BayonetMarkets

BayonetMarkets

USDCHF has been stop hunting over the last two weeks. We have had a false break below, and now we are trading above the 4hr descending wedge. Given the re-test and bullish confirmation, and the amount of room above to move, I am happy to take a long position. I will be monitoring the Ichimoku support levels and the Fib retracement points.

BayonetMarkets

GBPJPY has been printing higher highs, and we are currently entering a pull back. Based on the daily time frame, we are above the 50% retracement level, which could now act support. We also have the 2hr support line, and we are trading above the cloud. Next targets are at the fib retracement points.

BayonetMarkets

The Bank of Japan provided nothing new during the latest update. Monetary policy tightening appears to still be a long way off. The Fed are due to speak tomorrow nigh, but on the technical front we have a nice sell setup. The RSI suggests the pair is oversold, whilst also running into a key resistance level on the daily time frame (exhaustion phase). Looking...

BayonetMarkets

Overnight the Swiss Franc moved lower as the government prepares to outline its working relationship with the EU. Price found a floor at 0.9543, which triggered a 200 pip move higher. Price has now retraced to resistance, which also coincides with the 38.2% retracement level. The Fed is expected to raise rates tomorrow, which I believe is priced in, but i am...

BayonetMarkets

Price has broken out of its bullish channel. We are now seeing price consolidate around the 87 mark. We have moved above the 50% retracement level from monthly highs of 91.58 Price also has a newly formed support line which has been respected by the bulls so far.

BayonetMarkets

Price has broken to the upside and formed a re-test of the previous resistance line. Sellers were not able to keep price in the channel, which suggests we can see another push higher. I have split the trade into three target take profits, all representing previous highs.

BayonetMarkets

Price has finally broken a long bearish run. We have two keep support lines in play, whilst also showing as oversold. Difficult to know whether this play is being dragged higher by the Ripple Rocket, but based on the technicals, it looks like a good buy opportunity.

BayonetMarkets

Price had been trading a wedge pattern with respected support and resistance zones. Currently price has broken to the downside and retested the same wedge pattern. 86% of retail traders are long gold, which would suggest the market is likely to move lower against them.

BayonetMarkets

I am running a trailing stop on this pair - there is currently no upside target. Once we have broken 24168, we are in relative un-chartered territory. Currently oversold on the 2hr timeframe and the running support line is holding the buyers up.

BayonetMarkets

EURUSD has found a very clean line of support from 1.1530 Currently buyers are in control We are oversold on the 2hr RSI We have support from the 50MA Upside targets for this particular trade is 1.20 which has been a key level in the past. Looking at the previous supply and demand zones, upside could reach the 1.22 / 1.24 area. Until we break this support...

BayonetMarkets

This pair is forming lower highs and we are seeing bearish candles appear on the trendline. RSI resistance suggests a sell opportunity too. The 50MA is currently under the trading price, but we are expecting a strong CAD retail sales print at 12:30 which should help drive the price lower.

BayonetMarkets

AUDNZD formed a double top at 1.10 We have been forming lower highs, but the sellers are now looking to push this pair lower. Once we have cleared the 1.0869 zone, there is very little support left for buyers.

BayonetMarkets

The German30 has formed a bearish channel and we have a good risk / reward ration at the top end of its range. Stops are fairly tight, and we wait for the bears to join the party.

BayonetMarkets

There are two opportunities here. I am favouring the short bias. The USD has now over extended, having been on a huge run post Trade War blows with China. We have two trendlines to act as protection / resistance for the stops. Great risk / reward ratio.

BayonetMarkets

EURJPY has formed a nice reverse / inverse head and shoulders. Neckline is clear at 131.93 Bullish engulfing candle has just formed. Conservative take profit at 134.51

BayonetMarkets

Please excuse my poor drawings - it ain't easy ! EURNZD -0.40% has displayed some textbook trading opportunities using simple trendlines . From 1.6580 we had a fantastic bullish run, with buyers entering the market on the trendline . The market stalled at 1.7369 and we formed a descending wedge - again buyers and sellers used the trendlines to execute their...

BayonetMarkets

Please excuse my poor drawings - it ain't easy ! EURNZD has displayed some textbook trading opportunities using simple trendlines. From 1.6580 we had a fantastic bullish run, with buyers entering the market on the trendline. The market stalled at 1.7369 and we formed a descending wedge - again buyers and sellers used the trendlines to execute their...

BayonetMarkets

The Kiwi Dollar has been pushing the Yen higher. My previous short bias was stopped out, as the market ran straight through the bearish resistance line. We now have a clean break to the upside, with several key levels the market will be hunting out. There isn't a huge amount of protection to use as a stop loss guard, so this is a higher risk trade. If we break...