A top-down analysis for all the major Forex markets
A top down analysis on all major forex markets
Forex Top down analysis and Q&A session
Top-Down Analysis of all the major currencies, also Gold and Crude Oil
After the break of the structure last week, we now have a possible area near the 61,8 fib and retest of broken support where we may look for bearish evidence to go short.
Finally, GBPAUD did break out of the very long bull flag. Looking for the retest and continuation. The 200 MA on 4H been good dynamic support so far.
Crude Oil did reach a key area, where we have previous structure resistance, 61,8 Fibonacci retracement and Monthly R1. We also have a hidden bearish divergence on RSI daily TF. I will start looking for bearish evidence on 1-4H TF here in this kill zone where the price is testing.
The DXY is about to complete an AB=CD harmonic move which complete at key swing low and may give at least a short term bounce to retest the broken structure and the 200 DMA. RSI on daily and 4H Tf is already at oversold area and to expect at least a correction here is very possible. Targets 38,2 and 61,8 fib correction of the CD leg.
CHFJPY broke a key resistance level and could now continue higher. Now the break out is just on one daily candle so that does not mean we go bananas on the longs without waiting for a correction down :) So look for a bullish flag on 1-4H TF or a deeper correction. Good Luck!
USDNOK and after completion of a nice rounded top at the top of the major channel it now broke the neckline and a key support level that may open the way for the bigger move to the bottom once again. I am now looking for a correction higher to then look for bearish evidence on 1-4 TF for a possible sell trigger.
USDMXN broke out of the one month long consolidation, we now have a possible bullish reversal and we can try to catch this retest for a long trade in the kill zone as shown in the chart above. Target one is as shown in chart but there more upside if we break above that level as well
USDJPY Broke above the psychological and structural level 110 and we could now look to the next dip. Best would be if the correction happen back to that 110 to try and find bullish evidence at that area to buy at.
AUDJPY completed an AB=CD at support and with confluence of a fib extension of 1,618. Possible reversal area and could give at a short term bounce.
EURUSD is now testing possible reversal level where we have some pivot confluence as MPP, WPP and DR1 in the same area. The idea is a trend continuation following the break of structure last week.
NZDCAD been moving to the upside in a very strong pace. The pair reached major structure level and giving reversal signals. Watch the recording for all the details needed.
EURSEK been trading at this level for a while, where the highs was getting lower and equal lows building pressure for a break below support. That break happened today where we also see a break of the 200 Daily SMA, and i see possible continuation to the downside. This is an exotic pair and have a wide spread so you may need to play it with small lot size. SL could...
After been pressured down for some time now, mostly for bad inflation numbers and a big political uncertainty around Brexit talks, the GBPUSD reached now an important support area where we could expect at least a bounce higher or a deeper correction at. Last Friday we got a strong bullish engulfing candle on daily TF, that was mostly based on weak USD after the...