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GBPJPY BUYBased on my analysis, I think GBPJPY currency pair may likely experience a bullish rally, moving from its current price of 161.1316 to the bearish 4-hour market zone located above. The underlying reasoning behind this prediction is that price action has demonstrated a clear rejection of the internal demand zone, leading to the likelihood of further upward momentum in the form of a break through two subsequent supply zones. The continued weakness of the Japanese yen basket further supports this projection. As such, my price objective for this forecast is set at 162.00, indicating a bullish bias for the GBPJPY currency pair over the near-term future.
Long
by Samuel124
1
EURUSD SELLThe recent release of the CPI (Consumer Price Index) yesterday, showed an increase of 0.5% on all items, which was in line with market expectations. The CPI is a critical indicator of inflation, which can impact the value of a currency. Inflation tends to reduce the purchasing power of a currency and can lead to a decline in its value, all things being equal. Therefore, this increase in inflation may be perceived as negative for the USD and could lead to a upward pressure on the EURUSD currency pair. (supporting bullish scenario for EURUSD) However, the DXY (US Dollar Index) seem to be gaining strength recently, and this could weigh on the EURUSD pair. A stronger US Dollar can make it more expensive for investors to hold non-US assets, including the Euro, and can lead to a decline in the EURUSD exchange rate. (Supporting a decline in EURUSD) What then is the balance? Looking at the technical analysis of the EURUSD currency pair, we can see that the price is currently hovering around 1.07293, which is near the top of the recent trading range. The 4hr Market zone around 1.06692 is a key support level, which has held several times in the past. If the price breaks below this level, it could trigger a downward momentum and lead to further declines. So, I expect EURUSD to drop to the 4hr Market zone around 1.06690 in the short term
Short
by Samuel124
3
Bullish scenario on $AUDCAD on its wayEarlier this week I sent to the letter a bullish scenario on $AUDCAD: Bullish Bat pattern (in Yellow), which can also be used as an aggressive C entry on a bearish BAT (green) The Elite Zone's bullish Bat has already reached both of its targets, giving the members about 100 pips.. and now I'm looking for the continuation of the move towards the completion of the green Bat. The price must close above the 200 SMA. Of course there are resistance levels on the way up that may prevent the pair from rallying all the way up to the PRZ. These levels can be used as target levels to collect partial profits and adjust the stop loss to protect the position
by themarketzone
The Requests Zone setup is on its way - What's next?Two weeks ago, on the Weekly Markets Analysis newsletter, I've analyzed $GBPJPY as part of the requests zone. It took this pair some time to move, but eventually the move created nice profit and it is only half way down to reach the next trading scenarios - BULLISH and BEARISH - as shown in the chart. Read this week's Weekly Markets Analysis newsletters - Technical analysis and trading newsletters marketzone.tumblr.com Send you chart requests over the weekend - themarketzoneforex.wix.com Join the Elite Zone or subscribe to the Weekly free newsletters - themarketzone.net
by themarketzone
3 reasons to look for reversal in this pairAfter successful short trade we took at the Elite Zone based on the Gartley pattern, I'm now looking for reversal in $NZDCHF. The Gartley reached both of its target levels and now the price is at interesting, possible support, zone. 1. Bullish AB=CD pattern completion 2. Structure level 3. 61.8 Fib level These 3 technical reasons may be good enough to look for reversal in this beaten pair. We have to remember that unlike in the $NZDUSD, the Swiss bank will not allow the CHF to get stronger than other currencies.. They made it very clear.
Long
by themarketzone
1
Weekly pattern in Gold Looking for buying opportunity in Gold? Want to invest in Gold? $XAUUSD completed a bullish weekly pattern and on the daily chart we saw some buyers stepping in after the pattern completion. This setup presents a great R/R based on previous price behavior and if you are bullish Gold, you may want to check out this setup and do your own analysis to confirm. The setup posted in the Weekly Markets Analysis newsletter along with other great trading ideas. Check them out: marketzone.tumblr.com
FX:XAUUSDLong
by themarketzone
Two bearish scenarios for the coming week The first bearish setup, the bearish Cypher (Elite Zone only), already reached both of its target levels. Now $PRGO is presenting two possible continuation trade setups. 1. Major structure zone. 2. Possible Harmonic pattern completion *The full explanation is this week's Weekly Markets Analysis This setup is part of the Weekly Markets Analysis newsletter posted today and you can find more trade ideas by checking it out. marketzone.tumblr.com
NYSE:PRGO
by themarketzone
Italy chart may hint about Euro next crisisIn June, Italy broke below the downtrend line its been following since mid 2013. After a sharp decline where it broke also below the 16.5 support zone, $EWI used the last couple of week to made a small pullback (in a form of a bearish Flag) right back into the 16.5 zone (now resistance). Since C point (16.5) was right at the 61.8 Fib level, we may see a possible bullish AB=CD pattern which will be complete near 14$. If that's the case, we are talking about another sharp decline coming real soon. We already saw the first bearish signal as the ETF broke below the bear Flag pattern and it seems like that the only thing that can prevent Italy from completing the pattern is another "pump" from the Fed or the ECB. 16.5 is the critical level to watch. A close above it will violate this analysis.
AMEX:EWIShort
by themarketzone
$FAS below 103 means bad news for financialsThe daily AB=CD pattern started working last week with a nice reversal in the PRZ. The stock is trading inside a small descending Triangle and we see sellers pressure pushing the price lower and lower inside the tight range. Break of the Triangle will probably lead to the support zone (structure and trend line). It will be a buying opportunity for the bulls among you.. I'm more interested in what goes on below 103. Multiple bearish signs in the weekly and the daily chart. Monitor closely. Join the Market Zone and join the Elite Zone members for more trading ideas like this one. www.themarketzone.net
AMEX:FAS
by themarketzone
4H harmonic pattern near important weekly support1.2 zone is a very important support zone. We saw some significant rallies from this zone (with the help of the Swiss bank). We see in the chart a harmonic pattern that the price tried to violate and failed (spike low). The price currently is below minor resistance (red). A break above this resistance could mean the execution of the bullish pattern 1.2065 is the initial intra-day target for a bullish move. 1.208 is the second. If the resistance hold, 1.2 is the bears target level. at 1.2 I would look for a double bottom.
by themarketzone
$BAC - Summer rally is over? Second attempt to break the strong daily resistance zone I marked in the chart. Also testing the X point of a bearish Cypher pattern. Do you think that $BAC can break it? I think that it can be a good place to try and short here (still need to see daily close today - Bearish candle will be nice here near this zone) In case that it will break, you have pattern completion near 17.6$. Scenario 1 - Resistance Zone setup Scenario 2 - Harmonic pattern completion.
NYSE:BAC
by themarketzone