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GBP/USD: March 2020 rally gaining traction11:45 GMT - Short-term consolidation around the 1.3775 Fibonacci retracement has given way to fresh gains, whilst intraday and daily studies continue to improve, with prices now trading above 1.3800. Focus is turning to 1.3900, but rising weekly and monthly charts highlight still further gains, and extension of the broad March 2020 rally towards historic congestion around 1.4000 and the 1.4030 weekly high of late April 2018. Both daily and weekly stochastics are already overbought, suggesting initial tests of here could give way to profit-taking pressure. Meanwhile, support is raised to the 1.3759 monthly high of 27 January. A close beneath here, if seen, would turn sentiment cautiously Neutral and delay gains, as focus then turns to congestion around 1.3700.
Long
by Continuum_Economics
USD/JPY: Corrective pullback13:25 GMT - The anticipated exhaustive run towards the 106.00 Fibonacci retracement has given way to a pullback, as unwinding intraday studies prompt fresh selling interest and push prices below 105.00. Overbought daily stochastics are also unwinding, and the positive Tension Indicator is turning down, highlighting a deterioration in sentiment. Focus is on 104.50/58, with a further break opening up the 104.20 retracement. Meanwhile, a close above 105.00, if seen, would turn sentiment Neutral and put prices into consolidation below 105.50.
Short
by Continuum_Economics
USD/JPY: Corrective pullback08:40 GMT - The anticipated exhaustive run towards the 106.00 Fibonacci retracement has given way to a pullback, as unwinding intraday studies prompt fresh selling intraday and push prices below 105.00. Overbought daily stochastics are also unwinding, and the positive Tension Indicator is turning down, highlighting a deterioration in sentiment. Focus is on 104.50/58, with a further break opening up the 104.20 retracement. Meanwhile, a close above 105.00, if seen, would turn sentiment Neutral and put prices into consolidation below 105.50.
Short
by Continuum_Economics
USD/JPY: Strong resistance at the 106.00 Fibonacci retracement13:45 GMT - The anticipated test above the 105.50/68 barrier has reached 105.77, where unwinding intraday studies are prompting short-term reactions. There is potential for a run towards the 106.00 Fibonacci retracement, but overbought daily stochastics are expected to limit any immediate tests in profit-taking. A short-term pullback is possible, but rising weekly charts should limit losses to the 105.17 high of 2 February and congestion around 105.00. A close beneath this area, if seen, would delay further gains and turn sentiment outright Negative. Subsequent focus would then turn to 104.50/58.
by Continuum_Economics
GBP/USD: Selling pressure increasing08:05 GMT - Short-term gains have failed shy of 1.3700, as intraday studies track lower once again and prompt fresh selling interest. Congestion around 1.3600 is under pressure, but negative daily stochastics and the bearish Tension Indicator highlight increased selling interest and a later break towards 1.3500. Critical support, however, is at the 1.3450 monthly low of 11 January. A close beneath here will confirm a significant top in place at 1.3759 and a deeper correction of the September rally. Meanwhile, resistance remains at 1.3700 and should continue to cap any immediate corrective bounce.
Short
by Continuum_Economics
AUD/USD: Consolidating, but prices remain under pressure13:05 GMT - The test below critical support at 0.7592/00 has given way to a short-term FX:AUDUSD bounce, whilst oversold intraday studies unwind, with prices back in consolidation above 0.7600. Daily stochastics are also flattening in oversold areas, highlighting a cautious tone, but the Tension Indicator remains bearish and weekly charts are negative, highlighting further downside development in the coming sessions. A later close below 0.7600 will confirm extension of January losses, initially towards 0.7500/15. Meanwhile, resistance remains at 0.7659. A close above here, if seen, would turn sentiment Neutral and put prices into fresh consolidation below 0.7700.
by Continuum_Economics
EUR/GBP: Pressuring critical support at the 0.8815 Fibonacci retConsolidation is giving way to a fresh test lower, whilst intraday studies track lower, with prices currently retesting critical support at the 0.8815 Fibonacci retracement. Daily readings are mixed, suggesting further consolidation around here, but a break will confirm continuation of September 2020 losses towards the 0.8750 retracement. Meanwhile, resistance remains up to 0.8900. An unexpected close above here will turn sentiment Positive, and signal a more sustainable rally towards 0.8950.
by Continuum_Economics
EUR/USD Update: Balanced above critical support at 1.2059/65No significant change, whilst mixed daily readings keep price action cautious. Intraday price action is leaning lower, but critical support at 1.2059/65 should continue to underpin any immediate downside tests. The broader weekly chart, however, continues to deteriorate, suggesting the current consolidation phase is likely to give way to renewed losses. A later close below 1.2059/65 will confirm continuation of January losses and open up the 1.1975 retracement. Meanwhile, resistance remains at 1.2150. A close above here, if seen, would prompt fresh consolidation below 1.2200. An unexpected break above here is needed to turn sentiment Positive and open up the 1.2235 Fibonacci retracement.
by Continuum_Economics
EUR/GBP Daily: Scope for a test of the 0.8815 Fibonacci retThe pullback from 0.8900 is pressuring critical support at the 0.8830 weekly low of 21 January, where oversold intraday studies could prompt short-term consolidation. Daily stochastics have ticked lower, however, and the Tension Indicator is flattening, highlighting a deterioration in FX:EURGBP sentiment and scope for a later break. A close below 0.8830 will extend broad September losses towards the 0.8815 Fibonacci retracement, where fresh consolidation could unfold. However, weekly charts are turning down, highlighting risk of a later break and deeper losses towards the 0.8690 low of May 2020. Meanwhile, a close above 0.8900 would help to stabilise price action and put prices into consolidation below 0.8950.
by Continuum_Economics
Chart AUD/USD Update: Limited gains - background deterioratingThe break below 0.7700 is finding support above the 0.7659 weekly low of 18 January, whilst oversold intraday studies unwind. Focus is back on congestion around 0.7750, but negative daily studies and deteriorating weekly charts are expected to limit any break to 0.7800/20. An unexpected close above here will turn sentiment outright Positive and extend broad March FX:AUDUSD gains towards the 0.7915 high of March 2018. Following corrective trade, fresh losses are looked for, with a later close below 0.7659 confirming continuation of January losses and opening up the 0.7625 Fibonacci retracement. Still lower is 0.7600.
by Continuum_Economics
GOLD POTENTIAL PLAY Gold Gold Gold, such a wonderful market to trade, such a beast to master. Whats up guys, i never show ideas for gold, but i think its about time i start posting more on here so this is the first step I suppose. Lets hop into it; as we can see, gold is in somewhat of a consolidation zone marked in purple, and this is telling us either price is preparing for a shoot upwards, or a shoot downwards. It really depends on the close of the next hourly candle in my opinion. So using price action, we will have 2 scenarios: Price closes bullish and continues upwards (this can be a doji as well, as long as the candle is a bull candle). In this instance, we would move to the smaller timeframes and search for a potential entry for a buy and ride the wave to the green I have marked up for a nice little scalp on the day. Scenario 2: Price closes BEARISH (Engulfs the last bull candle, and stays under the 2 ema's I have marked on my chart). In this instance, we would be searching for short positions and place our stop loss just above the upper level of this little consolidation zone and rice the wave to the lower wick marked by the support line I have on bottom Which ever may be the case, we must be patient in our approach and resist the urge to hop in the market early just because we might thin we know where price will go. Just wait, and trade WITH the market. Not ahead, and not behind; WITH the market. Trade safe, Trade smart, Trade Precise, we got this
OANDA:XAUUSD
by fastboiijd
GBPUSD Potential Reversal...Whats up guys, Im back with yet another idea. We posting early this time but its time for me to get on my trading view grind for real. This on is fairly simple right now, and it involves 2 potential resistance levels. The first, which is marked in blue and the second marked in red. Price was pushing down heavily during the night and completely reversed during the Morning of London session. Like i always say, price tends to reverse London's direction during the New York session. This doesnt always happen but its fairly common. As we look at the first level of support i have marked, we can look back on the hourly chart and see that price has been here a number of times, clarifying this level as a semi strong resistance. If price breaks pas this level, we can wait for price to hit the red line i have marked and observe orice action from there. Not a lot of hints from the market right now since we are in the middle of a move it seems like. Whenever price is in the middle of a move up or down, its wiser to stay on the side lines and wait for consolidation or rejections of some sort. With that being said, traders, be patient this morning and wait for clear indications from price on potential sell opportunities, i see on the RSI that we are over bought heavily, yet another indication of a potential reversal in this bull run. The candles have been bullish in nature however, so this could be completely off and price just continues to shoot up... TRADE SAFE, TRADE PRECISE, AND TRADE IN FLOW!
by fastboiijd
Chart EUR/JPY Update: Lower from 126.30 Fibonacci retracementThe test of the 126.30 retracement is giving way to a short-term pullback, whilst overbought intraday studies unwind. A break below congestion around 126.00 is highlighted, but rising daily stochastics and the improving Tension Indicator should prompt fresh FX:EURJPY buying interest around 125.50, before negative weekly charts extend losses still further. A close beneath here will add further weight to sentiment and put focus on 125.00. Meanwhile, a close above 126.30, if seen, will delay downside tests and open up 126.50/55.
by Continuum_Economics
Chart USD Index DXY Update: Short-term ranging. Lower laterThe test of congestion around 90.00 has given way to a short-term corrective bounce, whilst oversold intraday studies unwind. Focus is turning to 90.50, but negative stochastics and the deteriorating Tension Indicator suggest difficulty sustaining any immediate tests/break. In the coming sessions, consolidation is expected to give way to further losses, with a later close below 90.00 opening up critical support at 89.21/23. Improving weekly charts should prompt fresh consolidation above here.
TVC:DXYShort
by Continuum_Economics
Chart GBP/USD Update: Poised for fresh gainsChoppy trade around the 1.3675 Fibonacci retracement and the 1.3711 weekly high of 14 January is showing signs of improvement, as intraday studies turn higher. Daily stochastics are also turning higher and the flat Tension Indicator is ticking up, highlighting scope for fresh FX:GBPUSD gains in the coming sessions. A later close above 1.3711 will turn sentiment outright Positive and extend broad March 2020 gains towards the 1.3775 multi-year retracement. Flat weekly charts could prompt fresh reactions around here. Meanwhile, support remains at 1.3600. A close beneath here, if seen, would add weight to sentiment and put focus back on 1.3500.
Long
by Continuum_Economics
Chart USD/CAD Update: Sharp reversal to critical support at 1.26The pullback from 1.2800 has given way to a sharp break lower, with FX:USDCAD now pressuring critical support at the 1.2625/30 weekly lows from 6-14 January. Intraday studies are oversold, highlighting scope for short-term consolidation around here, but daily readings have ticked down, pointing to further losses in the coming sessions. A close beneath here will turn sentiment outright Negative, and extend broad March 2020 losses towards the 1.2527 low of April 2018. Meanwhile, resistance is at 1.2700. An unexpected close above here would delay downside development and put prices into cautious consolidation, capped by 1.2800.
Short
by Continuum_Economics