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GBPAUD to reach a new high in NovemberFive days ago (10/20/17), I took a long position based on the daily chart: As you can see, I went long due to the strong bullish engulfing pattern and in combination with strong technical analysis (strong short term uptrend and strong resistance line ahead, which I "expected" to be broken because of the strong bullish engulfing pattern). I bought at 1.68696 and set my stop loss at 1.66981. On the weekly chart, a strong resistance line is currently broken and if it still is broken when matured on Friday, then there will be a long trade setup according to my strategy, on the weekly chart. According to my technical and fundamental analysis, there is a high probability of a long term uptrend on GPAUD, because of the strong signals on the daily chart, but especially the weekly chart (if price still closed above the resistance line on Friday). At this point, I believe there will be new high in november, since the 1.76557 high. If we look at the monthly chart, we have just been down at the bottom (lowest prices) for some time. Even though there recently has been a strong downtrend on the monthly chart, we have just been at the lowest price ever in the GBPAUD, and so I don't think the price will go down again and go below that price, because for the price to reach a new all time high or low, a great economical event must take place. Follow my live account and trades here: www.myfxbook.com Happy trading!
Long
by BonnelykkeTrading
NZD/JPY 4H Chart: Channel Reaches Dominant SupportThe New Zealand Dollar just plummeted against the Japanese Yen. The fall, however, was stopped by the most dominant support, which Dukascopy analysts could discover on the pair’s charts. The support belongs to a massive scale ascending triangle pattern of the daily chart. Due to that reason a rebound is to be expected in a rather long term for forex traders. In that scenario the pair would first attempt to break through the various pivot points, simple moving averages until it reaches the resistance line of the a few months long channel down pattern. Afterwards, the pair should break the just mentioned resistance and continue even higher.
Long
by UnknownUnicorn890690
NZD/JPY heading for long term supportThe New Zealand Dollar has reached a notable support level against the Japanese Yen. The support is represented by the weekly S1 at the 0.7935 level. Due to that reason it can be stated that the rate is at a significant point. The Kiwi is either going to rebound against the support level to reach once more for the 50.00% Fibonacci retracement level at the 0.7982 level, which would likely provide the needed resistance to reinforce the decline. All in all, in accordance with the dominant situation, the rate should decline down to the cluster of support from the 78.65 to 78.80 levels, as right there the long term support line is surrounded by various other levels.
Short
by UnknownUnicorn890690
AUD/NZD bounces off Fibonacci retracementLast week the Australian Dollar encountered a resistance against the New Zealand Dollar, which caused a decline of the pair. Using that direction changing Fibonacci retracement level for pattern drawing, one can spot the medium term ascending channel pattern. The pair is expected to decline down to the weekly PP, which is located at the 1.1070 mark. Afterwards it should continue to trade horizontally until it reaches the support of the channel up pattern. Later on, as the currency exchange rate finds support in the combination of the mentioned levels, a surge up to the resistance cluster near the 1.12 mark should begin.
by UnknownUnicorn890690
NZD/USD approaches dominant supportThe New Zealand Dollar against the US Dollar has favored the long term traders, as it has fallen in the last few trading sessions like a rock. Various medium term patterns have been broken, and, actually, their drawing proved to benefit only to show the short term stops of the pair. On Wednesday the currency pair was about to fall down to the support of the weekly S2 at the 0.7179 level. The reason for that is the simple technical fact that the various supporting SMAs of the hourly chart have been left far above the pair.
Short
by UnknownUnicorn890690
EUR/NZD Channel Up - Before Draghi's SpeechThe choice to review the EUR/NZD pair was made due to the rather high demand for it during the recent 24 hours on the Swiss Foreign Exchange and the fact that it does not involve the US Dollar. From a technical perspective the rate is set to decline during the next 24 hours, as it faces strong resistance from 1.6365 to 1.6481 levels, and there is no support as low as 1.6230 mark. However, the rate can still be influenced by the speech of Mario Draghi at 19:00 GMT in Jackson Hole. Although, the ECB President is most likely going to be bullish, as he has been pressured by the heads of the EU to stop with the QE, which could provide the needed push through the resistance levels.
Long
by UnknownUnicorn890690
NZD/USD positioned for gainsThe situation on the hourly NZD/USD chart is very similar to the situation on other commodity charts. The pair has found support in a combination of the 55-hour SMA and the lower trend line of the junior ascending channel pattern. The rate is most likely going to surge up to the 0.7350 mark, where the weekly R1 is located at. In addition, near that level the resistance line of the dominant channel down pattern is located at. However, it has to be taken into account that during the last few weeks, the pair has not managed to pass a resistance level near the 0.7330 mark. Although, the basis for the resistance is for now unclear.
Long
by UnknownUnicorn890690
MCO, Were did i go wrong?As the title say, It started to drop and turned just above my buy zone, I tough it was a bounce and we would fall again to trend but just kept going. I tried to figure out were it went wrong. Think i found it :) I was expecting MCO to drop and stay down and slowly rise before AUG 31 when the app & card is to be released but instead it went up. So i started to google MCO and found that on aug 23 MCO will be listed on Binance, China's fastest growing digital asset exchange. Here you can read more: www.prnewswire.com So what do i think now?, I think it's only up from here. i will hold until sep 1 and decide what to do then. I won't trade waves unless it's super obvious it will drop to .5 fibs. If it crash hard, it was worth a gamble i think.
M
by Bjurhager
1
Weekly triple top rejections on XAUUSD open up downside riskThe 1300 level might prove difficult to regain for any decent length of time, and the steep rising channel gold has been in these past few weeks of domestic political chaos and tensions with DPRK seems vulnerable to any hiatus. Add to that the triple top which looks like holding and the confluence of fiblevels with support targets below and the short side does look quite attractive. Wait for the lower channel support to break, preferably off a further retest of the triple top resitance overhead, as the CCI is overbought and the RSI moves into overbought territory but the MACD is still going strong. Bollinger Bands have been narrowing since August 8 but that looks like it might be about to change.
FOREXCOM:XAUUSDShort
by maskedman
2