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USDSGD TO BREAK LOWERUSD is the focus at the moment as we are seeing the currency come under some pressure after being so strong. USDSGD is at the key resistance of 1.3850 and looks to be forming a double top pattern. This will only complete when price breaks and closes below the previous structure lows around 1.3730. If the market does break and close below we can look for the neckline as a point of resistance for further downside. Key weekly support comes in around the 1.3325 and would be targets if we see the break lower. Be aware that NFP is tomorrow and we may see the USD suffer from volatility.
Short
by BlueberryMarkets
AUDJPY CONTINUED UPSIDEWe have been talking about AUD strength for a while now, seasonally the market is coming into a strong period and being at the key support level we expected a move higher. Looking at the market technically we bounced from the key support of 78.70 and have recently seen the market break structure resistance forming a higher high. This is crucial in looking for the market to move higher. Structure resistance should now become support at 80.40. Look for targets at the key resistance at 81.80.
by BlueberryMarkets
2
GBPNZD CONTINUATION TRADEWe had a fantastic trade on this market last week trading from the previous structure lows. Now that the market has broken through key support we are looking for this market to continue lower targeting the next support zone around the 1.9200 area. Applying our fibs we can see that the previous 4hr lows are sitting up at a 50.0% Fib retracement and would be a likely area for the market to continue lower from. Be aware that there is a BoE rate announcement tomorrow and should be taken into account when trading the GBP pairs this week.
Short
by BlueberryMarkets
EURNZD DOWNSIDE CONTINUATIONWith the current strength of the NZD we often look to weaker currencies to trade against. With the USD strength as ongoing economic uncertainty with Italy and Brexit the EURO remains on our list for lower prices. Technically we can see the 4hr timeframe forming a downtrend with lower lows and lower highs. This market has also broken through a key support level of 1.7410. Applying the Fibonacci tool we can see the 38.2 retracement lining up with our previous structure lows. We expect this market to continue lower as long as the 4hr trend stays intact.
Short
by BlueberryMarkets
USDJPY BREAK OUT OF CONSOLIDATIONUSDJPY has finally broke out of consolidation as we see investment shift from the safe havens back in to the index's. We can see this technically on the chart with the break out of the recent consolidation zone after finding support around the 111.60 zone. Now the 4hr chart has broken out and closed above the consolidation zone we expect it to be re-tested before seeing high prices. Applying the Fibonacci we can see the 61.8 fib adds confluence to our support of 112.60. Looking for bullish price action here.
Long
by BlueberryMarkets
NZDJPY TO MOVE HIGHER AGAIN?We've had some great trades on NZDJPY as of late just buying from the key support below at 72.40. This zone has been used numerous amounts of times as support and resistance so it was likely to find support again. This combined with the current commitment of traders signal for the NZD currently we could expect further upside to this market. Again we have created a higher high after breaking the previous highs and would look likely to re-test the trendline resistance above. Combining the previous highs with the Fibonacci retracement tool we can see the 61.8 fib sits at the bottom of the zone adding confluence. We would only be looking for the trade into the trendline resistance for now as the higher timeframe is still technically in consolidation.
Long
by BlueberryMarkets
1
BRENT CRUDE TO $73.00We have been watching Brent Crude Oil for a while now as we expected a deeper retracement to form. We managed to catch a great trade near the highs after the change in 4hr trend. Technically the market continues to produce lower lows and lower highs and is currently consolidating after bouncing from the minor support at $75.00. Now we are starting to see the market form a descending triangle pattern which typically breaks to the downside, combining this with minor structure resistance and 61.8 Fibonacci retracement, this could be a great area to look for the short trade into the key support. We will be looking for the break out of the supporting trendline before looking for the short trade.
TVC:UKOILShort
by BlueberryMarkets
SILVER TO PUSH LOWER...XAGUSD (SILVER) has been consolidating for a few weeks now without any clear indication that buyers have stepped back in. Technically we can see a bearish breakout of the previous weeks low and would look for this to continue on a break and close below the supporting trendline. Looking at the 4hr chart if the market can break lower and start to produce lower lows and lower highs we can look at trading the market short in line with the 4hr trend. The 13.80-13.60 zone pointed out in the video offers a great support that we expect buyers to step back in.
OANDA:XAGUSDShort
by BlueberryMarkets
NZDCAD TECHNICALS LINING UPWe have been watching the NZD pairs closely as seasonally the NZD is strong as well as the commercial long contracts still at all time highs. Looking to this market we have been in a downtrend on the higher timeframes and we must respect that however we may be seeing an early change in the trend with the market change cycle on the 4hr chart after bouncing from the support zone highlighted. If we see the market pullback or retrace to the zone of 0.8520 we could look for a continuation long into the key resistance of 0.8750.
Long
by BlueberryMarkets
2
WHERE CAN GBP GO FROM HERE...GBPUSD will be an interesting chart this week as we have a Bank of England interest rate decision this week along with Bank of England Carney speaking just after. It's a tricky situation for the Bank of England as they have to look at how Brexit will effect the economy. Technically we can see that downside is more than likely however we are sitting at a minor level of support. Opportunities for further downside may come if we see the market pullback and re-test the previous lows and 61.8 Fibonacci retracement. Any bearish price action here we could look for continued opportunities short.
Short
by BlueberryMarkets
WHAT WILL HAPPEN TO THE USD THIS WEEK?Looking to the week ahead and what to expect of the the USD. We have Non-Farm Payroll coming up this week which is forecast to be higher than last months, backed by President Trumps tweet suggesting the jobs number will be good. Seasonally the USD is strong and looks likely to continue however we are sitting at a key resistance level with 127.2 Fibonacci extension confluence. This could show the market is currently over extended and we could see a retracement at this level. If the market breaks and closes above the highs of $97.00 we can continue to look for long opportunities.
TVC:DXY
by BlueberryMarkets
GOLD (XAUUSD) RUNNING OUT OF STEAMAs we are seeing equities fall we typically see a rush to our safe havens such as Gold and JPY when investors look to shift their funds from risk on to risk off. However as the indices are now falling into key support levels could we again see the shift from risk off back to risk on. Looking at the market technically we can see that buyers look to be running out of steam as the momentum to the upside slows. This could be the market waiting for some kind of catalyst ie news to push the market in a particular direction. That being said if we see a break below the current 4hr lows and trendline support at $1228.00 we could look for further downside out from this commodity.
OANDA:XAUUSD
by BlueberryMarkets
USDCAD BREAKING HIGHER?The market hasn't closed yet however we are seeing CAD weakness across the board despite the interest rate decision. We covered this in one of our other CAD posts. Typically a currency will get stronger before the rate hike announcement. Most of the time a rate hike is priced in and you will see some initial strength but it will most likely weaken after the event depending on the rate of which hikes will continue. The USD is in the case of continual rate hikes which is why we are seeing the continued strength over CAD. Technically we look to be closing above the trendline resistance and if we see that happen we could expect further upside into the resistance of 1.3300.
Long
by BlueberryMarkets
GBPAUD TREND CONTINUATIONWe've had some great results lately trading GBP short. We expect this to continue over the coming days until we see prices come in to a key level where we may see some relief to the current downside. GBPAUD 4hr chart is showing a clear down trend with lower highs and lower lows. The key support area sits at 1.7960 with 127.2 Fib extension confluence. If the market was to continue the downtrend this is a key area where we should see the market find some support. Currently the market is sitting at a minor resistance from previous structure lows and 50.0% fib retracement. Looking for the market to continue into the key support.
Short
by BlueberryMarkets
NZDCHF TO RE-TEST HEAD & SHOULDERS NECKLINECoT Reports show NZD commercials at all time highs in Long contracts giving us the reason to look for the NZD long trades. Looking to this pair we discussed how it broke out of a key resistance a closed above. Looking for the long trades, the set up on the 4hr timeframe didn't meet our rules and taking a step back to look at the higher timeframe the market may want to test the head and shoulders neckline with 38.2 fib confluence. If we see price reject here we can look for long opportunities up into the key resistance with 1.618 fib extension confluence.
Long
by BlueberryMarkets
How are we travelling?Looks like we are currently moving down in the third Elliott wave. We have completed four sub-waves of this third wave and are likely to complete the fifth one after a leg up and a leg down. We are likely to move up in the fourth corrective wave after the completion of the third wave before moving down in the 5th of the fifth wave. Alternative count: It is possible that the third wave shown on the chart is actually wave C. Regardless, S&P will move up after the completion of this wave but it will then start a new first wave. PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
ASX:XJOShort
by ndau
USD STRENGTH EVIDENTAs we can see from this USDCHF chart currently the USD strength is in play and we should expect this to continue as long as the data backs up the Federal Reserves plans to hike interest rates. We will be closely watching the data releases over the coming weeks. Keep an eye on GDP, CPI and Employment announcements as these will be key indicators to inflation targets. This will then ultimately affect the decisions to hike rates or not. Looking at this chart we can see the 4hr chart created the higher highs after double bottoming at the support zone we have talked about before. Expecting this market to head up to the key resistance of 1.0050 where the market will have to make a decision on direction.
Long
by BlueberryMarkets
EURUSD DOWNSIDE CONTINUATIONWith current situation with Brexit and Italy continuing, the EURO could be an interesting currency to keep an eye on. That paired with the USD strength economically and seasonally we could see further downside to come from this market. Looking at the chart technically, before we look for the short trades we need to see a clear close below the current structure lows at 1.1432. If we see that close below we could see a re-test of the 127.2 fib extension before seeing a retracement to the those structure lows where we will look for the short if the market conditions have been met.
Short
by BlueberryMarkets