MujkanovicFX

MujkanovicFX

Hi traders, we've anticipated a slowdown in the uptrend momentum in one of our earlier gold posts, and are actually still bearish on the yellow metal - at least until we get a fresh higher high. Besides the H&S pattern, we can now also draw a well-defined falling channel, with three touches on the upper channel resistance. Interestingly, that last touch aligns...

MujkanovicFX

Hi traders, you may already be aware of our long position in Brent crude (check on our profile), and this is a quick update of how things are looking now. The double bottom pattern confirmed with a bullish RSI divergence is working out quite well so far. Especially yesterday and today, as the US CPI came in lower than expected, did Brent crude make significant...

MujkanovicFX

Hi traders, if you've followed us long enough, you may have seen some of our EUR/USD trade ideas that worked out really well. The pair broke above a bullish wedge pattern recently, projecting a 200 pips profit target to around 1.12. We're already long in our Trading Club. The price also broke above short-term resistance levels, with no meaningful resistance...

MujkanovicFX

The EUR/USD pair is breaking above a bullish wedge pattern after completing a 5-wave move, signaling more upside potential. The price also broke above a short-term resistance level and the 61.8% Fib level. Markets expect a slowdown in the US CPI, which could lead to the Fed responding with cutting rates. Today's move is experiencing a strong momentum so far...

MujkanovicFX

Hi traders, here's a quick comparison between silver and gold. Silver has reached the upper channel resistance and is forming a bearish pinbar pattern, signaling sellers are joining the market again. The resistance aligns with the 61.8% Fib level which could provide additional selling pressure and lead to a continuation of the recent downtrend. Gold to follow...

MujkanovicFX

You may remember our H&S pattern idea in Gold a few days ago, and this is an update on that setup. The yellow metal broke above the H&S neckline last week which didn't act as a resistance for the price. However, the pattern is still valid in our eyes as the price is facing difficulties to break above the 61.8% Fib level, signaling a possible new lower high...

MujkanovicFX

The GBP/USD pair is trading near a potential demand zone near the 50% Fib level and a horizontal support level which has previously acted as a resistance for the price. The pair formed two strong pinbar patterns last week that rejected lower prices for the time being. The pound continues to be strongly influenced by Brexit news, so pay attention to your risk...

MujkanovicFX

Brent crude is formed a double bottom pattern with a strong pinbar pattern and a bullish reversal pattern. Brent has previously made a fresh higher high and failed to form a new lower low, signaling a possible trend reversal to the upside. Also, notice the (slight) bullish divergence in the RSI. Could we see a retest of the recent high near the $70 mark?

MujkanovicFX

1. Our EUR/USD trade has reached its take-profit level last week as expected and is now facing selling pressure at the upper wedge resistance. 2. That price-level aligns with the 61.8% Fib level and a horizontal resistance zone, signaling a potential continuation of the underlying downtrend. 3. Notice that the RSI has already reached its recent high, showing...

MujkanovicFX

The USD/CHF pair provides us with a nicely-looking sell setup after reaching the 1.00 psychological resistance level which aligns with a horizontal resistance zone and the 61.8% Fib level. The trade is also supported from a fundamental standpoint as US yields are plummeting and US manufacturing data hits a 10-year low.

MujkanovicFX

The EUR/USD pair has just reached a multi-year low on a resilient US dollar, but today's candle shows that buyers are willing to step in at those lower prices. The pair competed a 5-wave wedge pattern and the RSI shows a strong bullish divergence, signaling that further strength might be ahead. We're following this pair in our trading group and will act...

MujkanovicFX

Gold just triggered a 4-hour/daily H&S pattern, projecting a profit target of around $1,415. The drop occurred simultaneously with the US dollar index reaching multi-year highs. The US dollar and Gold are inversely correlated, which means when the USD rises, the yellow metal plummets, and vice-versa.

MujkanovicFX

Hi traders, you may have noticed our EUR/NZD idea from a few days ago. I am glad to say that we took the trade which is now in significant profit. The triple bottom / fake breakout pattern showed to hold, pushing the price lower almost 200 pips. The apparent economic slowdown in the Eurozone didn't help either to stop the fall. Notice the triple bearish...

MujkanovicFX

Hi traders, there haven't been many updates on Brent ccrude lately as we waited for the dust to settle after the drone bombings on Saudi Arabia's production plants. Initially, the news caused a large spike in the price of Brent with most of the gains erasing lately. The spike caused a breakout above a falling channel, potentially initiating a new uptrend. The...

MujkanovicFX

The USD/INR (Indian Rupee) pair triggered a bullish wedge pattern recently and entered into a consolidation. The price is now trading near the 38.2% Fib level which aligns with a horizontal support level, signaling a potential continuation of the underlying downtrend. Notice that the pair hasn't reached the profit target projected by the wedge pattern yet,...

MujkanovicFX

Hi traders. Here's the daily chart of the NZD/CAD pair that shows a 1-year low reached on Friday. The pair has found some buying pressure this week, which has sent the price retesting a horizontal resistance level around the mid 0.83s. We could also see a retracement to the 61.8% Fib level, which aligns with a falling trendline, before continuing to the...

MujkanovicFX Updated 

The AUDCAD pair reached a resistance zone on the daily timeframe which aligns with the 38.2% Fib level. The pair is trading in a falling channel, and the daily candlestick looks like an indecisive spinning top. With recovering oil prices, the pair might see lower prices by the end of the week. Please hit the "LIKE" button to support us. Thanks!

MujkanovicFX Updated 

The EUR/USD pair is printing its second indecisive candle around the 1.1050 level, with quite long upper wicks. The pair is trading at a strong daily bearish trendline resistance, a horizontal resistance zone and the 61.8% Fib level, which could signal an end for the current counter-trend price correction and a continuation of the underlying downtrend. While...