GBP/NZD 4H
Exchange rate has broken a neckline of inverse head and shoulders pattern, after rebounding from a 50% Fib retracement connecting all time lows and last year’s high.
I am going long at market at 1.9564 after a succesful neckline test as the new support.
Setting my stop at 1.9385 and targeting 2.0000 and 2.0250
Martin Janson
SYMMETRICAL TRIANGLE ON EUR/JPY SCREAMS FOR IMMINENT BREAKOUT
EUR/JPY DAILY
Bank of Japan is likely to keep it’s monetary policy unchanged in tonight’s interest rate decision. Yet traders are ayeing the BoJ’s statements to gauge the likelihood of future policy changes. Japan’s central bank governor Haruhiko Kuroda made it clear that officials do not anticipate the need for further monetary policy easing at the BoJ’s last policy meeting.
But the unimpressive rise in exports despite a weak yen, paired with the fact that the inflation numbers post the tax hike came out bellow expectations has risen some doubts about Kuroda’s policy from bank’s board members.
At the same time the exchange rate for EUR/JPY has gone even further into the triangle formation and will likely break out some time this week.
Any hawkish comments in the statement could break down the rate but for any shorts we will need a close bellow 140.00
On the upside any hints about further easing from BoJ could fuel the rate to continue it’s uptrend, but a close above 143.50 is needed to take a long position.
[QUOTE=“TradeItSimple;624166”]SYMMETRICAL TRIANGLE ON EUR/JPY SCREAMS FOR IMMINENT BREAKOUT <img src=“301 Moved Permanently”/> EUR/JPY DAILY Bank of Japan is likely to keep it’s monetary policy unchanged in tonight’s interest rate decision. Yet traders are ayeing the BoJ’s statements to gauge the likelihood of future policy changes. Japan’s central bank governor Haruhiko Kuroda made it clear that officials do not anticipate the need for further monetary policy easing at the BoJ’s last policy meeting. But the unimpressive rise in exports despite a weak yen, paired with the fact that the inflation numbers post the tax hike came out bellow expectations has risen some doubts about Kuroda’s policy from bank’s board members. At the same time the exchange rate for EUR/JPY has gone even further into the triangle formation and will likely break out some time this week. Any hawkish comments in the statement could break down the rate but for any shorts we will need a close bellow 140.00 On the upside any hints about further easing from BoJ could fuel the rate to continue it’s uptrend, but a close above 143.50 is needed to take a long position.[/QUOTE]
You should source your content when using direct quotations.
LOOKING TO GO LONG GBP/NZD AGAIN
Last week I went long on this pair after inverse head and shoulders pattern.
As I usually do, I set my first target for the same amount of pips as my risk and after my target was hit I raised my stop at break even point.
Price continued falling and I got stopped out so I am looking for opportunity to go long again.
Exchange rate has made a hammer candlestick on a daily timeframe at the 61.8% retracement from this years low. Also the rate is sitting above a short term trendline.
In couple of hours the New Zealand employment data are coming out and if there are no upside suprises I will be looking to go long if price breaks the hammer’s high at 1.9436.
In this scenario I will be targeting 1.9750; 2.0000 and 2.0250.
On the other hand - better than expected employment figures could send the rate lower towards the huge range lows around 1.9100.
yeah. it is simple we can get it. we can get more money
EUR/USD DAILY
As the exchange rate has broken rising trendline and the double top’s neckline at 1.3690 I believe that the longer term downtrend has resumed again and I am going short at the market at 1.3670. I am putting very wide stop at 1.4020 and target 1.3500 ; 1.3300 and ultimately 1.3000.
I am entering with only a half position now though, as I am waiting for Euro zone inflation figures to come out and will be shorting the other half on the daily close.
In the last ECB meeting Mario Draghi made a hint about stimulus in their next meeting in June which could help to drag Euro down.
Nice what a great moves, How many pis did you earn from this move
To be honest - because of me being so conservative (meaning I quickly put my stop at break even) I haven’t realized the full potential of these trades,
I earned 178 pips for my first GBP/NZD trade
138 for my second GBP/NZD trade
and I am still holding really small short EUR/JPY position for 182 pips
As for the latest EUR/USD trade I don’t think I will be booking profits any time soon.
WHY do you not supply signal ? i see i think you can post your signal. many trader can refer it.
I post my trades online almost instantly using facebook and twitter. I am not sure if I can post links to them but you can just search Trade It Simple
For more than a month AUD/JPY was sitting at 50% fib connecting multi - year highs and a last years low as it has broken a short term trendline and today it finally broke out of its range and I will be looking to short the rate after a pullback.
Optimal price level to short would be around 94.30 - 94.50. And my price targets are 91.00; 90.00 and 88.50.
As all the yen pairs are closely corrolated to the Japenese stock market I will be paying close attention to Nikkei 225 chart which has formed a descending triangle and is currently sitting just above its support. The break of this pattern could fuel overall yen strenght across the board.
USD/CAD DAILY
The USD/CAD has been retracing lower in a falling wedge formation after making multi-year highs. It looks like it also set an important low at 38.2% fib level and broke the wedge pattern shortly after.
I already took a small long position at 1.0900 after price had tested the wedge resistance as the new support. I will be adding more to my position after today’s Canadian inflation figures come out at 13.30 (GMT) if we don’t get any upside suprises.
My stop is 100 pips lower at 1.0800 and my targets at 1.1040 and 1.1270
After a month long, tight consolidation period Gold has finally broken out with a very explosive move to the downside.
I took a short at 1,274 with a stop at 1,320 and my targets are 1,230 and the next important support level at 1,190
Coming down from repeated test to 0.8800 level, kiwi has broken the 0.8515 support level which has also acted as the resistance in the past.
I am taking a small short position at 0.8490 with a stop at 0.8600 and will target 0.8400; 0.8270 and 0.8100
I would like to see a test to 0.8515 as the new resistance before entering a full position but I will also consider scaling in on break of today’s low at 0.8471
As the rate has broken the double buttom neckline, I just took a small long position at 1.0950.
I will be scaling in this trade:
If we see strong buying after a test to the broken neckline
If we have a strong break above the 1.1000 resistance level
I have my stop at 1.0700 and pretty hefty targets:
1.1200
1.1600
1.2500
USD/CAD DAILY
After breaking the falling wedge, the rate retraced lower - forming a double buttom formation, and today it broke it’s neckline at 1.0915.
As I already took a small long position on wedge breakout, I am entering with full position today at 1.0943. My stop is still at 1.0800 and my targets are 1.1050 and 1.1250.
Good point, now I want to be watching developments.
NZD/JPY
The rate has rebounded from the rising channel support, 50 % fib retracement from the last time rate tested the channel support to the yearly high, and this level also acts as the old resistance turned support.
Today we got a short term trendline break and also rsi has broken the bearish momentum.
Add the fact that we got an upside break in the Japanese stock market index Nikkei 225 last week, which is corrolated to all the yen based pairs, the overall ‘‘risk on’’ move in the markets today, and I would say we have a good chance of heading for the channel resistance.
I am going long at 87.05 my stop’s at 85.80 and my targets are 88.30 and 90.00
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Very Good analysis.
