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Be wary of going long on GBP/JPY. Even without the Bullish Butterfly Pattern, last Friday's candle got rejected at the monthly PP level as well as unable to close above the 10SMA in blue; for harmonic patterns I always wait for a close above or below the 10SMA as an entry trigger. If you look at the TRIX MA indicator - custom indicator by member munkeefonix,...

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Long opportunity for USD/JPY. A Bullish Alt Butterfly Pattern has formed on the 6 hour time frame chart, and an entry can already be made as the previous candle closed above the entry level. The weekly S1 really does seem to be supportive, hence, placing the initial stop/loss as illustrated just below it suffices, of course you can also place it below point D...

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Looks like the Cable might start hatching out of it's bearish stranglehold at last. The Bullish 2.618 AB=CD pattern seems to offer a 'ladder' of sorts for price to commence a small medium term correction to the upside. I am convinced that there is still more potential to the downside, however, for that to be the case more sellers are needed from a little higher....

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A Bullish Shark Pattern is forming on the daily time frame in a dense Fibonacci confluence zone consisting of the 88.6% retracement measured from 1.3027 to 1.4377 as well as the 61.8% retracement level measured from 1.2589 to 1.4377. Price broke through the Bearish Three Drives Pattern above, and it looks viable at the moment that the breakout level will be...

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Although it seems quite obvious that USD/JPY is heading down again, especially after the bearish engulfing candle of the past week on the weekly time frame, price 'may' still remain high enough for a bullish trend continuation as long as the 107.200/00 level holds, which also conveniently is the 61.8% retracement level. At the moment it is commendable to...

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My previous analysis and projection of DXY had price turning to the downside at the 200SMA level already, currently at about the 94.80 level. Should price rally just slightly beyond that level then I presume the next target would be 97.80/98.00 level which is the 61.8% retracement level measured from 103.82 to 88.253. But that may be as high as price will go in...

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More downside after all for the USD index? Although DXY has been on an impressive bullish rally - or stampede rather - it nonetheless has rallied steadily into previous resistance, and now has the 200SMA to contend with additionally. Looking at base USD currency pairs such as USD/CHF, USD/CAD and USD/JPY, all with the exception of USD/CAD have already started...

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GBP/USD completed it's sixth straight week of decline, and although most are screaming that the next level will eventually be as low as the 1.25 level, there just might be a chance of a bullish trend continuation from the 1.33 level. I realize most will criticize this assertion and I am not insisting that price will resume a bullish trend from the 1.33 level,...

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One last shimmer of hope for a bullish retracement next week. If price closes or remains above the 1.3300/05 level by the end of this week, there might yet be a chance of a bullish correction next week. Fundamentally speaking there is no question that GBP/USD will head lower, from a technical perspective a retracement to at least the 1.3500 would be required to...

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GBP/USD is currently heading down to test intermendiate support at the 1.3350 level. Should price find enough support here, then we might see price rally up to the 1.3412 level per the AB=CD pattern. If you look on the daily time frame, you will notice that the Stochastic Oscillator (settings 14,3,3) is slowly starting to creep up from below oversold...

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After the breakout below the lower trend support line yesterday, price may now reach down toward 142.200 / 142.600 level which is the yet to be closed gap from last Septembre. In order for the breakout to be true, I usually wait for a retracement to the trend line cross over level as highlighted by the magenta coloured line. Should price get rejected...

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Price action today on GBP/USD has again been a real test of patience. Nonetheless, putting aside all the fundamentals we heard today from the BoE, price has started to make - until now at least - higher lows, neatly visible on the 30 min time frame. It looks like the next level of resistance will be the 1.3490 level, and break and close above there would allow...

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Two long term scenarios for GBP/USD. In both cases the projected target would reach above the 61.8% Fib retracement level measured from 1.7192 to 1.1905. I personally assume that the 2nd scenario, the bearish 2618 trade, is more viable due to technicals, especially when looking at the RSI which has crossed the overbought levels already, hence, a re-test of the...

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An updated Bearish White Swan Pattern for USD/JPY which I already posted last week, however, as price surged higher the entry and stop/loss levels have altered slightly. Note that this pattern will be invalid with a close above the 111.874 level (3.140 of BC). Trade 1 short (RvR ratio 3.27) Entry: Close below 110.950 and below 10 SMA) S/L: 111.500 T/P 1:...

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Well finally, a long position for GBP/USD. A bullish Butterfly Pattern has emerged on the 1 hour time frame, and with a close above 1.3425 you can enter a long trade. Although there is no real major news to be released for today beware of volatility as some European countries have a national holiday. This pattern is invalid with a close below 1.3359 (3.140...

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The USD/CAD pairing looks like it is nearing it's second bullish corrective move. Interestingly, the current bullish correction is equal in length and angle to the first bullish correction which commenced in May, 2016. The 200 SMA (black line) is still in a very bullish angle, however, price is also dangerously close to it thus a close below it could happen...

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Price bounced of the weekly Pivot Point and together with the Bullish Alt Bat Pattern, price may reach toward the weekly R1 which is just above point A of the pattern, also note bullish divergence on the RSI indicator. Please be aware of volatility as some European countries have a national holiday today, thus less volume in the market. This pattern is...

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Looks like the USD index is going to test the 94.30 level before going down further. The 94.30 level is crucial as it is the 38.2% Fibo retracement level, as well as near the exact bearish cross over level of the 50 and 200 SMA. If price gets rejected at this level I suspect a re-test of the pennant breakout level, which conveniently rests at the 78.6% Fibo...