$CADJPYGreen: Entry Point
Blue: Start of Week
Red: End of Week
Thumbs Up: Trade Available for Week
$ Amount (Numbers Above): Price Targets
Potential ABC pattern located. Looking for price to retrace to the targets overtime.
Forex-trades
SasanSeifi 💁♂DXY/ Daily Hello,
The dollar index TVC:DXY started an uptrend from 100.600. After reaching the liquidity zone around 104.900, it faced a correction due to profit-taking by buyers. The correction extended down to the demand zone at 102.300.
The index has bounced back from the demand zone and is trading at 104.000.
The EMA is moving between the candlesticks, indicating a range-bound market.
If the daily candle closes with a strong body, we can expect positive movements towards 104.400 and 104.975.
We must observe how the price reacts at these levels to understand the further trend.
If the index breaks above 104.970/105 and consolidates, it can create a new high above 104.976 and potentially reach 105.500/106.
Otherwise, after ranging and confirmation of SELL in lower time frames, we may see a correction.
The key support levels are 103 and 102.350.
Remember, this is just a technical analysis and not financial advice. Always do your research before making any investment decisions.❗❌
I hope this analysis was helpful! If you have any questions, feel free to ask.🙌
NZDJPY ShortI usually publish daily charts but will now switch to 4 hour. There looks to be rsi divergence between the 4 hour, daily, and weekly timeframes (dotted line). Price has been rising on low decreasing buyer volume recently. Started a leg here and am looking for a 20% to 40% fib retracement of the previous macd low. Buyers seem to be staggering a bit at this resistance zone on this timeframe. Buyers are still fighting pretty good on the daily and weekly but im focusing on the rsi divergence with the 4 hour volume to price divergence. Not advice. What do you think?
EURNZD4 Potential Divergences spotted at the current price level. Price may push towards the 90% fibonacci level. Strong resistance level located near that level.
AUDJPY4 Potential Divergences spotted at the current price level. Price may need to pullback towards the 90% and 100% fibonacci levels. Price may continue to move deeper than the 100% fibonacci level but we need to see further data if that level is breached.
EURCHFLooks like we've spotted an impulsive wave to the downside recently. We "might" be in the corrective part of this wave so we would like to see a retest up to wave A. Looking for a fib retracement of up to 50% or more. Not advice.
NZDJPYPotential Wave 5 Retracement. Wave 5 looks to be close to being complete. Looking for a retracement or pullback anywhere between 15-50% of the fibonacci retracement. Not advice.
nzdusdwe like a short here intraday. not advice. we would like to see 38%-50% retracement of previous low. Potential 5 wave pattern spotted.
EURGBPPotential ABC zig zag spotted. Looking for 20% min (fibonacci tool). Looking for entry on candle close if color stays same. Not advice.
EURAUDWe like a sell position here. Not advice. Could be a potential supply area dating back to October 2020 on the daily timeframe.
CADJPY Looks like an "ABC" corrective or Zigzag pattern is forming. Double top near the 200 HMA. Lets see how this goes. Price action just completed a 5 wave motive impulse. Let's see what happens! We have safe targets set respective to Elliott wave rules.
Do you agree?
GBPAUD Looks like we located a potential market anomaly on the daily timeframe (July 25th bullish candle/ bear volume candle). Price is in a range and could breakout to upside. We are currently in a consolidation/corrective wave state. We are on the 4th "ABC" pattern which could imply a stronger move to come down the road. Wanted to wait until we reached the c/a wave before positioning for a long. Looking for price to test the high or surpass the high of wave B between 50%, 76% or even past 100% (if impulsive). The MACD is starting to shift momentum as well. Happy trading! Not advice. Only an idea.
GBPUSD (ABC wave next ?)Looks like we located a potential market anomaly on the daily timeframe (bearish candle, bullish volume) . There seems to be an "ABC" wave setting up here. The anomaly was located on yesterday's daily candle close . Seeing how we just had a 1-5 wave structure, we may be ready for correction before price decides to retrace the highs. Looking for price to test the low or surpass the low of wave 5 between 61% , 100%, 123%, and 161%. The RSI is is overbought territory with the Macd approaching the top side. Happy trading! Not advice. Only an idea.
USDCAD (Bullish wave approaching?)Looks like we located a potential market anomaly on the daily timeframe. Wave C has reached the 123% where the anomaly was spotted (bullish candle, bearish volume). If price reaches 161% before the bullish move, this trend might be impulsive instead of corrective. Looking for price to test the high of wave B between 38% to 61%. The RSI and MACD are both matching the bottom side. Happy trading!
What do you think?
EURUSD (Will update)Trading Checklist
Fundamental:
Unites States
- Recent GDP Report: -8.5
- Inflation Rate: +0.5
- Recent Interest Rate Change: +0.75
Europe
- Recent GDP Report: +0.4
- Inflation Rate: +0.5
- Recent Interest Rate Change: +0.5
Technical:
- RSI Divergence? Lower high on Stochastic. Equal high’s between waves 3 - b.
- Wave B retraced the start of wave a 85%. Bullish volume looks like it’s exhausting.
- Wave c (if valid) should retrace to 85%, 123%, or 161% of the start of wave a. (Used Fibonacci and Elliott waves to determine targets.
NZDUSDLooks like we are in the middle of a C wave of the Elliott wave. I want to see if this current wave (if valid) can reach the 61% or the 100% of wave B's high. Price jumped bullish at the double bottom located where the circle are. We may be a tad bit late to this trade. However, there is low sell volume on the current candle as we are also oversold on the RSI while making an attempt to cross up past the 20 level. Our Mac D zero line has crossed and may lose some momentum down the road. Let's see what happens!
What do you think?
NZDUSDElliot Wave Spotted: Contracting Ending Diagonal 3-3-3-3-3
Trying something new here. Looks like we are in the "C" phase of our wave. Want to see price retrace 38.2% - 61.80% of the previous high ( 5 Phase). One can also argue that this could be a double bottom forming as well. On the Daily timeframe, we could be at the beginning of the 3 Phase. So i would expect price to move upside before the next correction.
What do you think?
GBPUSDAfter reading an article via Reuters, gross domestic product in the world's fifth-biggest economy increased by 1.1% in the third quarter, weaker than a preliminary estimate of growth of 1.3% as global supply chain problems weighed on manufacturers and building firms. Investors are braced for a further slowdown in the fourth quarter of 2021 and a weak start to 2022 due to a rise in COVI9-cases caused by Omicron which has hurt Britain's hospitality and leisure sector and hit retailers. Although on the daily timeframe, we are on a strong bullish candle, we've located a double top on the 4 hour timeframe. This pair has been on a downtrend since June of this year due to economic growth being slower than expected. I don't see why the US economy would grow slower than the UK is trying to recover. I don't want a homerun, just a retracement of at least 38% of the previous low on this time frame. Let's see what happens.
Not advice*
This trade could go wrong. However, it's about getting better!
USDSGDOn the monthly we are coming out of a weekly buyzone. Looking for price to retrace the previous high. We are on the low side of the macd with it losing some momentum. It may take a while to reach its target. However, I need to focus on one chart that looked promising on the forex side of things. I don't need to trade everyday. I'm working on my discipline as a trader and am learning how important it is to just calm down. I like the DXY gaining strength towards the end of next year with interest rate hikes. I like the positioning of this chart. I will be patient and will update this chart as I see fit.
Not Advice. Good luck!
USDNOKTechnical Analysis:
Potential Double Bottom located. RSI oversold on 4 hour. Mac D oversold as well. Although we have a strong bullish candle, momentum color change hasn't kicked in yet on Mac D. Only looking for a retracement. Not a home run. I would like to see price reach 61.80% of the previous high. Let's see what happens!
Fundamental Analysis:
Business Confidence has dropped in the most recent report from Norway.
Business Confidence has risen in the most recent report from USA.
Norway's' inflation rate has increased more than the USA has in the most recent report.
Norway has a higher GDP growth rate. However, USA has the higher GDP overall.
Norway Inflation rate is higher than USA.
Norway government debt has increased more than the USA compared to the most recent report.
Norway Retail Sales YoY has decreased while sales in the USA have increased.
Norway Housing Index has decreased while the index has increased in the USA.
Not Advice.
There is a chance that this trade may go wrong. That's just how it goes. The main goal is to continue practicing to get better!
Let's keep working!
USDJPYLooking at the DXY, it looks ready for a retracement. I wanted to find a pair that looked good and that was near a high. USDJPY looks like a double top on the 1 hour time frame. For those following we previously entered the USDZAR last night and although it didn't reach the 38% target, it got close and we closed out in profit. With the BBB bill not being passed, there is sentiment that the economic growth will slow a bit. Although I'm still bullish on the dollar, the interest rate hikes haven't came in yet so I'm following the flow of technicals as I'm looking for support on USD pairs to get back for the next retracements. I'm only looking for a 38% to 50% retracement to the down side. I do feel like we are neck and neck as far as economic power with Japan. I don't know everything that's going on there, however I know that charts are all about retracements. I would say that this pair is overvalued and needs to retrace a bit!
Not advice!
"It's not about being right more than it is about being smarter than your last trade!"
USDZARA little late posting this to be honest. However, I think this is still a good move. Double bottom on this timeframe, Mac D losing momentum on the recent pullback. Looking for 50% of the previous high for a retracement target. I'm seeing that ZAR has a stronger interest rates but I want to see if or why the USD will be or is stronger than the ZAR regardless of interest rates. Even though the interest rate are stronger on the ZAR and both countries expect hikes next year, I noticed that the unemployment rate was drastically higher in South Africa. the ZAR is facing a more stringent debt issue than we are (allegedly). If we handle our situation quicker than theirs, I could see our dollar being stronger over time. (Opinionated) check via tradingeconomics for source. Business confidence has remained stagnant with confidence in the US increasing a small amount since last report. With this info here and information sought out earlier, I would think that the overall sentiment in South Africa is low from an economic perspective.
Not Advice!
"It's not about being right more than it is about being smarter than your last trade."
USDMXNI will bet on the USD vs the PESO any day of the week. Especially when those interest rates hike! This is honestly more of an economical trade for the long term. Ill exit at the targets. Previous high was broken and we are transitioning to the top side of the MACD on the 1 hour timeframe. When interest rates hike, the dollar gets stronger. Not advice. But I like this trade a lot. I honestly left my crypto trades for this to study this more.
What do you think?
