AUDNZD is looking to complete its Cypher pattern / M formation and we expect more downwards pressure early on this week. Breaking the immediate support level is key. If it holds, we expect a retest of the 200 MA first, before it continues its bearish trend.
GBPJPY is travelling up along its local trend, currently retesting the 200 MA. We expect a bounce off these levels towards the channel's high for a final retest before falling to the bottom of a larger flag pattern. Traders can go long with SL just below the current channel, and TP near the top, and then short it back down. If price was to break the top of the...
EURAUD has broken out from its previous flag pattern into a new bullish channel. Price is currently testing resistance, and may break down from its current channel and test the nearest support, before most likely continuing on its bullish path. Otherwise, price may just breakout further within its current channel to test next resistance.
EURGBP has broken out long of yet another pennant after breaking above the local flag pattern. We expect price to continue towards the next resistance level as RSI is also showing a nice uptrend. Traders may wish to exit the trade upon a bearish break of trendline or MACD/RSI reversal.
NZDUSD is currently trading within a potential pennant pattern waiting to breakout towards either direction. Traders should use caution and wait for a breakout before entering a trade.
USDCHF has just broken down from it's flag pattern so we expect the downside to continue. There may be a possible pullback to retest the support level that just broke, but we then expect price to continue lower if so. Otherwise, price should resume its downtrend on open towards the bottom of the major channel. TP's at support levels along the way, SL above the...
USDCAD is both nearing the top of its major channel and currently trading in a local bearish flag pattern. We expect price to either reverse at the top of the major channel or break this local flag pattern and then head down towards the bottom of the major channel. TP's along the way at major support levels, SL just above the major channel. We await breakout...
USDCHF is about to break out of a pennant. We expect price to break lower out of a bearish flag pattern, which has major downside potential. If it break to the upside instead, we can go long and TP at the previous high, using the flag pattern as SL confirmation. If it breaks to the downside, go short for a potential massive correction, with SL above the downwards...
Gold is looking like it will head down to test the 4th leg of its current flag pattern channel. It has already broken one trendline, and we are looking for confirmation from breaking the second (dotted) trendline and MACD. TP will be at the bottom of the channel if price breaks out.
EURJPY has been steadily climbing since our last analysis where it broke out as expected. However, we believe price is nearing a reversal point and must come back down and retest the current trendline, possibly creating another higher-low. We expect price to reverse around the next resistance level. Look for confirmation from a break of trend line, the RSI and MACD.
XAUXAG is currently forming a descending triangle and we expect price to break out lower towards the main trendline in play.
XAGUSD is looking to complete its 5th leg of a possible Elliot impulse wave structure. We expect price to continue heading north towards leg #5 before it may turn and create an impulse to breakout below the whole structure. Follow the trend until breakout.
Gold is still ranging in a predictable pattern looking to continue on it's 4th leg in a flag pattern. There is also a second flag pattern (yellow) within this major flag pattern which we believe may break as price tries to continue its 4th leg. If the yellow channel breaks price should retest the bottom of the major flag pattern If it does not break, we expect a...
CHRJPY looks to be breaking out towards the top of its main flag pattern channel on the Daily. Long entry with tight stops below key trendlines.
EURJPY has just broken out of its flag pattern so we may be seeing a huge long opportunity. Enter long with SL below trendline