$EURGBP Update

$EURGBP Daily Chart - I drew another trendline as adjustment from my initial one and keep my bearish view. Price has been moving between these trendlines for the past two days and I'm hoping to see breakout today.

 

 

 

EURUSD Sell Target

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

GBPJPY Analysis

GBPJPY 4 hour chart - Waiting for the break.

GBPJPY Daily Chart - Sell target at 55-Day Simple MA.

Dollar Index Update

#USDX Daily Chart - Targeting 61.8% level above 80.70 (38.2% Fib retracement)

#USDX 4 hour chart - Wait for break above 38.2% Fibonacci level

Gold Update

Gold gained back almost half of its downtrend from 1795.10 (Oct 5th high) to 1671.90 (Nov 5th low) after Obama reelected for second term. Oscillator indicates overbought but there is no sign of trend continuation yet. So I expect consolidation pattern to emerge before a breakout to test the November 5th low at 1671.90. Break from that support level would suggest a-b-c correction pattern of its larger scale trend (uptrend) targeting 1642 (61.8% retracement) and 1600.3 (78.6% retracement).

XAU/USD 4 Hour Chart - Multiple downtrend continuation scenario

USDCHF Bullish Setup

I am bullish on this pair as the chart suggests. My first target is around 0.9600/9700 with stop below last month low at 0.9213. I think it will be reached before this month ends. Look for oscillator reversal signals on lower time frame for entry positions.

USDCHF Daily Chart

USD/CHF: Sell Now

I just shorted USD/CHF near the trendline resistance. I think its a pretty good chance for another swing down to the support trendline. I opened 3 positions with 50 pips target for the first position and gonna leave the target open for the rest positions. Okay thats all and this is probably my last trades for this week..probably.. :P

EURUSD: Buy Now

Hi guys! I have just finished my setup for EUR/USD. Yesterday, the pair found support around 1.3433 and closed above the daily open price. I have bought the pair at 1.3467 but break of 1.3481 on hourly chart is my confirmation for another swing to test the falling trendline (red dot). As for risk, I'll cut loss if the pair break below 1.3430.

In bigger view, EUR/USD has finished 5 waves down from 1.5143 with low at 1.3266 before forming a double bottom pattern. However, the bearish view remains as long it stays below 1.3815 resistance, while break of the low may bring EUR/USD to the neckline on weekly chart.

GBP/USD H4 and Daily Chart, Buy Now

My setup from my previous post didn't play right although the pair did made a lower low. Cable tested the 1.4781 support and reached as far as 1.4797. On daily chart, the candlestick make a reversal pattern (forgot what they call that pattern :P) and still forming a divergence in both 4-hour and daily chart. However, confirmation for uptrend in 4-hour time frame is above 1.5381. If you aggressive enough, you can buy now with stop loss below 1.4781, targeting 1.5381 first and 1.5581 (38.2% retracement of 1.6877 to 1.4781) after that. That is all. Have a nice weekend guys!

GBP/JPY Update

The retracement from Friday reach 61.8% and formed a double bottom. It has been moving up since. First target it the 50% level of the 5-wave down from 143.59 to 132.00 at 137.80. Stop loss around 136.

GBPJPY Setup 11-01-10

Hello..this is my first post this year ;) Ok, here is my setup for GBP/JPY using hourly chart. I have a short entered at 148.30 from Friday. At this moment I am hoping to see a break below 5-day EMA. My final target is at 147.06 but there are several support levels along the way to 147.06 as shown in the chart. Stop loss should be the current top at 149.49.

GBP/JPY Reached 23.6% Retracement

The pair has retraced 23.6% of 139.26 to 149.14 at 146.81. There are several support level here, broken trendline and 38.2% level of 118.80 to 163.06 (blue Fib) at 146.16. Break of these support levels should target 50% and 61.8% level. On the upside, first resistance is the falling trendline before testing 149.14 high.

GBP/JPY Near 113%, Cable Still In Range

Above is GBP/JPY 4 hour chart. It is pretty much the same with the one from the previous post. As expected, the pair went to 143.74 and tested 141 support again. However, it failed to break 141 area and reversed instead. The pair broken several resistance and now near 113% (yellow Fib) following the US unemployment release on Friday. Break of 113% (149.38) could bring the pair up to 23.6% level of 118.80 to 163.06 at 152.62. Failure to break this trendline could bring retracement to 146.20 area first, but I'll update on this since we don't see any sign of the top.

GBP/USD
Cable had a perfect negative correlation with GBP/JPY after the NFP release. The pair broke the support trendline and reached 1.6430 (38.2% level) before closing the week at 1.6474. I expect another ranging moves between that S/R lines (see chart) next week, at least until UK interest rate announcement.

Cable: Wait For Retracement Or Below 38.2%

After making a higher high from the previous week and formed double top formation, Cable broke the trendline/target from my previous post and touched 5th Nov low before closing at 1.6500. I think the pair will definitely test this month low at 1.6261 near 50% Fib level and the another support trendline.

Entry
I am anticipating 2 scenario of retracement toward the broken trendline: a lower low to 38.2% level at 1.6430 first or straight retracement to test the broken trendline near 23.6% level at 1.6601. The third scenario is a smooth move to 1.6300 area. So, I will enter short near 1.66 if Cable retrace or below 38.2% Fibonacci at 1.6430, 70 pips from current price.

GBP/JPY Targeting The Lower Trendline

The Pound lose against the Yen to 147.31, following the triangle break and 148.40 support. My key support level is around 146.46/74 (near 50% level of 139.70 to 153.22), which is my target for current position. Next target is the rising trendline from daily chart near 61.8% level at 144.86.

Cable Back to 1.629 Area?

GBP/USD break the rising trendline on daily chart early today. The pair currently testing the 13th November low after closing below 13-day EMA on 4 hour chart. Next support is the white trendline connecting the 5th and 12th November lows. If the pair sustain below that support, we might see the pair goes to 1.6280/90 support (lime green).

38.2% Target Reached, 50% Next

From last post, GBP/JPY finally reached target at 148.06 (38.2% retracement) after 3 days. It crossed above initial SL actually but remained below the neckline. The pair bounced after slightly breached the 38.2% level as high as 149.29 now and touched the falling trendline. I shorted the pair at 149.17 targeting the 50% level at 146.46. Notice that that level set near 38.2% level of 118.8 to 163.06. I put my initial stop loss around 149.7.

GBP/JPY Short Signal

Ok, just a quick update. The pair currently testing the 55 hour EMA and trendline in hourly. I took a short position at 149.77 and again at 150.20 targeting 38.2% retracement at 148.06. Stop loss above the swing high and white trendline. Happy trading!

GBP/JPY Bounced Off 200 Day EMA

The recovery continued as high as 153.22 (near 23.6% Fib level of 118.80 to 163.06) before closing the week at 150.04, below 200 day EMA and neckline, and formed a shooting star candle. A top might be in place and the pair could test 139.7 again before 118.8, following the downtrend from 251.08 high.

However, it is still uptrend in smaller time frame and I suspect choppy movement toward the first retracement target at 146.46 (50% fib of 139.7 to 153.22), which should be provided by multiple trendlines below (check the hourly screenshot). Ok, have a nice weekend!

GBP/JPY Breakout Target Reached

Above are GBP/JPY H4 and H1 chart. From last post, the pair finally break above resistance and has reached target - which is the range of the sideways. I drew trendline on weekly chart and this could be the time for some significant fall, at least to test the 149.35 support. Below the rising trendline on H4 chart then we can target 146.71 support near.