EUR/USD Daily
Price broke out nicely last week above the 1.4500 which was offering tough resistance.
I'm worried about the shooting star which was formed on Thursday with Fridays price closing below Thursdays close.
Areas I will be looking for a pull back to are 1.4500/1.4250/1.4223 respectively.
I'm not too keen to just jump in and short on the sign of a reversal due to the extremely bullish nature this pair has been in since 10/01.
The future cloud is still very bullish, so I think for for it may just be a time to sit it out a little and jump back in long on support.
EUR/USD Daily
EUR/USD H4
The break through 1.4600 becomes looks more as a reversal pattern with price spiking through and being pushed straight back down through 1.6400.
This is more than likely due to stop loss hunting.
If price drops below the solid 1.4500 area we could be in for a quick 100 pip drop down to 1.4400.
This level should see some solid bids due to psychological round number/Kijun Sen/50% Fib.
At 1.4337 the top of the cloud is flat again offering support.
The future cloud is bullish, which confirms I will try and buy on weakness if it remains so. I'm starting to wonder how far we can actually go before a nice drop.
EUR/USD H4
GBP/USD Daily
Again GBP/USD had a stellar week due to the USDX continuing to weaken to fresh lows which hasn't forced the GBP to outperform by itself.
Sellers/profit takers clearly came into the market at 1.6600 and defended their highs through Friday.
I think one of the important points to note is that price closed above 1.6500 on Friday, which the bulls can feel generally positive about.
On the Daily, I would like to see price pull back to at least 1.6400 and possibly as low as 1.6300 before looking for a buy again.
GBP/USD Daily
GBP/USD H4
On the H4 there is definite buying at the 1.6500 level but we will have to wait until next week to see if they can hold this support.
Price bounced at around the monthly pivot R2 as predicted last week (shame I got out a little early),
with R1 standing at 1.6300 which would fit in nicely with my Daily above.
The future cloud remains bullish so will be interesting how 1.6500 holds.
Again the Kijun Sen at 1.6381 should have bids as is the 50% Fib also. So I wouldn't mind taking a small long here depending on price action and volume.
GBP/USD H4
I will look at USD/JPY and USD/CHF later as I don't have time now and also have a quick look at USDX.
Price broke out nicely last week above the 1.4500 which was offering tough resistance.
I'm worried about the shooting star which was formed on Thursday with Fridays price closing below Thursdays close.
Areas I will be looking for a pull back to are 1.4500/1.4250/1.4223 respectively.
I'm not too keen to just jump in and short on the sign of a reversal due to the extremely bullish nature this pair has been in since 10/01.
The future cloud is still very bullish, so I think for for it may just be a time to sit it out a little and jump back in long on support.
EUR/USD Daily
EUR/USD H4
The break through 1.4600 becomes looks more as a reversal pattern with price spiking through and being pushed straight back down through 1.6400.
This is more than likely due to stop loss hunting.
If price drops below the solid 1.4500 area we could be in for a quick 100 pip drop down to 1.4400.
This level should see some solid bids due to psychological round number/Kijun Sen/50% Fib.
At 1.4337 the top of the cloud is flat again offering support.
The future cloud is bullish, which confirms I will try and buy on weakness if it remains so. I'm starting to wonder how far we can actually go before a nice drop.
EUR/USD H4
GBP/USD Daily
Again GBP/USD had a stellar week due to the USDX continuing to weaken to fresh lows which hasn't forced the GBP to outperform by itself.
Sellers/profit takers clearly came into the market at 1.6600 and defended their highs through Friday.
I think one of the important points to note is that price closed above 1.6500 on Friday, which the bulls can feel generally positive about.
On the Daily, I would like to see price pull back to at least 1.6400 and possibly as low as 1.6300 before looking for a buy again.
GBP/USD Daily
GBP/USD H4
On the H4 there is definite buying at the 1.6500 level but we will have to wait until next week to see if they can hold this support.
Price bounced at around the monthly pivot R2 as predicted last week (shame I got out a little early),
with R1 standing at 1.6300 which would fit in nicely with my Daily above.
The future cloud remains bullish so will be interesting how 1.6500 holds.
Again the Kijun Sen at 1.6381 should have bids as is the 50% Fib also. So I wouldn't mind taking a small long here depending on price action and volume.
GBP/USD H4
I will look at USD/JPY and USD/CHF later as I don't have time now and also have a quick look at USDX.