JigneshDavda

JigneshDavda

USD/CAD briefly dipped below a trendline that has held the exchange rate higher since the start of the year, but ultimately held, printing a reversal candle in the process. The risk to reward for a bullish continuation is favorable with a first target at longer term resistance found at 1.3881. This area has held three rallies in the pair since 2022.

JigneshDavda

USD/CHF rallied today after the SNB cut rates for a second meeting in a row. The swap rate on this pair is attractive already. The two year inflation targets set by the central bank suggests the easing cycle might not be finished. A hold above 0.8900 into the weekly close would result in a reversal candlestick. A reversal candlestick pattern has already printed...

JigneshDavda

Looks like a bull flag is in play. Dips to support could be buying opportunities

JigneshDavda

As per chart, a Head and shoulders pattern is in play for XRPUSDT. Could be a shorting opportunity on rallies.

JigneshDavda

USDCAD could potentially be forming a bull flag. The area between 1.2970-1.3000 is important support for the pair on a weekly chart. Looking for an upside break of the bull flag pattern for confirmation to position. If the psychological 1.3000 handle offers some resistance on an upside break, a pullback to around 1.2990 might offer a good entry point for a...

JigneshDavda

NZDUSD is set to close a third consecutive day in the red. A bear flag may potentially be playing out and price action is reaching the lower bound. The pair has pretty much traded sideways for most of the year so a bounce from the lower line of the rising trend channel appears probable. A bearish break, however, should offer a good opportunity to get short.

JigneshDavda

Simple short setup from channel resistance found on both an hourly chart and a daily chart.

JigneshDavda

WTI Crude Oil has seen a technical break lower, although momentum has not accompanied the later part of the move. A rising 4-hour channel broke down last Friday, with momentum accelerating to the downside, and a rising trendline from February lows was seen broken during the FOMC Statement on Wednesday. Retracements in the pair may now be capped by resistance...

JigneshDavda

The FOMC rate statement today is expected to remain unchanged with swap traders pricing in a 2% probability of a rate hike today. The focus will be on the recent NFP figure, Inflation and if July remains 'live'. The Fed will likely dismiss the NFP miss as Yellen already did in her speech last Monday. They should address stagnation in the PCE Index, and though...

JigneshDavda

A possible inv. H&S already in play ahead of FOMC Minutes. Neckline confluences nicely with daily support 1.4514 (March highs). Measured Move targets fall at 1.4710

JigneshDavda Updated 

I sent out a bullish chart on Oil on Friday, as the instrument went back to retest highs. As per the chart, it did not confirm the bullish break by taking out the 46.04 level, for the ABC up. We have however, taken out the lows, and broken the up channel. This is a strong short setup. It remains to be seen if we retest the upper channel line of the new down...

JigneshDavda Updated 

At the start of the week, we saw some pressure on Oil, possibly suggesting we may have topped out The chart shows we are holding the up channel, and we are likely still in the bullish cycle. On 4H, if the current candle closes near it's current levels, we would have a bullish engulfing candle. We are also showing a higher low followed by the low made two days...

JigneshDavda

EURJPY on 1H showing a potential break of the flag pattern. Looking for confirmation via a 1H break below the channel. Bearish invalidation comes in at wave B highs at 123.21 Targets open to the downside based on price action

JigneshDavda

A general outlook on the USD for the next week. At the beginning of the week, we saw some USD strength, however the price action today shows the DXY is threatening the highs at 95.20. It is already starting to look like a bullish ABC pattern, however a break of 95.20 will confirm it. We can see a pull back of course, but the lows set during the ECB meeting,...

JigneshDavda

The wave count indicates the bullish move occured from end of Feb lows at 1.3835 at 1.4515 highs on March 18. Since then we have started a bearish cycle. With in the bearish cycle we have already completed an ABC sequence lower to 1.4005 which marks Wave w. Looking for wave X to sell into for the next leg down, it looks like it is already in at 1.4418,...

JigneshDavda Updated 

There has been hesitation in getting short usdjpy over the past month. Probably because of the strong up trend we have seen over the past few years. The pair has now switched to a bearish trend on all TF's 4H and up. There was also a fear of intervention from the BOJ, keep in mind, they have already attempted to surprise the market with a rate cut back in Jan...

JigneshDavda Updated 

APPL continues to correct lower. Invalidation on break of channel Sell Rallies towards upper channel if support zone holds Target $70

JigneshDavda

CADCHF has shown rejection from the top of a down channel as it looks to be flagging in a larger down trend. Short setup while below upper channel line. Good setup from current levels with stops above the spike highs marked in the eclipse. Alternatively wait for the bear flag channel to show a down side break for a more conservative setup.