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AUDJPY (Long) TradeFurther to the earlier view that the AUDJPY pair was neutral, we have now adopted a bullish bias for the pair. AUDJPY pair appears to have traced out a bullish structure with current price action having acted like a bounce off 81.696/81.386 critical support zone. Next move appears to be shaping up for what looks like final wave 5 of a possible initial impulse. Target is actually 38.2% (87.265) expansion of the move from 72.399 to 87.330 @ 81.590 first. Daily close above that level should target 61.8% (90.772) expansion level and further close above that level should see 100% (96.447) expansion level.
Long
by magbrr
USDJPY trade idea (Long)USDJPY appears to be in what can only be said to be a rather complex corrective pattern in the bigger picture. However it does present some substantial trading opportunities. Current price is viewed as preparation for a bounce towards 115 area first. Close above there will target the 120 area as next realistic resistance. However we expect to see some price consolidation at current levels going into the week. Positive daily close back above black support turned resistance line will signal resumption of movement toward the 115 area first as perceived.
Long
by magbrr
EURGBP short term weekly viewFurther to our earlier view that EURGBP is bullish in the long term, we have adopted a near term view of the pair. Our view is that this pair has most likely adopted a bearish pattern, at least for the coming weeks, and our near term outlook is now bearish. Overall price structure seems to have traced out what looks like a truncated fifth wave upwards as shown with current price action downwards tracing out what looks like wave 5 of an initial corrective move down. Key support areas to watch are now 0.83039 and 0.81699 respectively. In the long term our bullish view of the pair still holds provided 0.78044/0.77371 cluster support zone is not taken out.
Short
by magbrr
Eurusd potential buy trade coming upHere we have a potential buy trade coming up on the Eurusd . Prices are currently in the 50-61.8 zone and at the trend line . Prices are also in the support zone , so if we can see signs of strength entering the market we will look to take the buy. A break of the wedge pattern may also give us a buy, If we get the buy here prices can rally into the 1.0800 zone. Another price level to watch is the 1.0600 psychological level because if prices break through our support zone the 1.0600 is the next key level to look for buyers.
Long
by Forexmentor
EURUSD neutral at the moment but with bullish structure bit.ly EURUSD is proving to have traced out the end of an initial corrective move and as such our weekly outlook is slightly bullish. We will take long (upside) opportunities on daily price close above downward sloping trend line shown with a target of 1.07628 first and at which point selling pressure might resume again to bring price back down over the coming weeks to 1.04871/1.04796 support zone. If daily prices close above the 2nd of February 2017 high of 1.08286, it will be considered confirmation of the end of the downward trend and the resumption of a lengthy bull (upside) trend for the Euro against the US dollar. On the downside, daily price close beneath the upward sloping trend line shown will bring the 1.04871/1.04796 support zone into focus. Penetration below the 1.04871/1.04796 support area should bring further decline of EURUSD to the 28th of Decemeber 2016 low of 1.03737. Weekly price close below this level will be confirmation of the continuation of the downtrend that started on the 13th of July 2014 and will be seen as progression of the downtrend for the euro towards parity with the US dollar. See actual chart via link attached.
by magbrr
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