If you are tracking GBPCAD this week, you may benefit from this technical perspective.
On the H4 time frame, price action has been largely in consolidation/sideways mode and in a channel (Khaki coloured rectangle) for the most part of June. Presently, price action is in the middle of the channel, somewhat a noman’s land, but the last sessions on Friday saw the buyers getting more influential in the market. Should buyers take price action to the distal part of the channel, perhaps targeting the 1.69750 area, this is likely to present a good sell trading opportunity. Given the technical disposition on the weekly time frame, a sell trading opportunity is more feasible than a buy trading opportunity. A break of the channel southward is likely to initially target the 1.67224 area; this may expose the 1.66367 area, the base of the April 17, 2017 rally.
I will look to trading EURUSD on either side otturns out most profitable for me this week. Here’ why.
On the daily time frame, the most recent price action was within a significant S/R zone which it could not breach. Price action is respecting a support trendline (navy colour) from the low of April 6, 2017 and we may expect a pullback to the trendline, perhaps around the 1.13280 area, before any further upward move. A successful break of the zone is likely to target the next resistance around the 1.16100 area. However, should price break the trendline southward, a likely target is the immediate support around the 1.12270 area. Such a move would be likely corrective in nature.
On the H4 time frame, price action is operating in a range (bound by two magenta-coloured horizontal lines). Most recent price action has moved upwards and distally, respecting an inner ascending/support trendline with buyers very much in control of the most recent sessions. This move may break the range northward and target the immediate major resistance around the 1.16100 area. A retracement to test the trendline may take place before further northward move gets an increased momentum.
Here’s why I will look to trading USDCAD southward this week.
On the weeky time frame,since May 2017, price action has been under the control of sellers. Presently, price action is within an S/R area and may target 1.22310. The technicals on the weekly time frame seem to support further southward move before any bullish operation can be expected, moreso as a consolidation pattern has formed between the 1.22310 area and the 1.37050 area.
On the H4 time frame, price action is respecting an inner descending trendline (magenta colour) from June 2017 after moving below an outer descending trendline (navy colour). The most recent price action was a strong bearish move after a period of consolidation. Sellers may be able to sell further southward before buyers are attracted. Thus, a retracement may not be immediate. Any retracement, however, is likely to be in an area of value, much likely leading to a retest of the inner descending trendline.
I will wait for a pullback to an area of value, perhaps a retracement of the inner trendline or to within the 20/50 MA channel before looking for a sell trading opportunity.
Are you tracking EURUSD this week? Here’s a technical outlook you may connsider.
On the daily time frame, price action has moved northward respecting an ascending trendline (navy colour) from the low of April 2017. A much likely follow-up price action is a retest of the trendline at an area of value, much likely at the most recent horizontal support zone; this is around the 1.14520 area. We may see a brief period of consolidation or a slight upward move of about 30-50 pips before this.
On the H4 time frame, price action has moved away from the outer ascending trendline (navy colour) seen on the daily time frame to respect an inner ascending trendline (magenta coour). The last H4 session on Friday resulted in a bearish pinbar or shooting star. If this is followed through by price action this week, we should expect a southward turnaround, perhaps to test the trendline. Should the trendline be broken southward, this may target the outer/lower trendline (navy colour), perhaps around the 1.14520 area.
If you want to effectively trap the markets, you don’t wait until the markets open. You don’t do it during the markets. You do it in a disciplined way involving pre-market opening analysis and define clear conditions and criteria which price action must meet as you wait for the markets to meet them.
Are you thinking of trading EURUSD this week? You may want to consider my perspective on the pair.
On the H4 time frame, price action has moved above the support trendline seen on the weekly time frame and is operating in an ascending channel (bound by two navy coloured lines). Last week, price action within the channel was largely ambivalent or sideways around the distal end of the channel. Apparently momentum for a bullish drive is weakening and we may see a southward turnaround this week, perhaps to target the 1.16170 area which is the origin of the most recent rally northward, or by extension the proximal channel line.
Here’s why I will look to trading GBPUSD southward this week.
On the H4 time frame, price action was respecting an ascending trendline (magenta colour) from the low of June 20, 2017 but this was rejected southward on Friday last week. However, the last H4 session on Friday saw buyers push price further upward; this still fell far short of retesting the trendline. Should buyers manage to push price upward this week, an initial target is likely to be a retest of the trendline and, by extension, the immediate minor resistance around the 1.31350 area; an area that is in confluence with the 50 Fib retracement zone of the drop from last week’s high.
Beginners to this trade should use the demo time to learn basic trading skills, experiment and master one or two strategies, learn patience and master how to trade and protect their accounts. The first few years of trading are to learn to secure your trading accounts so that you are long enough in the business to build competencies for consistent profitability.
Good preparation, thorough market analysis, preparing a trading plan for each trade you intend to take, and waiting for the right moment to strike will help you do well in the market.
If you are tracking the EURUSD for trading opportunities this week, you may find this technical perspective helpful.
On the daily timeframe, price action was respecting a support trendline from the low of May 10, 2017. This formed an ascending channel with the high of March 28, 2017 (bound in navy coloured lines). The most recent price action is bullish in nature and showed increased momentum as an inner support trendline (chocolate colour) has developed. This may result in subsequent price action moving toward the distal channel line (navy colour), perhaps around the 1.19066 area, before any retracement is seen. As four price waves have consummated within the channel, we may see a fifth price wave heading southward after price action has tested the 1.19066 area. A potential target of a southward move is the immediate horizontal support around the 1.16205 area. This area is in confluence with the monthly pivot.
I will be looking for a sell trading oportunity on EURJPY this week. Here’s why.
On the H4 time frame, an ascending trendline (magenta colour) from the low of Aoril 21, 2017 acted as support for some time but was breached southward last week Friday by price action. The last seesion on Friday was a bearish follow-through after the previous candlestick retested the tendline flipping it to a resistance. A likely initial target of further southward move is the immediate minor support around the 126.595 area but there may be a period of sideways movement before an increased southward momentum.
If you are tracking EURUSD, consider the following technical analysis.
The pair has been on an upside move since May 2017. Three weeks ago, the pair was in a sideways operation within an ascending channel in an area that has served as an S/R zone on a number of occasions in the past. Last week price action moved to retest the distal part of the zone around the 1.19066 area; an area it had rejected southward four weeks ago.
On the H4 time frame, price action is respecting a support trendline (black colour) from the low of June 20, 2017. For much of July and August 2017, price action was consolidating within a descending channel (bound by navy coloured lines). This was breached distally by over 140 pips last week. We may expect price action to retest the distal part of the channel or the trendline (magenta colour) before further upward move. A break of the trendline southward on at least a daily close is likely to target the next significant support zone around the 1.16650 area.
After a drop from the high of December 2015 to the low of September 2016 and its 38.2 Fib retracement, which happened in April 2017, the pair has been on a southward move on the monthly time frame since May 2017.
On the H4 time frame, price action is respecting a resistance trendline (magenta colour) from the high of June 8, 2016. However, the last sessions on Friday saw buyers taking charge of price action and we may see a retracement northward, possibly to the 30/50 Fib retracement zone of the swing from the high of August 3, 2017 to last Friday’s low (bound by the two magenta coloured horizontal lines), between 1.62302 and 1.63370.
If you are tracking GBPCAD this week, you may find the following top-down technical analysis helpful.
On the daily time frame, since June 2017, price action has been operating within a descending channel (bound in navy coloured lines). Last week Wednesday, it rejected the distal channel line with a strong bearish engulfing candlestick. This was followed up on Friday with another bearish move. Overall price wave formation indicates a third wave heading southward and we may expect this move to target the 1.57390 area.
The descending channel seen on the daily time frame (bound in navy coloured lines) is pronounced on the H4 time frame and the third price wave, which is bearing southward, is in play. Technically, nothing on the H4 time frame suggests anything different from a bearish continuation. And this move may target somewhere between 1.59995 and 1.59863 before a retracement occurs.
On the weekly time frame, price action is operating in a descending wedge and is presently at the proximal end of the wedge upon a third price wave. Besides, price action is at an area of support on the weekly time frame. Last week a relatively big bearish candlestick was formed which gave a strong intent that bears would follow through the bearish pin bar formed two weeks ago. The technicals on the weekly time frame are in support of further southward move. Such a move is likely to target the immediate support zone around the 1.19015 area.
The order flow on the H4 time frame is clearly under the control of bears. However, last Friday’s sessions bulls pushing back price towards an area of value. The constellation of H4 bullish candlesticks formed on Friday portends a further pullback of price. The immediate area of value for such a pullback is likely to be the 38.2 Fiib zone of the most recent swing low from the high of August 31, 2017; this is between 1.22155 and 1.23097 (bound in magenta horizontal lines). The medium-and long-term technicals on the H4 time frame support further southward, advisably after the short-term pullback.
If you are tracking the GPBNZD, here’s a top-down technical perspective you may consider.
On the daily time frame, price action is respecting a support trendline from the low of August 18, 2017 and the momentum increased last week Thursday. However, the momentum reduced on Friday as bears managed to push price back to the 1.86195 area, which is a minor S/R area last tranversed southward on May 22, 2017. This area may witness a consolidating price action or pullback to the support trendline before further bullish move. At any rate, a pullback is in the offing as price is too far from an area of value.
On the H4 time frame, price action has moved further upward from the support trendline (navy colour) seen on the D1. It is now respecting an inner suppot trendline (magenta colour) from the low of September 8, 2017. The sessions on Friday resulted in a topping formation, including two bearish pinbars, at a significant resistance zone around the 1.86195 area. Apparently, a retracement southward is in the offing. A likely target of such a retracement is the inner support trendline (magnta) or the confluence zone of a minor support area and the 38.2/50 Fib retracement zone of the most recent swing high (bound in magenta coloured horizontal lines), spanning 1.84997 and 1.83531.
Price action on the H4 time frame is respecting a support trendline (navy colour) seen on the daily time frame. However, from the most recent price action last week Friday, a resistance trendline (magenta colour) is emerging. Should price action validate this resistance trendline on Monday, we may expect bears to drive price southward, initially to retest th distal cannel line around 131.62, which is about 61.8 Fib retracement of the most recent swing high on the H4 time frame. This appears to be a more feasible price action technically as the price is too far, more than 100 pips, from the mean vaue area. Nevertheless, we may witness a period of consolidation, particularly on lower tine frames, before such a southward move materializes. As the major market outook is bullish technically, such a southward move to test the support trendline (navy colour) may be merely corrective. However, should that support trendline be broken, particularly on a daily cose, we may see a negation of the bullish bias and the next support around the 129.600 area will be exposed.
Are you tracking EURJPY this week? Here’s a top-down technical analysis you may want to consider.
Price action is respecting an outer support trendline (navy colour) and an inner support trendline (chocolate colour) on the daily time frame and as long as the trendlines are still intact, a bullish disposition will be maintained. A sideways pattern is clearly seen on the daily time frame during the last four days of lart week. Also, a wedge pattern is also discernible through the resistance trenndline (magenta colour) on the highs of the daily candlesticks, and two price waves have been formed within the wedge. A third price wave is likely to bear southward and target the outer support trendline (navy colour) or the horizontal support around the 130.066 area, which is in confluence with the monthly central pivot.
A wedge pattern has been formed by recent price action on the H4 time frame (bound in magenta coloured lines). As seen on the daily time frame, two price waves are visible and a third is bearing southward. This may lead to the break of the wedge southward and target the minor support zone on the H4 time frame aound the 131.325 area, which is a 61.8 Fib retracement level of the most recent swing high from the outer support trendline (navy colour) seen on the daily time frame; this descent may extend to the 130.600 area – which is the 78.6 Fib retracement area, and retest the inner support trendline (chocolate colour) seen on the daily time frame.
Although I am bearish on this pair, I will wait for a break of the wedge on the H4 time frame, around the 133.285 area, before looking for a sell trading opportunity.
