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Confluences

Medium-term trade setup: EUR/GBP analysisprice has overextended into the highs of 0.9000 which is a key psychological level, looking closely at candlestick behaviour we see wicks rejecting the highs showing a slowdown in momentum into the regional area of 0.9000 which has several confluences acting as a resistance. Fundamentally, the strength of the sterling ahead the next couple of weeks(lowered chances of no-deal Brexit) would be the catalyst needed to outperform the EUR and reverse to areas of support like 0.88000. Great risk/reward trade 1:5 trade safe my ppl!
Short
by danresdidualfx
Potential trade setup: USD/JPYalthough the price is consisting of lower highs and lower lows, the monthly candle closed as a spinning top around the 108.000 regions. Therefore, the price could respect this region and alternatively reverse and retrace to the key weekly area of 110.000 which is also in confluence with the 61.8% retracement zone. What could invalidate my bias is if we have a daily break above the counter trendline and a retest, before considering possible longs to the upside.
Long
by danresdidualfx
Trade setup: GBP/JPY analysisPrice has clearly overextended into the region of the yearly low of 135.67 which we previously tested but managed to hold, seen as this is an institutional demand zone we've had daily rejection around this region suggesting that buyers have taken profits and sellers may be looking to reverse the market, however price could consolidate around this region for a bit longer and create stop hunts since its such at a key level, positive fundamentals(CPI) from GBP may be the boost needed for GBP to build momentum to move higher. Great risk-reward trade of 1:3 ratio, targeting key psych 140.000
Long
by danresdidualfx
potential trade setup: GBP/USD analysisthe previous weekly candle closed as a bearish engulfing candle, the sentiment still remains uncertain and pessimistic around the sterling currency, however, price is rallying towards a key dynamic area of support in which we previously saw some institutional demand, the psychological level is also in alignment with the key W trendline acting as support. This could be a great risk-reward trade with targets of 1.2800-1.2900, il be paying close attention to candlestick behaviour to look for entry opportunities.
Long
by danresdidualfx
Potential trade setup: EUR/GBP analysisPrice has tapped the 76.8% retracement line on a bigger time frame at the 0.89400 with last week candle closing as a spinning top hinting that there could be a reversal due to a slowdown in momentum of buyers however with this week candle looking like it could close as a bullish candle what would confirm a reversal is if this daily candle closes below 0.89302, what would invalidate this entry is if weekly candle closes above previous high to confirm further upward momentum.
by danresdidualfx
weekly market breakdown: DXY analysisAs expected last week candle closed as a bullish engulfing candle to reach the highlighted region area which is in confluence with 61.8% retracement line to form a right shoulder. However, price will be closely monitored around this region due to key fundamentals ahead this week, e.g fed rate talks on interest rates. Many investors are expecting dovish sentiment if that's the case price could rally to 96.00-95.00 key levels, however, if rates remained unchanged price could further show momentum to the yearly highs of 98.00 key area of resistance and institutional pressure.
TVC:DXYShort
by danresdidualfx
Potential trade setup: EUR/AUD analysisAs previously mentioned EUR/AUD has overextended into the yearly highs price region, even though we should be expecting a retracement price can be easily manipulated around this region especially ahead of a lot of fundamentals data from ECB and AUD policy details out this week that could easily be a key driver in market activity. Awaiting for a potential 3rd drive into the highs before considering additional shorts to the targeted region to bounce off the trendline which is in alignment with the 50% fib line.
Short
by danresdidualfx
BTC medium term perspectivePrice extended to the highs of $9000, however, was not able to sustain this level as price clearly has been trading sideways around the psychological level of $8000. With singular wicks hitting both the highs and lows, however, the head and shoulder pattern could elude to the fact that reversal may be imminent. Bear in mind that from the new monthly highs price has been creating lower highs and lower lows. Price is currently retracing to the highlighted price region of $8200-$8350 at a key fib level, due to the fact that BTC is very volatile and therefore entails very manipulative wicks, wait for shorting the BTC at the highs of the wick to the targeted D extension fib level of the price region $6400.
BITFINEX:BTCUSDShort
by danresdidualfx
Potential trade setup: USD/CAD analysisprice has rallied to the downside and broken a key weekly trendline with a significant bearish engulfing candle, however 1.32500 proved to be a minor area of support in which price seems to have sustained this level and could potentially retest the key trendline which is confluence with the ideal 61.8% fib level and MA acting as additional resistance before conceding potential new sellers in the market to further drive price into the lows of targeted zones like 1.32000-1.31000
Long
by danresdidualfx
1
Potential trade setup: EUR/NZD analysisPrice has rallied towards a key dynamic resistance for the 3rd drive, 1.72250 could be a key barrier which many sell orders may be filled at these highs, however we may see some manipulative price action at and therefore take opportunities on additional -sell positions at spike levels that could potentially tap the 61.8% fib level, overpriced region, before price reverses to our highlighted target of 1.7000-1.69000 for a major correction. this could be a great risk-reward trade, 25 pips above spike and potential 200 pip move towards the downside, could ECB speech later on today be the boost needed?
Short
by danresdidualfx
Market Breakdown:GBP/AUD analysisBased on the higher time frames, the price has been declining rapidly to the downside, the trendline was broken and tested our key daily area of support 1.81500 which was created by the previous swing to the low before retesting the key institutional area of supply1.88000. I will be monitoring candlestick behaviour around this key region to see if we can get more signs of rejections to signal signs of a reversal to the upside confluence zone of 1.84000 which is supported by the MA acting as resistance, with addition to the resistance zone being a 50% retracement level. The sterling has been showing some strength these couple of days, on top of that Australian currency may decline in the next few days, due to RBA rate cuts suggesting signs of dovish sentiment. - A 4HR bullish engulfing candle break above the intraday counter-trendline could signal further momentum to the upside. However, what would invalidate my position is if price rallies further down to 1.8000(institutional demand zone) before we could consider taking longs.
Long
by danresdidualfx
Weekly market breakdown- DXY Good Afternoon traders!, I will be actively using this platform to journal and share my perspectives on trades to hopefully add value and inner confidence to your very own analyses. To begin with, il be giving my perspective on the DXY because of its validity in helping understanding how USD majors may be performing in relation to the performance of the DXY. So, initially, the higher time frames help to gauge what the trend is and the keys institutional levels that are in play. With the DXY, the dollar index has created progressive momentum towards the upside of 98.00. However, this proved to be a very pivotal and supply zone, this is because of the two previous months, the price was conveying signs of exhaustion around this barrier with two spinning tops which suggest signs of reversal. observing the smaller timeframes, I can see price created the 3rd drive, however, reversed to the downside tapping our trendline. It's likely, that price could make a correction towards the key 98.00 barriers before falling further down towards our outer trendline, with the -61.8% acting as the additional confluence with the key weekly support. The macro sentiment is fueling a lot of negative due to trade wars between China and USA, and on top of that, the negative yield curve which is the key indicator for the US coming recession is something that institutions are keeping in mind, which add further uncertainty.
TVC:DXYShort
by danresdidualfx
Weekly Market breakdown: USD/JPY analysisprice has demonstrated a lot of bearish pressure, however, we have reached a key area of institutional demand and dynamic area of support as previous price action showed that 108.000 was an area of accumulative orders. If price closes as a Doji candle then the price could reverse to the key psych zone of 110.000 candles on smaller time frame must demonstrate a break above-counter trendline to then form a new lower high. On a longer-term perspective, the price could show further downside due to heightened tension between China and the US.
Long
by danresdidualfx
2