Trendsharks

Trendsharks

The price action of the EURCHF is currently consolidating above the previous swing low at 1.07000, which represents an early indication that the market may be due for a bullish correction. Moreover, the price action completed a Descending Wedge, which is a type of pattern that, when found near the bottom of a downtrend, signifies a likely bullish reversal. If...

Trendsharks

The price action of Ethereum looks poised to continue appreciating towards the previous swing peak at 4200.00. The first Wedge signalled the bullish rebound, while the second one indicates its continuation. Notice that the price action is currently strengthening above the 23.6 per cent Fibonacci retracement level at 3475.79. Bulls can use this as an entry...

Trendsharks

The price action of the EURJPY pair is currently probing the 23.6 per cent Fibonacci retracement level at 128.593. A potential breakdown below this threshold would mean that the broader downtrend is ready to continue diving lower. The next target would be the previous swing low at 128.000, which bears psychological importance. However, a potential rebound from...

Trendsharks

The price action of the EURUSD pair appears to be developing a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Recently, it completed the second impulse leg (2-3) and is currently in the process of establishing the second retracement leg (3-4). It could reach as high as the 61.8 per cent Fibonacci retracement level before the pullback is...

Trendsharks

Bitcoin's tumble was bolstered today following the decision of China's central bank to declare all cryptocurrency activities illegal. The price action is currently testing the 23.6 per cent Fibonacci retracement level at 41764.04. A potential pullback could ensue to the 38.2 per cent Fibonacci, which is about to be crossed by the 50-day MA (in green) and the...

Trendsharks

The price action of the USDJPY is currently transitioning from the previous ascending channel into a newly emerging descending channel. The Stochastic RSI indicator demonstrates that the underlying selling pressure has already climaxed, which could catalyse another bullish rebound. If the price action manages to penetrate back above the 61.8 per cent Fibonacci...

Trendsharks

The price action of the GBPUSD pair is establishing a new bearish reversal following yesterday's test of the lower boundary of the ascending channel. The latter is currently serving as a support-turned-resistance. The temporary pullback from yesterday was prompted by the August CPI numbers in the U.S. The market has already priced in these inflation numbers,...

Trendsharks

The price of USDCNY is establishing a new downtrend. It is structured as a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. After having broken down below the 38.2 per cent Fibonacci retracement level, the price action is currently testing the lower limit of the Triangle. If it manages to break down below it as well, then the price action would...

Trendsharks

The price action of the EURGBP started developing a new downtrend following a recent breakdown below the Wedge pattern. Currently, it is consolidating around the 38.2 per cent Fibonacci retracement level. Once this temporary break in the trend is over, the price action would likely head towards the 23.6 per cent Fibonacci retracement level.

Trendsharks

The U.S. CPI numbers and British unemployment data tomorrow are likely to catalyse another directional swing on the price action of the GBPUSD. The pair is currently developing a major reversal following the recent completion of a Double Top pattern. The reversal comes after the price action had completed a major 1-5 impulse wave pattern, as postulated by the...

Trendsharks

Following the release of Japan's Q2 GDP numbers from yesterday, the yen has been on a path to recovery. Now, the price action of the USDJPY looks poised for a reversal from the upper limit of the range, and a possible dropdown to the 61.8 per cent Fibonacci retracement level at 109.522. The reversal takes place following a failed breakout above the 23.6 per cent...

Trendsharks

At its monetary policy meeting from earlier today, the RBA observed worsening growth prospects in Australia due to the Delta variant. These muted forecasts for Q3 are likely to prompt a correction on AUDUSD's uptrend. The uptrend continues to be active, as underpinned by the ADX indicator, which has been threading above the 25-point threshold for quite a while....

Trendsharks

The price of the EURCAD has recently broken down below the ascending trend line (in green), which indicates mounting bearish bias. This is further underpinned by the MACD indicator. The monetary policy meeting of the ECB on Wednesday and Canada's unemployment data on Friday could catalyse an even deeper dropdown. If the price action manages to penetrate below...

Trendsharks

The price of crude oil was bolstered yesterday following the publication of the latest Ministerial Meeting of OPEC and Non-OPEC. The Meeting did not comment on the persisting global supply bottlenecks, which allowed crude to keep advancing. At present, the price action is bound to test the psychologically significant resistance level at 70.00 and the descending...

Trendsharks

The share price of Johnson and Johnson looks ready to rebound from the major resistance-turned-support area, underpinned by the 23.6 per cent Fibonacci retracement level at 175.61, and resume climbing. The underlying uptrend appears to be taking the form of a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Thus, the recent correction can be...

Trendsharks

The share price of Tesla remains contained within the boundaries of a massive range, spanning between the 61.8 per cent Fibonacci retracement level at 761.26 and the major support level at 550.00. As the price action comes close to the former, the likelihood of another reversal becomes more significant A rebound from the upper limit of the range would also entail...

Trendsharks

The price of ETHUSD is currently establishing an Ascending Wedge pattern, which could signal the beginning of a new correction. This is substantiated by the fact that the price action is still incapable of closing decisively above 3300.00. This is the level where bears can look for a chance to enter short. First, however, the price action is likely to rebound...

Trendsharks

The price of Bitcoin seems poised to resume falling over the next several days. The most substantial piece of evidence is the fact that a major ABCD pattern was just completed below the 61.8 per cent Fibonacci retracement level (as measured against the broader downtrend) at 51252.5. This implies a very probable bearish reversal. Moreover, the peak of the ABCD...