Elliot_Myers

Elliot_Myers

Thoughts?

Elliot_Myers

Price action is following structure. Both rallies up from the initial swing low have been equal in length. We're likely to see a re-test of previous highs which is in line with current structure. Price is likely to reverse in the blue box from 6779 down to 6735. Potential trade set up for a buy at 6735 is a 1.62% ratio trade with stops at 6599 and take profit at 6954.

Elliot_Myers

Poor employment data out of Canada and weak oil are helping to firm the dollar. The pair is now approaching a critical point in the triangle formation. We expect a break upwards towards a key reversal point at 61.80% (1.38403). Potential entry at 1.31411.

Elliot_Myers

Price action has closed with 3 failed weekly attempts at breaking the 0.76435 level suggesting that a move lower is most probable for the week ahead.

Elliot_Myers

Price is in a firm uptrend however we can see a short term decline with 2 failed tests of the bearish trend line. RBNZ decision may weigh on bullish momentum as marketing wait for Wednesdays decision. Let's monitor price action to see how things develop over this key week for the NZD!

Elliot_Myers

What do you guys think? BOE decision supports selling bias however we could see a reversal at the 76.40% level.

Elliot_Myers

Price action took it's 3rd bounce and failed break of the bearish trend line thus validating it. Watch for a break of the lower trend line to confirm a bearish move to fresh lows.

Elliot_Myers

Previous price action suggests that at the 42.69 and beyond a reversal is likely given that at these prior levels we saw price congestion. Shorts at exhausted price action to the upside at this level is advised for entry.

Elliot_Myers

Another bounce off the trend line confirming the downwards trend line is now in play. Suggested entry would be on another failed re-test.

Elliot_Myers

Price action has double topped at the trend line and broken the 61.80% fib line. A new lower high has also been formed. This suggests bearish price action ahead. A suggested entry would be on a failed re-test of the trend line.

Elliot_Myers

Break of the downwards trend line suggests bullish price action ahead. RSI shows pricing overbought so expect a correction down to the trend line or to a lower point of prior support for an entry to buy long.

Elliot_Myers

The 20 day moving average has frequently capped price action and presented great sell opportunities. Selling on any failed attempt of price to move higher than the 20 DMA is advised with stops at least 50 points above the 20DMA.

Elliot_Myers

Global risk sentiment prevails and is driving the Yen higher - selling opportunities are open at tests above the 20DMA and at price action above 100.800 going towards 101.00. Expect Brexit worries to continue strengthening the Yen in the coming week.

Elliot_Myers

Price action is heading for a re-test of 1.1 with further downside towards Brexit lows of 1.09 on the cards. The 20 day moving average (pink line) has capped upside gains over the last 12 days - a price alert is advised for sell opportunities where price attempts to break it. General sell opportunities are within the yellow box up towards 1.11 where strong...

Elliot_Myers

Gold is on a 7 week bullish run and is fast approaching a historic weekly resistance at price action above 1380.00 - 1400.00. Sell opportunities are at the blue line (1390.77) and the price area 1385.00-1400.00 with take profits and buying opportunities for future re-tests at 1340.00. Short term expect price to test and fail at this level however the decline will...

Elliot_Myers

The dollar is in a defined range of 12050 - 11950 and is likely to trade below 11975 next week, price action below this level is subject to buying pressure (support) which will allow for a buy trade with a target of 12050. A buy on the triple tested support of 11950 will open a trade worth 100 points as price is likely to follow the range back up to the triple...

Elliot_Myers

Morning traders by now you should have 70 points from this trade set up. Price action has hit the first hurdle at the 0.70667 level where we can see previous structure and exhausted candles to the upside. It's likely price will now range and challenge new highs up towards 0.71500. At this level it's advised stops are moved to 0.71000 to lock in profits while...

Elliot_Myers

4 tests of price action at this level have yielded no breakthrough and today another re-test failed opening the potential for a long position with stops below the previous lows (lower blue line) with profits targeting previous resistance (upper blue line).