TheForexFellows

TheForexFellows

After examining the weekly chart, we believe GBP/JPY to be in an overall bearish trend. We have been waiting for a sign that this latest bullish pullback, in place since 23rd September, was over and that we may get the next bearish impulse. Yesterday, we may have had that sign. Price broke to the downside from a daily rising wedge pattern, which can often form...

TheForexFellows

GBP/CHF price is approaching an important zone where price could break to either the upside or to the downside. Any bullish moves over the past couple of weeks have been held back by the trend line formed from the September highs. Likewise, any breaks lower have been held in place by the daily ascending trend channel that price has been moving with. Over the...

TheForexFellows

After looking at the weekly price action for GBP/JPY we noticed a distinctive pattern reoccurring. Overall the market is in a convincing bearish trend, with significant daily bullish trends within it. Once one of these bullish trend breaks to the downside, it is followed by a significant bearish move, usually as low as the lower boundary of the weekly descending...

TheForexFellows

Although we are certainly not sure what may happen upon the open the forex markets this week, as a result of Trump's recent contraction of COVID-19, we can make a comment on the technical set up in this currency pair as it is currently in the midst of a convincing confluence zone. As a result of the break out from the strong descending daily trend line on the...

TheForexFellows

After breaking to the downside from a daily ascending trend channel in Mid-September, EUR/USD price has been on it's first bearish move since April. Zooming in to the 4H time frame, price has recently created a lower high, which is situated at the key level of resistance between 1.1744 and 1.1715. We believe this could signify we are now setting up for the next...

TheForexFellows

GBP/CAD price has pushed up consistently for the past week. It has now entered an area of interest for us as price has come into contact with the lower boundary of the ascending weekly trend channel, that price was moving within for some years. On the 10th September, price broke outside of this weekly trend channel, quite convincingly, to the downside. We believe...

TheForexFellows

AUD/CAD price action is currently in the process of testing a double top formation neckline. The double top for price is more clearly seen on the daily timeframe but the peaks have been pointed out on the image above. The fact that the double top has been created on the daily fills us with confidence that, for now, price has found an upper limit and is on it's way...

TheForexFellows

USD/CHF price action saw exceptionally bullish momentum last week, climbing approx. 200 PIPS. As price has respected a strong 4H trend line consistently last week, and with price closing above the lows created in March, we will be looking for continuation of this bullish trend. We will be looking at a zone of upcoming confluence between the 4H trend line and the...

TheForexFellows

GBP/USD price retested the broken daily ascending trend line on the 18th and 19th September, before continuing to the downside early last week. Price then found support at approx. 1.2741 level and began forming a bearish flag late last week between 1.2765 and 1.2700. There is a zone of confluence shortly coming into play between the potential end of the bearish...

TheForexFellows

Like many of the USD pairs this week, USD/SGD has shown a lot of strength, from it's lows at the start of the week it has risen 236 PIPS. Price broke to the upside from a descending daily trend channel last week, and this week price has broken again to the upside from a falling wedge. Both good indications that we may be seeing the start of a trend shift. Due to...

TheForexFellows

CAD/JPY has experienced a sustained bearish movement for the past couple of weeks, breaking to the downside from a consistent daily ascending trend channel. This event, coupled with the overall weekly bearish trend, means our bias is towards entering short positions. Price kissed the upper boundary of the weekly descending trend channel at the start of September,...

TheForexFellows

GBP/CHF price action broke out of an ascending daily trend channel on the 8th September. This triggered a bearish impulse taking price right the way back down to the 1.1690 level. Last week we saw price 'take a breather' and retrace back up to 1.1825 and then react from a 4H descending trend line, which is now forcing price lower. If we get another break of 1.1690...

TheForexFellows

EUR/AUD price broke to the downside of a weekly ascending trend channel on 27th August. Since then price has bounced back up to retest the weekly trend channel. Price has now formed a lower low and has started to respect a 4H descending trend line. We are now looking for a short entry as price continues to the downside. The first target will be 1.6150 with a...

TheForexFellows

EUR/USD price action broke to the downside from a daily ascending trend channel on 9th September. After this break, support was found at 1.1750 sending price back up to 1.1900, which was a retest of the daily ascending trend channel. Since then price has ranged between 1.1750 and 1.1900. As price has now formed a lower high, we are awaiting another drop to the...

TheForexFellows

GBP/JPY price action on the 4H timeframe has formed a very convincing bearish flag. Price has been trading between 136.4 and 135.4 since the bearish impulse from last week. We are anticipating that this is a current zone of consolidation before the next bearish impulse to the downside. Once we get a break and close below structure at approx. 135.3 (or lower) we...

TheForexFellows

GBP/USD price has been, what we believe, to be in a retracement this week so far. After a strong impulse down last week, price is making it's way back into a region which we believe would be excellent for shorting opportunities. This zone represents a confluence between daily ascending support lines now turned resistance (since they have both been broken), the...

TheForexFellows

Our analysis earlier in the year suggested that GBP/AUD had broken out of a ascending weekly trend channel to the downside. As is often the case we were waiting for a retest of the trend channel and confirmation that price had entered a bearish phase. That retest was completed in Late-August and since then GBP/AUD has moved further to the downside, posting an...

TheForexFellows

GBP pairs have taken a real hammering this week, and GBP/JPY is no exception! Price yesterday broke outside daily sloping support which has been intact since the lows from March. It has since bounced from the support zone circling 135.35 and is currently on a pullback leg of its move. We believe that this is looking like a great opportunity to sell the currency...