CADJPY: Bearish Forecast & Bearish Scenario
The charts are full of distraction, disturbance and are a graveyard of fear and greed which shall not cloud our judgement on the current state of affairs in the CADJPY pair price action which suggests a high likelihood of a coming move down.
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Forecast
NZDJPY Is Going Up! Long!
Here is our detailed technical review for NZDJPY.
Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 86.992.
The above observations make me that the market will inevitably achieve 88.309 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPUSD: Will Keep Growing! Here is Why:
The recent price action on the GBPUSD pair was keeping me on the fence, however, my bias is slowly but surely changing into the bullish one and I think we will see the price go up.
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AUD/JPY SELLERS WILL DOMINATE THE MARKET|SHORT
AUD/JPY SIGNAL
Trade Direction: short
Entry Level: 93.511
Target Level: 93.135
Stop Loss: 93.760
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 1h
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GBP/JPY BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
We are going short on the GBP/JPY with the target of 192.600 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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GBPUSD: Bearish Continuation is Expected! Here is Why:
The price of GBPUSD will most likely collapse soon enough, due to the supply beginning to exceed demand which we can see by looking at the chart of the pair.
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AUDNZD: Bulls Will Push
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current AUDNZD chart which, if analyzed properly, clearly points in the upward direction.
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USOIL Will Grow! Buy!
Take a look at our analysis for USOIL.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 62.890.
Taking into consideration the structure & trend analysis, I believe that the market will reach 68.865 level soon.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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USDJPY Will Go Lower From Resistance! Sell!
Please, check our technical outlook for USDJPY.
Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 143.365.
Considering the today's price action, probabilities will be high to see a movement to 142.144.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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USDCHF Will Go Higher! Long!
Here is our detailed technical review for USDCHF.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 0.819.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 0.831 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GBPJPY Will Go Up! Buy!
Take a look at our analysis for GBPJPY.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 194.411.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 196.230 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GOLD BEARS ARE STRONG HERE|SHORT
GOLD SIGNAL
Trade Direction: short
Entry Level: 3,372.81
Target Level: 3,223.59
Stop Loss: 3,472.30
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 12h
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GBP/NZD LONG FROM SUPPORT
GBP/NZD SIGNAL
Trade Direction: long
Entry Level: 2.245
Target Level: 2.268
Stop Loss: 2.229
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 12h
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GBP/AUD BULLS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
GBP/AUD is making a bearish pullback on the 6H TF and is nearing the support line below while we are generally bullish biased on the pair due to our previous 1W candle analysis, thus making a trend-following long a good option for us with the target being the 2.095 level.
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GBP/CHF SENDS CLEAR BEARISH SIGNALS|SHORT
Hello, Friends!
The BB upper band is nearby so GBP-CHF is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 1.091.
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EUR/GBP BULLS WILL DOMINATE THE MARKET|LONG
EUR/GBP SIGNAL
Trade Direction: long
Entry Level: 0.837
Target Level: 0.843
Stop Loss: 0.832
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 9h
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EUR/AUD BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
EUR/AUD pair is in the downtrend because previous week’s candle is red, while the price is obviously rising on the 3H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 1.756 because the pair is overbought due to its proximity to the upper BB band and a bearish correction is likely.
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EUR/CHF BULLISH BIAS RIGHT NOW| LONG
EUR/CHF SIGNAL
Trade Direction: long
Entry Level: 0.933
Target Level: 0.936
Stop Loss: 0.931
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 2h
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GBP/CHF BULLS ARE GAINING STRENGTH|LONG
Hello, Friends!
GBP/CHF is trending up which is obvious from the green colour of the previous weekly candle. However, the price has locally plunged into the oversold territory. Which can be told from its proximity to the BB lower band. Which presents a classical trend following opportunity for a long trade from the support line below towards the supply level of 1.112.
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USD/JPY SELLERS WILL DOMINATE THE MARKET|SHORT
USD/JPY SIGNAL
Trade Direction: short
Entry Level: 144.046
Target Level: 143.173
Stop Loss: 144.628
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 2h
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EURAUD: Bullish Continuation
The analysis of the EURAUD chart clearly shows us that the pair is finally about to go up due to the rising pressure from the buyers.
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GBPAUD: Will Start Growing! Here is Why:
Looking at the chart of GBPAUD right now we are seeing some interesting price action on the lower timeframes. Thus a local move up seems to be quite likely.
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BITCOIN Will Move Higher! Long!
Please, check our technical outlook for BITCOIN.
Time Frame: 1h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 105,496.60.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 106,868.68 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Like and subscribe and comment my ideas if you enjoy them!