EURUSD is under both the MA50 4H and MA200 4H. Two Channel Down patterns spotted, price within both. Death Cross 4H formed at the start of the week. Trading Plan: 1. Sell as long as the price trades below the MA50 4H. 2. Sell extension if Support (1) at 1.04850 breaks. Targets: 1. 1.05000 (above Support 1). 2. 1.03350 (above Support 2). Tips: 1. The MA of the...
The EURUSD pair turned neutral technically both on the 4H timeframe (RSI = 51.027, MACD = -0.001, ADX = 32.294) and 1D (RSI = 48.083, MACD = 0.000, ADX = 32.045) and that creates the conditions for sideways trading. Though the short term pattern may be a Channel Down, we will use the range provided by the Double Top and Double Bottom 1.07900 - 1.0670 to scalp for...
The EURUSD hit today the 1day MA50 after a very long time, more specifically the November 4th. This is the opportunity that long term traders have been waiting for to buy as it also came very close to the bottom of the 3 month Channel Up. The previous two Higher High legs have been around +5%. A repeat of such rise will push the price as high as the 1.11850...
DXY is trading much lower than the 1W MA50 and is unphazed by the 1W technicals that are quickly approaching an oversold state (RSI = 35.543, MACD = -0.830, ADX = 32.507). With the pattern that has been confirmed as a Head and Shoulders since the September peak, it is possible to see a straight continuation of the downtrend to at least the 1W MA200. Since mid...
EURUSD is trading in a 2 month Channel Up. The major impulse rises have been +/- 3.90%. Since Dec 14th we see a structure reminding of an Inverse Head and Shoulders. Trading Plan: 1. Wait (or sell) for the price to pull back and test the MA50 1D. 2. Buy if it breaks the Jan 18th high earlier. Targets: 1. 1.1000 2. 1.1300 Tips: During uptrends, best risk...
Two patterns have been spotted on GBPUSD: an Inverted Head and Shoulders that formed the market bottom on September 26th and a Channel Up that is guiding the price higher. The 1D technicals are marginally above neutral levels (RSI = 55.748, MACD = 0.004, ADX = 34.526), indicating that there is still considerable upside potential. The price is testing the 1W MA50...
The USDJPY pair is approaching the 1st Support level of 125.510 (May 24th 2022 formation) after a double top rejection last Friday. Trading inside a Channel Down for almost two months, naturally on very bearish 1D technicals (RSI = 30.378, MACD = -1.840, ADX = 17.362) with the RSI almost oversold, it is expected that a technical rebound will occur. The short-term...
The EURUSD pair is on a very strong Resistance juncture. On the 4H time-frame, the technicals are highly overbought (RSI = 70.959, MACD = 30.330, ADX = 35.204) and the RSI in particular hasn't been that overbought since October 26th 2022, which was a short-term top at the time leading to a pull-back. The main pattern is a Bullish Megaphone with upside potential...
The great trading range that EURUSD is giving continues as the 4H MA50 held again as Support and following the lower than expected U.S. CPI, the price finally broke above the 1.06180 Resistance (June 27th High) and targets long-term the 1.07870 May 30 High. 4H is on normal bullish technicals (RSI = 67.702, MACD = 0.003, ADX = 50.538) but the 1D RSI (70.841) just...
The EURUSD pair is rising non stop since the end of September and this week broke above the 1W MA50 (blue line) for the first time since June 2021. Though technically a major break out, history shows that this alone is not enough to justify a continuation of the uptrend. Since 2015, EURUSD extends the rise only when the 1W MA100 breaks (green line) and even then,...
The EURUSD pair is trading inside a Channel Up, having established the 1D MA200 (orange line) as Support. The rejection on the 1W MA50 (red line) yesterday however can turn the trend downwards on the short term as the rally since late September may be in need of relief. The RSI is a testament to this as it has been trading sideways since Nov 11, unable to break...
New High today, 4th straight green 1D candle and EURUSD is only a few points away from hitting the 1.06180 (June 27th High) Resistance. If it breaks it, we will take another buy and target the 1.0787 (May 30th High) Resistance as the 1D technicals remain strong (RSI: 69.918, MACD: 0.014, ADX: 43.547). As far as Friday's NFP is concerned, it happened exactly as...
Short opportunity as the inner trendline is broken followed by the correction which tells us that is there is 90% chance to sell.
Quick Trading Journal Entry: Uptrend expected, to the upper line on the orange rectangle-condensed trading zone (resistance at the blue horizontal line, 0.76417 ). Major resistance at red horizontal line (0.78422). Expected peak of the uptrend, around: October 31st , with the relative strength index peaking at the 80% marker. The R.S.I also broke out of a long...
EVERY DETAIL IS STATED ON CHART SIMPLY. EASY STRUCTURE AND PRICE ACTION
NZD/JPY has been in a bullish channel for some time now creating multiple S+R along the way im expecting a pull back beginning of this week (green box) then continue with the bullish momentum