EURUSD – Euro/Dollar On the Daily chart we could see a possible top now in place for EurUsd (see second chart), according to wave structure… And also on top of that Ascending channel resistance. On the 4 hourly chart we see a possible head and shoulders pattern. Measured target for the head and shoulders pattern […]
EURUSD – Euro/Dollar EurUsd maintained its bullish move last week after the large gap and triangle breakout. The gains in the euro came on hawkish comments from ECB officials who said that interest rates could begin to rise if the Eurozone recovery continues at the current pace. The euro is also lifted by the fact […]
EURUSD – Euro/Dollar EurUsd still havn’t closed the weekend gap, and if we look closer we might see one more high before a reversal. We would like to keep on eye on 2 equal legs at 1.0975 and very big resistance level 1.1000 for a bigger reversal this week. We will only enter if we […]
EURUSD – Euro/Dollar EurUsd now completed the 3 wave pull back as expected. See last week forecast here… The possibility is now high that Wave 2 is in place, and we should see EurUsd lower. Invalidation level is still 1.0905, and we will move our stop loss placement lower if price closes below 1.0660. EurUsd […]
EURUSD – Euro/Dollar
EurUsd closed the the week only 24 pips above the open price and is still busy with the abc correction.
A comment from President Trump concerning the strength of the US Dollar spurred a relief rally (Wave A), but gains were short lived (Wave B in the late stages of completing)
With a deep wave B, we possibility of a flat wave C is very possible. Ideal selling area this week still the same as last week, (Grey box), between 50% and 61.8% Fibonacci retracement level.
This week we will again look for selling opportunities , on this bearish wave structure we will not be buying.
A close below the Channel support would expose the next key support at 1.0500 and the year low 1.0365. Also note the Ascending channel pattern (which has bearish implications).
Strategy this week: Looking for selling opportunities between 1.0737 and 1.0776, with invalidation level at 1.0905. Targets at 1.0500 and 1.0365
GBPUSD – Pound/Dollar
GbpUsd trading in a big Triangle. Below see the wave structure, triangle in wave B, targeting a possible flat Wave C (ABC Corrective pattern).
Wave E might be complete in the bigger triangle (See the daily chart below)
So we favour bullish move higher while market is above 1.2360 and our target is between 1.2615 and 1.2700
See our cheat sheet on how to trade Triangles
Strategy this week: Looking for buying opportunities this week at 1.2430 on pull backs (retest of a smaller triangle on the 4 hourly chart), with invalidation level at 1.2360
NZDUSD – Kiwi/Dollar
NzdUsd forming good bullish signals. We are still bullish on NzdUsd whilst above 0.6910.
Wave structure suggest a bullish move, Descending channel and pin bar = all bullish signals.
Strategy this week: Already Long on this trade, we will target 0.7120 this week (next resistance level) See our Active trades here
USDJPY – Dollar/Yen
Last week we said we are only bullish around the two equal legs at 108.80 . UsdJpy currently trading on support levels and in our buying zone.
With Trump comments we may look a little lower now
We will focus on the 61.8% Fibonacci retracement level and also previous support/resistance levels at 107.77
We do expect a bounce soon, but we do not want to try and catch a falling knife. So we will wait for price action buying opportunities this week.
Invalidation level comes in at 105.00. UsdJpy trading in a possible 4th wave, and current price action is corrective and we should see prices higher soon
Strategy this week: Looking for long opportunities in support area 108.40 and 107.77, with invalidation level at 105.00
XAUUSD – Gold
Gold still trading inside the Ascending channel and Trump comments helping Gold higher to test the next resistance level around 1306.
Wave structure is seen still in possible wave 3 and we remain bullish on Gold.
We are not interested in selling Gold, we would rather wait for pull backs to trade inline with the bullish momentum.
Next support area now will be 1240/41
Strategy this week: Staying aside, risk reward ratio not favourable for any entry. Wait for lower prices to look for buying opportunities (whilst above 1200)
EURUSD – Euro/Dollar As you all know, we were bearish on the EurUsd for the last 2 weeks. EurUsd completed the abc correction and confirmed the move with a impulsive wave down. This week we might see some pull backs, (at least a 3 wave pullback). This week, the pair might finds itself caught between […]
EURUSD – Euro/Dollar First see our detail analysis on EurUsd here… (Longer term view, busy with 4th wave) On the 4 hourly chart, EurUsd busy with a correction (zig zag correction), and we are bearish on EurUsd, but not yet. We will only be looking for selling opportunities closer to 1.0960 GBPUSD – Pound/Dollar […]
EURUSD – Euro/Dollar See our detail analysis on EurUsd here… GBPUSD – Pound/Dollar Our GbpUsd worked out very well as discussed in detail last 2 weeks. GbpUsd completed a complex correction, with invalidation level now moving up to 1.2100. Wave 2 now completed, with a Descending channel now clear for GbpUsd. First resistance comes […]
EURUSD – Euro/Dollar EurUsd is still busy with a corrective bounce within a big downtrend… We made some small changes to our wave count, but what is important is that EurUsd is in a very bearish structure below 1.0827. The corrective bounce should ideally end between the 61.8 – 78.6% Fibonacci retracement levels from wave […]
EURUSD -Euro/Dollar EurUsd pushed higher on Friday and a reversal should be coming soon. Even if this wave count is wrong, we do have a bearish structure and we will keep on looking for short opportunities below 1.0825… If price go higher than the possible wave 2 at 1.0680, then we could see a deeper pullback […]