#SYN/USDT#SYN
The price has been moving in a downward channel since June 2022
Due to a strong support area at 0.2850
We are about to break the downtrend supported by oversold conditions on the MACD
Current price 0.4166
The first goal 0.7922
Second goal 1.0500
Nearly 240% of the current price
Powered by the Moving Average 100 breakout.
And break the reversal patterns to the upside.
Synapsetrading
Synapse (SYN) formed bullish Gartley for upto 45.50% pumpHi, dear friends hope you are well and welcome to the new trade setup of Synapse (SYN) with US Dollar pair.
On a daily time frame, SYN has formed a bullish Gartley move for next price reversal.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
S&P 500 (Weekly Chart) - Will We See a Crash in 2019?The last few weeks saw a large correction in the stock market (which netted us some handsome profits from our short positions), and after the extreme sharp selling, this week we are seeing a rebound in the market.
But the main question on everyone's mind now is whether the market will continue falling in 2019, or whether it has seen a temporary bottom and will continue to make new highs?
In my chart, I have plotted a possible bearish path of the stock market, and the red box shows the duration of the 2008 crash. If the current crash has the same duration, we can expect to see the bottom in Q1 of 2020, meaning 2019 will be mainly bearish.
Alternatively, prices may continue to rally (dotted line) to test prior highs or form a H&S pattern, giving the bull market one more bullish leg.
Personally, given the current climate, I see more bearish (rather than bullish) catalysts in the future, hence I am more inclined to be bearish.
I will continue to use CFDs to swing trade the S&P 500, but I am also preparing a warchest to buy stocks for my long-term investment portfolio.
In the following days, I will be publishing a blog post with my full watchlist and the prices which I plan to buy.
Stay tuned!
Bitcoin (Weekly Chart) - Possible Rebound?After months of continuous decline, could Bitcoin finally see some buyers stepping in at $3000-$4000 to cause a rebound?
Weekly RSI has rebound from 30 levels, last time it reached there was in 2015.
Long-term trend is still down, but we could see the rebound go to the $5000 level.
US Dollar Index (Daily Chart) - Unable to Cross Resistance AheadThe US dollar index (DXY) is unable to cross the resistance ahead after multiple tries, and might continue to head lower, especially after the FOMC rate hike yesterday.
There are a couple of good shorts like USD/CHF or USD/JPY, which have had decent moves on the dollar weakness.
GBP/USD (Daily Chart) - Brexit Woes Driving the Pound DownWith the bearish news surrounding the Pound, it is no surprise that it has broken down from the bearish descending triangle pattern, and has gone on to hit new lows.
The next support level is around 1.208, so I will be expecting prices to continue drifting down in the absence of no good news.
I am currently holding onto shorts for this.
Gold (Weekly Chart) - Looking BullishThis counter is finally looking bullish after being bearish for most of 2018.
If there is more "risky" news that comes out, it could cause a sell-off in the stock market, and a corresponding increase in Gold (safe haven).
I am looking to see a rebound to the 1300 level at least.
NZD/CHF (Daily Chart) - Bearish RSI DivergenceThis pair is starting to show some signs of bearishness after running into the long-term down trendline.
After nearly hitting 80 on the RSI (which shows some level of overbought), it now shows a bearish divergence which hints at further price weakness.
Hence there is a high chance we will be seeing some correction.
NZD/CAD (Weekly Chart) - Nearing Top of RangeThis pair is nearing the top of the large range, meaning the odds for a short trade are becoming better.
The biggest question is where the bears will start stepping in.
Currently, the momentum is still bullish, so I will continue to monitor for signs of red bars forming to signify the sellers coming in.
It could happen at the current levels, or near the 0.96079 level.
Crude Oil (Weekly Chart) - Possible Small Rebound After a sharp move downwards, this counter has fallen to the prior support level, and also into the oversold region based on the RSI.
This actually confirms that the overall trend is bearish, but we could see a small rebound before the major trend continues.
NZD/CAD (Daily Chart) - Heading into Overbought LevelsAfter running into overbought levels, this pair has seen a slowdown in the buying momentum, and most recently printed a bearish pin-bar (shooting star).
This is a sign of sellers stepping in, and we could see price head down to test the prior support.
I currently am short on this, and will continue to provide updates in my Telegram channel.
AUD/NZD (Daily Chart) - Choosing between AUD and NZDDThis pair has been moving in a large sideways range, but the odds seem good now for a counter-trend long:
- Short-term trend is pretty extended
- Resting on major support (blue line)
- Nearly bottom of bullish trendline
- Trend channel overshoot of latest bear channel line
- Good R/R
I will take a small position and see how it goes.
EUR/NZD (Daily chart) - Rebound from Oversold AreaAfter a rapid selldown, this counter reached strong support, where buyers were ready to step in.
This is likely to lead to a rebound.
Took a long position after I shared in my free Telegram channel last week, and will continue hold as long as the bullish momentum does not fade.
S&P 500 (Daily Chart) - Aftermath of MidtermsOver the past 2 weeks, we saw a very strong rebound from the selldown, but the big question is whether this is a temporary rebound or the start of a larger downtrend.
I think the key level is the yellow zone I highlighted, because if prices manage to break below it, then the downtrend is confirmed.
Currently, I expect a lot of sideways trading in between this support zone and the price swing highs, and bulls and bears battle it out to see who will emerge victorious.
Personally, I am more inclined to the bearish side.
Crude Oil (Daily Chart) - Time for a Rebound!After a prolonged bearish sell down, this counter might be overdue for a rebound, which we might see this week.
There is strong support at the $60 level, and prices have deviated very far from the 20-EMA, which is a sign of it being oversold.
The overall trend is still bearish, and if it does rebound, I would expect the sellers to step back in at around $64 to resume the downtrend.
NXD/USD (Daily Chart) - Resisted by the 200-Day EMAAfter breaking the neckline about 4-5 months ago, this pair has been mostly bullish, but in the past 1 month it has shown a strong rebound back to the breakout point.
Now, it is being resisted by the support-turned-resistance and the 200-day EMA, and if prices are unable to cross those, then it is likely that the bearish trend will continue.
Based on the price projection of the rectangle pattern and prior low, a good target would be near the 0.62 region.
GBP/JPY (Daily Chart) - Running into Strong ResistanceAfter trying for the past 2-3 months, this pair has been unable to cross the strong resistance level around 148, and now it looks like prices are going to get pushed back down again.
If the bears come in aggressively, it could end up getting pushed all the way down to the 140 area.
I will take it one step at a time, and monitor my short positions.
GBP/CHF (Daily Chart) - Bears Coming Back In?This pair has been on a long-term downtrend since 2000, which means that long-term position traders will generally be looking for large pullbacks as a shorting opportunity.
After an attempt to push prices up, the move has has failed at the neckline, currently forming a double top which may be the start of a swing downwards.
The recent large bearish candle could be a good trigger to take a short position, with a stop above the candle.
EUR/USD ( Daily Chart) - Long-Term BearishnessThis pair is nearing a major trendline, which could provide some support from its recent bearish price action.
However, if we zoom out, we will see that over the past 2-3 months, it broke the neckline of a huge bearish head-and-shoulders pattern which spanned more than a year, signalling a very bearish outlook ahead.
As such, it would make more sense to look for shorting opportunities going forward.
EUR/JPY (Daily Chart) - Sideways Meandering This pair is somewhat erratic, in the sense that it is moving sideways in a large range, making it hard to trade, especially now that it is in the middle of the range.
Generally, for large ranges, the best strategy is to buy low and sell high.
Based on the recent price action, it is possible that it make have another leg of down movement to the long-term support level.
The R/R at this point is good for a short trade, and I will look to go long at the support when the time comes.