Trendsharks

Trendsharks

The price action of the USDJPY is currently attempting a breakout above the 23.6% Fibonacci retracement level at 115.665. Bullish pressure was bolstered earlier today following Fed Chair Jerome Powell's hint at a very likely rate hike by the end of the month . If the breakout is successful, the price action will re-test the previous swing peak at 116.300. If...

Trendsharks

The GBPUSD is headed towards the previous swing low at 1.31900. The dollar is gaining additional bullish momentum following Joe Biden's State of the Union speech yesterday. This is confirmed by the fact that the price action, following a temporary consolidation, was able to break down below the 61.8% Fibonacci retracement level at 1.33874 decisively. Before...

Trendsharks

The price of gold is consolidating in a range between the 23.6% Fibonacci retracement level at 1922.32 and 38.2% Fibonacci at 1890.01, as peace talks are threatened by Russia's intensified aggression . Depending on how the peace talks develop next, a breakout above the 23.6 per cent Fibonacci may be attempted, though this is then likely to be followed by a...

Trendsharks

EURUSD's price action rebounded promptly from the previous swing low at 1.11250, as per the expectations of the Wyckoff method. It is now set to probe the 61.8 per cent Fibonacci retracement level at 1.12642, as adverse volatility from the war in Ukraine mounts . The behaviour of the price action around this crucial threshold will determine the next most likely...

Trendsharks

The price action of the EURGBP is currently attempting a breakout above the upper limit of the descending channel on the reinvigorated bullish bias. The euro was bolstered today following the release of the better-than-expected German ifo business climate numbers for February. The preceding downtrend, taking the form of a 1-5 Elliott impulse wave pattern, was...

Trendsharks

Demand for the pound rose today following the publication of better-than-expected services PMI data in the UK for February. This prompted a breakout above the upper limit of the consolidation range. The range spans between the 61.8 per cent Fibonacci retracement level at 1.35999 and 38.2 per cent Fibonacci at 1.35077. The next target for the reinvigorated...

Trendsharks

The price action of the EURJPY is currently developing a Falling Wedge pattern, and it is expected to consolidate just above the 61.8 per cent Fibonacci retracement level at 130.129. The latest dropdown from the 200-day MA (in orange), underpinning the major resistance level at 130.800, was catalysed by the latest industrial numbers in Germany . Descending...

Trendsharks

The price action of the EURUSD is currently behaving as per the expectations of the Wyckoff method, and this week's economic releases are likely to bolster this trend. There was a temporary break in the new Markdown, which was represented by the formation of the Flag pattern. However, the breakdown below the 38.2 per cent Fibonacci at 1.13524 indicated the...

Trendsharks

The price action of the USDJPY established a minor dropdown following the release of the January retail sales data in the U.S. yesterday. The correction itself appears to be serving as the second retracement leg (3-4) of a broader Elliott pattern. Given that it has just reached the lower limit of the channel and the major support level at 115.00 (underpinned...

Trendsharks

The newly emerging downtrend on the EURGBP was temporarily stopped today following the release of the latest inflation data in the UK. However, overall bearish bias continues to prevail. The pullback may test the 38.2 per cent Fibonacci retracement level at 0.84060, but given that it is currently converging with the 50-day MA (in green) and 300-day MA (in...

Trendsharks

The price action of the EURCAD is developing a Falling Wedge pattern following the publication of the latest economic sentiment numbers in the Eurozone. This is a type of pattern that signifies the likely continuation of the underlying trend. Notice that the bottleneck of the Wedge is developing between the 100-day MA (in blue) and 38.2 per cent Fibonacci...

Trendsharks

The price action of the GBPJPY could be developing a Head and Shoulders pattern following the release of the latest unemployment data in the UK . A decisive breakdown below the neckline of the pattern at 155.370, which is underpinned by the 200-day MA (in orange), would confirm this. The major target for such a new downtrend would be the previous swing low at 153.200

Trendsharks

The price action of the GBPUSD is currently consolidating in a tight range spanning between the 23.6 per cent Fibonacci at 1.36121 and the 38.2 per cent Fibonacci at 1.35260. This range is likely to remain active over the next several days given the top-tier releases in the economic calendar for next week.

Trendsharks

The price action jumped today following the release of the stronger-than-expected U.S. headline inflation numbers . However, the upswing was not able to break out above the previous swing peak at 116.300. The current dropdown is most likely to find the necessary support at the 61.8 per cent Fibonacci retracement level at 115.256, which is where the correction...

Trendsharks

This similarity in the underlying economic conditions in Britain and the Eurozone as a whole is likely to foster some interesting trading set-ups on the EURGBP pair in the near future. The euro gained significant ground against the pound last week in the wake of ECB's January policy meeting. The upswing is currently drawing near the 61.8 per cent Fibonacci...

Trendsharks

The pound was temporarily bolstered by today's policy decision of the BOE on which the MPC decided to increase the main interest rate to 0.50 per cent. However, the price action looks incapable of breaking out above the 23.6 per cent Fibonacci retracement level at 155.699. That is why the current Flag is likely to be followed by a dropdown towards the 38.2 per...

Trendsharks

The share price of GOOGL rose in after-hours trading yesterday after Google's parent company Alphabet posted robust earnings for the fourth quarter. This entails the opportunity for catching the newly emerging uptrend. The upswing commenced following the completion of the last 1-5 Elliott impulse wave pattern at the lower limit of the descending channel. The...

Trendsharks

EURCAD is currently developing a bearish 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Bearish pressure on the euro was increased today following the release of the weaker-than-expected GDP numbers in the Eurozone for Q4. Given that the price action completed the second retracement leg (3-4) just below the 38.2 per cent Fibonacci...