Date: March 7, 2018
AUDUSD back to major support, prepare for a bounce
AUDUSD is now testing a really strong support level and is lining up nicely for us to buy.
Buy above 0.7781. Stop loss at 0.7752. Take profit at 0.7887.
Reason for the trading strategy (technically):
Price shot up really strongly yesterday and is now back to testing major support at 0.7781 (Fibonacci retracement, horizontal overlap support, breakout level) and a strong bounce could occur at this level to push price up to 0.7787 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) has made a bullish exit and is also seeing intermediate support hold it up really nicely.
Date: March 7, 2018
GBPUSD broken major resistance, time to buy
GBPUSD is rising nicely and we expect it to rise further to our major descending resistance.
Buy above 1.3864. Stop loss at 1.3816. Take profit at 1.3995.
Reason for the trading strategy (technically):
Price has broken major resistance and is now rising strongly. We remain bullish above 1.3864 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.3933 before 1.3995. It’s important to take note of the strong descending resistance line as price is likely to be attracted to that level and would see its first resistance once it touches the descending resistance.
RSI (89) sees two descending resistance lines, with the long term one signalling a bullish exit and more upside potential while the short term RSI signalling that it’s still facing strong bearish pressure.
Date: March 7, 2018
USDJPY dropping nicely, remain bearish for a further drop
USDJPY has dropped really nicely and has good downside potential.
Sell below 105.85. Stop loss at 106.53. Take profit at 104.77.
Reason for the trading strategy (technically):
Price has dropped strongly from our selling area yesterday. We now adjust our position to sell below resistance at 105.85 (Fibonacci retracement, horizontal pullback resistance) for a further drop to 105.24 (horizontal swing low support) before 104.77 support (Fibonacci extension).
RSI (34) sees descending resistance line hold price down really well.
Date: March 7, 2018
Bitcoin broken major support, time to sell
Bitcoin has broken major ascending support triggering a big sell off.
Sell below 11086. Stop loss at 11939. Take profit at 9381.
Reason for the trading strategy (fundamentally):
The big news surrounding cryptocurrency lately is Venezuela’s National Assembly declaring that petro cryptocurrency is illegal and perhaps more damaging – that it is just another way that a corrupt government is seeking to embezzle funds from citizens which in decent years has been rocked by high unemployment and inflation. This news further dampens the optimism surrounding the potential for cryptocurrency with the idea of supporting corruption constantly being linked to it.
Reason for the trading strategy (technically):
Price has broken our long term ascending support-turned-resistance line triggering a sell off. We look to sell below major resistance at 11086 (breakout level, Fibonacci retracement, horizontal pullback resistance) for a strong drop towards our next major support at 9381 (Fibonacci retracement, horizontal overlap support).
RSI (89) has made a similar bearish exit confirming the drop we should be expecting.
AUDUSD back to major support, prepare for a bounce
AUDUSD is now testing a really strong support level and is lining up nicely for us to buy.
Buy above 0.7781. Stop loss at 0.7752. Take profit at 0.7887.
Reason for the trading strategy (technically):
Price shot up really strongly yesterday and is now back to testing major support at 0.7781 (Fibonacci retracement, horizontal overlap support, breakout level) and a strong bounce could occur at this level to push price up to 0.7787 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) has made a bullish exit and is also seeing intermediate support hold it up really nicely.
Date: March 7, 2018
GBPUSD broken major resistance, time to buy
GBPUSD is rising nicely and we expect it to rise further to our major descending resistance.
Buy above 1.3864. Stop loss at 1.3816. Take profit at 1.3995.
Reason for the trading strategy (technically):
Price has broken major resistance and is now rising strongly. We remain bullish above 1.3864 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.3933 before 1.3995. It’s important to take note of the strong descending resistance line as price is likely to be attracted to that level and would see its first resistance once it touches the descending resistance.
RSI (89) sees two descending resistance lines, with the long term one signalling a bullish exit and more upside potential while the short term RSI signalling that it’s still facing strong bearish pressure.
Date: March 7, 2018
USDJPY dropping nicely, remain bearish for a further drop
USDJPY has dropped really nicely and has good downside potential.
Sell below 105.85. Stop loss at 106.53. Take profit at 104.77.
Reason for the trading strategy (technically):
Price has dropped strongly from our selling area yesterday. We now adjust our position to sell below resistance at 105.85 (Fibonacci retracement, horizontal pullback resistance) for a further drop to 105.24 (horizontal swing low support) before 104.77 support (Fibonacci extension).
RSI (34) sees descending resistance line hold price down really well.
Date: March 7, 2018
Bitcoin broken major support, time to sell
Bitcoin has broken major ascending support triggering a big sell off.
Sell below 11086. Stop loss at 11939. Take profit at 9381.
Reason for the trading strategy (fundamentally):
The big news surrounding cryptocurrency lately is Venezuela’s National Assembly declaring that petro cryptocurrency is illegal and perhaps more damaging – that it is just another way that a corrupt government is seeking to embezzle funds from citizens which in decent years has been rocked by high unemployment and inflation. This news further dampens the optimism surrounding the potential for cryptocurrency with the idea of supporting corruption constantly being linked to it.
Reason for the trading strategy (technically):
Price has broken our long term ascending support-turned-resistance line triggering a sell off. We look to sell below major resistance at 11086 (breakout level, Fibonacci retracement, horizontal pullback resistance) for a strong drop towards our next major support at 9381 (Fibonacci retracement, horizontal overlap support).
RSI (89) has made a similar bearish exit confirming the drop we should be expecting.