After double topped, the kiwi made a strong break down and now it retraces to 618 area, which could be a nice selling oppurtunity with two potential targets and stops above the double top - as it is written above.
If you are seeking the answer why has the SPX500 stopped at this strange area and stucked, I got the answer :) The golden number is a key this time as almost always in technical analysis. This two lines corresponds with 1.618 of two different market moves: 2120 is the level of 1.618 extension of the previous bull run ended in late 2007 2072 is the level of 1.618...
Although the bullish power was not strong enough to create a new day's high, it was enough for me to get profit in 5 minutes.
R1 level and previous resistance confluence at 1.114. First target 1.047 - previous bottom, could create first wave after correction and continue either to fall till 1.005(fibo ret and s1) or bounce of it till 1.072 and then fall to second target 1.005. Wait for price action to confirm this move for lower risk.
Multiple potential advanced patterns setting up on the USDJPY all around the same area. We've yet to break out of this consolidation, but if we do before Friday's Jobs number, we have a good location to look for our next short. Before I get a million nasty messages no, I don't think dollar weakness and Yen strength long term, but that's what makes me a "Trader"...
Annotations on the chart. This is an update of my last chart "Anticipatory layout with important trend lines, levels, time fibs"
We might be cought in sideways within the red channel for another 20 days. I look at the Willy or MAGNUS™ indicator and compare it to a similar situation we had a couple months ago. The yellow box had some rangebound action in it with a little breakdown in the middle ( just like we had it now ). The question is what will happen after the yellow box? The red box...
Currently Nikkei is at resistance of a f5 and a level in which was previously retested in line chart. It was also halted at the channel trendline. A successful test at h1 will be meaningful but unfortunately I do not have access to h1 charts for futures. However this can be translated to other JPY crosses and I also see similar distribution patterns on these crosses.
Stay short EurGbp or, if you prefear, long GBP! Since the macro economic data started to improve, the pressure on the exchange rate has became stronger. The beginning of rates normalization will make the UK's currency more expansive versus the Euromoney. At the same time, the chart seems to confirm the bearish view: It is unlikely (given also the macro-analysis)...
My bias is for short. There is a confluence of - d1 line chart; day tf suggests a distribution pattern in place. ( red lines) -d1 fib5 - h4 channel top - h1 channel top with macd divergence What I really wish to see is for price to be kept pushing higher till Tues or Wed when price exhaustion can be suggested and short will be possible. Hence my plan is not to...
This Gartley completion lines up with a major structural shelf on the Daily chart. Try as it may USDJPY has been unable to make a move lower.