Let's not make this more complicated than it needs to be.
EUR/USD - path remains clear: lower towards 1.2514
EUR/USD - path remains clear: lower towards 1.2514
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Technically, the charts support this macro view as well. I am looking at it from 3 different perspectives:
Combined they make a compelling case to be short GBP/USD.
GBP/USD - basic triangle/wedge formation
GBP/USD - Elliott Wave/Fib and Trend/Momentum Indicators
NOTE: these set-ups are derived from taking an overall view of the FX pairs/cross with an Elliott Wave framework and then overlaying proprietary gauges of price momentum for objective entry levels.
* Trade Ideas are not official recommendations but merely highlight set-ups that may be of interest to a broad array of clients who are comfortable managing their own trades. These are not NEW TRADE ALERTS
NOTE: these are price action set-ups and objectively derived. Stops and targets are at clients discretion/risk tolerance. They are not NEW TRADE ALERTS and are suited for experienced traders comfortable managing their own positions.
DislikedIf you comfortable short-term trading, a couple of pairs/crosses to keep an eye on: AUD/NZD sell below 1.1650 targeting the mid to upper 1.15 area AUD/USD a break below .9194 suggests a bit of a correction lower is getting underway - perhaps towards .9120 NZD/JPY still is persistent ot the upside here and the trend is strong. Back above 78.90 should allow for further upside. USD/NOK might be offering up both a short and medium-term set-up. The strength of the move lower off the early July highs is picking up (likely due to higher oil prices) and...Ignored
Note: STT's will be in beta phase until the end of August
STT's are in beta through the end of August
DislikedTonight's Simple Technical Trades (STT's) EUR/NZD - finally showing signs of re-establishing an uptrend. Would look to build long positions above 1.6775, suggested stops at 1.6540 and initially targeting 1.7350 EUR/JPY - 5-waves off the lows might finally have completed Wave ii. Building longs above 130.75 points towards 132.75+Note: STT's will be in beta phase until the end of AugustIgnored