TheForexFellows

TheForexFellows

EUR/GBP has seen a significant bullish move over the last couple of hours off the back of a strong climb from the lows at 0.8877 from last week. Price has now pushed past and closed on the 4H timeframe above the strong resistance at 0.9135. At the end of today if the daily candle closes above this strong level of resistance we will be looking for long...

TheForexFellows

Yesterday GBP/USD price broke through the key technical level of 1.3000 and posted it's first lower low on the 4H timeframe since late July. Today price looks to be returning to test the 1.3000 support turned resistance zone, which is also in confluence with the weekly descending trend line. As a result of this confluence we are expecting a strong rejection from...

TheForexFellows

There has been significant volatility in the markets today and GBP/CHF has been no exception. Price has pushed to the downside and on the 4H timeframe has broken out of the daily ascending trend channel that has kept price in check since July. Price did break to the upside from the daily ascending channel last week, however, failed to post a higher high on the...

TheForexFellows

EUR/CHF has been interacting with the descending weekly trend zone for the past six weeks. We have seen no break to the upside from the descending weekly zone which may mean there is a lack in bullish momentum to break through. Since 2018, every ascending or ranging market that has then met the descending weekly trend zone has broken to the downside. We will...

TheForexFellows

EUR/USD pushed higher at the start of this week before strongly rejecting from the confluence between the weekly resistance zone and the key level of 1.2014. It can be argued that the overall trend for EUR/USD is still bearish, with price restricted to the monthly descending trend channel that has been in place since 2007. However, with ongoing dollar weakness...

TheForexFellows

AUD/NZD price has today returned to a significant technical zone - the upper boundary of the weekly descending trend channel that has kept price in check for the past six years. Price broke to the upside from this channel in Early-August, which may signify a reversal in overall trend. However, price has performed breaks to the upside previously, only to then...

TheForexFellows

GBP/CAD has been trading within a respected weekly trend channel since Late-2019. The last touch of this trend channel was on the lower boundary with current expectations now that price will return to the upper boundary. Price has been consistently trading above the 50 and 100 DAY EMA and the posting of an extremely bullish weekly candle last week means that we...

TheForexFellows

After a bearish start to NZD/USD price action this week, price found support at 0.6525 and has been pushing higher ever since. The bullish momentum over the past two days has seen price move back above the psychological level of 0.6600. At this current time, due to the break below the main daily ascending trend zone at the start of August, we are still favouring...

TheForexFellows

After a bullish start to the week the US Dollar Index has taken a bearish turn, with price now re-entering the region below the psychological level of 93.00. On the 4H chart we can see that although price broke and closed above the 50 EMA, it failed to do so on the 100 EMA. It is now about to enter a zone of support where price has bounced from previously,...

TheForexFellows

GBP/JPY has been pushing higher since the start of July. Last week price ran into a weekly descending resistance zone, where bullish momentum faltered and even reversed during trading on Friday. The first day of the trading week, yesterday, was also a bearish day, which we are interpreting that bears have entered the market. As price is pushing higher again in...

TheForexFellows

During our last post on NZD/USD we were looking at price action on the weekly time frame and had estimated a continued bearish movement as price rejected from the upper boundary of the descending weekly trend channel. Price is currently posting another bearish candle on the weekly time frame if bearish momentum continues into Friday. This may change after the last...

TheForexFellows

GBP/CHF has been another surprise over the past couple of weeks. After breaking below 1.69 back in Late-June we had expected price to continue down. However we have seen extremely choppy markets but constrained within an ascending daily trend channel. The upper boundary of this daily channel is once again being tested today, alongside testing strong resistance...

TheForexFellows

NZD/CHF price has been within a respected descending weekly trend channel since 2017. Price did break out of this channel back in March as a result of the coronavirus pandemic, however, re-entered forming an ascending daily trend channel. Price did not retest the upper boundary of the weekly channel as price ran into resistance before that at 0.62 (the lows from...

TheForexFellows

EUR/GBP has seen some choppy movement over the past couple of weeks, with price seemingly breaking to the upside and then reversing to the downside. Taking a step back, on the weekly time frame price action still looks quite bullish, with an ascending trend zone stemming from the lows of 2015. On the daily time frame, it could be argued that price is currently...

TheForexFellows

CHF/JPY looks like it could be providing a decent opportunity to enter long based on the current technical analysis and price action. Price broke out from a weekly descending trend channel in Late-July suggesting that the downwards trend is coming to an end, at least in the short term. With our overall bullish bias, price has also now broken from a daily...

TheForexFellows

GBP/AUD has been moving within a weekly ascending trend channel since early 2017, apart from a few dramatic exits during the Yen crash in early 2019 and the intial Covid-19 spike, but even after these instances price returned inside the channel. We can now see a clear break of the trend channel to the downside and also a possible completed retest of the lower...

TheForexFellows

AUD/CHF is moving within an extremely consistent descending weekly channel providing a comfortable overall bearish trend to follow for this currency pair. Price is currently at a strong level of resistance at 0.654 which it has failed to break through convincingly for several weeks. If it fails to do so again this week we will be looking to enter short with a...

TheForexFellows

NZD/USD price has been in a significant bull run since the lows back in March. On the weekly NZD/USD chart we can see that price has now strongly rejected from the weekly sloping resistance and has finally bulldozed through the strong level of support at 0.6582 on the back of weaker fundamentals from New Zealand. The price has also broken to the downside from a...