MujkanovicFX

MujkanovicFX

Hi traders, It has been a while since my last post, I apologize for that. Those of you who followed my recent activity know that I spent the last few months on developing a new macro model for the FX market that sorts currencies based on a number of factors, giving each currency a score. I am pleased to announce that the first version of the model is now live....

MujkanovicFX Updated 

Hi traders. Here we have an interesting setup in GBP/NZD. The pair has completed a pullback to a daily support zone and is forming a indecisive doji candlestick in today's trade. The level aligns with the 38.2% Fib level, and the daily RSI shows a hidden bullish divergence. Zooming-in to the 4-hour chart, we get a nice bullish wedge pattern with the price...

MujkanovicFX

A promising setup is forming in CAD/CHF on the 4-hour/daily chart. The pair is forming a H&S pattern, but the price has faced some buying pressure at the neckline this morning. A break below 0.7420 would signal a selling opportunity, with a profit target of around 200 pips (or at least at the August lows around 0.7270). The Bank of Canada meets tomorrow for the...

MujkanovicFX

Hi traders, the EUR/USD pair retraced at the channel support as expected and started to move upwards. Volatility is still low as markets await the Fed meeting today. The Fed is expected to lower rates by 25 basis points, however Powell insisted that the rate cut shouldn't be considered as a beginning of a long-lasting easing cycle, unless we see more weak data...

MujkanovicFX Updated 

Hi traders, here're 4 reasons you should consider taking this very nice setup in USD/CHF. As always, let me know in your comments what you think. 1. Bearish wedge breakout to the downside, projecting a profit target to the lower 0.96xx levels 2. Retracement at the 61.8% Fib level 3. Weak US data lately, CHF possibly gaining from Brexit worries 4. Bearish RSI...

MujkanovicFX

The USD/CAD pair is breaking below a daily support level on quite strong momentum, signaling further weakness in the price. The RSI formed a slight bearish divergence and managed to break below its recent low. Also, notice that the pair is in an overall downtrend, trading below the 61.8% Fib level where the recent swing low found support. Please hit the...

MujkanovicFX

Hi traders, EUR/USD has finally managed to break above its recent high and reach 1.1080, signaling that buyers are still active in the market. The recent consolidation phase could now provide new momentum for the pair to reach our profit target of 1.12, as projected by the triggered bullish wedge pattern (and projected from the breakout point.) The 1.11 level...

MujkanovicFX

Hi traders, hope you had a productive week with the developments around Brexit these days. This post, however, is about EUR/USD. The pair faced buying pressure after reaching a shorter-term support level / completing a pullback to the 1.10 level. As you know, I've been bullish on the pair these days, and the price hasn't managed to close below the 1.10 mark...

MujkanovicFX

The USD/JPY pair reached an important daily resistance zone, forming a bearish candlestick pattern (yesterday's long lower wick and today's strong bearish candle.) The daily RSI is forming a bearish divergence, signaling that the recent up-move is losing momentum. The low of the up-move represents a lower low - a characteristic of a downtrend. The JPY has...

MujkanovicFX

Once again, the lira is poised for weakness. - The USD/TRY pair triggered an inverse H&S pattern, projecting a profit target at the 6.20 mark, with an intermediary target at 6.00 (round-number + horizontal resistance zone). - The pair completed a pullback to the broken neckline, validating the inverse H&S pattern. - A shorter-term horizontal support level lies...

MujkanovicFX

Hi traders, here's a quick update on gold. As you know, 've been overall bearish on gold in the last few days, and the price has indeed fallen to a large extent. Recently, gold broke below the previous swing low, forming a fresh short-term lower low and signaling that more weakness might be ahead. The last 4-hour candle is forming a pinbar pattern right at the...

MujkanovicFX

Hi traders, here's an update on EUR/USD which broke above a bullish wedge pattern last week. As you know, we've been bullish on the pair and entered with a long position in our Trading Club. Today, the up-move is having a break and the daily candle prints a doji pattern. Still, when looking on the 4-hour chart, we can see a pullback/retest of the previously...

MujkanovicFX

- The EUR/JPY pair reached an important daily resistance level which has been tested multiple times so far. - Today's candle is forming an indecisive spinning top, which may signal lower prices to come - The RSI is forming a hidden bearish divergence as the recent up-move is becoming overstretched Find our analysis useful? Please hit the "LIKE" button and...

MujkanovicFX

The CAD/CHF pair reached an important resistance level on the daily chart. A horizontal resistance zone aligns with the upper resistance of a falling channel. Also, notice the bearish RSI divergence, signaling a potential fake breakout and reversal. - Horizontal resistance zone - Falling channel resistance - Bearish pinbar - Bearish RSI divergence - Fake...

MujkanovicFX

Hi traders, here's a daily chart of AUD/CAD. As expected, the pair retraced at the 61.8% Fib level after forming a very strong pinbar candlestick. The chart also shows a break below a shorter-term support level, signaling further weakness ahead. Note that the AUD and NZD are overall poor performers today across the board as risk aversion hit the market this...

MujkanovicFX Updated 

Hi traders, here we have the GBP/CAD pair at an important 4-hour/daily support. The pair reached the lower trendline support, a horizontal support zone and the 61.8% Fib level while trading in an overall uptrend, signaling a potential retest of the recent highs. Notice the bullish divergence in the RSI indicator.

MujkanovicFX

1. After breaking above a bullish wedge pattern and ending a 5-wave move, EUR/USD under buying pressure 2. Progress in US-China talks putting pressure on the USD 3. EUR/USD completing a pullback to a previously-broken resistance level around the 1.1020-30 level, which may send the pair further up.

MujkanovicFX

Hi traders 1) As forecasted in one of my previous posts on Gold, the yellow metal fell from the $1,500 level to a low of $1,474, breaking below a short-term support level on the way. 2) It looks like buyers are stepping in at those lows, creating long-wicked pinbar candles. Still, the overall trend is down and we could see a retest of the previous LL around the...