, and a downtrend area has been developed.
I'll be waiting for a full retracement back to the daily significant level before looking for sell orders. To add confluence, we have an H4 trend line area that price could potentially reject away from as well. Looking for another lower high to be made, then its off to the races. Patience for now.
break the top and away we golooking for a break of the upper structure then carry this long. With Divergence present, and a major trend just below, an earlier long opportunity could easily present itself. Targets are subject to move if we continue to correct to the downside. TeePee Students will be updated on this.
Sell Opportunity on EURGBPLooking at EurGbp, price has broken a daily horizontal level and is currently coming back to retest it right now. If price is able to make a bearish push past the minor H1 horizontal level, that will be a sign of weakness for me. I''l be waiting for a break and retest of this minor zone to identify significant rejection from the major zone before going short.
Buy Opportunity for USDCADTurning to UsdCad, I still have a bullish bias for this pair. I expect a bullish rally to reject at a major level of interest. Price has recently rejected away from an H4 horizontal level.
I'll wait to see if price could crack the H1 horizontal level before retesting as support. If we could crack this resistance, this would show a sign of strength and buy opportunities would be interesting following bullish rejection from the zone. Just patience for now.
Sell Opportunity on EURUSDLooking at EurUsd, we could be seeing a potential sell setup forming. Price has created bearish market structure for the past couple months now, and I'm looking to capitalize on a short-term movement.
Scoping into the 4H, I've identified a horizontal level that seems to be of interest. Price has broken and retraced back to the level to test as resistance.
Looking into the hourly timeframe, I've also identified a minor horizontal zone to trigger if significant rejection is present from the major level. If we could get a break and retest of this minor H1 horizontal zone, I'll be looking for sells.
