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GBPJPY: Thoughts and Analysis Pre-UK GDPToday's focus: GBPJPY Pattern – Breakout Support – 188.25? 186.14 Resistance – 189.88 Hi, traders; thanks for tuning in for today's update. Today, we are looking at the GBPJPY on the daily chart. After what looked like a new breakout, sellers have started to test buyer confidence after news hit JPY traders yesterday. The question remains: will we see buyers hold the breakout and continue to push higher, or will we see sellers break through and possibly retest 186.14 support? Another factor to keep an eye on is UK GDP; it's due at 6 pm AEDT today. Good trading.
Long
by Eightcap
GoldViewFX - 4H CHART UPDATED LEVELS & TARGETSHey Everyone, Happy new year to you all. Please see our updated Goldturn support and resistance levels and targets for our 4H chart setup. Price was testing the resistance structure at 1822 on our 4H chart setup on market close, which is also inline with the channel half line. This is a resistance level, which is now broken with a new candle body close high opening the upper levels prematurely. However, we would like to see EMA5 cross and lock above 1822 to confirm the candle body close and strengthen these upper levels for a HIT. We hope to see some more continuation of the Bullish movement when the week starts but will look for EMA5 to cross and lock to confirm the upper levels, to be able to track and trade the levels. Failure to break 1822 and rejection on the channel half-line and we will see price head back down to test the channel bottom. A cross and lock below the channel bottom also inline with 1802 Goldturn and we will see the swing range open. We will keep this in mind and track and trade the movement level to level keeping in mind when levels and structures are open with EMA5 to strategically place our buy entries, as our plans to continue to buy dips is still fully in play on tis chart aswell. EMA5 CROSS AND LOCK ABOVE 1822 WILL OPEN 1828, 1836, 1843 AND 1848 BULLISH TARGETS 1828 - 1836 - 1843 - 1848 - BEARISH TARGETS 1822 1817 1807 1802 EMA5 CROSS AND LOCK BELOW 1802 WILL OPEN 1793, 1785, 1779, 1772 SWING RANGE 1779 - 1772 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
8
GoldViewFX - Market UPDATEHey Everyone, We finished off with a great day yesterday with our next target of 1822 HIT, which we trailed all the way from 1816 with a lovely TP HIT. As you can see the resistance structure is now broken opening the upper levels 1822, 1831 and 1837. We can track and trade this with EMA5 cross and lock confirmation. We have a retracement zone above 1800 at 1806. If we see a retracement, we would like to see this area to provide support to continue with the Bullish momentum. We have also updated our swing range to 1777. Please also refer to our 4H and daily chart setups and ideas to keep in mind our longer range targets Our plans to buy dips from support levels are still in play. We will continue track and trade this movement level to level confirmed with cross and lock. BULLISH TARGETS 1798 - DONE 1806 - DONE 1815 - DONE EMA5 CROSS AND LOCK ABOVE 1815 WILL OPEN REMAINING LEVELS 1822 - DONE 1831 1837 BEARISH TARGETS 1792 - DONE 1783 - DONE 1777 SWING RANGE 1777 EMA5 CROSS AND LOCK BELOW 1763 WILL OPEN THE LOWER LEVELS 1760 1750 1741 As always, we will keep you all updated with regular updates throughout the week and how we manage the setups. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
22
GoldViewFX - END OF WEEK UPDATEHey Everyone, Please see our DAILY chart posted on Sunday. This played out to perfection hitting our target zone in line with ma200. We had an amazing week catching buys from every dip. Today was NFP yet we bravely committed to our buys, as per our analysis but keeping in mind the retracement due at daily chart EMA5 detachment. NFP numbers came in with higher numbers then forecast strengthening the dollar, which is negative for Gold. This followed with the price heading down driving traders to sell (PERFECT BEAR TRAP). However, with our experience in the gold markets, we expected the market to resume back into organic technical setup once the noise was over. Gold then found support at previous high, and we took our additional entries from 1784 and rode all the way up to cover our existing positions and finished the day and week with profit. BOOOM! Nobody shares a true picture of reversal and range management like we do live in VIP. We will now come back on Sunday with our full multi timeframe analysis and our trading plans for the coming week. Please don't forget to like, comment and follow to support us, we really appreciate it. Have a great weekend all! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
12
GoldViewFX - 4H CHART MARKET UPDATEHey Everyone, As advised this morning after hitting our last open BUY target at 1673, that we were now looking for cross and lock with EMA5 above 1673 to secure the upper range upto 1691 or we would see a rejection here. We waited for the 1H chart test on this resistance level and secured a clean 50 pip SELL down to 1668 VIP INTRADAY level. We are tracking and trading the movement up and down. BOOOOM!!!! Although we are buying dips, we confidently took the sell when our signal activated. We have now also moved the swing range up to 1644 and expecting some retracement down before another challenge to 1673. EMA5 CROSS AND LOCK ABOVE 1673 WILL OPEN 1691 AND 1700 Our plans to take buys from support levels are still in play and as such we will continue to pick sweet spots for safe entries and exits using our VIP intraday levels. However, please note and take caution all MA's are starting to converge together gearing up for a BIG BREAKOUT. As always, we will keep you all updated with regular updates throughout the week and how we manage the setups. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
10
Which Will Be the Next Direction for the Gold?The Gold has been in slightly neutral to bullish trend recently. At this point upwards continuation is possible. Ultimately, this is a scenario that we continue the overall downtrend channel, and of course the H4 50 SMA is just bellow where we are right now. The first resistance is the downside trend line around $1485. In that area are located also the upper boundary of H4 Bollinger Bands and the 61.8% Fibo retracement of the daily fall from 1516.17 to 1445.70. But keep in mind that there is a lot of noise just above and we're not comfortable buying gold until we break above the $1500 level. If we can break above there, then it’s likely that we go much higher. Because in that event the overall trend from several months ago would probably be continuing. The next target in this case should be $1516.17, followed by $1535.66. On opposite side, you should consider that even the phase 1 trade deal was reached, we don’t even have the complete details yet. So, at this point it’s very likely that the market is simply in a bit of a waiting pattern and we could see the consolidation between 1490 - 1460/50 to extend. To the downside, we' see the $1450 level as key support. Its possible to start see buyers in that area, but if we do not, that would be a very negative sign for the gold market and we would probably go much further to the downside for testing 200-day SMA at 1411 firstly.
OANDA:XAUUSD
by ForexTrendline
2
The UK General Election Put the GBP in FocusIt’s finally election day in the UK. Can Johnson win a majority and deliver on Brexit or is there more pain to come? The UK may finally would be able to put the epic Brexit saga behind it. GBP/USD is sitting now on 9-month high and H4 RSI is in overbought zone. Boris Johnson is ready to take Britain out of the EU with the deal negotiated just weeks ago. Whether there are any jitters ahead of the first set of results remains to be seen, but some caution is likely to set in. On a Tory victory market euphoria could see GBP push higher across the board. For the GBP/USD, beyond the March 2019 highs of 1.3380, it’s likely to see a rally towards $1.35 levels and possibly more before we start to see any retreat. Because such outcome was already priced in, later the pound could see a "sell the fact" pullback. Of course, a hung parliament scenario is not excluded. The prospect of Brexit being done early next year will evaporate and the pound would price in further Brexit uncertainty taking it back to 1.2820 before further potential rebound from this support. Labour Small Majority is the least market friendly outcome given market concerns over Labour’s nationalization and fiscal policies, in addition to further Brexit uncertainty. The market is not pricing in a Labour win. But if Corbin enter on Downing Street, the GBP/USD could drop significantly towards 1.26. What is your projections and bets?
by ForexTrendline
Decision Time for Kiwi BullsThe NZD/USD has been bullish since Monday’s strong rally was fueled by talk of fiscal stimulus to boost the New Zealand economy. The Kiwi was also boosted after an unexpected rebound in Chinese manufacturing raised hopes of a brighter outlook for the world economy. And now NZD is the strongest major of the week. Technically, NZD/USD’s 4-hour chart is reporting a bearish divergence of RSI. In addition the price is testing 61.8% Fibo retracement on the fall from 0.6790 to 0.6204 at 0.6566. The direction of the pair is likely to be determined by trader reaction to that level. In case of upside break we can see a test of the August top at 0.6588. This price is a potential trigger point for an acceleration to the upside with the first target coming in at 0.6666 (78,6% Fibo level). Take in mind that later today is US NFP figure. And a weaker U.S. Dollar (softer report) could also underpinning the Kiwi as well as steady demand for higher-yielding currencies. On opposite direction, a return again inside of the bullish channel and bellow 200-day SMA will signal the presence of sellers. The first downside target is at 0.6541.
by ForexTrendline
UK100: Could the slide bellow 7,190 extend?FTSE100 (UK100) index is also an interesting one to watch this week. The index was bounded in a range above 7,000 handle since August. Note that FTSE has been in a loose inverse relation with the pound since the Brexit referendum. So, in case of a clear Conservative win this Thursday, a strong rally in both the pound and FTSE would be a strong sign of return in investor confidence. Take in mind that the UK elections are held when markets are open, and a new government may be formed on Friday, so volatility could be significant throughout the night and also during all day at Friday. UK100 index were steady on Monday after posting the biggest weekly loss in 9 weeks last week. A firmer pound prevented more extreme gains as the latest poll showed the Conservatives increasing its lead over Labour by two-digits percentage points. The UK100 index is trading below the 50-day and 200-day SMAs on 4-hour chart. The RSI indicator is sloping down on both H4 and D time frames. This morning FTSE broke the first support at 7,200. We opened Short position at 7,190 with Stop Loss above 7,250 and Take Profit around 7,130. There is located the lower line of Bollinger Bands on 4-hour chart and since October this level is acting as key support. On opposite side, the first resistance is the top in the last 3 days at 7,256, followed by H4 50 SMA, middle line of BBs and 200 SMA (on both H4 and daily charts is around 7,320). Do you trade this index and how?
OANDA:UK100GBPShort
by ForexTrendline
London Session Watch AUDUSDAUD/USD formed a false break of the inside bar candlestick pattern and the false break candle itself is pin bar candlestick pattern which adds odds to the short sellers in this market. This bearish candlestick pattern was formed at the tenken-sen and the 10 period moving average as well as near the middle band of the bollinger band. The trend is still bearish as the short term moving averages (10 and 20 period) remain firmly below the long term moving averages (50,100 and 200 period) and the Tenken-sen is well below the Kijun-sen as well. With all the odds in favor of the bears, we could potentially have shorting opportunities in today's London session.
Short
by radoslaw.mazgaj