EURUSD SHORT IIEURUSD has finally made its pullback. I have taken a position at the yellow supply/demand zone. I am taking a tight loss and expecting eur to fall after FOMC.
Fxtrader
USD/CAD BEARS Could be in controlUSD/CAD
Potential further downside continuation based on the 'trend continuation startegy, which also couples up & coincides with our Bearish analysis based on our trend-following strategy.
Our current analysis based on 'trend-continuatuion' shows price currently ranging within an intra-day pattern. There are two potential scenarios here that we will be looking for, either a bullish break impulse move to test the horizontal support level and cluster EMA zone before further selling pressure. Alternatively, if the chart pattern plays out, we expect a downside break to test the horizontal support level.
We must factor in the 'high impact' economic news later this week from the US, which will affect the US Dollar - FOMC and Non-farm payrolls.
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USD ETF UUP remains under pressure. Short in placeBreak below 25.65 putting focus on the 25.40, (50%) Fibonacci retracement of the 2016-2017 rally.
An unexpected close above 25.65 will help to stabilise prices.
Bear signal from 26.15 intact.
Stop lowered to 25.71
Short-term corrective EUR/USD developingThe anticipated break lower has been seen, with EUR/USD extending the November bear trend to reach 1.0400.
Support is appearing at 1.0350, just above the 1.0330 year low of January 2003, as oversold momentum studies unwind, with a corrective bounce now highlighted as short-covering develops.
Congestion around 1.0600 is expected to attract, with a break opening up the 1.0650/55~, 23.6% retracement of the May-December fall and high of 30 December. Still higher is the 1.0715~ break level from January and 38.2% retracement of the November-December fall, where bearish background studies could promote consolidation.
Following corrective gains, fresh losses are looked for, with a close below 1.0330/50 opening up parity, as the dominant bear trend gathers fresh momentum.
AUD/JPY, Long setup, Downtrend Channel breakoutAUD/JPY has been in a downtrend on the 4H chart for the last 3 weeks, the down channel being a corrective structure of a bigger uptrend. Now we are looking on the price breaking out of the channel, suggesting a changing in forces on the market towards bulls side.
Long positions will be initiated if the price re-tests the downtrend channel or broken support line.
Enter - at the test of suport line 77.6x
Stop - below downtrend minimum 76.3x
Take Profit - around Fib. 0.618 extension or the previous downtrend maximum 80.6x
!Another TP can be considered around the Daily downtrend trendline 82.00
Looking for a risk/reward up to 1:3
Risk per trade 2%
!The idea will be invalidated if the price comes back in the down channel.
BTCUSD wedge breakout, continuation of the downtrendAfter the sharp move down, we see a rising wedge forming on H1/H4 charts. This type of wedge is usually a corrective structure, before continuation of the move (in this case a move down). Short positions could be initiated if the price breaks the bottom trend line (a good idea might be waiting for a confirmation of the break, by testing the broken trend line).
Stop loss - above last weeks high
Take profit - around the minimum of last week (as i think there is a big chance of price testing the 480 level again)
Looking for a risk/rewart up to 1:5.
EURGBP Long Weekly is bullish with price forming higher highs and higher lows. Currently price is consolidating a bullish leg from 0.7600 on the back of Brexit. The daily 20 ema has been respected very well as dynamic support with today's bullish engulfing candle breaking higher and closing over the range of the last 16 days. In addition to this short term CTL resistance has been broken and closed above. Drilling down to the intraday chart, we see a nice bounce off structure support which created a new higher high on the intraday signaling a potential resumption of this bullish uptrend. The setup here is to go long on a retest of the breakout level as support and targeting 0.8600 and then 0.87572.
AUDUSD Trading Forecast for June 15, 2016As we've stated in our previous analysis, we expected AUDUSD to continue rising towards its 61.8% retracement level. But price declined to as low as 0.7330.
We still anticipate aussie to rally to 0.7570 before trending down. A break from its bearish channel (red) would give us a clue.
GBPAUD Long opportunity GBPAUD Long
-Great Risk to Reward here
-Strong down trend here
-ABCD Structure posible in play
-FIB levels act as great targets
-Only entering this at the break and close on the 1h timeframe of the blue trend line
-Watching the MAs for the blue to move to the upside
-Key weekly support level of 1.9400 and psychological level is important if this holds, another confluence to long
-This could be a big move to the upside OR a retrace as shown by the arrows drawn
-Multiple targets important so split up your trades
-Eyes specifically in fib level 0.618 because look left price support becomes resistance
-Remember every moment in the market is unique anything can happen
EURJPY SHORT SETUPAs we can see eurjpy is clearly in a downtrend displaying continual lower highs and lower lows.
Price came down to test and bounce off the 126.1 support level and is currently retracing to our critical "acceleration zone".
our confluences for this acceleration zone:
61.8 fib level, major resistance,descending trendline and 200EMA so we are anticipating a pullback and continuation into the downtrend,
We are targeting the 126.5 level as our 1st target and if we see a break of this level we will be targeting the 120.00 area which is a psychological level.
We shall look for long positions if we see a clear break of our resistance level @ 132.00 and outer trendline in which we will be targeting the 137.00 level. However our favorable overall bias at this current moment of time is short.
