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USDJPY has broken our key support level, time to start sellingSell 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.
Short
by MEX_Exchange
14
NZD/USD positioned for gainsThe situation on the hourly NZD/USD chart is very similar to the situation on other commodity charts. The pair has found support in a combination of the 55-hour SMA and the lower trend line of the junior ascending channel pattern. The rate is most likely going to surge up to the 0.7350 mark, where the weekly R1 is located at. In addition, near that level the resistance line of the dominant channel down pattern is located at. However, it has to be taken into account that during the last few weeks, the pair has not managed to pass a resistance level near the 0.7330 mark. Although, the basis for the resistance is for now unclear.
Long
by UnknownUnicorn890690
EUR/USD bounces off previous supportThe Euro traded near the previously active long term ascending channel pattern’s lower trend line on Wednesday against the US Dollar. However, that ended, as soon as the 55-hour simple moving average moved in from the upside to provide resistance. On Thursday morning it could be observed that every candle since then has been red. The Euro is continuing its decline against the Greenback. In addition, it can be seen that the currency exchange rate made another confirmation of the lower trend line of the descending channel pattern. The pattern was discovered only yesterday. It can be assumed that it will guide the rate lower until a new long term pattern reveals itself.
Short
by UnknownUnicorn890690
AUD/USD soars on fundamentalsDaily outlook - AUD/USD soars on fundamentals In line with expectations, the AUD/USD currency pair left a descending triangle formation in the downward direction. Most probably, the rate could continue to move it this direction, but a release of information on the US CPI led to 30-pips depreciation of the Greenback. After markets will calm down, the pair most likely is going to try to use the 100-hour SMA near 0.7892 to return into formation and resume the fall in accordance with the general market sentiment, which remains 58% bearish. The fact that the buck will attempt to return some of the lost value is also supported by many technical indicators, which point out that the pair is heavily overbought. Finally, the presence of the 200-hour SMA near 0.7923 additionally complicates the road upstairs.
by UnknownUnicorn890690
NZD/USD slips to 0.7310Daily outlook - NZD/USD slips to 0.7310 An early hours of Wednesday’s trading session confirmed that the Kiwi was rapidly depreciating against the buck in a flag pattern. For this reason, the currency rate has expectedly bounced off from the weekly S2 at 0.7310. Most probably, the surge would continue at least until the 0.7348 mark. A number of major technical indicators support this assumption, pointing out that the pair is oversold. However, then the rate will have to encounter the 55-hour SMA, which might force it to step down. If this scenario materializes, this might be a sign of formation of a falling wedge. In contrast, if the pair succeeds to pass through it, that will confirm the relevance of the current descending channel. But, generally, the pair is expected to continue to slip to the bottom, as 71% of traders hold short positions.
by UnknownUnicorn890690
USD/CAD trades around 1.2676Daily outlook - USD/CAD trades around 1.2676 Tuesday’s evening the currency exchange rate spent in an expected horizontal movement along the 55-hour SMA towards the bottom trend-line of an active ascending channel. At some moment, the pair has entered into a four hour downfall and has practically sneaked from the pattern. However, a combination of the above support line and moving average should be enough to force the pair to change direction. As 70% of traders continue to hold long positions, in the short run the Greenback is expected to continue to appreciate against the Loonie towards the weekly R1 at 1.2238. The summary of technical indicators supports this scenario by sending clear buy signal. But even if the pair oversteps the pattern’s boundary, the drop should not go below the monthly PP at 1.2636 and the 100-hour SMA.
by UnknownUnicorn890690
AUD/USD rebounds at 0.7867Daily outlook - AUD/USD rebounds at 0.7867 As it was expected, the currency pair failed to jump above the 55-hour SMA and spent the rest of the previous trading day near the bottom line of a medium-term descending channel. Most likely the pair could continue to move between these barriers, but a speech delivered by the RBA Assistant Governor Kent forced the Aussie to drop by 50 basis points. The further fall was prevented by the weekly S1 at 0.7867, which played a role of a springboard. Today the pair is expected to continue to climb to the top even though this endeavour, most probably, will be compromised again by the above 55-hour SMA. But such outcome would only additionally confirm an existence of a little descending channel that formed couple of days ago.
by UnknownUnicorn890690
USD/MXN 1H Chart: Channel UpUSD/MXN 1H Chart: Channel Up The American Dollar is appreciating against the Mexican Peso in a medium-term and short-term ascending channels. At the moment, the channel consists of three reaction highs and three reaction lows and, thus, might be cease to exist in the upcoming days. The fact that the currency pair is gradually approaching to the lower trend-line of the senior channel indicates on validity of such scenario. The slip to the bottom seems unlikely because the rate proved to be quite sensitive to the 55- and 100-hour SMAs, which are moving along the pattern. A number of technical indicators also vote for an ascending movement. On the other hand, 60% of traders remain bearish on this currency pair. In addition, there is a need to take into account an impact from a release of the US macroeconomic data today and tomorrow.
by UnknownUnicorn890690
DXY Observation. Upon observing DXY i was able to notice, a descending wedge formation. Within the wedge formation are smaller resistance and support zones. As illustrated above, aggressive buyers are present at 99.-- range. There is a lot of High impact USD news to come out Friday. 4/14/2017 Forecast predicting bad responses to Consumer Price Index. I am suspecting 100.78 resistance. Price action may turn into bearish momentum once again, and drive the price down. I am expecting 99.99 or less under the next bearish momentum. Fundamentals may go with or against this idea.
TVC:DXY
by TiltonKy
EURUSD LOOKING FOR THE NEXT IMPULSE HIGHEREurUsd is on my watchlist for a bull swing higher towards recent highs and maybe a little bit more. I prefer to wait and not to jump in while the market is moving aggressivley lower like now. Lower timeframes (15min, 10min, 5min) can give clues when the downmove is slowing, or a change of direction is happening. So be patient and dont rush into a position. Price is secondary, i see people buying from 0600 looking for that move higher and losing, but fact is that price is secondary, markets only start to go higher when the sell pressure is over, and order flows are dried out, you have to be selective when trading. In other words, when there is no one more willing to sell the market will turn. Now where is that ? No one knows for sure all you get are clues from the price action... thats why you should always be calculating a fail scenario and have a decent risk approach. Blessings to you all.
Long
by IamJeanPaul
1