Forexalerts
Head And Shoulders & Butterfly Pattern & Wolfe WaveHead And Shoulders & Butterfly Pattern & Wolfe Wave
Bearish Bat Pattern, Wolge Wave, Bearish Candle Stick PatternBearish Bat Pattern, Wolge Wave, Bearish Candle Stick Pattern
Head And Shoulders Pattern & Gartley Pattern & Wolfe WaveHead And Shoulders Pattern & Gartley Pattern & Wolfe Wave
USD/JPY Bullish long buy opportunity USD/JPY is holding its own below the 111 handle and is in a bullish position, edging its way up the chart of late and penetrating the 111 handle making a fresh two month low overnight before the trade war headlines kick in and made for profit taking. Currently, USD/JPY trades at 110.86 vs a high of 111.01 in Asia/111.35 NY and a low of 110.79.
USDJPY - Daily UpdateRecent price action: Bearish
Pattern: Potential head and shoulders play
Long-term momentum: *Bearish (based on the chart, not overall)
Short-term momentum: Bearish
Bias: Neutral
Action: None. Need time for price to develop.
Comments: Slim chance of actually getting the head and shoulders pattern to complete. DXY is showing promise of further continuation to the upside. Unless there is negative news from the U.S. in June, I expect this pair to continue movement to the upside.
EURUSD Triple TopWe missed a short-selling opportunity / entry after seeing the top resistance level reject price for the 3rd time, forming a triple top.
According to Encyclopedia of Stock Charts, the Triple Top has a 77.59% success rate (to reach green box)
We are looking for a bounce inside that green box / supply zone / strong support, where we will open a long to top of triple top.
There is another opportunity, which is trading the resistance breakout and riding the inverse head & shoulders from head to neckline (breakout level).
GBPCAD Short Butterfly @ 1.70319I am late on this one. Still a good set up Risk Vs Reward is still in our favour.
Price action is showing reversal signs and RSI is looking to roll soon
Entry/Stop/Targets as per chart. I wanted to publish asap
EURAUD on strong resistance, time to start sellingSell below 1.4810. Stop loss at 1.4881. Take profit at 1.4693.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.4810 (Fibonacci retracement, Fibonacci extension, bearish channel resistance) and we expect a drop from this level to at least 1.4693 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below the 97% level where we expect a drop from.
Correlation analysis: We’re expecting overall EUR weakness today as seen in EURUSD bearish move. We’re also expecting AUD strength today as seen in AUDUSD bullish move. This combines well for a EURAUD bearish move.
Gold Sell Trading Downside Target 1260.00The Gold has been trading downwards $ 1268 level. The price tested the level of $1,265.50. According to the 4H time frame, I found hidden bearish divergence and broken trendlines in the background, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first downward target is set at the price of $1,260.00.
AUDNZD bouncing up perfectly, remain bullishBuy above 1.0766. Stop loss at 1.0695. Take profit at 1.0896.
Reason for the trading strategy (technically):
After making its bullish exit of our long term descending resistance-turned-support line, price has started to bounce really nicely above our buying area. We remain bullish above 1.0766 major support (Fibonacci retracement, horizontal overlap support, bullish exit) for a push up to 1.0896 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) is seeing strong support above our ascending support line signalling that a further rise is expected.
To read about the daily technical analysis strategies in more detail, you can check them out here : www.theforexarmy.com
AUDNZD bouncing up perfectly, remain bullishBuy above 1.0766. Stop loss at 1.0695. Take profit at 1.0896.
Reason for the trading strategy (technically):
Price has started to bounce really nicely above our buying area. We remain bullish above 1.0766 major support (Fibonacci retracement, horizontal overlap support, bullish exit) for a push up to 1.0896 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) is seeing strong support above our ascending support line signalling that a further rise is expected.
Bearish Cypher Pattern-Bearish cypher pattern for USDJPY
-Double top formed at the top trendline
-H1 candle has closed below the neck
-Wait for retracement to the neck for entry
-SL above previous High
-TP at bottom trendline
AUDJPY testing resistance, remain bearishSell below 86.52. Stop loss at 86.75. Take profit at 85.63.
Reason for the trading strategy (technically):
We remain bearish below 86.52 resistance (Fibonacci projection, Fibonacci retracement) for a drop to 85.63 first (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.
