The pair heads towards another profitable month, but closes in on the levels that had prompted Japanese authorities to step in and support the Yen. Follow FXCM Senior market Specialist Nikos Tzabouras as he discusses the outlook
Based on Daily chart analysis, we can see that price is rallying towards our sell entry at 145.92 which is a pullback resistance level that aligns with 78.6% Fibo retracement. Our take profit will be 150.19 which is a resistance level. Stop loss will be at 142.00 which is a pullback support level.
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Based on the H4 chart analysis, we can see that Price is falling to our buy entry at 0.6086 which is an overlap support level that aligns with a 61.8% Fibo retracement. Our take profit will be at 0.6131 which is a pullback resistance level. Stop loss will be at 0.6024 which is slightly below a 78.6% Fibo retracement level.
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USDCAD is rising towards a key overlap resistance that sits under the 38.2% Fibonacci retracement level. Price could hit the sell entry at 1.32359 and potentially reverse to drop lower. Take profit is at 1.31305 which is a recent swing-low. Stop loss is at 1.33231 which is an overlap resistance that sits under the 61.8% Fibonacci retracement level.
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USOIL is falling towards a key overlap support. Price could hit the buy entry at 67.315 and potentially reverse to bounce higher. Take profit is at 69.934 which is an overlap resistance. Stop loss is at 65.749 which is an overlap support that sits under with the 78.6% Fibonacci projection level.
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Price is approaching a strong resistance level at 23.21 which is a pullback resistance, 50% Fibonacci retracement and a 100% Fibonacci projection.
On top of that, we have a long term descending resistance line and the bearish ichimoku cloud contributing to the bearish momentum.
A reversal from here could see prices drop all the way down to 22.22 which is a...
We're looking at DXY today and we can see that price is forming a sort of elliott wave structure - with wave 4 potentially recently finishing.
A break of 12856 which is a major overlap support could trigger the bearish acceleration down towards the 12801 level.
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Price bounced perfectly from our confluence support level and reached our target. But how did it happen? Join Desmond as he reviews how we managed to forecast the reversal with such a high degree of accuracy.
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We're seeing price test a major support level at 1.5907. We really like this level because it has an overlap support, 100% Fibonacci projection, 61.8% short term fibonacci retracement and 38.2% long term fibonacci retracement.
A bounce from here could see prices rise to test the 1.6122 resistance level.
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AUDJPY is falling towards an overlap support. Price could hit the buy entry at 95.371 and potentially reverse to bounce higher. Take profit is at 96.882 which is an overlap resistance. Stop loss is at 94.653 which is an overlap support that sits below the 38.2% Fibonacci retracement level.
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USOILSPOT is rising towards an overlap resistance that aligns close to the 61.8% Fibonacci retracement level. Price could hit the sell entry at 70.942 and potentially reverse to drop lower. Take profit is at 68.194 which is an overlap support. Stop loss is at 73.357 which is an overlap resistance.
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Price is moving towards our sell entry at 1.0960 which is an overlap resistance that aligns with 61.8% Fibo retracement. Our take profit will be at 1.0916 which is an overlap support level. Stop loss will be at 1.1005.
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Price has just reacted off our sell entry at 182.98 which aligns with a -27.2% Fibo expansion.Our take profit will be at 181.96 which is a pullback support that aligns with a 61.8% Fibo retracement. Stop loss will be at 183.38 which is slightly above with a -61.8 Fibo expansion
Furthermore, there is bearish divergence between the indicator and price, indicating a...
Price reversed off the overlap resistance at 1.2803 and fell all the way to the take profit target of 1.2728. What was important in this analysis was the stop loss placement and the take profit placement.
In this video, Desmond covers how you can optimise your stop loss and take profit placements in your trading so that you lower your chances of prices spiking to...
Price is testing major resistance at 0.6806 which is an overlap resistance that stretches way back. It also coincides with the 23.6% Fibonacci retracement and a descending channel resistance.
If price were to reverse from here, we could see it drop all the way to support at 0.6626 which is an overlap support and 61.8% Fibonacci retracement.
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Price is testing a major support level at 1.2684 which is a pullback support + ascending support + bullish ichimoku cloud. A bounce from here could see prices rise up towards the take profit target at 1.2830 which is a multi-swing high resistance.
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EURUSD is falling towards an overlap support that aligns with the 50.0% Fibonacci retracement level. Price could hit the buy entry at 1.08471 and potentially reverse to bounce higher. Take profit is at 1.09116 which is an overlap resistance. Stop loss is at 1.07928 which is an overlap support that aligns with the 61.8% Fibonacci retracement level.
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USDJPY could fall towards an overlap support that aligns with the 38.2% Fibonacci retracement level. Price could hit the buy entry at 142.251 and potentially reverse to bounce higher. Take profit is at 143.871 which is a recent swing-high. Stop loss is at 141.272 which is an overlap support that aligns with the 61.8% Fibonacci retracement level.
Please be advised...
