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Fibextensions

NZDUSD The coming weeksAs its a new Week I have been reviewing the weekly chart to get a better idea of the overall move. On the lower time frames my Initial thoughts were short but looking here I think we could see a rise. Short term I do think we may see a retest of 0.70000 area the fib retracement on the most recent Daily impulse leg up gives us a 618 at one of my weekly key levels of 0.68745, this is the area id be looking for Bullish signs to buy, we could see a move before this but this would give the best RR. Longer term we have got a Bullish Flag pattern forming on the Weekly chart. Using the Fib inversion on the recent pull back it gives us the 1.618 up at previous structure, the fib extension also gives us a 1.27 at this area, one last bit of confluence is the fib retracement on the big impulse leg down gives us a 618 at this same level. would use the lower time frames for entry and would be watching the 0.73000 level for possible resistance.
Long
by Wonour
AUD/USD potential inverted head and shoulders - Short term sellAUD/USD did not play out how we predicted last week! Trump's press conference gave USD a chance to correct and give this pair a push higher to break support and this descending trendline. AUD/USD is currently sitting at key weekly support which price reacted off nicely recently. We will be looking for a pullback to the 50 fib/next support at 0.7350 to form a right shoulder of this potential inverted head and shoulders, then longs continue past the neckline at 0.7500 to hit the 61.8 extension at 0.7700 to complete the pattern. Due to such a strong bullish weekly candle the bulls could easily keep pushing and not give a pullback so we will watch this one closely
Short
by Trader_Troy
Bullish Flag on the Daily GBPJPYHere are my Thoughts for the coming weeks. Lots of good Fibonacci confluence, to many levels lining up to be ignored imo. So to start we have some basic patterns forming Bullish Flag, we have had out impulse leg up and come back to the 382 retracement which lines up with previous structure resistance which could turn support. The flag could do a, a,b,c,d Harmonic move which does line up with the 1.618 of a fib extension. The 1.27 level of this extension also lines up with the 1.618 of the fib inversion. looking at the weekly highs and doing some fib retracements we have a 618 and 786 also line up with the 1.618 and 1.27. This general area was a previous are of structure support. We are also in the Oversold area RSI Lost yet? for me lots of little bits lining up which is building a strong case to the upside There are a couple of key levels In Blue which are going to be areas to watch if price moves up. Of course it could retrace further to the downside. Good luck and Trade Safe
Long
by Wonour
EURJPY Outlook for the week 26/12/16Firstly Looking at the Weekly and Daily Charts we have come into an Area of resistance. We have started to see a bit of a bearish move on the Daily, looking on the 4 hr we have a few levels lining up. We have had a 618 retracement, looking at the Fib Extension of the first impulse leg down and the Fib Inversion of the pull back. The 1.27 and 1.414 levels all fall in an area of previous structure resistance on the Daily. We have a possible Bear Cypher forming its C completion at the 121.10 level and the C to D leg of a cypher would see us back up to my weekly Key level. Will watch on the lower time frames to see what happens and for possible entries
Short
by Wonour
USDJPY possible 150 Pip move upFundamentally I have the USDJPY valued at 115-118. that's a conservative valuation and also a short term valuation. I think the USDJPY will consolidate at this level until the newyear and be somewhat range bound comparative to the GBPUSD. technically: I have a bearish bat forming at what I have the termination of wave 3 from my EW analysis. This also lines up with my time and price analysis. I am long until about 115.20 where I think it will retrace slightly until a push to the upper 115 range and then consolidate. This is just my humble forecast and we will see if I'm somewhat right. I'm not stuck to this in any way and will always trade the right side of the chart based off of price action!!!!
Long
by BrianPenrod
AUDUSD SELLPrior to the 11th of December this pair was trading in an upwards trend with key resistance around the 0.78000 level. After the break of this market structure, there has been a number of minor re-tracements, and price is currently trading around the 61.8% re-tracement inside a daily supply & demand zone and coincides perfectly with the 0.74600 support/turned resistance level. Stop loss will be placed above the last significant high and first take profit will be in the next supply and demand zone around 0.72000.
Short
by HarryHadgeHutchison