Why NZD JPY is pulling back & setting up for another run!
NZD JPY broke out today in Thursday Asian currency trading.
But like anything in life......you need to take a breather....before setting up and running again.
We feel it has pulled back to a Fib level to attract more buying & with a tiny bit of luck but probably none required.... it will be on the move again.
Currencytrading
POSSIBLE TRADE SETUP ON GBPJPYPotential Trade Setup on GBPJPY
The GBPJPY price broke out of a strong resistance zone and turned support.
The price is developing, and I am waiting for a break above the resistance to go LONG.
You may find more details in the chart!
Thank you and Trade Responsibly!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
EUR/USD Daily Chart Analysis For Week of Aug 9, 2024Technical Analysis and Outlook:
The Eurodollar demonstrated consistent upward momentum during this week's trading session, reaching our Mean Resistance level of 1.094 and retesting the completed Inner Currency Rally at 1.094. The substantial breakthrough of these targets resulted in establishing a new Mean Resistance at 1.099 and a complete Inner Currency Rally at 1.100. The prevailing analysis indicates a sustained downward trajectory toward a critical Mean Support level of 1.089. The breach of this significant target may prompt rapid downward movements, potentially extending to target the subsequent Mean Support level of 1.079.
EUR/USD Daily Chart Analysis For Week of July 5, 2024Technical Analysis and Outlook:
During this week's trading session, the Eurodollar has surpassed the Mean Resistance level of 1.074 and is currently positioned below the Mean Resistance level of 1.085. The present analysis indicates a potential down movement for the Euro to the Mean Resistance level of 1.078 and subsequently decrease to the Mean Support level of 1.074. However, it is essential to acknowledge the potential for an upward extension towards the Mean Resistance level of 1.090.
Euro Rises After French Election; Yen Struggles Near 38-Year LowThe euro gained on Monday after France's snap election put the far-right in the lead, albeit with a smaller margin than expected. Marine Le Pen's National Rally performed worse than anticipated, easing fears of expansionary fiscal policies. The euro rose 0.4% to $1.0756, while the yen struggled near a 38-year low. The dollar index fell as U.S. inflation data bolstered expectations of a Federal Reserve rate cut. Other currencies, including sterling and the New Zealand dollar, saw modest gains.
EUR/USD Daily Chart Analysis For Week of June 28, 2024Technical Analysis and Outlook:
In this week's trading session, the Eurodollar gyrated back and forth between our Mean Res 1.074 and Mean Sup 1.067. Currently, it is performing a dead cat rebound back to the completed Mean Res 1.074 target; However, the possibility of a sudden downturn to the first designated extension, termed as the completed Inner Currency Dip at 1.060, cannot be discounted.
EUR/USD Daily Chart Analysis For Week of May 31, 2024Technical Analysis and Outlook:
In this week's trading, the Eurodollar bounced off our Mean Res 1.089 and 1.086, respectively, to our Mean Sup 1.081, with a swift and aggressive rebound back to Mean Res 1.086. On the downside, the currency is prone to hitting the Mean Support level of 1.080 once again and targeting a well-established price level of 1.075.
EUR/USD Daily Chart Analysis For Week of May 24, 2024Technical Analysis and Outlook:
The Eurodollar bounced off last week's established Mean Resistance level of 1.089 and reached our specified lower target of the Mean Support level of 1.082. The likelihood of revisiting the Mean Resistance level of 1.089 and reaching the Inner Currency Rally level of 1.091 is slim. On the downside, the currency is prone to hit the Mean Support level of 1.081 and target a well-established price level of 1.075.
USD/JPY Market Analysis: Downside CorrectionThe USD/JPY has been a tricky customer in the past few weeks.
We have attempted a few shorts which did not work out, the price persisted to the upside eventually breaking key structures that hold the downside.
The Bullish breaks confirm the Longer-term trend (Bullish) has resumed, however, the current rally is losing steam and we can capture a strong reversal to reset the trend.
Overview and breakdown
Current Trend: UP-Trend
Next Expectation: Downside Correction (Secondary Trend) to discount the rally for a reset of the Up-trend and to offer a lower price discount.
Area of target: Target 1: 156.28 & Target 2: 155.23 These areas represent the key structural points. The second target is the most technical point that represents the last untested structure. This point is the safety point for the buyers that enter the bullish trend at a later date. In most cases, the price correction (Secondary trend) will get here.
Another important thing to note with the 2nd Target is that; it corresponds nicely with the Fibonacci Buy-Zone measured from the Low of the entire rise to the High.
Risk and Stop Loss: Price 157.25; Technical Stop above the Momentum High.
Currency State Of Play - Midweek Portfolio Selection**Sorry about the sound**
Today, I'm looking at the Major Indices to determine the current state of play of the currency market and what we should expect for the remainder of the trading week.
The current 4HR wave structure analysis of the Indices is as follows:
DXY: +ve
EXY: Neutral
AXY: Neutral
SXY: +ve
JXY: +ve
BXY: -ve
CXY: -ve
ZXY: -ve
BUY PAIRS: No High probability Pairings based on the Indices
SELL PAIRS: GBPUSD, GBPJPY, CADJPY, NZDUSD,NZDJPY, CADCHF,GBPCHF
EurUsd - How long will Risk-On sentiment last?Hello traders.. For EurUsd we observed a very nice swing to the upside over the previous day of trading as decent Eur data beat Usd data for services and manufacturing PMI. We saw initial upside with the Eur data shortly after London open and this was followed by a pullback. Only until more data was released during NY session , we were to see another bounce to the upside. Risk on sentiment was the name of the game today as the Dollar index sold off with the Bad USD data. This was also coupled with a descending Vix and rising U.S. stock indexes leading up to and with the Bad USD data. The monthly candle is currently pulling back up. The weekly candle has shot past the previous weekly high by about 15-20ish pips. The Daily candle closed strongly bullish today, suggesting some more upside moving into this next day of trading.. we have no news in the upcoming session. Asian has pushed up slightly to begin the day. Key prices to watch in the upcoming session 1.0701, 1.06936
AUD-USD LONG CALL (ONE HOUR TIME FRAME)AUD-USD forex pair right now is moving in a bearish direction. However, the pair has tested its support several times. In addition there is a clear bullish divergence. Therefore, this trading signal is designed to grab the LONG Trade oppurtunity on this forex pair. If the Entry Level mentioned in the trade breaks, there are clear chances that this forex pair will hit TPs.
GBP-USD LONG CALL (ONE HOUR SETUP)Based on the one-hour GBP-USD forex pair technical analysis, it apperas that this forex pair may take a bullish run if it breaks its reisstance at 1.27600. RSI is not showing any sign of over bought or over sold. However, this trade is not for short-term trading ideas.
GBP-USD SHORT SETUP ONE HOUR TIME FRAMEAfter a bullish movement of GBP-USD forex pair, there is a presence of overbought of this currency pair observed as a presence of bearish divergence. Therefore, it appears that this currency pair will move in bearish direction. For this, a short trade setup is designed to grab the trade oppurtunity for this forex currency pair. Time hour is set as one hour.
EURJPY: Bullish on a 4H MA50 rebound.EURJPY has turned bullish on the 4H timeframe (RSI = 65.893, MACD = 0.220, ADX = 54.338) as the 4H MA50 held and supported a new 2 day rally since Friday. The dominant pattern is a 3 month Channel Up, which makes a HH on the 1.5 Fibonacci extension. The 4H MACD is identical to the pre-High consolidation of the past bullish waves. We are bullish (TP = 166.500).
See how our prior idea has worked out:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##