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Forex Update: AUDCHF continuation watch.Today's focus AUDCHF Pattern – LH - Continuation Possible targets – .5920 .5875 Support – .5951 Resistance – .5875 Indicator support – MA sloping down, CCI 0 Cross Hi and welcome to today’s update. Today we are watching the AUDCHF and wondering if we will see a new continuation lower that will maintain the current downtrend. Yesterday buyers made a solid move after the RBA rate hike but the move was cut down through the US session. We have run over the triggers we are looking for to confirm our continuation idea and watch to watch out for what could invalidate this idea. Another factor could be tomorrow morning’s FOMC. If this ends up giving the AUD a boost it could invalidate the the signs we are seeing currently. The FOMC will be released at 4:00 am AEST Thursday morning. Thanks for stopping by. Good trading, and have a great day.
Short
by Eightcap
EURJPY buyers setting up for a new push higher? Today's focus EURJPY (EURUSD & GBPUSD) Pattern – trend continuation Possible targets – 148.30 – 148.65 Support – 146.65 Resistance – 148.30 Indicator support – hard sloping EMA, 0 line dip and break. Looking at the EURJPY, we can see that buyers have started to set up a new continuation pattern after yesterday's fightback buyers have set new highs today but still remain below Tuesday's selloff. Yesterday's fightback bounced off 146.65 and reconfirmed that level as support. We want to see buyers continue to push higher today and hopefully retest 148.30. At a minimum, I'd like to see price close above yesterday's high. The EMA remains on a firm upward slope, supporting buyer momentum. The CCI has dipped and moved back above the 0 line, a solid sign that supports a continuation. Indicators only support a set-up they can't predict. If price reverses, this could change their current display. This pattern is not just seen on the E/J. We have also looked at the EURUSD and GBPUSD in the video, as they are also showing a similar pattern. Those two markets also have resistance and ranges to beat to confirm their continuations with a breakout. Thanks for stopping by. Good trading, and have a great day.
Long
by Eightcap
Can the USDJPY get the trend back in play?Today's focus USDJPY Daily Chart Pattern Support hold/trend continuation Possible targets – 134.95 – 137.35 Support -133.90 – 133.70 Resistance –134.70 – 134.95 Indicator support – Price above MA with upslope CCI above 0 line Will today's push higher turn into something more on the USDJPY? Buyers so far have set the tone with a 0.42% rally to today's high. Some selling has taken hold in the last hour, but if buyers can hold the move, we are looking for a new move to test resistance, and if that area can be beaten, we could see a new move to 137.35 if a new trend continuation is confirmed. Support remains at 133.90. If sellers cut down today's move and break support, then this idea is nullified for now! We need to see support hold and preferably a solid finish on today's candle. The BOJ meets this Friday, and questions remain about policy regarding bond yields. Keep an eye on this, as we have seen some volatile meetings previously. Will we finally see a break of resistance after last week's latest hold? Thanks for stopping by. Good trading, and have a great day.
Long
by Eightcap
USDJPY signs that could point at a new push higher. Hi, thanks for taking a look at today's update. Today we are looking at the USDJPY as it's a good example of multiple signs that could show a new push higher. Sometimes the more evidence you have to back up an idea, the better. Sadly, that won't be a guarantee it will work out! The majors continue to see a sold session to the JPY today. The GBPJPY posting a break above resistance and outside of its downtrend. Looking at the USDJPY, a few things have our attention today that could be pointing to a new push higher. First, we can see classic divergence on the CCI, and we like to see price confirm the divergence as it can give false signals on its own. We also see price breaking minor resistance and the downtrend with a nice false low on the 24th, combined with support at 130.50/60. All of these together give us lots of ammo that buyers could regain control. What we need now is a nice push higher that gives us confirmation. If buyers continue to hold momentum, we will look at 132.52 and 134.50 as resistance. If today’s bar fails and we see a close below 131.55 minor resistance, this could be a warning and could be telling us buyers don’t hold the numbers yet. Let us know your thoughts and good trading.
Long
by Eightcap
USDJPY Long Setup, looking strongGood morning fellow Traders! I have been tracking the YENUSD pair with great interest in recent weeks as we have been rebounding from its local low. The pair has a beautiful long-term trend on the higher timeframes, setting the direction I have been looking to trade. We are currently sitting in a sweet spot, the price has been consolidating around 130-137, however, as soon as we have left this range in the past, volatility has kicked in, both ways. We have broken through the high of 137 two days ago, making the idea very plausible and easy to understand. This is my Game Plan: - Clean push above 137 - Pullback onto 137 area, preferably seeing a pullback down to 136.8 - Consolidation on the red line, smooth prices needed here - No big slippage into the box, staying around the red line - Trigger signal once price starts to recover between 137 to 137.2 - Entry upon jumping out of the box This trend setup looks very strong because the higher timeframes support the direction we are trading in. Make sure to follow my Tradingview for more ideas and check out my BNB short post, we are in profits! Thanks for tuning in and let me know if you liked the video in the comments below. Many thanks. TraderCH
Editors' picks
Long
by TraderCHgold
7
Watching divergence on USD indexUSD index has formed divergence. Looking at the daily chart, we can see a familiar pattern forming between price and the 10 CCI. This pattern is called regular divergence, which can tell us that a possible reversal could develop. In today’s analysis, we have run over the divergence pattern we are watching and Friday’s price action, which might give it more substance. From here, we would like to see a new move by sellers that breaks last Friday’s low, and this could confirm that sellers are in control and could look to take price back down to the moving averages. 103 could offer some resistance if reached by sellers, as it was a previous level of consolidation before the last breakout. Focus now will be on sellers and if they can back up Friday’s move with a new push lower. The US has a bank holiday today, which could also be another factor for short-term volatility. Good trading
EIGHTCAP:USDXShort
by Eightcap
ETHUSD can buyers follow up on Yesterday's rally?Hi, and welcome to today’s update. Today we are focusing on ETHUSD after yesterday’s solid rally. Today’s format is slightly different as we use a double CCI method to analyse the current price action. These methods are nothing new and are primarily used to validate trend continuation ideas. Indicators, whether you love them or hate them, are just tools. We still need to look at price stricture and levels to gauge the whole picture. Take today’s report. The MA and CCis point to a potential long position, but we still need to see buyers break yesterday’s high to show buyer momentum is back on track. Just after that point, buyers face key resistance at 1665. Yesterday’s bar broke out of the minor retracement, but we still need to see fresh buying to confirm a new push higher is happening. We have run over these aspects in more detail in today’s video. Don’t agree or want to add something? Please feel free to drop us a comment.
EIGHTCAP:ETHUSDLong
by Eightcap
AUDJPY Analysis Post BOJ Yen moveAUDJPY jumps after BOJ leaves yield curve range untouched. Hi, and thanks for looking at today’s update. Today we are analysing the daily AUDJPY after the BOJ left the yield curve as is after last month's shock adjustment. The market may have been looking for further moves today, which might be why we saw heavy selling on the Japanese Yen. Today’s video analysis runs over the last move price action after the shock sell-off and today’s rally. Are a series of higher lows starting to tell us that the market is trying to start a new trend? Today buyers have beaten the range, but we would like to see 91.70 and 93 beaten to show buyers have a new trend underway. Enjoy your Wednesday, and good trading.
Long
by Eightcap
Failed high, could the USDCAD continue lower?Happy Friday, TradingView community, today’s focus is on the USDCAD after sellers forced a failed high in yesterday’s session. Yesterday’s price action was interesting as it showed buyers had little fight above 1.3350, with weaker oil prices. Philly fed manufacturing index may have also influenced as it dropped to -19.4, well below the -6.0% expected. Let's get back to price and the current trend pattern, as that’s the main evidence I’m following. Yesterday’s failed high maintains a normal trend as the series of LHs and LLs continues. We are looking to see if sellers have control and if they now set a new LL confirming yesterday’s LH and maintaining the series. A move down to 1.3250 that stalls and reverses is a warning. If buyers can break 1.3350 after holding at the support could be a warning of a short-term change in momentum. We want to see a new leg lower from sellers that can test and break below 1.3250 support and the 1.3221 low. This will continue to trend pattern and could tell us that the downtrend has further to run. Traders will also need to keep an eye on oil prices as they could also have an impact on the current picture. Thanks for stopping by. Good trading and have a great weekend.
Short
by Eightcap
4
Forex Update: AUDJPY, EURJPY continuation watch Hi, and welcome to Monday's update. Today's focus is on AUDJPY and EURJPY. Will we see intraday continuations? Today's video covers the 4H, but these trade ideas are seen from the 6H timeframe. We have confirmation with the CCi making a zero bounce in an uptrend with the MA supporting with an up angle. Price has made a new HL, and the AUDJPY has formed a new HH. We would like to see the AUDJPY break 95.16 to trigger the buy idea and the EURJPY continue to trade above 147.36. If both markets can continue to move higher, we would like to see the E/J break 147.70 resistance and both pair rally back up to test/break last week's highs. If both markets move lower for the next two 4-hour bars, we would see this as a warning and that buyer momentum might not be that strong. So far today, we are witnessing decent buying from the majors to the jpy, so based on the patterns, we are looking for that to continue. Good trading, and enjoy your Monday.
Long
by Eightcap
Double Top Or Higher High? What Do You See?Double tops and higher highs can be synonymous to some traders. I believe that is ok, but they both speak to different Technical Analysis. A trader who trades may not recognize the higher high as following the trend, but rejection. Where as a trader who trades higher highs may see the high as buyers pushing the market higher and will wait for a pullback. I created this video to speak to the technical side of both based on a students price chart. He is doing an amazing job simplifying is trading strategy and I loved his POV. Let me shout out my community Trade On Purpose(recently known as Swing Trader Society). You guys are awesome and I'm grateful y'all allow me to help. Let me know in the comment section below. What do you see, a double top or a double bottom.
Long
by ShaquanLopez
1
AUDUSD continues to hold at a last line of defence.Hi, thanks for tuning in for today's update. Today we're looking at the AUDUSD as, despite Tuesday's crunching price, contuse to hold at a well-established demand and support area. There are a few things happening with the AUDUSD atm. First, we can see firm support at the 6720 area. We can also see OBV presenting rough divergence, but it's not what you would call a classic example. Tuesday's sell-off could be an overreaction and possibly an exhaustion bar. For us, the case is rather simple. While the support area holds, we will look for buyers to continue to hold out and possibly set up a new move higher if they can gain momentum. A lot will come down to the USD for this to happen. If price breaks support, we will look for further downside. A leading factor to watch out for today is US retail sales, and a hot figure could boost the USD as the market remains sensitive to inflation. US retail sales data will be released today at 8:30 am EST. As always, we like to hear back from the community. Please feel free to share your comments about the AUDUSD or the USD. Have a great Thursday and good trading.
by Eightcap
EURUSD and GBPJPY set to continue their moves lower? Welcome to Monday’s update. In today’s video analysis, we’re looking at the EURUSD and GBPJPY on the short side. Friday’s employment data came out mixed, and while we did see a short push higher sellers took control in the NY session, setting up a fade into the end of the week. USD momentum has continued so far on Monday, with the risk majors trading lower after early attempts to push higher. The EURUSD could be confirming a new continuation lower after last week's LH. A break and close below last week's low could tell us that the current downtrend is set to continue. The GBPJPY has returned to the base of its descending triangle pattern, and if sellers can break out and hold a close lower, this could be a new downside breakout. We really want to see a firm lower close as we have seen a few examples of false breaks going back to June this year. What are your thoughts? Please feel free to give us your feedback or ideas if you think differently or if you see something we have missed. We thank you all for stopping by and wish you a good week. Good trading
Short
by Eightcap
2
Could today’s NFP confirm the USD breakout? Hello all, welcome to today’s update. Today’s video focuses on the USD index after buyers made another strong move in yesterday’s NY session. In today’s video, we run over the price current price action and trend structure after buyers made a breakout yesterday, clearing 109 resistance that held buyers back during this week. The USD continues its fantastic run in 2022 as Fed policy maintains buyer demand. Price jumped to new 2022 highs yesterday and continues to track nicely on its current fast trend. Attention moves to today’s US employment data, as this could maintain the run or lead to a pullback as traders will be waiting to see if we see another hot payroll figure. The last several releases have beaten expectations and come in hotter, so if we do see this pattern continue, will this be the confirmation for yesterday’s resistance break? We think a lower figure will most likely have a negative effect on the USD index and could cause a failed break. Attention could also be on major risk currencies like the EUR, AUD and GBP as they sold off yesterday, and if we see another push higher on the USD today, this could continue their pain. Tonight’s US employment data will be released at 10:30 pm AEST / 8:30 am ET. Thanks for stopping by to check out our latest analysis. Enjoy the rest of your day and your weekend.
EIGHTCAP:USDX
by Eightcap
EURGBP takes first step, but will we see a new continuation?Hi, and welcome to Thursday’s update. In today’s video, we are focusing on the EURGBP. Price formed a solid bar higher in yesterday’s session and could be the start of a new continuation. Price continues to trade outside the downtrend, and we could be seeing a possible start of a new uptrend after yesterday’s solid close higher. We want to see a break of the current resistance level (.8453) and a break of the existing supply area that runs up to .8470. If buyers can clear these levels, we will be looking for a new continuation to be confirmed. If the trend does continue, we would be looking at .8533 as the next point of resistance. The GBPUSD is also a factor, and we will be looking for a break lower on that pair to help boost the case of the EURGBP. A close back below .8435 would suggest that this pattern could be failing, and traders may need to give the market more time. If you have any thoughts on this pattern or on the EURGBP, we would love to hear your feedback. We hope you are enjoying your Thursday and good trading.
Long
by Eightcap