Elliot 5 Wave Chart Pattern Chart shows the possibility of the Elliot 5 Wave Chart Pattern and it's target.
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EURUSD: Testing the channel's bottom and Sep- Nov 2020 lows.EURUSD is testing the channel as seen in the chart and the important Sept-Nov lows of 2020. The move is likely to continue even lower as the momentum is strong enough. RSI is at extreme oversold levels making a new low as the most probable scenario.
We think that the 1.1600-10 area will hold the move for today. Although it is a risky trade we will at buy the 1.1600-10 area. We will set our stops below 1.1570 targeting 1.1630-40. There we will search for SELL positions.
Cup And Handle Chart PatternChart shows the possibility of the Cup And Handle Chart Pattern and it's target.
Right Angled Descending Broadening Wedge PatternChart show the possibility of the Right Angled Descending Broadening Wedge Pattern and it's target.
GBPUSD: Buy the double bottomGBPUSD: The pound doesn't seem to go anywhere and it may continue its short term sideways movement.
We are buyers at the 1.3655-65 area for a short term bounce at 1.3700-05. We will set tight stops below 1.3645.
EURUSD: Buy the false breakEURUSD: Buying the reversal candle in the hourly chart.
Stop 5 pips below the low of the candle. Target 1.1710
AUDUSD: Approaching important resistance area at 0.7315-20AUDUSD: The area of 0.7315-20 is the first important resistance for today as it contains the previous highs and the PP R2. We will try short positions at 0.7315. We will set our stops above 0.7336 targeting 0.7290.
EURUSD: The Inverted H&S Formation is still in play.EURUSD. The bullish daily candle after the FOMC and the inverted H&S pattern that is forming in the 1H chart, are keeping the bullish scenario for EURUSD intact.
We are holding our long positions open and expecting for an initial break of the 1.1730-35 resistance in order for our scenario to be validated (the upper trendline of the downward channel) .
The break of 1.1750-55 with a dynamic candle will give confirmation. Initial target is at 1.1790-00 and next target is at 1.1825-30.
Right Angled Descending Broadening Wedge - IOTAETHChart shows the possibility of the Right Angled Descending Broadening Wedge Chart Pattern and it's target.
GBPUSD: Thursday's bullish reversal candle is still in play.GBPUSD. Although the pound didn't rise from our initial support area at 1.3690-00 and pulled back lower, we still hold our bullish view, as price remained above 0.618 retracement levels.
For today, the initial test is the 1.3680-85 area. We will BUY at current levels adding more at a strong bullish candle with close above 1.3685. We will set our stops below 1.3645 and our initial target at 1.3745-50. Half position will remain open with stops at Break Even if 1.3745-50 is met. Next target will be 1.3830
Double Bottom Chart Pattern - IOTAUSDChart shows the possibility of the Double Bottom Pattern and it's target.
EURUSD Long bias after Thursday's bullish momentum.We had a lovely drop during FOMC, but the market failed to continue and break the indicated Daily Low. We have seen a sharp recovery and an overall bullish market structure.
Therefore, I believe even today we can either continue with that bullish sentiment or just range. Of course, we can have a bearish price action and a much deeper pullback that what I expect!
On my 1H chart you can see in gray my demand area, where I would like for price to pullback into. The Asian range is pretty compressed, which is good!! We are having flat highs on the top, which would be a great target!
Here is how a 15M setup will look like as well:
Let me know what you think. Are we going bullish or retracing further? I will share any updates I have!
AUDUSD is set to continue higherAUDUSD is in a corrective formation in the hourly chart and is set to continue higher. The previous broken resistance at 0.7270-80, alongside with PP0, Bollinger Bands and EMA89 provide excellent support for this scenario. So we follow it with Buy orders at these levels, add more at 0.7275-80. Stop will be set below 0.7250 and targets 0.7315 and 0.7330
GBPUSD. Waiting for a pullback to BUYGBPUSD broke the resistance at 1.3700 and the daily candle alongside with the xtreme levels in the hourly RSI show that the move is going to continue higher. Shorts could be tried at these levels for a retracement back to 1.3710-20. Any retracement will give an excellent BUY opportunity
AUDUSD: Ready to SELL at 0.7280AUDUSD is approaching combined resistance at 0.7278-80(previous highs and R1). We are waiting with Sell orders at 0.7278. Stop above 0.7305. TP at 0.7255
EURJPY. SELL for One las leg lowerSELL now (128.50) SL@128.91/ TP@128.05. The pair needs one more leg down. The pullback at the upper Bollinger, previous lows and Fibo retracement alonside with an hourly reversal candle, gives us what we want for a potential winning short trade...
