MitchellShoesmith

MitchellShoesmith

After the release of the Manufacturing PMI this morning with actual figures being better than previous and forecasted figures there has been a spike in GBP up to the two descending trend line channels of which have been rejected up to now. I am expecting a little bit more retracement to the downside following this spike, however will be looking to see if there is...

MitchellShoesmith

Double top formation showing strong resistance at around 1.07524. From the second high point on the double top there has been an MA downside crossover and a strong bearish movement down to the weekly trend line support which we are now sitting on. We could see a break of this trend line and see new 2016 lows or we could see a potential bounce from this trend line....

MitchellShoesmith

Long entry on USDCAD on the Daily TL. - Upward trending channel - Crossover in inner trend channel - Crossover in MA - RSI and Stochastics look bullish TP set at 1.33120 at the moment.

MitchellShoesmith

EUR/USD is sat on a key trend line acting as support which has been tested several times. I am waiting to see if we break the trend line, if so i will trade it down to the monthly support of around 1.08100 with targets set in between. I will enter trade on a close below the trend line. RSI and Stochastics also appear bearish into the week ahead.

MitchellShoesmith

Double top forming on the USD/CAD - if we see a break of the blue area i will trade down to the profit areas below. RSI and Stochastics both currently looking bearish. Will see how this one plans out.

MitchellShoesmith

We appear to be in a strong upward trending channel where support and resistance levels have been tested several times with one small breakout before re-entering the upward trending channel. I am expecting a move back towards the trend line as shown through looking at both RSI and Stochastics which are both showing bearish signals. I will then be looking for a...

MitchellShoesmith

Evaluating the strength of the EUR against GBP, comparing this to GBP/USD, August seems to be a key month where we see the beginning of a trend occur following economic events such as a recession, eurozone crisis, eu referendum etc.. Following events yesterday, the GBP has significantly declined in value and i believe below are a few reasons that has resulted in...

MitchellShoesmith

On the monthly chart above i have posted key points in previous years where the pound has taken a dive against the dollar. August 2008, the recession hits, the value of the pound drops from nearly 2.00000 to 1.35300 in 6 months. August 2012, the economy enters a double-dip recession after two consecutive quarters of contraction in the economy. Now, late June 2016...

MitchellShoesmith

I am staying well out of any trades this week as i am expecting the market to be extremely volatile with the anticipation of the EU referendum. However this is just an idea that it appears traders are taking the position that they expect the UK to stay in the EU as the Euro declines as the GBP grows in strength. Stochastic/MACD/RSI all show a strong correlation...

MitchellShoesmith

Above shows an overview of the previous 3 years of the EUR/JPY. Above i have highlighted what i believe are a few key support levels in watching the meltdown of the EUR/JPY. The market has been consistently bearish for the past 12 months, and after the break of 120.00 we have seen a further decline to around 119.00. I believe once we see a break of the previous...

MitchellShoesmith

This pair is looking bearish after a second retest of support. Will watch to see if a breakout occurs. Will enter trade at around 81.750 and look for first TP of around 80.500. Confirmation from MACD and Stochastics are showing bearish signs too.

MitchellShoesmith

This pair is looking very bearish. Will wait for two consecutive bearish candlesticks to post before entering a short trade once we have broken the symmetrical triangle trend line. Trying to stay away from EUR & GBP currencies in the anticipation of a high volatility market over the coming days and weeks. Will keep my eye on this one to see how it progresses.

MitchellShoesmith

Break of daily TL firmly bearish. Cross of lower bollinger band confirms bearish signal. Once the break of first blue rectangle (support) occurs will short this down to TP.

MitchellShoesmith

GBP/JPY - 3 year lows and 2016 support level currently being tested. Expecting a bounce from support and to hit targets as shown above. Will wait for confirmation before entering a trade. If this pair breaks the support level, i expect to see huge bearish movements throughout next week. Will look to see how this one opens next week before entering a trade.

MitchellShoesmith

CAD/CHF looking bearish, retesting 4H lower trend line support of symmetrical triangle. Will look for a breakout and then look to hit targets as shown above. Pair could also bounce, so will seek confirmation on Monday before entering this trade.

MitchellShoesmith

GBP/USD has just broken the daily trend line and is firmly bearish as shown on the daily and weekly TF. Will wait for confirmation on Monday before entering short on this trade. Lower bollinger band has just been crossed so expect this bearish movement to continue into opening trading hours next week.

MitchellShoesmith

CAD/JPY has hit the upper trend line resistance and it appears that we could see a possible breakout. I have set TP for around 85.2 and entry for 84.5. Will watch to see if this breaks and watch the bulls take over.

MitchellShoesmith

EUR/JPY is now at 3 year lows since falling below the support level of 2016 lows. Expecting this pair to continue trending downwards to around 120.00 mark, previous support level below this point were around 119.50.