ankurlakhotia

ankurlakhotia

RUT has been moving in a broadening triangle pattern since past 8 months. Although we are seeing new highs and new lows over the past 8 months the RSI (14) has failed to move above 65 consistently which is not a good sign.

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EURUSD has been on a tear taking major shorts for a ride. At present prices have approached the resistance zone with weekly RSI hovering around 70 which has not been sustainable since past 7 years. A good short trade can be opened here for a decent risk to reward ratio.

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The 240 min chart of the pair shows positive divergence in RSI(14) momentum indicator. The divergence was also seen when prices traded around 109 level after which a strong rally was witnessed till 114.40 levels. The present chart structure and divergence appear similar.

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USDJPY on the daily chart is testing the level of 111.70 which has acted as support and resistance level multiple number of times.

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Dollar index on the daily chart is moving in a falling channel pattern since its top in January 2017. The EURUSD pair along with GBPUSD are nearing the resistance zone on the weekly scale indicating a top formation. Development of 1st positive divergence on the daily chart supports stance for a bottom.

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Post NFP last week EURUSD has been consolidating in the range of NFP and at present is in the buying zone which can start the next leg higher in the pair.

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Dollar index at present is moving in a channel pattern. At present it is a lower end of the channel pattern. With RSI hovering near lows. Indicating a bounce in short term

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Crude oil after making a low just under $44 is testing its breakdown trendline. A good place to look for a reversal

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USDJPY has broken trend line support along with negative divergence on RSI (14). A good short candidate

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EURUSD has formed a bullish shark harmonic pattern on 120 mins chart and at CMP can be a good long bet

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GBPUSD is bouncing of 50% Fibonacci retracement of the current rise indicating buying support.

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The yellow metal is touching important trend line support on the daily chart which is third point on trend line. A third touch point always acts as important support as it is a fibonacci number.

ankurlakhotia Updated 

GBPUSD after peaking near 1.2675 retraced back to 1.2400 level. At present on the 4hr chart we are witnessing a AB=CD pattern completion which also lead to retest of previous breakout point. The pair is likely forming an inverted head and shoulder pattern with neckline placed at 1.2660. At current level the risk to reward ratio looks favorable for long position.

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XAGUSD on 4 hour chart has given a breakout from an inverted head & shoulder pattern with neckline at 17.26 level. Any dip near to the neckline is a good opportunity to go long for a target of 18.80 - 19. The stop loss for the trade can be placed at 16.50 level.

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USDJPY on the 4hr chart has formed a bearish bat harmonic pattern. On can expect it to correct till 114 level going forward. Invalidation point for the pattern is 115.70

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USDJPY on 4hr chart is exhibiting first degree of positive divergence indicating short term bottom in place. The major resistance for the pair is around 114.80 level above which it can test 116 - 118 levels.

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EURUSD pair has been moving in a wedge like formation on the 240 min chart. We are now witnessing exhaustion sign at the top end of the wedge along with first degree of negative divergence on the RSI indicator. The initial target can be placed at 1.0625 which is the lower trend line of wedge.

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AUDUSD on 4 hour chart is forming an evening star candlestick pattern. Looking at overall structure on daily chart it looks like a top for the short term is placed at 0.75876 level, giving an excellent risk to reward ratio on the short side. Looking for 0.7450 in the short term