AlgoVenture

AlgoVenture Updated 

Do you have the answer to that equation on the chart? That's usually how I find as many technical reasons as possible to identify a trade that I will not regret making. The dollar is near the bottom of its major range at 94.4, commodity currencies have proven to be weak as well. So shorting NZDUSD is quite a safe choice and given the fact, the price has retraced...

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USDJPY has been fluctuating within a range between near 112 to 110 as the market is still filled with a lot of unexpected events and causing a lot of uncertainties in the market. The price is now seen trading at the top of the range and is likely to reverse and fall. To confirm a reversal, I have waited for the price to break below the rising trendline, and...

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The Aussie is most likely to make a retracement as China CPI performed well this morning, setting a slightly bullish tone for the Asia market. I am expecting the price to retrace back to 0.716, a supply zone combined with a falling trendline and FR61.8%. The dollar is most likely to perform better this week as NFP employment change outperformed the forecast. The...

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September NFP data has been mostly lower than the forecast, but usually not too far apart. NFP should be considered good enough for a gradual rate hike if it's more than 160k, and as long as there isn't any sudden big difference in the unemployment rate and average hourly earnings. My view is that the price may go up first when the actual is lower than the...

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The dollar has halted its rally since it got resisted again at 95.6 and closed yesterday just above 95. It does seem that the dollar might be tamed before the release of NFP. Pairs such as USDJPY is seen overbought and is thus prone to selling and take profit for buyers. The pair has broken below the bottom of its rising channel since resisted and falling from...

AlgoVenture Updated 

My apologies for the late-post, EURUSD has begun falling from an important resistance level formed by multiples of trendlines. Nevertheless, it is still the beginning of a new wave of depreciation, thus there will still be another opportunity to sell at a better price as retracement takes place in a smaller timeframe. The dollar has successfully reached 95.6, a...

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I guess I might have posted a little late as the price made its move down while I'm still drawing the chart. Nevertheless, I'm seeing that the major retracement is almost or probably completed for GBPUSD. I've labeled 2 stop loss level, a conservative and an aggressive one, for different risk appetite, and I'm certain of the trend. The main reason for such...

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As much as the dollar has been weakening, the dollar put up a good fight, successfully prevented breaking new low for the past 2 days. Thus looking at the technical chart of EURUSD, there are clear signs that the uptrend might have ended its current cycle. The break-below of the key rising trendline that has supported the price for the past 2 weeks is the major...

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The yen has been performing very weak and it is just sensible to long against any yen pairs at the moment. Choosing the Canadian dollar is because CAD is not too strong such as Euro and Pound where chart patterns are hard to identify and entry level is not easy to capture. The Dollar is not chosen due to the obvious that Dollar has been performing very weak and...

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The gold has recovered close to 4.7% of its previous losses while completing 2 waves of retracement, forming a complete retracement channel. Weakness in the gold price is brewing again and has become obvious yesterday when it suddenly fell from 1214 and created a lower low. Recent weakness in the dollar which has caused a major retracement has been extensive and...

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Sell high and buy low, and we just witnessed USDCHF rebounding off from a 12-week low. The rebound could go a little bit higher for 2 good reasons: (1) the price has broken above a previous range and (2) there is sufficient space for another wave of profits to be made. Since the market has been so uncertain and the dollar has been disappointing again and again, I...

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AUDUSD is about to complete or probably has completed a three dives pattern right under 618. Taking a look at copper, the price of copper has also made a significant retracement and reversal sign is forming at an important supply zone, thus copper is likely to fall soon. The dollar though has been on the rise since last week, it is most likely a part of a major...

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Hi traders! Last week must have been quite a nasty week, isn't it? The dollar was moving strong and steadily and suddenly, it just kept heading south. I must admit I was also too caught up in the dollar domination mentality, but with good risk management, it did not hurt my trading account much. This is why risk management is so important despite a trader has a...

AlgoVenture Updated 

USDJPY has been retracing downwards since the appreciation which begun from mid-March halted about a month ago. As analyzed on 10th August, the price rebounded strongly as it retraced into the buy zone and supported by a weekly falling trendline. And after the rebound, USDJPY has broken above a double falling trendlines, and that's quite a confirmation for the...

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A falling trendline has brought GBPUSD tumbling over and over again since the beginning of August. Will the price continue to fall along with the trendline or will it break away from it? No idea, really. I am just trading what I see. Dollar is gonna be very bullish this week, pound has been under pressure of brexit negotiations, there's still much space on the downside...

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After more than 2 months of struggle for the dollar, it finally took control of the trend as it broke above 95.6. As seen in EURUSD, multiple structures have been broken such as the bottom of a 2-months symmetrical triangle and the bottom of the overall range 1.17 - 1.15. It is next to inevitable that EURUSD will face a prolonged period of rapid depreciation. We...

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If you would just take a look at the weekly chart, you would realize that the recent drop in USDJPY is just a matter of a retracement in the bigger picture. The price broke above an 8-month falling trendline, and then retraced back to this trendline again as a form of support for further appreciation. Base on this chart, there's a multiple support within the buy...

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Price has been supported by a trendline as it climbed higher after every retracement. The rising trendline is finally broken below as the trend reversed as price created lower high and lower low. The price has now retraced back to the broken rising trendline with a touch at 0.618 level. A day short to consider after half a week of an uncertain dollar.