Daily Technical Analysis by Admiral Markets

GBP/JPY Strong Bullish Zig Zag Pattern


The GBP/JPY has been bought on dips after Macron won the first round of French elections. Our Session Recap setup went as expected and now we see a continuation. Equities went bullish and GBP/JPY followed, reaching 143.00 zone. At this point we see a huge MACD divergence which might drop the pair towards POC zone. POC 141.60-90 (D L3, ATR low, trend line, 50.0) could spike the price towards 142.50, 143.00 and 143.80. If we don’t see an entry within POC zone watch for 4h close above 143.30. That should also be a sign for continuation towards above mentioned targets.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

PRE-ECB Analysis: EUR/USD Breakouts Possible


The European Central Bank is set to keep its ultra-easy policy stance firmly in place this Thursday afternoon (11:30 AM GMT) but may acknowledge better growth prospects, setting the stage for a small signal as early as June about an eventual reduction of stimulus. Volatility on EUR/USD could be expected.

Technically the EUR/USD 4h chart shows bullish momentum but anything can happen during the ECB conference. Yesterday we had a successful live EUR/USD entry on Wednesday’s Live webinar that made more than 40 pips as of now. The break of 1.0950 should retest 1.0965 and possibly 1.0990-1.1020. However, the break of 1.0820 could close the retail gap around 1.0777 level. Be careful with risk allocation and using of VPS tool is advised.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H5 - Weekly Camarilla Pivot (Strongest Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

EUR/USD Still Supported Above Retail Gap


The EUR/USD is still supported above the retail gap which showed straight after Macron won the first round vs Le Pen. Friday is getting close , so we might see profit taking due to Sunday’s final round of presidential elections. 1.0860-45 is POC zone for possible buy trades as the EUR/USD might spike from the zone (W L3, ATR pivot, historical buyers) targeting 1.0930 and 1.0965. A drop below 1.0820 could target 1.0775 and further momentum could also close the retail gap at 1.0730.
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W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H5 - Weekly Camarilla Pivot (Strongest Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC- Point Of Confluence (The zone where we expect price to react aka entry zone)

EUR/USD 1.0930-1.0950 is Point Of Confluence


The expected win of newly elected president Emmanuel Macron seem to be priced in the market after a successful rally as we shown in the previous EUR/USD analysis. At this point the pair is heading towards the POC zone 1.0930-50 where we could see a possible bounce. As the ATR of EUR/USD is low - only 77 pips, levels to watch for are 1.0990 and 1.1020. However the loss of 1.0930 is a possible signal for a deeper retracement towards 1.0870. Retail gap could only be closed if the pair broke below 1.0820.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

GBP/USD Super Thursday Event: Running Flat Top Ascending Pattern


The main focus today is BOE interest rate decision with monetary policy summary. This is called Super Thursday event and I expect it to be very volatile. The event is scheduled for 11 AM GMT. The BOE will also present its quarterly inflation report which has been updated. We might see two-way price movement.
The pattern that is formed is called - running flat top ascending triangle. It is a running pattern because the apex of the triangle has not been established yet. This suggest two way price movement, that could be also fueled with Balance of Trade date today. There are two zones traders should focus on at this point.1.2995 is a strong resistance and a break of 1.2995 (D H5, ATR high) may target 1.3025 to 1.3050 - Weekly H3 camarilla pivot and round number resistance. Break of lower zone (D L3, ATR pivot) 1.2916 might target even 1.2825 level - Weekly L5 camarilla. I suggest you use VPS tool in the case you want to trade GBP/USD today.

USD/JPY Daily Confluence At Support


The USD/JPY is currently supported at POC zone 113.40-60 (Trend line, D L3, Order block, EMA89) and we might see a spike towards D L3 - 114.10. The pair is in uptrend on intraday (H1) and intra week (H4) charts. 1h or 4h candle close above 114.10 should provide additional strength in this pair, targeting 114.35 (ATR high) and 114.75 (D L5) if we see additional volatility. W H3 and ATR low should hold (113.15) if bulls want to remain in control. Bears would only have control below D L5 (112.90). If that happens during next days we might expect 112.15 as the target.
Adding to that we have US Inflation data today so the combination of US data and profit taking could be volatile for this pair.

GBP/NZD Uptrend Intact


The GBP/NZD has almost closed the retail gap with a slow grind towards D L3 that stands in a confluence with the gap. At this point the price is getting close to the POC zone 1.8685-1.8705 (D L3, Retail gap close, 78.6, bullish order blocks, ATR pivot). As long as 1.8608 support holds we might see a rejection towards 1.8870 ATR/D H4 confluence. Only above 1.8880 the price might go for a full retest of 1.8969.

AUD/NZD Uptrend Intact


The AUD/NZD has formed a bearish Wolfe Wave after the retail gap that pushed the price up. The pair is still in downtrend on 4h time frame, so it could piggyback momentum from higher time frames to H1 chart. That means a potential bearish trade setup when Point 5 has been formed. Type 1 setup might happen when the price enters the POC zone (ATR high,Wolfe Wave point 5) 1.0805-0812. The rejection could target the EPA (Estimated Price at Arrival) target 1.0743. If the pair breaks above 1.0812 then traders should wait for the price to again close below 1-3 line for the Type 2 setup.

Type 1 setup - Price enters the POC zone
Type 2 setup - Price goes above the 1-3 line then break back below it

GBP/CHF Could Start Correction Soon


The GBP/CHF has formed a regular bullish divergence at Daily L5 support and currently shows a potential for upside correction. The POC zone 1.2665-75 (Multiple bottom, ATR pivot, historical buyers) might spike the price towards L4 and L3 (1.2759 and 1.2828). Have in mind that L4 (1.2759) is a strong resistance and price needs to break above potential head and shoulders pattern to proceed further up. At this point the price is supported by POC zone and bullish divergence and until 1.2759 is hit we should see an upside price action.

EUR/USD Confluence At Daily L3 Camarilla Pivot


The EUR/USD broke above 1.1200 level on Friday and it is normal that we are seeing the retracement at this point. Remember, always mark yesterday’s high & low. Those were the definitive points where buyers or sellers came in the day before. Usually we see a retest of those points. Because the pair is in uptrend it could spike from the bullish POC 1.1155-70 (trend line, ATR pivot, D L3, 38.2) targeting 1.1211 followed by 1.1250-65. The ATR of EUR/USD is not that high, so pay attention to levels and POC zone. Ideally 1.1120 should hold for bullish scenario to be valid.

GBP/USD Bearish Divergence Could Bring the Pair Lower


The GBP/USD is still in uptrend on 4h but it is showing a bearish divergence that could tank the price lower. 1.2830 is support and if the support breaks, the pair could head towards 1.2785. In case of retracement, we might see 1.2900-1.2915 the POC zone (inner trend line, ATR pivot, W4, EMA89). The POC zone could also reject the price towards 1.2830 and 1.2785. At this point the interim resistance is 23.6 fib - 1.2886 so short term traders could possibly reject the price from that level in the form of short term momentum trades.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

USD/JPY Bearish X-Cross Within 111.20 Zone


The USD/JPY has been dropping lately, but it has been more of a slow grind than momentum surge. During this slow grind, the price has established a POC zone within 111.15-30 (D H4, 38.2, inner trend line, EMA89, ATR Pivot). X-Cross ™ represents the cross of a trendline with an important pivot point or fib level. In this example we have both fib level and a camarilla pivot, so my assumption is that the X cross is strong. Rejections should aim for 110.65. Break of 110.65 aims for 110.36 and 110.17.

USD/CAD Possible Retest of W H4/ D H5 Zone

As doubts grow of over-supply in the Oil market, its price continues to drift lower, putting pressure on the CAD, I expect this weakness of the CAD to be more prevalent than the USD weakness of recent. At this point we can see a slow bullish grind on intra day time frame towards W H4/D H5 confluence zone 1.3540-50. The POC zone (trend line, 50.0, D L3, Atr pivot, historical buyers) might spike the price up towards 1.3500, 1.3520 and if 1.3520 breaks towards 1.3550. The price is above W L3 and D L3 so the bulls are currently in control. The price should ideally stay above 1.3422 for bullish outcome.

EUR/USD Two Breakout Points Outside The Equidistant Channel

The EUR/USD has perfectly rejected from both POCs after the setup and analysis shown on Weekly Recap and at this time it is very clear that the equidistant channel is trapping the price keeping the range bound market still in play. After a fake-out that happened yesterday 1.1720-1.1690 (which was still good to trade as a breakout trade, and what I showed during the Live Trading webinar) we can see two POC zones within the equidistant channel that might push or tank the price. If the price spikes above 1.1778 (EMA89, D H3, channel high) the target is 1.1798 and 1.1825. Above 1.1832 we should see a continuation towards 1.1875 and 1.1910. Below 1.1668 (D L5, ATR projection low, channel low), the price could drop to 1.1584.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

GBP/USD Consolidating But Pay Attention To POC Zone

The GBP/USD is consolidating within the rectangle pattern. The consolidation is due to the US CPI data at 12:30 GMT. Traders need to pay attention to 1.2992 the X-cross of a trend line and D H3 camarilla pivot. Move above the trend line could possible spike the GBP/USD to POC zone 1.3040-60 (D H5, Rectangle top, ATR projection high, 50.0 fib, Order block) where we might see fresh sellers. The price should reject towards 1.2992 and 1.2940. Only below 1.2940 we should see the continuation towards D H5/ ATR low 1.2910.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

EUR/JPY Close to 78.6 Fib Retracement

The EUR/JPY broke below the leaned head and shoulders pattern and touched the 128.04 before making a correction. At this point the price is close to possibly completing a correction due to a cluster of strong confluence points that make the POC zone. The POC 129.80-113.00 (W H4, D H4, bearish order block, 78.6, ATR high) could reject the price towards D H3 -129.40 but only a H1 momentum candle or H4 candle close below 129.40 could further tank the price towards 129.00 and 128.60.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

USD/CAD Flat Top Ascending Triangle Uptrend

The USD/CAD has been in a steady uptrend. The price has formed an ascending flat top triangle that suggest an uptrend continuation. But the price has already reached the W H4 camarilla pivot so bulls need to be careful. If the pair breaks 1.2760 then 1.2805 will be possible. If there is no breakout to the upside then a retracement towards the POC 1.2700-15 (50.0, D L3, ascending triangle trend line, EMA89) will be possible. New buyers might appear within the POC zone and spike the price up towards the 1.2760 and above mentioned targets. However, bulls should pay attention to 1.2700 break to the downside. If that happens, the pair might experience a temporary weakness leading to 1.2656-45 zone.

Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

GBP/USD Weekly L3 and D H4 Confluence In Downtrend

The GBP/USD broke below 1.2020, the weekly L3 level, thus turning the support into a resistance. After a short breakout that I showed on live trading webinar yesterday, the pair started to retrace towards the POC zone 1.2830-50 (Order block, ATR high, trend line, D H5, EMA89). The price could reject there towards the 1.2880 and 1.2770. Only a break below 1.2768 could spur additional weakness in the pair towards 1.2740 zone. The market is calm at this point but the increased volatility is expected during the 2017 Economic Symposium, “Fostering a Dynamic Global Economy”, which will take place Aug. 24-26, 2017 at Jackson Hole, WY.
Renewed bulls strength in the pair should manifest on a 4h candle close above 1.2855. That could be a sign for a further correction towards 1.2925.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

GBP/USD BOE Official Bank Rate Decision Important Levels

The Bank of England MPC decision is due at 11 PM GMT. Market is expecting that policymakers leave interest rates at 0.25 %. But what traders and investors should be focused at is how many of policymakers will vote for a hike and how many will be against the hike. Technically the GBP/USD is in uptrend but that can easily change after today’s data and MPC official bank rate votes. 1.3270-85 is the important zone (W H3, D H4, ATR projection high) and the price could reject from the zone once the zone is hit. If the price proceeds above the zone 1.3330-1.3365 is the next zone (D H5, historical bearish order block, previous high, W H4) and rejections should happen there too. On the contrary, 1.3015-1.3030 POC (W L4, previous double bottom, historical order block bullish) could spike the price upwards. Due to huge expected volatility targets are between these important zones marked as Daily camarilla levels as shown on the chart.

Watch for these zones and potential rejections, and for safer trading, use the volatility protection tool.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.

USD/JPY Risk On Sentiment Pushing the Pair Towards 112 Zone

The USD/JPY is being pushed towards next resistance by the backwind of risk on sentiment that is currently dominating the Forex market. When risk on sentiment is prevailing Gold goes down, Commodities are up, Equities are up and Yen weakens as a result. Adding to that is a Bullish SHS (head and shoulders) pattern that signifies now moment buyers. 110.45-70 is the POC zone and if the price retraces we might see another bounce to the upside towards 111.40. A spike above or 4h close above 111.40 could make a breakout on the price towards 111.70 and 112.05. A daily close above 112.00 could push the pair up to 112.58-74. The bullish sentiment might weaken if the pair drops and closes below the low of SHS pattern 109.54.

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

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Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from an independent financial advisor to ensure you understand the risks involved.