Technicals
ETHUSD SHORTLETS GET IT
TECHNICALS ADDING UP
LOWER LOWS
RETRACE TO 78.6
BOLLINGER BANDS AND MOVING AVERAGES AS RESISTANCE
Retracement In Stocks??Stocks have formed an extremely narrow range at highs. This is an extremely common behavior after an asset has made strides especially to the extent that the S&P has. However it does appear to be running out of steam. The Kovach OBV is still very strong, but has plateaued a bit, suggesting that momentum is waning. Additionally, although we have been seeing higher highs and lower lows, the hallmark of a bull trend, the extent has decreased with every attempt, forming an overall arc pattern. The signs are pointing to a correction in stocks or at least a sideways correction for a bit. If we do have a correction look to 3909, 3898, or even 3882 for support. These are a mixture of technical and Fibonacci levels. We are completely aware of bubble forming thanks to free Federal Reserve magic papers. So if stocks do breakout they will contend with 3937 first.
AUDCHF IDEAHell traders,
here we can see a clear uptrend on this pair, the moves within a our chanel on the 4H timeframe and has been respected the chanel so far.
we have 2 touches on our ressistance i hope we can get a third touch that will also be the indication to search for indications to go (Short).
case 2: the breakout and the retest for (Long).
GBP/USD Outlook (04 February 2021)Overall, GBP/USD is trending upwards.
The UK Construction PMI data (Forecast: 53.0, Previous: 54.6) will be released later at 1730 (SGT).
The Bank of England (BoE) will be announcing their monetary policy decision later at 2000 (SGT). The central bank is expected to hold its monetary policy unchanged. Nonetheless, look out for the BoE’s view on the adoption of negative interest rates.
A press conference will also be held afterwards at a tentative timing. During this time, volatility is expected of GBP.
GBP/USD’s next support zone is at 1.34800 and the next resistance zone is at 1.37800.
Look for short-term selling opportunities of GBP/USD up until the BoE’s monetary policy announcement.
EURUSD UPLet me start by saying I'm not a financial expert, I mostly publish these things for myself, and to see if anyone else can see what I'm seeing.
This is what I feel will happen, what the market is showing me.
Also I have a long history of losing money to EURUSD so take that for what it is worth.
Technical
Looking back price ranged from about July to November before going up.
Strong bullish movement occurred, with little consolidation.
Price dropped to an area of support.
The D TF has a COW formation, it is a reversal pattern, every candle is different like spots on a cow, at least that is how I've come to know it.
Fundamentals
I am looking for aggressive bullish movement on Monday, as we have news events that should impact the EURO positively.
I am bearish on USD
Knowing all of this, I'm looking for price to break this trendline, continue upwards to face the resistance of the previous high created, and eventually continue up to 1.25 to test those highs created in 2018
Simple right? We shall see.
I'm already in a trade, I'm looking to close a quarter of the position if price breaks past 1.23447
Personally, I feel it is going to be a great wk to trade the forex market. Lets hope we can all secure some bags, and if you see the same thing as I do let me know, also if you feel like price is going down, let me know that as well.
USDCAD sellUSDCAD is actually failing to break the highs of 1.27530 so i am expecting a sell position there. Check it out too and comment if i have made an error or my ananlysis dont suits yours.
EURGBP: Are Bulls Back?Daily Time Frame: Starting on the higher time frame we can see price is testing a strong area of demand as price has reacted multiple times from this zone in the past. Reading the last few daily candle closures, we can see price is showing signs of slow down and potential reversal if we hold.
4hr Time Frame: Scaling down a time frame we can see price has had a bullish run and is potentially setting up for a reversal formation. If price manages to hold above .88500 key psychological support, we can see price rally to .90800. Due to the uncertainty of market fluidity, risk management is highly recommended.
The future of the US DollarLong-term Fundamentals - Bearish
Long-term Technicals - Bearish
Medium term Fundamentals - Bearish
Medium-term Technicals - Neutral
Short-term Fundamentals - Bullish
Short-term Technicals - Bullish
Recommendation: SELL on strength.
$FCEL looking for another run here.$FCEL looking good here, held support. Very nice setup for the next leg run up to the next target area of 24.
The Yen has been underperforming for the most part...The Yen has been underperforming for the most part, but is now in danger of a more pronounced reversal towards 103.50 vs 102.60 or so at the other extreme, while the Franc has recoiled back through 0.8800 and Loonie is losing touch with buoyant oil prices due to the scale of its US counterpart’s revival to trade nearer 1.2720 than 1.2630 peaks in the run up to Canadian data tomorrow. Euro on the other head looking optimistic after 1.1bn expiries rolled off at the NY cut.
$NVDA is in a consolidating phased getting ready for a run.$NVDA in sideways trading, very choppy. Inside the Breakout area looking to push any day now. Support being held above the 50 and 100 Simple Moving Average.
Short Term Target Area: 547
Long Term Target Area: 580
Profit Target Hit: BitcoinBitcoin has made new highs yet again. It came just shy of our projected profit target of $38.6K. This appears to be the first leg of the next Elliott Wave impulse. Watch for a small retracement soon. If so, $34.4K will provide support. The Kovach OBV is still very bullish, so there is no reason to anticipate a reversal any time soon. However, the longer it continues to moon without any significant retracement or ranging, makes it look more and more like 2017.
Profit Target Hit: LitecoinLitecoin has been a bit more modest in its ascent. It has reached our profit target of $173. We are likely to face some resistance here, and there are lots of support levels below. A significant dip could take us to $153 or even $140, and this would still be considered bullish. There seems to be a divergence between the Kovach OBV and the price, which is a bit concerning, but there is hardly anything fundamental or technical which should cast doubt on this product.
Key Levels for DXYSome key levels to look out for DXY.
Don't forget to take DXY into consideration only as a supporting element to when trading your setups on majors. Don't get too attached to DXY, it's only gonna break your heart :D
GBPCHF H4 - Long Trade SetupGBPCHF H4 - Broken resistance price of 1.19, quite a big price to break, currently looking to retest as support to confirm a change in s/r, this would effectively act as our buy zone pending PA confirmation, slower moving pair, we can hold out for candle closure for that extra bit of certainty.
AUDUSD is trending in a pennant flag pattern - more upside?AUDUSD is trending to the upside today ahead of US elections. A break above the resistance trendline could signal for buyers to drive price higher, likewise a rejection of the resistance line could signal further selling. We are bullish AUDUSD today as traders may look to reduce USD exposure approaching the elections. It is worth taking into account the RBA's rate cute today, from 0.25% to record lows of 0.1%. This would typically be bearish for the AUD.
