fxtechtrader

fxtechtrader

Further selling expected.

fxtechtrader

There is some indication that price advanced too far & too fast, I am looking for a correction back to 0.9346, or even to 0.9300 round number re-test.

fxtechtrader

No position here and out of my long positions for now. Price is struggling with an extended bearish resistance line from the major selloff in 2013, on the other hand it is respecting the bullish 1X1 uptrend line. If price is not rejected here we might even see the next leg higher up to 0.9640.

fxtechtrader

Apart from this often quoted horizontal 79.23 area I wanted to have a look at the deeper market structure and if there is a pattern in chaos behind these failed breakouts of a larger monthly/weekly base. No short-term solution here, a real reversal should show itself soon however.

fxtechtrader

I am biased further short,.... but carefully watching this major 90.25 - 91.00 zone.

fxtechtrader

Just as in QQQ, mapping out some basic levels of support.

fxtechtrader

Trying to map out some important lower levels, in case the " buy-the-dip " is too early ( as I certainly think it is, but this depends on the time-frame you trade ).

fxtechtrader

We would need to see at least a rise above this 0.8760 area. I am just looking at this pair, as it might give us clues to EURUSD as well.

fxtechtrader

Further advance possible, although this might prove to be a dead cat bounce really. I`ll wait a bit and watch how price reacts at this resistance barrier.

fxtechtrader

Possible bounce area off this 16154 zone. A bit concerning that we didn`t see a really convincing intraday move higher.

fxtechtrader

Aussie news later = NAB Business Confidence, I don`t think we will see a break above 0.9300 before then.

fxtechtrader

Could go lower - but in general many FX pairs show remarkable resilience to the selloff in equities.

fxtechtrader

A lot of stops triggered automatically, watching now if there is a bounce in this important 52.00 54.82 zone.....

fxtechtrader

Similarities in market structure, in this case classic Wyckoff upthrust - and fake bullish positioning for drop, then 3 wave down pattern ( Al Brooks ).

fxtechtrader

The damn thing closed above the 20 MA and is above the approx. 0.50% Fib....:-) No trade yet for me.

fxtechtrader

Careful with bounces off previous demand zones...

fxtechtrader

Low options volatility means no decision if either above 104.000, or below 101.237. Anyway, levels I am watching.

fxtechtrader

Maybe 9378 - 9400 is a medium-term price level to watch closely.