Trendsharks

Trendsharks

The price action of the GBPUSD is currently establishing a minor bullish pullback following the completion of an ABCD pattern. This means that bears can use trend continuation strategies to sell at the top of the pullback. For the time being, the strong bullish bias in the short term is likely to drive the pullback higher. This can be inferred from the MACD...

Trendsharks

The USDCHF pair is consolidating within an increasingly narrower bottleneck, as illustrated by the two trend lines. Moreover, the price action is contained within the boundaries of a broad range - the 61.8 per cent and 38.2 per cent Fibonacci retracement levels. Given that the ADX has been threading below the 25-point benchmark since the 9th of July and the...

Trendsharks

The GBPJPY is currently developing a new downtrend following the completion of a major Double Top pattern recently. The price action is headed towards the previous swing low at 148.500. This is where a pullback to the 61.8 per cent Fibonacci retracement level at 150.387 is likely to emerge. This pullback is expected to serve as the second retracement leg (3-4)...

Trendsharks

The price action of the USDCAD pair is currently nearing the last swing peak at 1.28000 (the Distribution area in red). If it manages to penetrate above it, the price would then likely head towards the 1.272 Fibonacci extension level at 1.29054. The dollar strengthening in the short term is owing to investors and traders' expectations of FED tapering. Notice that...

Trendsharks

The price of USDJPY looks ready to complete an inverted head and shoulders pattern, which would then likely result in a new upswing towards the last swing high (at 111.600). In order for the pattern to be completed, the price would have to break out above the Neckline around the 61.8 per cent Fibonacci retracement level at 110.543. Meanwhile, the recent breakout...

Trendsharks

The price of ETHUSD recently corrected itself to the 23.6 per cent Fibonacci retracement level at 2466.11. The subsequent consolidation of the price action around this resistance-turned-support indicates that the correction may have already bottomed out. Even still, it should be noted that this is the first time that the price action is probing the lower limit of...

Trendsharks

A minor bearish correction may be due on the EURUSD in the short term, provided that the current pullback peaks below point 5. The pair established a 1-5 impulse wave pattern recently, as postulated by the Elliott Wave Theory. That is why an ABC correction is expected to follow next. The latter could fall as low as the 61.8 per cent Fibonacci retracement level....

Trendsharks

The recent breakout of the EURUSD above the descending channel was bolstered yesterday following the July policy meeting of the Federal Reserve. Jerome Powell and his colleagues from the FOMC did not bring anything new to the table, which weakened the greenback in the short term. The price action is currently probing the 200-day MA (in purple). The next closest...

Trendsharks

Apple had one of its best quarters ever, posting record-breaking revenue growth. Even still, the share price fell by $3 on iPhone chip supply bottlenecks. The correction is likely to bottom out at the 23.6 per cent Fibonacci retracement level, creating an opportunity for trend-continuation trading. The market is likely to price in these concerns later today,...

Trendsharks

Yesterday, Tesla delivered its earnings data for Q2. The electric vehicle manufacturer beat all topline and bottom-line expectations, reporting a net income of more than $1 billion for the first time ever. The share price is likely to rebound from the bottom of the ascending channel, as well as from the 200-day MA (in purple) and the 100-day MA (in blue), and...

Trendsharks

There is an opportunity to trade on a potential bullish rebound on the AUDUSD. That is, if the price action manages to break out above the Handle and the 50-day MA (in green). If it then manages to penetrate above the 23.6 per cent Fibonacci retracement level, the upswing is likely to head towards the 38.2 per cent Fibonacci at 0.75186, next. Keep in mind that...

Trendsharks

Amazon is set to report quarterly earnings on Thursday after the market close. The EPS data could catalyse another bullish upswing into uncharted territory, given the recent behaviour of the price action. The price action is currently attempting to consolidate above the major resistance-turned-support level at 3562.78. The latter's prominence also stems from...

Trendsharks

The pair appears to be developing a massive 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. The current correction could potentially bottom out around the 38.2 per cent Fibonacci retracement level at 1.23670 before the bullish momentum is resumed.

Trendsharks

The price action consolidated above the 50-day MA (in green) and then broke out above the 23.6 per cent Fibonacci retracement level at 0.75508. After the AUDUSD jumped past that crucial threshold, it also probed the 100-day MA (in blue). Presently, the bullish momentum appears to be waning just below the Distribution area (in red). Notice that the 38.2 per cent...

Trendsharks

The AUDCAD established a Descending Wedge pattern, which in itself is demonstrative of a potential bullish rebound from its lower end. The likelihood of such a rebound taking place is bolstered by the fact that the Wedge appears to be bottoming out at the major support level at 0.92650. Moreover, bullish pressure appears to be rising now that the price action...

Trendsharks

Bitcoin is still recuperating after having temporarily sunken below the psychologically significant 30000.00 threshold last week. The price of Bitcoin continues to rise in an effort to break out above the major Distribution range. The current structure of the price action resembles a Wyckoff Cycle, given the recent consolidation within said Distribution. The...

Trendsharks

The pair started developing a new Markup, as we forecasted last time (see link below). This happened after the price managed to break out above the Accumulation range, as postulated by the Wyckoff Method. Due to the strengthening of the dollar, the price is likely to continue appreciating in the near future, though the correction could fall as low as the 61.8...

Trendsharks

The price action is behaving as per the expectations of the Wyckoff Cycle method in the short term. The EURUSD consolidates in an Accumulation range, following the completion of the preceding Markdown. The consolidation range spans between the major support at 1.18550 and the 23.6 per cent Fibonacci retracement level at 1.19181. If the price manages to break out...