Date: July 20, 2017
USDJPY making a nice bounce, remain bullish
Buy above 111.77. Stop loss at 110.88. Take profit at 114.32.
Reason for the trading strategy (technically):
Price has finally dropped to our buying level which is major support at 111.77 (Fibonacci retracement, Fibonacci extension, Elliott wave theory, horizontal overlap support) and we expect a bounce above this level for a push up to at least 114.32 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is approaching major support at 1.2% which corresponds with the bounce we’re expecting in price.
AUDJPY continues to test resistance, remain bearish
Sell below 89.11. Stop loss at 87.52. Take profit at 89.61.
Reason for the trading strategy (technically):
Price continues to test major resistance at 89.11 (Fibonacci extension, swing high resistance) and we expect to see a reaction off this level for a drop to at least 87.52 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) continues to test our 98% resistance where we expect a drop from.
GBPUSD approaching major resistance, remain bearish
Sell below 1.3170. Stop loss at 1.3257. Take profit at 1.2820.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.3170 (Fibonacci extension, long term swing high resistance) and we expect to see a reaction off that level for a drop to at least 1.2820 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect to see a drop from here.
NZDUSD dropping nicely from our selling area, remain bearish
Sell below 0.7367. Stop loss at 0.7391. Take profit at 0.7300.
Reason for the trading strategy (technically):
Price has started to react off our selling area quite nicely. We remain bearish looking to sell below major resistance at 0.7367 (Fibonacci extension, horizontal swing high resistance, Elliott wave theory, Bearish divergence) for a drop from this level towards at least 0.7300 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,5,3) is dropping nicely from our 94% resistance and also displays bearish divergence vs price, signalling that a drop is impending.
USDCHF bouncing perfectly from our buying area, remain bullish
Buy above 0.9527. Stop loss at 0.9500. Take profit at 0.9593.
Reason for the trading strategy (technically):
Price has reached our buying area and bounced off it perfectly. We remain bullish looking to buy above strong support at 0.9527 (Fibonacci extension, bullish price action, channel exit potential) for a push up to at least 0.9593 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 3.6% and has good upside potential for USDCHF’s further rise.
EURUSD dropped perfectly towards profit target, prepare to buy
Buy above 1.1419. Stop loss at 1.1430. Take profit at 1.1583.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 1.1491 (Fibonacci retracement, horizontal pullback support) for a push up to at least 1.1583 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above 6% where we expect a corresponding bounce from.