Trendsharks

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...

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...