EURUSD Sell Target

EURUSD daily chart - Sustained below 55-day SMA. Waiting for break below 38.2% Fibo level.

EURUSD Bearish Target

EURUSD Weekly Chart

EURUSD Daily Chart

GBPJPY: Dying To See A Hammer

After gaining against JPY for 2 days, pound sterling started to give it all back. The current rate is 129.54 with support trendline at 129 area. As I said in my previous post, there is no sign for a reversal, yet. Meaning, I'm dying to see a hammer or at least a long lower shadow/tail/wick on daily chart on the following days. No no no.. the hammer wouldn't be my buy signal, just a first signal for a bullish movement. The price should close above 130.70 to confirm the hammer. Now you might think that confirmation would be my buying signal. Well, false again. But we almost there. After closing above 130.70 area, the pair should retrace right? That would be my buying signal. Now, lets wait for that moment to happen.

GBP/JPY Update

Following my last post on GBPJPY titled 'what if', the pair had tested 135 level before turning back to its previous level. Current rate for this pair is 129.38, which is also at the support trendline. So far, there is no sign of reversal. Nonetheless, the price did find some support in this area. I would suggest a neutral view, with a possibility to rise further to the upper trendline. Closing below previous bottom would trigger bearish view. Other than that, the scenario for 141.20 area is still in play.

What if...

Above is GBPJPY weekly chart. The pair depreciates again earlier today and bounced near 128.50. I drew three trendlines showing forecasted support and resistance. Now, let's imagine. What if this is where the fall since August last year ends? What if the price fail to break trendline number 1 and the last bottom at 126.73 will not be touched? What if this is where the uptrend starts? What if it reaches 139.xx in December? What if it continue to rise to 160.xx next year? By the way that is around 3050 pips from current price :p

But what if I'm wrong??? ;))

USD/CHF Near Support Trendline

Above is USD/CHF weekly chart. The pair is very close to touch the rising trendline connecting 2 previous extreme lows. I'm expecting candle reversal pattern over the next few weeks. Risk should be limited below the trendline, now at 1.0020/40 (about 115 pips from current price). The best thing about this setup, obviously, is the potential return.
There are so much room upside for this pair (1000 pips or more). If the trend does reverse, the likely target is the falling trendline connecting the highs. And, who knows..there might be a break above the resistance trendline ;)

AUD/USD Target Reached

The pair reached target at 0.9078 and correction is expected (see previous AUD/USD post). First target is around 0.9026 and 0.8965 (near trendline) next. Stop should be above the previous high around 0.9115.

GBP/JPY Hidden Divergence

The pair did not bounce on the broken resistance and reach 129.16, about 35 pips from the previous low. Stochastic indicator shows hidden divergence at this current low, which mean a bullishi signal. Stop remains around 128.70/80, while target is around 131.12 and 131.65 next. Important high is at 133.59, therefore the pair might test that level if the bull is strong.

GBP/JPY Follow Up Post

The pair broke the resistance yesterday during the US session. The price is now making a return move, testing the broken resistance. I expect a second leg up toward 131.70/90 area before NFP. Visible stop is around 128.80. I hope move this to 129.70 area if the price does bounce after this.

AUD/USD Bullish Possibility

The pair broke the trendline on Friday and the bullish mode is on for tomorrow. The range of the last wave (CD) already match with AB and we might see a return move to the breaking point of the trendline. I am expecting the same correction size as BC, although it might be longer this time. Risk should be limited above 0.8860, so try to enter as near as possible to that level. Or, enter above 0.9000 and look for 0.9050 area, after we see the correction phase. Have a nice weekend!

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