Raoul Pal has been a screaming dollar bull since I've been following him, and his methodology and process are so logical. Global dollar shortage is fuelling the dollar strength and USDJPY appears to be in a staggering inverse H&S that has been in play since... the start of the Millenium. I'm already short EUR, GBP, and AUD vs. the Dollar, but looking to add JPY...
Double-top at 61.8 retracement = great selling opportunity. A break of this level would imply that the fed has won and markets wish for a V-shaped recovery is being granted.
USDJPY has been moving within a long-term wedge since 2016! I am looking to catch the 5th wave of a move higher to around 113.00 and think that now is a good time to buy. There is a possibility that the pair could break the TL to the downside, in which case I will wait for a retracement and sell.
I've gone short NZDUSD after the pair has been ranging within two converging trend lines. Although I had already sold the pair, confirmation of a move lower may be a break of the lower time-frame trend line since 3/7 and therefore a good entry price. Looking for NZDUSD to head to 1.678 for a 3.67 RR. Will update as the trade progresses. There is definitely a...
Short term short position possible as AUDUSD has reached resistance. Stochastic showing overbought. There is also a case to identify an H&S set up starting on 4th Jan.
See previous post re: AUDUSD. I expected that after failing to post lower-lows and forming a double-bottom at support, AUDUSD had potential bullish momentum and now after breaking TL and re-testing, I think this pair has some great upside potential.
AUDUSD formed a double-bottom at 0.705 support. Failure to establish lower lows could signal a potential long position if the TL is broken. U.S midterms may hurt the dollar and push aussie higher
USDJPY looks to be forming an H&S setup whilst also moving within a bullish channel. Price may reverse at channel TL (111.255) or break this support and reverse at the neckline around 111.025. Short term position will look to exit at 112.000 resistance or 111.500, depending on the outcome of the previously mentioned situation.
AUDNZD has been moving within a wedge since the end of 2014 and has most recently reversed off the upper TL at 1.17. Price is currently approaching support at 1.086 - pay attention to this area. If the support holds, expect a move higher within the 4H bullish channel to around 1.11 - see also the H&S in play where we are possibly about to form the right shoulder....
Similar to my analysis of BTC, XRP has been moving in the same compressed way since December highs, and a breakout looks imminent. Technicals aside, fundamental explanations for a bullish outlook include:
- Santander's introduction of OnePay FX that is powered by Ripple technology
- SBI's BANK-backed exchange is now live, with XRP being the first currency traded
-...
Ran some technicals on BTC and found a huge wedge in play. After price fell from highs in December, it has been compressed within a wedge up until now. A clear break of the upper TL, which has held strong on 3 occasions could signal a bullish breakout which would have a knock on effect on other coins. However, a break of the lower TL is also possible although...
Although not in play yet, if AUDUSD retests the broken TL (also key support at 0.7785), could be a large bullish move. See analysis for GBPUSD also as both are playing out very similarly.
Since approximately 24th February, GBPUSD has been mirroring AUDUSD in a descending wedge. AUDUSD has recently broken the resistance of this wedge and with a retest, could show strong signs of a bullish move... could GBPUSD be doing the same? If the 1.386 level (see red circle) holds, where short-term support may exist, expect a move higher and break of the wedge....
Similar to the GBPCAD set up, this GBPCHF looks like a great potential sell-off providing a retest of the 1.29 support/resistance area occurs. If we see one more move higher, which would also complete the right shoulder of the H&S set up, a significant bearish break out could see the pair hit 1.27500 and then 1.26500 if the former doesn't hold strong. Promising...
Great potential short as spotted by Nick Thomson over @ Pips University. Head and Shoulder formation looks great, with the right shoulder possibly forming at the 1.65500 level that has acted as both strong support and resistance since the summer! One more pull up and the potential for a huge bearish movement is very imminent. Monitor what happens at the current...
GBPJPY is currently moving within an ascending triangle after major support around 149.000 was broken early in the month. If we are able to see one more move higher to test the 149.000 resistance (red box) I will look to sell this pair and go quite heavy! I can see the pair heading to 147.500 and if it breaks this level, we may see 144.000 within the next month or...
If price can retest the 1.68 area of broken support that should now act as resistance, this could be a huge opportunity to short GBPAUD. Conservative TP would be 1.66 but if this fails to hold, price could head down to 1.62 in the next few months. Bias is bearish for this pair heading into the holiday season!
