Blueberrymarkets
AUDJPY CHART TO WATCHIn this video update, we take a look at our chart to watch this week in AUDJPY.
Fundamentals:
Trade talks between the US and China have been positive suggesting a move to a risk on market with safe havens selling.
The BOJ is talking of moving rates further into the negative in a bid to devalue the JPY.
Technicals:
The monthly timeframe is bullish bouncing from the key lows, the daily timeframe is testing the previous
breakout highs as support. The 4hr timeframe is bouncing from the averages and could take out the current
highs.
NZDUSD...WHAT NEXT?In this video update, we take a look at NZDUSD as we expect to see further upside
to the currency pair in the bigger picture. However, the price has come up to a key resistance
level where we could see price retrace from. Recently price has broken out of an inverse head
and shoulders pattern and we should expect the price to retrace back to the neckline for a long opportunity.
USDMXN TO PREVIOUS LOWSUSDMXN could retrace back into the swing lows as the price has found support at the
weekly trendline support. The RSI has also gone into an oversold condition suggesting
the impulse move is overextended. This gives us the opportunity to look for short-term
long positions into the swing lows at 19.34.
USD SHORT TO CONTINUE AT RESISTANCEThe USD index has recently broken through trendline support forming a key low. Price is currently
retracing back into the key lows where we expect to see the bearish trend resume. The
The Fibonacci tool offers confluence with a 61.8 and 50.0 retracement. If price retraces here
we can look to short the USD across the major currency pairs.
USDCHF SHORT OPPORTUNITYIn this video update, we take a look at USDCHF and the potential for the market to continue lower if the
price can retrace to the resistance zone. We will then watch for bearish price action for a short opportunity.
We also take a look at how we use the Fibonacci retracement tool in our trading for added confluence.
AUDUSD COUNTER-TREND OPPORTUNITYAUDUSD has rejected the daily swing highs around 0.6880 suggesting price could retrace to the recent highs at 0.6810.
A daily close would be ideal in looking for a short opportunity however price has formed a double top pattern on the
1hr chart. We could see price retest the neckline as resistance for a short opportunity counter-trend.
EURUSD TO RE-TEST 1.1075EURUSD has recently broken through the weekly swing highs showing
the change in trend in the major currency pair. In a trending market, we expect
to see prices move higher from areas of support. The recent highs at 1.1075 will be
a likely area of support where we will look for bullish price action opportunities.
EURJPY: CHART TO WATCHIn this video update, we take a look at EURJPY as price approaches a key resistance level.
We could see selling resume at this key level back into the recent break out highs at 119.80.
The 4hr timeframe is currently forming bearish divergence giving us a potential short opportunity.
GBJPY...WHAT NEXT?In this video update, we take a look at GBPJPY as the price is approaching the key resistance level.
Recently Prime Minister Boris Johnson announced on Twitter that the UK and EU have come to some form
of an agreement in which the deal is fair for the UK and the EU. However, Boris Johnson has now got to take
this deal into Parliament where ministers will vote to accept the deal or not. If the answer is negative
the risk of a no-deal will increase the GBP will likely fall.
Technically price is at a key resistance level on the monthly timeframe where we could see some profit-taking of
the recent move higher. Daily highs offer support at 135.50 where we could see price test next.
HOW TO FIND A CURRENCY PAIR TO TRADE USING THE MAJORSIn this video update, we take a look at the number one most asked question...
How to find a currency pair to trade.
Typically we look at the major currency pairs for areas of opportunity and look for the
strength and weakness of the currencies against the USD in order to look for a cross pair of
interest.
USD AT KEY SUPPORT The USD Index is currently finding support at the 98.18 level and trendline support.
Poor retail sales couldn't push price through the support instead we saw the price react from the level
suggesting the USD bears aren't around currently. If price closing bullish here we could see the USD
bounce towards the key resistance one again.
WILL AUDJPY RISE?When looking at a cross pair it is important to take the major pairs into consideration.
When trading AUDJPY you have to remember you are trading AUDUSD vs USDJPY.
AUDJPY (the left chart) shows price has formed a new higher high and currently testing
the 4hr support zone where we could look for a long opportunity.
AUDUSD (top-right chart) is currently finding support at a key trendline suggesting we could
see price bounce higher.
USDJPY (bottom right chart) is currently retracing into the recent breakout highs where the price
could find support.
The move on AUDJPY will come when one major currency pair makes the move first. If USDJPY
re-tests the structure and forms a bullish reaction we need to assess AUDUSD to see if the price
is doing the same adding confluence to our AUDJPY idea.
NZDUSD COMMITMENT OF TRADER LONG SIGNALIn this video update, we take a look at the NZDUSD as price approaches a key support area.
The CoT signal remains the same for the kiwi and we can continue to look for long opportunities
in line with that bias. Technically price is finding support at the left shoulder of the inverse head
and shoulders pattern. If we see a bullish close we can look for a long opportunity with targets
at the swing highs.
NZDJPY LONG OPPORTUNITYNZDJPY has retraced back to the key demand zone at 67.88 where we could see buyers re-enter the market.
The commitment of trader reports continues to show the New Zealand Dollar long contracts at all-time highs suggesting
strength could come into the market.
Technically price is at the breakout highs and if price produces bullish price action we can look for a long entry with targets at the
swing highs.
ONE WAY TO USE AN RSI INDICATOR IN YOUR TRADING...EURUSDIn this video update, we take a look at the RSI indicator and how you can implement the study into
your own trading.
Indicators are lagging to price action and should always be used in conjunction with other confluences.
We take a look at a moving average bounce strategy with the RSI in an overbought or oversold condition to filter
out better trading opportunities.
AUDUSD ON THE MOVEAUDUSD has recently tested the 4hr double bottom and found support with price breaking out
of the trendline resistance, we can look for a re-test of minor support levels for long opportunities.
This suggests we could continue to see higher prices on this pair as the USD continues to weaken.
USDJPY TO 112.00?USDJPY on the weekly timeframe could be about to break out of the inverse head and shoulders
that are forming due to the risk-on sentiment we are seeing. When we spoke of this pair previously
we expected the market to find support at the key 106.00 zones with targets of 109.00.
If the market breaks the neckline resistance expect to see 109.00 tested and if the market
closes above the key resistance zone we could see prices head towards 112.00.
EURCHF LONG OPPORTUNITYEURCHF could potentially be forming a double bottom on the weekly timeframe giving us an option
to look for long opportunities. The strength and weakness tables also suggest looking for long opportunities
on this pair. The 4hr timeframe shows price breaking through a trendline resistance showing us a potential
change in trend on this timeframe. We will look for price to re-test the breakout highs before looking
for bullish price action.