Date: October 11, 2017
USDJPY has broken our key support level, time to start selling
Sell below 112.65. Stop loss at 113.51. Take profit at 110.90.
Reason for the trading strategy (technically):
Price has broken our key support level triggering a bearish move from here. We look to sell on strength below 112.65 resistance (Fibonacci retracement, pullback resistance) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. We also see that is has dropped below 50% meaning it’s the start of a strong change in momentum.
EURJPY bouncing nicely off major support, remain bullish
Buy above 132.01. Stop loss at 130.45. Take profit at 134.15.
Reason for the trading strategy (technically):
Price continues to test our buying area. We remain bullish above major support at 132.01 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a nice bounce above this level to push price up to at least 134.15 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees ascending support hold price up really nicely.
AUDJPY continues to test our major support, remain bullish
Buy above 87.81. Stop loss at 87.40. Take profit at 88.75.
Reason for the trading strategy (technically):
Price continues to test our major buying area. We remain bullish looking to buy above major support at 87.81 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, bullish divergence) for a push up to at least 88.75 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (31,3,1) is seeing strong support above 2.5% where we expect a bounce from. We can also see bullish divergence vs price signalling that a bounce is impending.
USDCHF testing major support, prepare to buy
Buy above 0.9741. Stop loss at 0.9704. Take profit at 0.9809.
Reason for the trading strategy (technically):
Price is testing major support at 0.9741 (Fibonacci extension, Fibonacci retracement, bullish divergence) and we expect a nice bounce above this level to push price up to at least 0.9809 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (34,3,1) is seeing strong support above 11% and also sees bullish divergence vs price, signalling that a bounce is impending.
GBPUSD approaching profit target, time to start selling
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price has risen really nicely towards our profit target. We prepare to sell as GBPUSD approaches major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.3032 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% where we expect a reaction from.
EURUSD approaching major resistance, prepare to sell
Sell below 1.1835. Stop loss at 1.1887. Take profit at 1.1672.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1835 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension, bearish divergence) and we expect to see a strong reaction off this level to push price down to at least 1.1672 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 95% along with bearish divergence vs price signalling that a reversal is impending.