SHORT EUR/JPY, ***IF there is a clear rejection at the 38,20% level of the fibonacci, wich is on the key level. The market broke a monthly key level and a trendline dated from June 24th 2016. IMPORTANT : I am only showing an analysis on one of the many timeframes that I use.
BIAS: SHORT 1, 5TH WAVE ON ELLIOTT WAVE THEORY 2, WEDGE PATTERN 3, TARGET BASED ON FIBONACCI + MONTHLY SUPPORT
Price Action (Technical Analysis): For a a little over 1 week & 1/2 we have been allowing price to accumulate at a highly respected key level of support (Monthly). Weekly bullish hammer was formed at support which indicates us high buyer sensitivity, we are expecting a continuation of buyer waves to enter.. We had price break it's consolidating market with a...
We have the following factors: Falling Wedge Monthly Support (Purple rectangle) Divergence Different Timeframe bias DXY Testing weekly resistance We should wait for a clear breakout of the falling wedge + Good price action confirmation. Otherwise I wouldn't advice taking this trade! If so, then adjust your SL since we may expect a pullback....
Price having a hard time breaking above 1325 daily resistance, showing we may see some exaustion before building potential bullish momentum again. Watch for a break & retest of the ascending trendline for shorts down to monthly support !
Price made a clean break of the wedge pattern since I last posted moving over 250 pips.. Price made a weekly closure above monthly key level 1300, I am now expecting a touch to the 38.2 fibonacci before a continuation up.. 1305 is acting as a level of resistance, but with the momentum as it is can easily rip though & continue higher. Gold looking to continue...
audusd short back to monthly support. Breakout triangle has formed.
Will trade up if trend line acts as support.