Usdbuy
USDJPY long setup ,DHi guys, USDJPY is forming a Flag Pattern on a daily and weekly timeframe.
It was in an uptrends from 102.36 to 118.18 forming the pole of the flag and has retraced back 38% fibonacci level to a price of 111.363 which is a major support level.
The stochastic rsi indicated that the retracement is complete and now the price is heading towards buy setup.
Take profit 1 can be - 124.32
Take profit 2 can be - 129.11
Take profit 3 can be - 133.47
GBPUSD 1H/4H SHORT SETUPBreak of bullish trendline acting as resistance together with previous support levels also becoming resistance.
+Fibo 61.8 who rejected the price going further up.
I would like the RSI to be higher, but the above makes a case strong enough for an entry.
Target - structure together with previous falling trendlines which could act as support.
I will watch this closely as we move closer to the official rate news and tighten my SL if possible.
Short GBP/USD After the UK manufacturing PMI slipped into contraction and the refferenum getting closer I expect to see the GBP/USD return to the downside. The technicals suggest a 50% fib pull back is on the cards and that is what I will use to enter this trade. Using above the 76% as a stop loss and the previous strong resistance level at 14400 as my take profit
Short AUD/USDAfter mixed data from China this morning and Oil looking like a further drop is on the cards I would expect the Aussie the pare all its gains from last week which was mainly due to the recovery in Oil. We do have the RBA rate statment out tomorrow morning so I will be looking to lock in any profit with a break even stop loss before the rate staement is released. learn 2 trade like a pro bankonadam.com