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50ma

EURJPY Analysis Week of July 24, 2016Weekly: Price is currently in a downtrend. The 20 moving average is currently being used as a dynamic resistance. We will use this towards our trading plan. The end of the week candle closed as a bearish pinbar. The size of that pinbar in relation to the previous bullish candle is not convincing that price is to continue its way down. Daily: Looking at the daily chart we can see a nice well formed channel. Price broke through lower and decided to get back into the channels range. This indicates that price has some bull movement before its continuation down. 4 Hour: Looking at the 4 hour chart we can see a nice structure forming. A good area to go long is between support 114.500 - 115.500. A safer route would be to wait for price to reach resistance 120.500 - 121.500 to short for its continuation down. Wishing everyone a good trading week!
Short
by Jnwsk
1
End of correctionThis large pitchfork describes price action for the last month and seems to be still in play. The last week downtrend correction seems now to be over and we are now headed back to the primary uptrend that's been in play for the whole 2016. Three different items point to this: - We visited the lower part of the pitchfork and the daily candle is now forming a hammer. - Today's wick just touched 50MA and is now closing above. - There is a two step bullish continuation pattern that is now complete, marking the start of a new bullrun that will finish somewhere above 1300 at the upper part of the channel.
FX:XAUUSDLong
by purpurato59