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Outlook - EUR/USD 21st - 28th December Price found the 1.14500 level this week as a hard area to push past, overtime price got to the level it found strong selling pressure. For the most part price has been ranging between 1.1§300 and 1.14500 Two areas that I have got my eye on are firstly the lower Demand zone at 1.12200 when price found this area last, there was strong buying pressure and shows this would offer the best low risk area to go long. The higher zone that saw a stronger drop was the 1.17500 area. This offers a very large 500 pip price range, will see which area price favours hover it may be a slow week due to christmas
by Wonour
Outlook for GBP/USD 24th - 28th December Having a look at where price is currently. Price has been finding selling pressure at the zone in the middle at the 1.2700 level. The first 2 touches of this price has shown that there are a lot more selling, further to this on the 3rd attempt at this zone, price found pressure a few pips lower. Between 1.2700 and 1.2600 price has started o move sideways with no real push, this could be due to the Christmas period and the markets slowing down in general. Having a look at the Fresh Zones where we would see the best risk / reward there are 2. The lowest zone hasn't seen price since April 2017, if price pushes through the lower timeframe structures this would offer the best area to buy from imo. If price were to find this level at 1.24300's then on the higher levels we have a larger range of around 500 pips.
by Wonour
EURUSD - Weekly Outlook 26/11/2017 I have been trying to get a better understanding of the waves in the market and seeing where other patterns come into play and can help give some confluence to the direction. Although we have had a very bullish close last week, what the chart is presenting me with is a very Bearish opportunity. Price has been consolidating in the channel and From what I can see I think there is some further down side to come before a further impulse in price up. There have been a couple of Advanced patterns in the last couple of months on the Daily Timeframe / Weekly. First a Bullish Bat which if you had 2 target approach you would of hit the 0.382 fib and pushed up at high as the 0.50 fib, at this point price moved back down giving us an equal measured moved. Second pattern which has just completed is a Bearish Cypher, this along with price respecting the top of the channel & making a Higher Low I believe we are going lower.
Short
by Wonour
1
EURUSD - Retest of the Top or Time to Drop? Price has had a recent surge up to Daily Highs and looking at the daily time frame you will see the huge wick that was formed on the Daily close yesterday. Price has been moving in this descending channel for weeks and respecting the trend line. the last couple of days has been the first real break, is this a fake out, surge for liquidity or is this change of trend. For me I want to see a clear break below the trend line and a clear rejection before taking any shorts. We did have what looked like a break and retest only for price to crawl back higher. There was some confluence when price came close to the 0.618 fib and then moved higher. Currently we are in a channel between the bottom of a 4hr wick zone and the top of a 1hr wick zone. If we break above and reject the 1hr zone we could see a retest of highs around the 1.18400 area which would give the ideal place to short if we get the right rejection / exhaustion from this area. Time to sit and watch and see if there can be more confluence added rather than just rejection.
by Wonour
AUDCAD 6th November Weekly Outlook Price has been respecting this descending channel for the past couple of months, we have see consistent lower highs and lower lows. Price is currently in a region where it could re test the higher end of the channel, if we see rejection around the 0.97900 level we could then see a further downside imo to the 0.95280 level which is the fib inversion of the recent 0.618 fib retracement on the Daily. Price has crossed on the EMA's which leads me to think this may be a small correction on the lower time frames before a push lower. We also see a possible bullish gartley formation on the weekly/daily which would also complete in or around the 0.95280 level.
Short
by Wonour
AUDUSD Weekly Outlook 5th November 2017 NFP on Friday saw the Pair push lower again back into the Monthly key level. We can still see signs of rejection in this area which shows it still has some potential to reverse from this level. We have had an ABC pattern complete, we also have a 0.618 fob in this area which gives us the a,b legs of another potential move upwards. On the Daily we are in the area where there could be a further push down to test this area or reject will wait and see how the market opens but with the cross of EMA's on the Monthly chart this could just be a corrective move before we move upwards
Long
by Wonour
BTCUSD Weekly Outlook 30/10/17I don't trade Bitcoin but thought it was worth a look to get my head around the price action. Bitcoin has been in a very very Bullish uptrend. We have had a ABCD complete on the Daily. Price has respected the ascending trend line, we have come to a monthly High, tested and rejected creating a Double top. There are 3 possibilities: i) Price comes down, retest the CTl at the 5804 level, on the 4hr looks like a Cypher pattern has formed. If it respects the CTL we could see a further test on 6314. ii) Price comes down, breaks the CTL and tests the Daily Key level at 5511 and move up. iii) Price comes down, breaks the CTL and Daily level to 4764 which is a Monthly level. However with the strong trend we could probably be seeing just a correction in price.
BITSTAMP:BTCUSDShort
by Wonour