On the 4H time frame, the pair has largely respected the downward trendline of the daily time frame (navy colour) but recent price action represents a move to break the trend line but as the market structure is still intact, any upward move is likely to be corrective. Furthermore, the price is now operating in an ascending channel on the 4H time frame (magenta colour) in a largely downward trend.
I may be wrong. Trade safe.
To those traders still searching for the ‘Holy Grail’, here’s my advice to you. Mastering your system and working on it to make it highly efficient and consistently productive over time is far more important than jumping from one system to another. In my humble opinion (imho), there is no holy grail or a perfect system anywhere.
Here is an update on GBPAUD. If you are tracking this pair, note that it is in an ascending channel on the 4H time frame in a predominant down trend. A break of the channel to the downside, perhaps after the current retracement should be of interest. Trade safe.
I will be watching GBPNZD like a hawk until it violates the conditions for the trap I am setting for it on the 4H time frame. Can you see the trap? It is linked with a break of the channel on the 4H time frame (magenta colour). Trade safe.
From technical analysis, EURUSD seems to be very weak on the chart. It has already broken below some crucial psychological levels and it has also given breakdown of long term symmetric triangle. And my technical strategy tells that the next level it can see is 1.05.
More views on EURUSD are most welcome, according to me it’s very weak on the chart and if there is rally in the currency pair, it will give a good opportunity to go short on it.
Basically the EURUSD has a bearish disposition. The location and timing of trade entry will depend on your trading strategy and technique. Trade safe.
Do you employ clear and specific criteria to help you determine ahead of each trading week or day which pairs to trade and how to trade them? Doing this will greatly enhance your trading results and make you a more efficient trader. For example, based on my system, only 3-4 pairs qualify for me to trade this week among the 10 pairs currently on my watch list. Trade safe.
Based on my system, I will look for the right opportunities to trade the following pairs during the week: EURGBP (Buy), GBPAUD (Sell), GBPNZD (Sell) and GBPUSD (Sell). Trade safe.
EURGBP Weekly Technical Outlook
The pair has continued its upward move. On the weekly time frame, the pair has completed two strong price waves to the upside and a third is in progress. A piercing bullish candle formed last week seems to be an attempt by the bulls to push further upwards after a retracement two weeks ago and may target the gap created four weeks ago during the crash of the Sterling pound or at least the long tail doji created three weeks ago. The technicals on the daily time frame are in alignment with the weekly bullish disposition of the pair. Cup-formations have been a feature of the price action of the pair for a long while and this continued. Another cup-formation is apparently in operation and is likely to take the price further north as price continues to respect an upward trendline (navy colour) on the daily time frame. Should price break the trendline to the south, it may target the immediate support around 0.88220.
I may be wrong. Trade safe.
GBPUSD Weekly Technical Outlook
The pair has continued its downward move. On the weekly time frame, the order flow is dominated by the bears. Although, last week a doji-like candle was formed, the bearish disposition seems to favour a likely attempt to test the low of the hammer candle formed four weeks ago. The daily time frame reflects the observation on the weekly time frame that price still bears southwards although the price action has been largely sideways since October 12. The technicals on the 4H time frame are in sync for a further bearish move, particularly after the 50.0 Fib retracement of the most recent swing low. Although price action has been sideways, the mini trend line on the 4H time frame has not been significantly breached. In fact, the horizontal channel on the 4H time frame supports a further bearish disposition of the pair which is still respecting the weekly resistance zone where it has operated since October 20 and the most recent price action is attempting a retest of the distal part of the weekly resistance zone.
I may be wrong. Trade safe.
GBPNZD Weekly Technical Outlook
The pair has continued its downward move. On the weekly time frame, the order flow is dominated by the bears. Although, last week a spinning bottom was formed, the bearish disposition seems to favour a likely attempt to test the low of the hammer candle formed four weeks ago. The daily time frame reflects the observation on the weekly time frame that price still bears southwards and the downward trend line (navy colour) on the daily time frame still holds. The technicals on the 4H time frame are in sync for a further bearish move and the trendline still holds. Any breach of the trend line to the upside is not likely to be a reversal of the trend, much likely it will be a retracement to retest the immediate resistance zone which adjoins the 50/61.8 Fib .
I may be wrong. Trade safe.
EURGBP has not been particularly remarkable - largely in sideways mode. But wait for it. Presently it is operating within a 4H S/R zone and may require a retracement to the weekly pivot before a further northward push. Otherwise, any break of that zone to the south is likely to test the beginning of the October 7 EURGBP surge.
[B]I may be wrong.[/B] Trade safe.
If you are tracking GBPUSD and want to better understand its behaviour, consider the channels it is operating in. See attached. Trade safe.
If you are tracking the EURUSD, note that it is very much likely the pair is heading for a role flip at the immediate weekly resistance zone around 1.1150. Trade safe.
EURJPY Weekly Technical Outlook
The major trend is downwards on the higher time frames. However, the market has been in a consolidating mode for a long while; clearly seen on the weekly and daily time frames. Nevertheless, on the daily time frame price action has largely respected the downward trendline (navy colour). On the 4H time frame, the most recent price action has been within an ascending channel, with the technicals all reinforcing a further push upwards towards the distal part of the channel and possibly with a target of the immediate weekly resistance zone between 115.960 and 116.210. Failure in this attempt may result in a further ranging play within the channel or a southward push to target the immediate support zone between 112.730 and 112.360, perhaps after a role flip around the monthly pivot.
I may be wrong. Trade safe
GBPNZD Weekly Technical Outlook
Basically the pair is still in decline. However, the immediate mode is a retracement to the upside. This disposition is better seen on the daily time frame. The downward trendline (navy colour) is still respected but the retracement upwards may be targeting the trendline. This may involve breaching the monthly pivot and then threaten the immediate resistance around 1.74590.
I may be wrong. Trade safe.
