☆ Daily Technical Analysis by MEX Exchange ☆

MEX_Exchange · January 10, 2018, 1:56am

Date: January 10, 2018

AUDUSD has broken key support, time to sell

Sell below 0.7885. Stop loss at 0.7978. Take profit at 0.7696
Reason for the trading strategy (technically):
Price has finally broken our ascending support line triggering a strong bearish drop as expected from here. We look to sell on strength below major resistance at 0.7885 (61.8% Fibonacci retracement, horizontal swing high resistance, bearish divergence) for a drop to at least 0.7696 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is also testing major resistance at 98% and we can see bearish divergence vs price signalling that a reversal is impending. The recent bearish exit has forecasted well the drop we expected on it. We still have some downside potential for our drop.

NZDUSD starting to drop, now testing major support

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price is starting to drop nicely below our major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect price to push down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). However, we are also in a bullish ascending channel and are testing the main channel support. Only a break of this channel would confirm further downside move.
RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop on price.

AUDJPY has broken our support perfectly triggering a bearish move

Sell below 88.46. Stop loss at 89.21. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has finally broken our ascending support and overlap support at 88.46 to trigger a strong bearish move. We look to remain bearish and sell on strength below 88.46 (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 86.69 support (Fibonacci retracement, horizontal support). Our next intermediate support level to watch out for is 87.62.
RSI (34) is now in a bearish descending channel and we expect this to continue till it finds new support.

Bitcoin profit target reached perfectly, prepare for another bounce

Buy above 14126. Stop loss at 13247. Take profit at 15391.
Reason for the trading strategy (fundamentally):
Bitcoin has been dropping strongly largely due to an SEC pushback that has led to several ETF proposals being withdrawn. There were several firms which were looking to list ETFs tied to bitcoin but the SEC “expressed concerns regarding the liquidity and valuation of the underlying instruments”. This has shaken the confidence of bitcoin investors which has led to the recent decline.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly below dropping down once again as expected. We look to buy above major support at 14126 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a bounce up to at least 15391 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees strong bullish divergence vs price and is a good signal that we’ll be seeing a strong bounce from here.

MEX_Exchange · January 11, 2018, 2:16am

Date: January 11, 2018

USDJPY on major support, prepare for a bounce

Buy above 111.37. Stop loss at 110.80. Take profit at 112.13.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 111.37 (Fibonacci extension, horizontal swing low support, bullish bat harmonic formation) and we expect to see a strong bounce above this level to push price up to at least 112.13 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension).
Stochastic (55,5,3) is seeing major support above 7.7% where we expect a corresponding bounce from.

NZDUSD continues to form a reversal signal, remain bearish

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price continues to hover around our selling area and is forming a nice reversal signal with a strong shooting star candlestick formation signalling selling pressure. We are still unable to break through our ascending channel which would be the major trigger for our bearish move. For now, we remain bearish below major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect price to push down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). Only a break of this channel would confirm further downside move.
RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop on price.

AUDJPY dropping perfectly as expected, remain bearish looking to sell on strength

Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support (Fibonacci retracement, Fibonacci extension, horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.

Bitcoin has started to bounce up nicely, remain bullish

Buy above 14332. Stop loss at 13581. Take profit at 15662.
Reason for the trading strategy (fundamentally):
We’re seeing a slight recovery on Bitcoin largely because of a few good news surrounding it. Firstly a report by Goldman Sachs highlights how bitcoin could serve as alternative forms of money in troubled economies, especially where traditional services of money are inadequately supplied. Along with that, Bitmain, the China-based bitcoin mining giant, has set up a new subsidiary in Switzerland after China’s move to quash the mining ecosystem. This has provided hope to many Bitcoin investors that most of these bitcoin mining companies would simply relocate to Switzerland.
Reason for the trading strategy (technically):
Price has finally managed to break out of our strong descending resistance line triggering a bullish move from here. We remain bullish above 14332 support (Fibonacci retracement, horizontal overlap support) and expect price to rise up further to 15662 resistance (Fibonacci retracement, horizontal overlap resistance). Our next most intermediate level of resistance is at 14980 (swing high resistance, Fibonacci retracement) and only if price surpasses this level would it add further conviction to our bullish move.
RSI (34) sees a recent bullish exit of its resistance-turned-support line which is in line with what we have seen in price.

MEX_Exchange · January 12, 2018, 1:58am

Date: January 12, 2018

EURJPY approaching major resistance, prepare to sell

Sell below 134.53. Stop loss at 135.19. Take profit at 133.65.
Reason for the trading strategy (technically):
Price is approaching major resistance at 134.53 (Fibonacci extension, horizontal overlap resistance, Elliott wave structure) and we expect a strong reaction at this level to push price down towards 133.65 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is approaching major resistance at 95% where a corresponding reaction could occur.

EURUSD testing strong resistance, prepare for a drop

Sell below 1.2057. Stop loss at 1.2096. Take profit at 1.1982.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2057 (Fibonacci retracement, horizontal overlap resistance, bearish butterfly harmonic formation) and we expect to see a reaction off this level to push price down towards 1.2018 before 1.1982 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.

USDCHF testing major resistance in a descending channel, remain bearish

Sell below 0.9762. Stop loss at 0.9787. Take profit at 0.9708.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9762 (Fibonacci retracement, horizontal overlap resistance, descending channel momentum) and we expect further bearish action from here to push price down towards 0.9708 support (Fibonacci extension, horizontal swing low support)
RSI (34) sees a descending resistance line provide bearish momentum in pushing price down.

Bitcoin on major support, time to play an intermediate bounce

Buy above 12948. Stop loss at 11965. Take profit at 14250.
Reason for the trading strategy (fundamentally):
Investors are getting spooked especially with news that South Korea might potentially ban the trading of cryptocurrencies via exchanges in the nation. This is largely due to the Korean government mulling its options for curbing what is seen as excessive speculation in the crypto markets. They have even raided bitcoin exchanges such as Bithumb and Coinone with police and tax office officials recently amid investigations into tax evasion. All this has led to the shaking of investor’s confidence and hence the price decline.
Reason for the trading strategy (technically):
Price has continued to drop strongly and is now testing major support at 12948 (Fibonacci extension, horizontal swing low support) and a bounce could occur at this level to pose a temporary recovery to at least 14250 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support at 9.7% where a corresponding bounce could occur.

MEX_Exchange · January 15, 2018, 2:24am

Date: January 15, 2018

USDJPY major support broken, time to sell

Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price has closed below major support at 111.02 (Fibonacci retracement, horizontal overlap support) and this has triggered a bearish exit. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

AUDJPY forming a nice reversal pattern, remain bearish

Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price is forming a nice reversal below 87.89 resistance (Fibonacci retracement, Elliott wave structure, triangle formation) and we expect to see a nice break out from here to push price down towards 86.69 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is right on pullback resistance where we expect a corresponding drop.

USDCHF profit target reached perfectly, prepare for a bounce

Buy above 0.9673. Stop loss at 0.9634. Take profit at 0.9735.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly and reached our profit target. We look to buy above 0.9673 support (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal swing low support) for an intermediate corrective bounce to at least 0.9735 resistance (Fibonacci retracement, horizontal breakout level).
Stochastic (34,5,3) is seeing major support above 4.4% where a corresponding bounce is expected.

Bitcoin profit target reached perfectly, prepare for a drop

Sell below 13995. Stop loss at 14690. Take profit at 12948.
Reason for the trading strategy (fundamentally):
Price has continued to experience bearish pressure especially with a lot of investors’ eyes on the South Korean government plans to close the country’s cryptocurrency exchanges along with the tax authorities investing some of the exchanges in Korea. Some banks, including South Korea’s largest bank, Shinhan Bank, have decided to close down their virtual currency accounts in order to comply with new regulations surrounding their use. This has led to the spooking of many Bitcoin investors.
Reason for the trading strategy (technically):
Price has bounce from our buying entry perfectly and has reached our profit target. We look to sell below 13995 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a push down to at least 12948 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 92% where we expect a strong reaction from.

MEX_Exchange · January 16, 2018, 2:13am

Date: January 16, 2018

USDJPY breaking out nicely and back to pullback resistance, remain bearish

Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price has dropped strongly after breaking out of our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) and has started to make a pullback to our entry area once again. This is a good opportunity to get into the trade once again for those who missed the first breakout. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

AUDJPY testing resistance, remain bearish

Sell below 88.28. Stop loss at 88.70. Take profit at 87.24.
Reason for the trading strategy (technically):
Price continues to test major resistance at 88.28 (ABC Fibonacci extension, 50% Fibonacci retracement, Elliott wave corrective structure) and we remain bearish below this level for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.

EURJPY testing major resistance, time to sell

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.
Reason for the trading strategy (technically):
Price is now testing major resistance at 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) and we expect a strong drop from this level towards 134.84 support (Fibonacci retracement) first.
Stochastic (34,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

Bitcoin profit target reached perfectly once again, prepare for a bounce

Buy above 12858. Stop loss at 12348. Take profit at 13748.
Reason for the trading strategy (fundamentally):
Price has continued to tumble with South Korean cryptocurrency investors facing fines if they have anonymous accounts, along with that, the justice minister aired a plan to ban trading at cryptocurrency exchanges. To add fuel to fire, the Indonesia Central Bank has also warned that cryptocurrencies may not be used for payments in the country. These influx of bad news surrounding bitcoin has caused it to fall even further.
Reason for the trading strategy (technically):
Price has reached our selling area and dropped down perfectly to our profit target. We look to play another bounce above 12858 support (ABC Fibonacci extension, horizontal swing low support) towards our resistance target at 13748 (Fibonacci retracement, breakout level).
Stochastic (34,5,3) is seeing major support above 10% where a corresponding bounce could occur.

MEX_Exchange · January 17, 2018, 4:23am

Date: January 17, 2018

USDJPY dropping from our pullback perfectly as expected, remain bearish

Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price made a pullback to our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) as expected and dropped strongly once again in line with the bearish view we have. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

AUDJPY dropped perfectly, remain bearish for a further drop

Sell below 88.43. Stop loss at 88.70. Take profit at 87.24.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area yesterday before bouncing above our ascending support line. This ascending support line would need to be broken to trigger a strong bearish move down. We still remain bearish looking to sell below major resistance at 88.43 (61.8% Fibonacci retracement, Elliott wave corrective structure) for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.

EURJPY dropped perfectly, remain bearish for another drop

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area yesterday and has since made an intermediate recovery. We’re back to testing our major resistance again and we look to sell below 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) for a strong drop towards 134.84 support (Fibonacci retracement) first.
Stochastic (55,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

Bitcoin bouncing off major support, remain bullish for an intermediate correction

Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
Price has dropped strongly amid concerns in Asia as investors still keep an eye out on the crackdown in Korea. Most recently a senior official at the People’s Bank of China is reportedly calling for a wider ban on services related to cryptocurrency trading in the country. The goal is to end all cryptocurrency trading-related activities and services. This has rattled the market strongly leading to its sell off.
Reason for the trading strategy (technically):
Price has dropped strongly since yesterday and we’re seeing that price has bounced off major support at 10332 (ABC Fibonacci extension, long term 50% Fibonacci retracement) and we expect an intermediate corrective bounce from here. Our first target would be 12808 (38.2% Fibonacci retracement, horizontal pullback resistance, breakout level) before 14497 (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 12% where we expect a corresponding bounce from.

MEX_Exchange · January 18, 2018, 2:27am

Date: January 18, 2018

USDJPY testing major resistance, prepare to sell

Sell below 111.42. Stop loss at 111.73. Take profit at 110.61.
Reason for the trading strategy (technically):
Price is testing major resistance at 111.42 (Fibonacci retracement, bearish bar harmonic formation) and we expect to see a strong reaction off this level to push price down towards 110.94 before 110.61 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.

Gold on major support, prepare for a bounce

Buy above 1326. Stop loss at 1321. Take profit at 1332.
Reason for the trading strategy (technically):
Price is testing major support at 1326 (Fibonacci retracement, horizontal overlap support, bullish harmonic formation) and a strong bounce could occur at this level to push price up to at least 1332 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 7.9% where a corresponding bounce could occur.

EURUSD major support broken, prepare for a drop

Sell below 1.2203. Stop loss at 1.2253. Take profit at 1.2089.
Reason for the trading strategy (technically):
Price has broken major support-turned-resistance at 1.2203 (Fibonacci retracement, horizontal pullback resistance) and we expect this to trigger a strong sell off that would push price down to at least 1.2089 support (Fibonacci retracement, horizontal pullback support).
RSI (55) sees a bearish exit of our ascending support-turned-resistance line signalling that we’ll likely be seeing some bearish momentum from here.

Bitcoin bouncing perfectly, look to protect our profits

Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
There is still tremendous doom and gloom about Bitcoin and the only reason we are seeing a correction is because Goldman Sachs analyst Sheba Jafari has published an analysis saying that we expect a possible correction below $10,000. That has fuelled some hope amongst investors and led to the recent intermediate corrective bounce.
Reason for the trading strategy (technically):
Price has bounced perfectly off our buying area and we look to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits.
Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.

MEX_Exchange · January 19, 2018, 2:49am

Date: January 19, 2018

AUDJPY testing major resistance, prepare for a drop

Sell below 88.98. Stop loss at 89.22. Take profit at 88.41.
Reason for the trading strategy (technically):
Price is testing major resistance at 88.98 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and we expect to see a strong reaction off this level to push price down towards 88.41 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 96% where further bearish momentum is expected.

USDCHF testing major support, prepare for a bounce

Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.
Reason for the trading strategy (technically):
Price is testing major support at 0.9569 (ABC Fibonacci extension, 76.4% Fibonacci extension, horizontal swing low support) and we expect price to make a nice bounce above this level to push it up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 5.8% where a corresponding bounce is expected.

EURJPY right below major resistance, prepare to sell on the break of support!

Sell below 136.09. Stop loss at 136.38. Take profit at 134.84.
Reason for the trading strategy (technically):
Price is testing major resistance below 136.09 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) and a drop could soon occur at this level. Our conviction for a drop would be greatly increased once our ascending support line is broken.
Stochastic (34,5,3) sees major resistance below 95% and also strong bearish divergence vs price signals that a reversal is impending.

Bitcoin continues to bounce nicely, remain bullish

Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
There has been little major news announcements that have caused Bitcoin to move significantly recently. There’s still a battle amongst the bears who are riding on the wave of regulatory setbacks Bitcoin is facing and the optimists who are bullish above the psychological $10,000 support. The next few major news announcements will likely have stronger volatile impacts as there is pent up demand and supply all waiting on the sidelines now for the next sign of where Bitcoin is heading.
Reason for the trading strategy (technically):
Price has continued to bounce nicely and we remain bullish looking to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits.
Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.

MEX_Exchange · January 22, 2018, 2:30am

Date: January 22, 2018

AUDJPY profit target reached perfectly, prepare for a bounce

Buy above 88.37. Stop loss at 88.11. Take profit at 89.01.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and reached our profit target perfectly. We look to buy above major support at 88.37 (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 89.01 resistance (Fibonacci extension, horizontal swing high resistance) once again.
Stochastic (34,5,3) is seeing support above 4.5% and 10% where we expect a corresponding bounce.

AUDUSD testing major resistance, time to start selling

Sell below 0.8018. Stop loss at 0.8116. Take profit at 0.7817.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.8018 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect a drop from this level to push price down to at least 0.7817 support (Fibonacci retracement, horizontal swing low support).
RSI (34) sees ascending support as more intermediate support and only a break of this level would trigger a very bearish move. We can also see bearish divergence vs price signalling that a reversal is impending.

CADJPY testing major support, prepare for a bounce!

Buy above 88.52. Stop loss at 88.24. Take profit at 88.87 and 89.02.
Reason for the trading strategy (technically):
Price is testing major support at 88.52 (Horizontal swing low support, bullish price action, bullish harmonic formation) and we expect to see a nice bounce above this level to push price up to at least 88.87 (Fibonacci retracement, horizontal pullback support) before 89.02 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 1% where we expect a corresponding bounce from.

Bitcoin first profit target reached, prepare to sell now

Sell below 12269. Stop loss at 13162. Take profit at 9519.
Reason for the trading strategy (fundamentally):
The most recent news that has attracted more bearish for Bitcoin is the SEC outlining the reasons for reluctance to list cryptocurrency ETFs, with the reasons revolving largely around “significant investor protection issues that need to be examined before sponsors begin offering these funds to retail investors” and how such innovative products can be redeemed by retail investors on a daily basis (directly questioning the liquidity of cryptos).
Reason for the trading strategy (technically):
Price rose beautifully and reached our first profit target before reversing strongly. Due to the changing elements, we now look to sell below major resistance at 12269 (Fibonacci retracement, horizontal overlap resistance) for a strong push down to at least 9519 support (Fibonacci extension, horizontal swing low support).
Stochastic (89,5,3) sees a recent bearish exit of our ascending support line signalling a change in momentum. It also has some good downside potential for our drop to continue.

MEX_Exchange · January 23, 2018, 4:37am

Date: January 23, 2018

AUDJPY profit target reached once again perfectly, prepare to sell

Sell below 89.18. Stop loss at 89.43. Take profit at 88.68.
Reason for the trading strategy (technically):
Price has bounced perfectly from our buying level and reached our profit target once again. We prepare to sell from 89.18 major resistance (Fibonacci extension, above major swing high resistance) for a reaction off this level to push price down to at least 88.68 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 98% where we expect a strong corresponding reaction from.

AUDUSD continues to test major resistance, remain bearish

Sell below 0.8018. Stop loss at 0.8116. Take profit at 0.7817.
Reason for the trading strategy (technically):
Price continues to test major resistance at 0.8018 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect a drop from this level to push price down to at least 0.7817 support (Fibonacci retracement, horizontal swing low support).
RSI (34) sees ascending support as more intermediate support and only a break of this level would trigger a very bearish move. We can also see bearish divergence vs price signalling that a reversal is impending.

CADJPY profit target reached perfectly, prepare to sell

Sell below 89.29. Stop loss at 89.46. Take profit at 88.88.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We prepare to sell on major resistance at 89.29 (Fibonacci retracement, major horizontal overlap resistance) for a strong reaction off this level to push price down to at least 88.88 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect a corresponding reaction off this level.

Bitcoin dropping perfectly as predicted, remain bearish for a further drop

Sell below 11083. Stop loss at 12029. Take profit at 9443 and 8142.
Reason for the trading strategy (fundamentally):
News around cryptocurrencies have not been too positive recently. The latest being Korean crypto exchange Korbit banning non-citizens from depositing local currencies on its platform. The move was particularly because of new regulations banning anonymous cryptocurrency exchange accounts and strengthens know-your-customer (KYC) rules. As more such regulations start rolling out, we’ll likely see more and more bearish momentum building up on cryptocurrencies.
Reason for the trading strategy (technically):
Price has continued to drop strongly as predicted. We remain bearish looking to sell on strength below 11083 resistance (Fibonacci retracement, breakout resistance level) for a further push down to at least 9443 support (Fibonacci extension, major swing low support) before 8142 (61.8% Golden ratio retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is seeing major support above 7% so we have to be careful that a bounce might occur soon and it would be most ideal to look for a good entry point with this bounce.

MEX_Exchange · January 24, 2018, 4:32am

Date: January 24, 2018

AUDJPY profit target reached once again, prepare to sell

Sell below 88.40. Stop loss at 88.66. Take profit at 87.91.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target once again. We look to sell on major resistance at 88.40 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a further drop to at least 87.91 (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 96% where a corresponding drop could occur

EURUSD testing major resistance, prepare for a drop

Sell below 1.2309. Stop loss at 1.2359. Take profit at 1.2210.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2309 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and a drop could occur at this level to push price down to at least 1.2210 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.

USDCHF right on major support, prepare for a bounce

Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.
Reason for the trading strategy (technically):
Price is now testing major support at 0.9569 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level to push price up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing major support above 3.7% where a corresponding bounce could occur.

Bitcoin has made a pullback to our selling entry, remain bearish

Sell below 11083. Stop loss at 12029. Take profit at 9443 and 8142.
Reason for the trading strategy (fundamentally):
There continues to be bearish news surrounding Bitcoin with major payment processor Stripe choosing to end support for Bitcoin. This is largely due to lengthy transaction times, increasing transaction failure rate and growing fees has caused it to become less popular among Stripe’s merchants and users. At the same time, South Korea has announced that Jan 30 is the deadline for cryptocurrency investors in South Korea to have to use their real-name bank accounts in order to continue trading. While this is definitely good news in its step to strength KYC compliance and money laundering, it has also affected a large group of traders who had preferred to remain anonymous.
Reason for the trading strategy (technically):
Price has made a pullback to our selling entry as expected. We remain bearish below 11083 resistance (Fibonacci retracement, breakout resistance level) for a further push down to at least 9443 support (Fibonacci extension, major swing low support) before 8142 (61.8% Golden ratio retracement, 61.8% Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.

MEX_Exchange · January 25, 2018, 4:32am

Date: January 25, 2018

AUDJPY profit target reached again, prepare to sell

Sell below 88.40. Stop loss at 88.66. Take profit at 87.91.
Reason for the trading strategy (technically):
Price rose to our selling area and reacted off it perfectly to drop right to our profit target once again. We look to once again sell on major resistance at 88.40 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a drop to at least 87.91 (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 96% where a corresponding drop could occur

NZDUSD approaching major support, prepare to buy

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support) and a bounce could occur at this level to push price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (34) sees a long term ascending support line since November 2017 hold up our bullish momentum really well.

Gold testing major resistance, prepare for a drop

Sell below 1360. Stop loss at 1366. Take profit at 1345.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1360 (ABC Fibonacci extension, bearish price action, bearish harmonic formation) and a strong reversal could occur at this level to push price down to at least 1345 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.

Bitcoin has made a pullback to our selling entry, remain bearish

Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There hasn’t been positive news nor negative news on Bitcoin recently with the latest one being Goldman Sachs CEO denying that they were going to launch their own bitcoin trading desk. We’re seeing a bit of a squeeze around the 11,600 range area and when such a squeeze happens, the next major news would usually cause a very volatile price reaction.
Reason for the trading strategy (technically):
Price is making its pullback to our long term descending resistance line and also major resistance at 11786 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 9328 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

MEX_Exchange · January 26, 2018, 2:25am

Date: January 26, 2018

AUDJPY profit target reached for the 4th time, prepare for another drop

Sell below 88.18. Stop loss at 88.41. Take profit at 87.73.
Reason for the trading strategy (technically):
Price dropped from our selling area perfectly and reached our profit target once again. We now see price testing our intermediate descending resistance line and we look to sell below resistance at 88.18 (Fibonacci retracement, descending resistance, horizontal swing high resistance) for a further push down to test 87.73 support (Fibonacci extension, Fibonacci retracement, horizontal swing low support) once again.
RSI (34) sees multiple descending resistance line holding price down really well.

NZDUSD right on major support, time to go long

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price is testing major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support, bullish price action) and a bounce could occur at this level to push price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (55) sees a long term ascending support line since November 2017 hold up our bullish momentum really well. We’re starting to see a possible break of this long term support line but our major support remains at 51% and only a clean break of that level would be a precursor that a drop is coming.

EURJPY testing major resistance, time to sell

Sell below 136.10. Stop loss at 136.38. Take profit at 135.03.
Reason for the trading strategy (technically):
Price is now testing major resistance at 136.10 (Fibonacci extension, horizontal swing high resistance, bearish divergence) and a strong reaction could occur at this level to price down to at least 135.03 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% and we can see bearish divergence vs price signalling that a reversal is impending.

Bitcoin continues to test our descending resistance, remain bearish

Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There has been slightly more good news coming in lately which is causing Bitcoin to hold well above the 10,000 mark. Good news revolve around Singapore’s MAS (Monetary Authority of Singapore) believing bitcoin won’t cause a financial meltdown like the 2008 Lehman Brothers bankruptcy, along with stock trading mobile app provider “Robinhood” jumping on the crypto-trading bandwagon – announcing it plans to roll out bitcoin and ether trading services next month.
Reason for the trading strategy (technically):
Price has made a pullback to our long term descending resistance line and also major resistance at 11786 (Fibonacci retracement, horizontal overlap resistance). We remain bearish as a strong reaction could occur at this level to push price down to at least 9328 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

MEX_Exchange · January 29, 2018, 1:50am

Date: January 29, 2018

Silver hovering right above major support, watch for the break to trigger a bearish move!

Sell below 17.34. Stop loss at 17.48. Take profit at 17.11.
Reason for the trading strategy (technically):
Silver is now hovering above 17.34 major support (swing low support, Fibonacci retracement, ascending support) and a clean break of this level would trigger a bearish move to drive price down to at least 17.11 support (Fibonacci retracement, horizontal overlap support).
RSI (34) sees an ascending support line hold price up really well correspondingly. A similar break of this support line would trigger a bearish move downwards.

NZDUSD continues to bounce up really nicely, remain bullish

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price tested our buying area and ascending channel support and had bounced up really nicely as expected. We remain bullish above major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support, bullish price action) for price to continue its push up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (55) sees a long term ascending support line since November 2017 hold up our bullish momentum really well. We’re starting to see a possible break of this long term support line but our major support remains at 51% and only a clean break of that level would be a precursor that a drop is coming.

EURJPY profit target reached perfectly, prepare for further drop

Sell below 135.14. Stop loss at 135.53. Take profit at 134.28.
Reason for the trading strategy (technically):
Price has dropped perfectly as expected and reached our profit target. We now see major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down towards 134.28 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit recently signalling that we should be expecting some bearish momentum in line with what we’re seeing in price.

Bitcoin testing major resistance, prepare to sell

Sell below 12198. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The security of cryptocurrency has been hit once again with tokyo-based cryptocurrency exchance Coincheck confirming that It has suffered what appears to be the biggest hack in the history of the technology, losing $533 million. While this doesn’t directly affect bitcoin, it does shed some light into the whole security of holding cryptocurrencies and should, at least in the interim, continue to put bearish pressure on Bitcoin.
Reason for the trading strategy (technically):
Price has risen a bit and is now testing major resistance at 12198 (ABC Fibonacci extension, 61.8% Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 9328 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

MEX_Exchange · January 31, 2018, 2:02am

Date: January 31, 2018

AUDJPY approaching major resistance, prepare for a drop!

Sell below 88.41. Stop loss at 88.76. Take profit at 87.49.
Reason for the trading strategy (technically):
Price is approaching major resistance at 88.41 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect a strong reaction off this level to push price down towards 87.49 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding reaction could occur.

NZDUSD starting to show signs of a bounce, remain bullish

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price continues to test our buying area and ascending channel support. We think that it might be doing a fake breakout now because RSI has not broken below 50% yet. We remain bullish above major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support, bullish price action) for price to continue its push up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (55) major support remains at 50% and only a clean break of that level would be a precursor that a drop is coming.

EURJPY testing major resistance, prepare to sell

Sell below 135.14. Stop loss at 135.67. Take profit at 134.28.
Reason for the trading strategy (technically):
Price is testing major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 134.28 support (Fibonacci retracement, horizontal overlap support). Our stop loss is at 135.67 to give our trade more breathing space.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.

Bitcoin dropping absolutely perfectly, remain bearish for a further drop

Sell below 10478. Stop loss at 11223. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The biggest news that has driven Bitcoin lower recently was Facebook’s new policy that bans advertisements involving bitcoin and initial coin offerings, citing that they are frequently associated with misleading and deceptive promotional practices that are not currently operating in good faith.
Reason for the trading strategy (technically):
Bitcoin has continued to drop perfectly as expected and recently broke our ascending support-turned-resistance line pushing it all the way down to a major psychological level of 10,000 (also a corresponding horizontal swing low support level). We remain bearish looking to sell below 10478 resistance (horizontal overlap resistance) for a further push down to major support at 9328 (Fibonacci extension, horizontal swing low support).
RSI (34) remains under heavy bearish pressure with our descending resistance line.

MEX_Exchange · February 1, 2018, 1:53am

Date: February 1, 2018

AUDUSD approaching major resistance, prepare for a drop!

Sell below 0.8036. Stop loss at 0.8126. Take profit at 0.7894.
Reason for the trading strategy (technically):
Price is testing major ascending support and only a break of key support level at 0.8036 (Fibonacci retracement, horizontal overlap support, ascending support, bearish divergence) would trigger a big drop down to 0.7894 support (Fibonacci retracement).
RSI (34) is seeing strong support above 46% and also sees bearish divergence vs price signalling that a reversal is impending.

CADJPY approaching major support, prepare to buy

Buy above 88.49. Stop loss at 88.19. Take profit at 89.20.
Reason for the trading strategy (technically):
Price is approaching major pullback support at 88.49 (Fibonacci retracement, horizontal pullback support) and we are expecting price to test this level before bouncing off nicely to continue its bullish channel exit potential to 89.20 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
RSI 934) is seeing a pullback to support level signalling that we could be seeing a bounce soon.

Silver testing major resistance, watch for the break to open a bullish move

Buy above 17.31. Stop loss at 17.16. Take profit at 17.48.
Reason for the trading strategy (technically):
Price is now testing major resistance at 17.31 (Fibonacci retracement, horizontal overlap resistance) and we require price to close nicely above this level before triggering a bullish move that should push price up to at least 17.48 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees an ascending support line hold up our bullish move really well.

Bitcoin dropping absolutely perfectly, remain bearish for a further drop

Sell below 10478. Stop loss at 11223. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There continues to be more negative news surrounding Bitcoin and cryptocurrencies as a whole than positive ones. The latest one being the U.S. District Court issuing a temporary restraining order (TRO) freezing BitConnect’s assets as a second lawsuit was filed against the cryptocurrency exchange and lending platform. It now requires the parties to disclose cryptocurrency wallet and trading account addresses, as well as the identities of whom BitConnect has sent digital currencies within the last 90 days. This comes with increasing allegations that the entire exchange is a Ponzi scheme. This big news event has rocked the Bitcoin and cryptocurrency community leading to increasing bearish sentiments surrounding it.
Reason for the trading strategy (technically):
Bitcoin continues to test our major major psychological level of 10,000 (also a corresponding horizontal swing low support level). We remain bearish looking to sell below 10478 resistance (horizontal overlap resistance) for a further push down to major support at 9328 (Fibonacci extension, horizontal swing low support).
RSI (34) remains under heavy bearish pressure with our descending resistance line.

MEX_Exchange · February 2, 2018, 2:06am

Date: February 2, 2018

AUDUSD broken major ascending support triggering a bearish move!

Sell below 0.8036. Stop loss at 0.8126. Take profit at 0.7894.
Reason for the trading strategy (technically):
Price has finally broken our major ascending support triggering a bearish move below our pullback resistance at 0.8036 (Fibonacci retracement, horizontal overlap support, ascending support, bearish divergence). We now expect an influx of bearish momentum to see the big drop down to 0.7894 support (Fibonacci retracement).
RSI (34) is starting to break our 46% support-turned-resistance level.

CADJPY profit target reached perfectly, prepare for a reversal

Sell below 89.23. Stop loss at 89.75. Take profit at 87.83.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We are now seeing major resistance at 89.23 (Channel exit potential, horizontal swing high resistance, Fibonacci retracement) and a drop could occur at this level to push price down to 87.83 (Fibonacci extension, horizontal swing low support). It’s important to keep an eye out on 88.48 as intermediate support.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.

USDJPY breaking out of our channel, watch for a strong drop

Sell below 109.77. Stop loss at 110.29. Take profit at 108.53.
Reason for the trading strategy (technically):
Price has broken out of our channel triggering a bearish exit below 109.77 resistance (Fibonacci retracement, horizontal swing high resistance) for a strong push down to 108.53 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing a nice reaction off our 96% resistance signalling that a reversal is occurring. We can also see good downside potential for the rest of our move.

Bitcoin dropped perfectly to our profit target, prepare for an intermediate bounce

Buy above 8968. Stop loss at 8591. Take profit at 9898.
Reason for the trading strategy (fundamentally):
The big news would be India’s finance minister, Arun, announcing that the government does not view cryptocurrencies as a form of legal tender and would take measures against the tech’s use for illegitimate purposes. This big stance on cryptocurrencies shook many investors and has caused a sell off pushing price beyond the 10,000 psychological level.
Reason for the trading strategy (technically):
Bitcoin has dropped absolutely perfectly to our profit target as expected. We are now seeing major support at 8968 (ABC Fibonacci extension, 61.8% Fibonacci extension) and a strong bounce can be expected at this level to correct price up to 9898 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level).
Stochastic (34,5,3) is seeing major support at 6.6% where a corresponding bounce could be expected.

MEX_Exchange · February 5, 2018, 1:29am

Date: February 5, 2018

NZDUSD testing major support, watch to sell on the break

Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price is now testing major support at 0.7283 (Fibonacci retracement, horizontal swing low support) and only a break of this level would trigger a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
It is worth noting that we can see price break out of our bearish channel triggering a bearish exit. Confirmation of the drop requires price to close below 0.7283.
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.

USDCAD has broken major resistance, prepare for further rise

Buy above 1.2393. Stop loss at 1.2335. Take profit at 1.2506.
Reason for the trading strategy (technically):
Price has broken major resistance-turned-support at 1.2393 (Fibonacci retracement, horizontal overlap resistance) and we can also see it break out of our long-term descending resistance line signalling that we can expect more bullish momentum. We expect price to make a further push up to 1.2506 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) has made a bullish exit signalling a change in momentum to bullish.

USDJPY testing major resistance, prepare to sell

Sell below 110.42. Stop loss at 111.32. Take profit at 107.62.
Reason for the trading strategy (technically):
Price is now testing major resistance at 110.42 (Fibonacci retracement, horizontal overlap resistance, fake channel reintegration) and we expect a strong reaction from here to push price down towards 107.62 support (Fibonacci extension, horizontal swing low support, channel exit potential).
RSI (55) sees a descending resistance line hold price down really well and we expect further bearish momentum.

Bitcoin right on major support, prepare for a bounce

Buy above 8098. Stop loss at 7161. Take profit at 9923.
Reason for the trading strategy (fundamentally):
The big news surrounding cryptocurrencies would be Bank of America and JP Morgan Chase banning customers from purchasing bitcoin with their credit cards. This was largely due to the concerns about the credit risk of those who make such purchases. Adding on, BoA cited anti-money laundering regulations for the move along with the potential for thieves to convert solten credit cards into cryptocurrency stashes.
Reason for the trading strategy (technically):
Bitcoin is now testing major support at 8098 (Multiple ABC Fibonacci extensions, horizontal swing low support, bullish price action) and we expect an intermediate bounce above this level to push price to at least 9923 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 12% where we expect a corresponding bounce from.

MEX_Exchange · February 6, 2018, 1:27am

Date: February 6, 2018

NZDUSD broken major support, prepare for the drop

Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.

USDCAD profit target reached perfectly, watch for a reversal

Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell once we reach major resistance at 1.2582 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) where a strong reaction should push price down to at least 1.2407 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing major resistance at 61% and a strong corresponding reaction could occur from this level soon.

GBPUSD forming a double top reversal, watch for the drop

Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has formed a double top reversal with major resistance at 1.3991 (Fibonacci retracement, horizontal pullback resistance, breakout level) and we expect a strong drop from this level towards 1.3639 support (Fibonacci retracement, horizontal pullback support).
RSI (89) has also made a bearish from our long term ascending support-turned-resistance line signalling that a breakout is expected.

Bitcoin expecting a further drop, wait for a pullback

Sell below 7993. Stop loss at 8885. Take profit at 5758.
Reason for the trading strategy (fundamentally):
Another big news in the cryptoworld is Lloyds Banking Group, which includes Lloyds Bank, Halifax, MBNA and Bank of Scotland, has barred customers from using credit cards to buy bitcoin and other cryptocurrencies. Its decision is over concerns that users may buy cryptocurrencies with credit amid market euphoria and fail to pay the debit balance should the market drop. This is especially since the cryptocurrency market has took a hammering recently, especially bitcoin which as dropped by more than 50% since its $20,000 highs in mid-December 2017.
Reason for the trading strategy (technically):
Bitcoin has continued to drop further and has now broke below our descending support-turned-resistance line which signals a further downside acceleration. We look to sell below 7993 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a further push down to at least 5758 support (Fibonacci extension, horizontal swing low support).
RSI (34) remains under strong bearish pressure with our long term descending resistance line.

MEX_Exchange · February 7, 2018, 1:20am

Date: February 7, 2018
USDJPY profit target reached perfectly, prepare to sell once again

Sell below 110.29. Stop loss at 111.29. Take profit at 108.54.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target. We are now seeing a bounce and price approaching major resistance at 110.29 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur from this level to push price down to at least 108.54 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees multiple reactions off 63% where we expect a corresponding reaction from once price rises to our selling area.

CADJPY testing major resistance, prepare to sell

Sell below 87.82. Stop loss at 88.38. Take profit at 86.47.
Reason for the trading strategy (technically):
Price is testing major resistance at 87.82 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) and we expect to see a strong reaction off this level to push price further down to 86.47 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is also approaching major resistance at 95% where a corresponding reaction could occur.

EURJPY approaching major resistance, prepare to sell

Sell below 136.15. Stop loss at 136.75. Take profit at 134.62.
Reason for the trading strategy (technically):
Price is approaching major resistance at 136.15 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong reaction could occur at this level to drive price down to at least 134.62 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is approaching major resistance at 95% where a corresponding reaction could occur.

Bitcoin bounced right above our support, prepare to short once again

Sell below 7993. Stop loss at 8885. Take profit at 5758.
Reason for the trading strategy (fundamentally):
Bank for International Settlements (BIS) chief, Agustin Carstens, has blasted bitcoin as a ponzi scheme, an environmental disaster and a threat to central banks. He further blasted bitcoin by stating that cryptocurrencies fail to meet the basic textbook definition of a currency. The volatility of cryptocurrencies are tolerated mostly by those “who massively evade taxes and launder money”. These statements have cast further doom and gloom about bitcoin as its value continues to drop.
Reason for the trading strategy (technically):
Bitcoin has now made a pullback from our support level and is right at our major resistance line once again. This time it is testing our long-term descending resistance and short-term descending resistance. We look to sell below 7993 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a further push down to at least 5758 support (Fibonacci extension, horizontal swing low support).
RSI (34) remains under strong bearish pressure with our long-term descending resistance line.