Forex100
AUDUSD H4 at a resistance level - What's nextI would like to see how the market opens next week.
- If resisted, it will probably head down towards the support levels at 0.6868
- If breaks above, it will at least head towards the next resistance levels at 0.7000/15
Let's see how this pans out next week.
AUDUSD H1 - Bullish Deep Crab completion lowerHi traders
I spotted a bullish Deep Crab forming lower at the 0.69 level
News :
- Aussie wage number came in lower than expected
- Chinese economic data losing steam
obviously it does not help that the tension of the US-China trade war is building up
I would expect the AUDUSD to continue drifting lower. Giving us the potential buy trade at the completion of the Bullish Deep Crab
GBPJPY H4 - Bullish Gartley CompletingSpotted Bullish Gartley Pattern to go long around the 141.80 levels
Will be looking to go long at these levels
However if the price moves higher towards the resistance levels (143.70/144.00) there could be an opportunity to short all the way down to the completion of the Bullish Gartley
S&P500 showing weaknessOn Friday, the stock market opened with a gap down and continued to see down pressure the whole day to close lower. It actually closed below the Trend Line support and we could potentially see more downside early next week.
Analysing this S&P chart, I see potential risk off for the coming trading week. Let's analyse other currency pairs to see if this support the expectation
Alibaba - showing us the recent stock sell down is completed ?BABA completed the Bullish Crab Pattern. If you were following my earlier post on BABA (see related posts below),
you would know that I shorted this at the support turned resistance levels. Just closed that trade at the completion of the Bullish Pattern
Now I would see how the market opens tonight, see if there is opportunities to go long on this
Could this be a sign that the Stock market sell down has stopped ??
EURAUD Weekly chart : Basis of my analysisI see a Bearish Bat pattern completing around the 1.6250/6300 levels. This recent move up is mainly due to the the movement of the AUD rather than the EUR.
President Trump pushing for a tax on the US$200B China imports towards the end of last week was the probably the root cause of the AUD weakening significantly. AUD is the closest proxy of all the G10 currencies to the Chinese economy or the Chinese Yuan.
With this strong up move on this pair, I am expecting it to take a while for the price to play out, form reversal pattern and complete the Bat Pattern at the same time. This will give is the opportunity to take the short trade. Let's be patient and monitor this pair. Well.... anyways.... this is a weekly chart we are analysing here.