Price has now rejected a confluence of weekly pivot and 200 SMA on the EURNZD 4 Hr chart to southward. A further bearish move below the daily pivot is likely to give impetus to further move to the downside. The ADX on the 4HR is strongly supportive of the momentum southward. Trade safe.
The big players own the market; they drive market moves. They trade levels or predetermined zones. Good retail traders follow in their wake, as closely as possible. Trade safe.
I have just completed my pre-week scanning and analysis of the pairs on my watch list. As a swing trader, I will not be looking to trade EURUSD at least in the early part of this week, rather I will look for an opportunity to trade EURJPY or GBPJPY southward. Here is why I will step aside from trading EURUSD; representing my perspective on the pair.
[B]EURUSD:[/B] Price in consolidation/sideways mode on weekly, choppy on daily and volatile on 4-Hrly time frames. In summary, the market structure or order flow context is not favourable to my swing trading strategy/style. [B]I may be wrong.[/B] Trade safe.
Here is my take on the GBPUSD after my pre-week analysis. The pin bar on the monthly time frame portends a rejection of further southward move. The pair is ranging and in a sideways mode (about 170 pips in range) after having moved below the Brexit support created on June 24. I expect a breakout to either side. [B]I may be wrong.[/B] Trade safe.
Just watching this pair; it has moved above the range it created since July 18. It has breached the range to the upside and now doing a re-test. Any successful rejection of the zone to the upside, which is a few pips above the daily pivot, is likely to start the beginning of another move to the north. [B]I may be wrong.[/B] Trade safe.
Price has remained rather ambivalent for over 19 hours, not healthy for swing trading. So, buy stop order cancelled. Trade safe.
Good decision to stay out of an ambivalent market. GBPUSD plummeted! Trade safe.
EURUSD technicals are ambivalent at the moment but southwards in overall disposition. [B]I may be wrong.[/B] Trade safe.
It may be interesting to note that the overall disposition of GBPUSD is still southwards, any northward move is temporary and merely corrective. [B]I may be wrong. [/B]Trade safe
[B]Tip:
[/B]
The strategic use of fundamentals in combo with top-down technical analysis is potent for long-term trading success.
I am yet to conclude my weekly scanning and analysis. Nevertheless, from the first two steps in my scanning process, I know I will be stepping aside on the EURUSD as I expect a sideways market situation on the pair. From the standpoint of technical analysis on the weekly time frame, the southward move is still in play but the momentum is weakening. Trade safe.
I have now completed my weekly analysis and the two priority pairs I will be looking to trade - from the 9 pairs on my watch list - are GBPJPY and EURJPY. I have a trade ongoing on GBPJPY and so will not be opening another trade on it until it gets to another level I will be watching. Besides, I will be doing a mid-week update on the GBPUSD which currently does not offer profitable R:R southward (its current bias) and may require an upward push to be feasible for my swing trading style.
Regarding EURJPY, the downward momentum is strong on weekly but upward move is in play on daily perhaps a corrective one as the overall direction is to the downside. I will look for opportunities for a sell trade during the week, much likely after a retracement to the upside to a significant resistance zone. [B]I may be wrong.[/B] Trade safe.
EURUSD is predominantly southward in disposition although the current price action is a bit to the north side; a corrective move apparently. Trade safe
This may be followed by a sideways play before a further move southwards.
Technicals favour EURUSD southward mode but the momentum is weak; may be a rejection of the monthly pivot, about 25 pips northwards at the moment, will bring speedy momentum for a southward move.
EURUSD is now testing the weekly pivot, which is in confluence with the 4Hr 200 EMA and Fib 61.8. Any rejection of the zone will be my cue to take a southwards trade. [B]I may be wrong[/B]. Trade safe.
I have watched AUDUSD in its recent move, particularly since the release of the US Crude Oil inventories data. The mood is now bearish. Nevertheless, confidence in seeing the pair go further north can only be got if the price action bounces off the daily pivot (around 0.76603), which is in confluence with the immediate support zone on the 4H time frame. [B]I may be wrong[/B]. Trade safe
[B]Just my 10 cents:[/B]
Price moves don’t always agree with news. You are safer by looking for the long-term technical direction of the market/pair and wait for impact of news to fuel its momentum. Trade safe.
With strong technical bearish sentiment, I took advantage of the weakness of the USD fundamentals and the bearish mood of the GBP to trade GBPJPY and GBPCAD southwards to good effect today. Trade safe.