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EURCAD

On this week’s analysis of the Euro vs The Canadian Dollar. We’re looking at a weekly ascending channel. Price has been supported by the lower boundary and resisted by the upper boundary since 2012. The last two candle sticks are long legged dojis, which show uncertainty.

SUMMARY.

Indecision at the bottom of the channel may be an indication that bears are moving out of the market or just a pause in the downtrend. Therefore we need to wait for a confirmation of a break out or a bounce off the lower boundary of the channel.

USDJPY

On  this week’s analysis of the Dollar vs The Yen we have complete formation of a symmetrical triangle.This particular chart pattern, shows equal strength between the bulls and the bears. No one particular participant is dominant until the pattern breaks out. Price has broken out of the lower boundary of the triangle. In the recent weeks, the market has been ranging around the lower boundary, being retested.The lower boundary of the pattern which acted as support before has now turned into resistance. Last week’s candle has closed below all the previous week’s candlesticks in the retest.

SUMMARY.

Following the bearish candle, we’ll be careful to see whether bear power will be sustained. It is possible that price may turn back and into the triangle. Further price action will give us a clear indication of what is highly likely to happen.

EURNZD

This week’s analysis of the Euro Kiwi, is going to be a follow up on the analysis we did a fortnight ago. At the time of our previous analysis, price had just bounced off the neckline after the retest that is highlighted above. Bears came in and further pushed price lower. During the week that has just ended, bulls came in to the market and commenced a price rally.

SUMMARY.

Following the double top breakout, price hit our targets, which is usually the height or distance of the tops. This setup gave us slightly more pips than our expectation.With bulls currently in control. We wait for price action to clarify whether their momentum will take price back to our neckline or bears will continue with their waterfall of price after the bullish retracement.

GBPAUD

Looking at the Pound Aussie, price is trading within a weekly ascending channel. The channel has held price since 2017. We can clearly see the lower boundary acting as a strong support zone. Denoted by how much price trends after a bounce off of it. Our resistance level being the upper boundary of the channel.

SUMMARY.

Currently a bullish engulfing has formed. This candlestick formation is a potential reversal signal. Happening at a support zone, it increases our bullish bias. As always price will guide us to ascertain whether we are going to see higher prices

GBPUSD

This week’s analysis on the Pound Dollar brings us to the occurrence of a descending channel. Price has been trading within the channel for the best part of this year. Bears have been the dominant market players. Currently we are trading along the lower boundary of the price channel.

SUMMARY.

By the mere virtue that price is at the lower boundary, gives us reason to believe that buyers may be rolling in. Last 2 weeks’ candles have been pin bars. This show potential reversal, but they have to be confirmed in order to be confident of an imminent reversal.

EURAUD

Looking at the weekly chart of the Euro Aussie, an ascending channel comes to our attention. Bears have been responsible for the waterfall of prices back to the lower boundary of the channel.

SUMMARY.

With price at the lower boundary, heightened attention needs to be brought since anything can happen. Sellers may continue with their momentum and break out of the channel. Bulls might as well come in and cause a rejection of lower prices. Price action will guide us on the next line of action.

EURNZD

Following up on this week’s analysis looking at the Euro Kiwi, which we looked up a fortnight ago. At the time, price was trading within the ascending channel. Our bias was bullish. But then the ensuing week, price broke out of the channel and was confirmed. Immediately our bias shifts to bearish. A double top was later formed, broke out and came for a retest of the neckline.

SUMMARY.

Succeeding the retest of the double top. We find reasons to believe that the bears may continue to bid for lower prices. Let the market be and further price action to guide us whether the sellers will sustain a price landslide.

USDCHF

Looking at the follow up of the dollar swissy. We had seen a breakout of the rising wedge. After a very dominant bearish candle, there was a formation of a morning star.

SUMMARY.

As known widely, a morning star is indicative of a reversal. In this case happening after a breakout. It could be a retracement of price, before it further resumes the downtrend. However, the current candlestick is an inside bar which signifies continuation. Patience is key, as price should guide us on what to do next.  

CHFJPY

Looking at the weekly timeframe, price has been consolidating in a descending channel. Dominant market players since last year have been the bears. Last week’s candlestick approached the upper boundary of the channel. Currently, there has been a strong rejection of higher prices, denoted by the close below.

SUMMARY.

Considering this current weeks’ candle close. There’s a high possibility we might see lower prices. However being in a descending channel ,we have to patiently wait for a break out to confirm any further price movement.

EURCAD

On the weekly timeframe of the Euro vs Canadian dollar, price has been consolidating for a very long time. The resulting price pattern, was a descending channel. Bears came in strongly for the past 2 weeks and have successfully pushed prices lower.

SUMMARY.

We wait for further price action to ascertain whether we are going to see sellers sustain such lower prices. There’s a possibility prices might pullback to test the lower boundary of the symmetrical triangle. Therefore we have to be vigilant and patient for price action to tell us what next.

EURNZD

Looking at the EURNZD daily timeframe, following up last week’s analysis. A bullish engulfing candle stick had just formed which completed a successful retest of the double bottom. However our bullish bias was invalidated as price rotated and broke out of the rising channel. The breakout was further confirmed.

SUMMARY.

Succeeding the breakout of the rising channel, we now have a bearish bias. There’s a chance we might see a pullback back to test the lower boundary of the channel. We monitor this pair to see whether we will see lower prices.

USDCHF

On this week’s timeframe of the Dollar Swiss, we’re going to follow up on the previous fortnight’s analysis. At the time, only the breakout and the inside bar had formed. We described the inside bar as a pullback that was incomplete or yet to be confirmed. During the past week, the pullback was complete by formation of the candle that closed below the breakout/the mother candle.

SUMMARY.

With completion of our retest, further price action will guide us to know whether bears will take prices further down possibly to our major level.

EURNZD

This week on the daily timeframe of the Euro vs Kiwi, there’s a double bottom that was followed by a broke-out and a confirmation retest. The neckline has acted both as resistance and support, the latter following the break out. Bulls closed off the week as shown by the bullish engulfing. In addition to that, the pair has been trading within an ascending channel.

SUMMARY.

Our bias on this pair is bullish succeeding the break out. The rising channel further adds on to our bias. This is a good example of trading confluence. We monitor the pair closely to see whether bulls will sustain the momentum.

CADJPY

Looking at the Lonnie vs yen pair this week, we can see price was supported by a major level. It went further on and consolidated forming a series of lower highs and higher lows. This gave rise to a symmetrical triangle.

SUMMARY.

The last candlestick was a close below the previous one, which closed as a doji. Chances are  prices may slide off to the lower boundary of the triangle. To validate any bias at this point, we wait for a break out. Otherwise we sit on our hands.

NZDJPY

On the weekly timeframe of the Kiwi Yen, price has been pretty choppy. The consolidation has been in the form of a descending triangle with the line of least resistance being bearish. A few weeks ago, we saw a breakout and a retest.

SUMMARY.

This week’s candle, closes below all the previous weeks’ candles, (bearish engulfing) a dominant candlestick after a retest. It shows some convincing bearish indications. We watch the price to see if the downward momentum will sustain.

USDCHF

We’re looking at the Dollar Swiss on the weekly timeframe. Price has been trading within an ascending wedge since this years’ beginning. The main trend was bullish. Last week, there was a very dominant breakout. Evidence of a pullback has been sited this week, which is also an inside  bar.

SUMMARY.

Once the breakout happened, our bias shifted to bearish. We’ll be careful for further price action to confirm the retest. If the lower boundary of the wedge acts also as a resistance, then we watch to see if bears will push price further down. 

GBPCHF

This week we lay our focus on the pair of GBPCHF. There’s a clear well-formed triangle on the weekly analysis. The price is currently at the lower boundary of the triangle. Of more significance is major support zone that has lasted for the last three years, which coincides with the current price levels, making this pattern stronger for us price action traders.

SUMMARY.

We are looking at a likely scenario of the bulls taking over the market as prices are at a confluence level. However, before we can go long we will watch keenly for reversal signals from the daily timeframe to confirm our bias.

XAUEUR

A closer look at this pair reveals a well-formed descending price channel that has held grounds since July 2016. We have an imminent break-out of the channel as illustrated on the chart from last week’s weekly candle that closed high above the upper boundary of the channel. This is a significant turn of events, for the pair, with bulls showing more buying muscles to keep the prices scaling high.

SUMMARY.

Our job as price action traders is to look for any slight weakness on this pair, especially on the lower timeframes of the Daily and the 4Hr, in order to rejoin the buying momentum. Should the buyers keep up their push, the next target level is at the major resistance zone at the price of 1244.86.

GBPJPY

This week’s analysis on the monster is going to be a follow up on a previous analysis. At the time, price had just formed an inside bar. Ours was to wait and see whether price will obey the inside bar and continue in a downtrend. Price action clearly did confirm our analysis, and bears came in heavily.

SUMMARY.

We’ve been in a very strong downtrend denoted by the very few and short retracements. In fact, they all only happened in single candlesticks. Currently price is approaching a major level; we wait for further price action to guide us on our next course of action.

XAUUSD

On gold vs the dollar. It is evident price has been trending up gradually and finally hit a top. Then followed by a downtrend since the years’ beginning in the form of a descending wedge. Eventually after a lengthy period of consolidation within the pattern, we have a breakout.

SUMMARY.

Following the break out, we have a bullish bias which is going of-course to be confirmed by further price action. Affirmation will come by another bullish candle or a successful retest. If the latter passes as true, then the bulls may continue the uptrend which commenced last year.