Xrp looks have broken the range that had been forming through August, potentially looking to come back and retest the zone before shorting further. It may just be pushing down to remove orders from the market as it has not yet retested the previous swing high.
My update on GBPJPY, as the pair has been ranging for the past day or two it has been slowly creeping upwards and has taken out the "tweezer top" that formed on the 13th of August. As this has been happening my daily bias has been edging towards a long position, if we see a clean close in the four-hour chart above said: "tweezer top" that will be my confirmation...
USDJPY has broken out of the wedge formation with a clear re-test in the one hour chart, before moving long. It now looks to be turning back over to come and re-test the level again. This level just so happens to sit near our 50 fib on 106 flat (key level).
On GBPJPY we seem to have been forming an expanding wedge for the last several days. It is now at a crucial stage as to whether it turns over and shorts back down to support or breaks and heads up to previous highs.
In CHFJPY we have seen a break and potential retest of the trendline marked out. It then looks to have formed a "double bottom" and pushed back up to the "neckline". Will price break or reverse? I will be looking for a clean reversal from this level and them looking to short. However, if we see a clean break and retest i will be looking to enter a long position.
AUDUSD has been longing since it formed the "double bottom" on the 21st of August. It is now approaching what most would refer to as the "neckline". If we see a break of this "neckline", I would be expecting price to head up to previous highs.
On GBPUSD price has broken this ranging structure to the upside. After doing so it has retested the swing high created without taking it out and price seems to have pushed back down heading towards the bottom of the structure.
In EURUSD we have seen price push down through our previous days low as annotated in the chart with a clean break and retest also identified. Our London open has pushed creating a swing high for the pair to potentially short further through the New-York session.
As we seem to have recovered from the COVID-19 pandemic, the price of this pair has been continuously rising since March; coincidently when British lockdown was introduced. It now happens to be approaching our 2020 yearly open with the anticipation to break and create a new annual swing high as the DXY shows serious weakness.
EURCAD looks to have come back around to the annual high with a decisive rejection in a forming what may be a "double top" too short back down to 1.51000/1.50500. However, If these levels are not met we may see a break and retest of the "double top" and price continue long to a previous annual high of 1.61500.
The DXY looks to have filled the gap that had formed. Now that it has done so I am anticipating it to continue with its overall direction to levels 92.50/92.70. Meaning ...USD pairs will be doing the opposite.
We are seeing very similar actions in EURUSD as to what we are seeing in the DXY which is expected. With a lot of interaction around the weekly/monthly level 1.18000. Which we are currently trading above.
The DXY is looking bearish in this sideways structure. I am Looking for it to short down to "support and for ...USD pairs to be moving long. I am going to take a look over EU and GU now see if they agree with this analysis.
After what looks like a break of the one hour structure we have seen a retracement to the 61.8 fib. With previous highs sitting nicely with the -61.8 fib extension level.
Add this on to your watchlist. Are we going to see the trendline hold. I am more biased to setup A as we have higher amounts of rejection from the Fib zone, we are not testing to break the lows from the sideways move. I would like to see the pair shift direction to the downside as the GBP grows in strength. Once the pair gives us a valid trade entry I will...
We are seeing a clean break through the descending trend line with price coming back to retest the 61.8 fibonacci level. Predicted target levels are -27, -61.8 and -100 fibonacci extension levels fitting up with previous support/resistance levels.
USDCAD - We can see the high amount of rejection from 1.3400 key level. The only thing stopping the swing trade to the upside is the resistance level at the fib. We can short from here back to the downside with the trade if we get rejection price action. However if the pair breaks for the reasons highlighted in the chart we could be in for a nice long...
USDJPY I will be expecting a pullback from the key level 106.00 to retest the support level that was resistance last week. At this level I will be keeping a close eye on price action in the 1&4hr to see if we get a long trade setup. Once the pair give us a valid trade entry I will be sharing the trade with the Alpha community, I hope you all found this chart...