Date: May 3rd, 2018
GBPJPY Testing Its Support, Prepare For A Bounce
GBPJPY is testing its support where we expect to see a bounce.
Buy above 148.99. Stop loss at 148.40. Take profit at 150.18.
Reason for the trading strategy (technically):
GBPJPY is testing its support at 148.99 (78.6% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, causing price to rise to its resistance at 150.18 (61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (89, 5, 3) is testing its support at 1.90% where a corresponding reaction is expected.
Date: May 3rd, 2018
AUDUSD Bounced Nicely Off Its Support, Prepare For Further Rise
AUDUSD bounced nicely off its support where we expect to see a further rise.
Buy above 0.7490. Stop loss 0.7421. Take profit at 0.7649.
Reason for the trading strategy (technically):
AUDUSD bounced nicely off its support at 0.7490 (100% Fibonacci extension, 100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap support) where we expect to see price rising to its resistance at 0.7649 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 0.7582 (23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 1.94% where a corresponding rise is expected.
Date: May 3rd, 2018
GBPUSD At Support, Prepare For A Bounce
GBPUSD is at support where we expect to see a bounce.
Buy above 1.3585. Stop loss at 1.3463. Take profit at 1.3788.
Reason for the trading strategy (technically):
GBPUSD is testing its support at 1.3585 (50% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap support) where we expect to see a bounce, causing price to rise to its resistance at 1.3788 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback resistance)
Stochastic (89, 5, 3) is at support where we expect to see a corresponding bounce.
Date: May 3rd, 2018
Bitcoin Approaching Its Support, Prepare For A Breakout!
BTCUSD is approaching its support where we expect to see a breakout, causing price to fall.
Sell below 9185. Stop loss at 9510. Take profit at 8447.
Reason for the trading strategy (fundamentally):
Goldman Sachs will launch a bitcoin trading desk, the investment banking giant confirmed on Wednesday. The NY Times reports that the firm, one of the largest financial institutions in the United States, is preparing to begin using its own funds to sponsor a variety of investment contracts tied to the bitcoin price and hopes to eventually trade “physical bitcoins” directly. Eventually, the bank hopes to receive regulatory approval from the Federal Reserve and state-level authorities to begin trading actual bitcoins — ironically referred to as “physical bitcoins” — a development that will undoubtedly cement the flagship cryptocurrency’s status as a mainstream financial asset. With more institutions recognizing the importance of Bitcoin, this could boost investor’s confidence tremendously.
Reason for the trading strategy (technically):
BTCUSD is approaching its support at 9208 (38.2% Fibonacci retracement, horizontal overlap support) where we look to sell on weakness. We expect price to fall to its support at 8447 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 8796 (61.8% Fibonacci extension, horizontal swing low support).
Stochastic (34, 5, 3) is approaching its resistance at 96% where a corresponding reversal drop is expected.