CHF/JPY (Daily Chart) - Near Top of Weekly RangeThis pair is near the top of it's long-term weekly range, and since it has been tested several times and not been broken, it is likely a strong resistance level.
In addition, the reward/risk ratio is good as you only need to take a small risk, and if it goes your way, the potential reward is worth many times the risk.
Watch carefully and get ready to enter once you see a good entry signal.
Synapsetrading
GBP/JPY (Daily Chart) - Good Chance to Short?This pair has been exhibiting a typical downtrend (lower highs and lower lows), which makes it a good short candidate.
Price has now pulled back to the resistance level, and is unable to cross above it after a few failed attempts.
This is a good chance to take a high probability short trade.
NZD/CAD (Daily Chart) - Having a ReboundWhile NZD was very bearish last week, the trend has reversed for this week, hence I have take profit on all my NZD short positions, and I am looking to long on selective counters.
This counter looks like it is having a rebound, and I have entered a small long position yesterday.
Will be looking to see how much it can rebound.
Straits Times Index (Daily Chart) - Very BearishSince my last call to short (on my blog and during my events), the STI has fallen about 5.5%, and has corrected 13.3% from the highs.
This is the reason why I am bearish on Singapore stocks and have liquidated my portfolio a long time ago to focus on the US markets.
I have a feeling price will continue falling until the 3000 support level. I will be watching to see once it reaches there.
Gold (XAU/USD) Daily Chart - One More Leg Down?After a prolonged downtrend, Gold is still bearish and looks to be heading down for another leg.
I have taken a low-risk short expecting a short-term bearish move to the next support level.
As the trend is already very extended, I am not looking for a large move, and I am ready to get out once the momentum changes or once price reaches the next level of support.
AUD/NZD (Daily Chart) - Bottom of Bull ChannelPrice is currently at the bottom of a long bull channel, which means that there is a chance buyers might start to come in.
However, since the short-term trend is still bearish, we will need to wait for more confirmation.
I will be monitoring and waiting for an entry signal.
NZD/USD (Daily Chart) - Still Looking BearishThe price is still looking bearish long-term after previously breaking down from a large range (rectangle).
Price is unable to cross back above the 20 or 50-EMA, which means now is a good shorting opportunity.
The reward/risk ratio is good since only a small risk is needed to capture a potentially large move.
GBP/USD (Daily Chart) - Pullback to Resistance AreaGBP/USD has been on a long-term downtrend, and it has recently pulled back to the 50-EMA, which is generally a good resistance area for shorts to come in.
The overall trend is still bearish despite the recent small move up.
Will be looking to short on more bearish price confirmation.
AUD/USD (Daily Chart) - Downtrend ContinuesThis pair is on a strong downtrend, and based on our previous post, we have been waiting for a good pullback to short this counter.
Now that price has pulled back slightly and is near the 20-EMA which should provide some resistance, and is exhibiting price weakness, we can consider initiating a short position.
Reward/risk is good as well, since a small stoploss is good enough due to low volatility.
Cheers
Spencer
Bitcoin (BTU/USD) Daily Chart - Accumulation at Strong Support?Bitcoin -0.89% is hovering between the $6500-$7000+ range, which shows that there is some price support there as value buyers come in.
If you are looking to trade a swing up or buy to hold for long-term investment, it is worth a look at these prices.
Do not buy aggressively until price has broken out of the wedge pattern, as technically price is still within a range.
If the wedge pattern fails and price breaks down (below the wedge ), then it will be a very bearish sign.