Date: August 8, 2017
USDJPY remain bullish for a further rise
Buy above 110.32. Stop loss at 109.74. Take profit at 111.59.
Reason for the trading strategy (technically):
Price made a bullish exit from a previous descending resistance-turned-support line signalling that we’re seeing a change in momentum. We remain bullish looking to buy above 110.32 support (Fibonacci retracement, pullback support) for a further push up towards 111.59 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees bullish divergence and also sees a bullish exit of a descending resistance-turned-support line.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Date: August 8, 2017
AUDJPY remain bullish with price testing pullback support
Buy above 87.53. Stop loss at 87.32. Take profit at 88.02.
Reason for the trading strategy (technically):
We remain bullish looking to buy above major support at 87.53 (Fibonacci retracement, horizontal swing low support, pullback support) for a push up to at least 88.02 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has broken out of a descending resistance-turned-support line signalling that a change in momentum is fast approaching.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Date: August 8, 2017
EURJPY bouncing perfectly towards profit target, remain bullish for a further rise
Buy above 130.46. Stop loss at 130.17. Take profit at 131.03.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying level yesterday. We remain bullish today looking to protect our profits by shifting stop loss to breakeven at 130.17. The plan is to continue to buy on dips above 130.46 support (Fibonacci retracement, horizontal overlap support) for a further push up to 131.03 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing intermediate support at 42% signalling that a further rise is expected.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Date: August 8, 2017
NZDUSD profit target reached, prepare to buy
Buy above 0.7333. Stop loss at 0.7305. Take profit at 0.7389.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 0.7333 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) sees intermediate resistance at 49% which continues to hold it down, as long as RSI remains below this level, our long term view on NZDUSD would be bearish.
Stochastic is seeing major support at 8% signalling that a short term correction is fast approaching.
Date: August 8, 2017
AUDUSD dropping perfectly towards profit target. Remain bearish for a further drop
Sell below 0.7931. Stop loss at 0.7950. Take profit at 0.7875.
Reason for the trading strategy (technically):
Price has dropped perfectly form our selling area yesterday. We remain bearish looking to sell on strength below 0.7931 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 0.7875 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7950 to protect our running profits.
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.
Date: August 8, 2017
GBPUSD remain bullish above major support
Buy above 1.3006. Stop loss at 1.2954. Take profit at 1.3109.
Reason for the trading strategy (technically):
Price continues to drop towards our buying area. We prepare to buy on major support at 1.3006 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a bounce up to at least 1.3109 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is testing major support at 7.5% and we can see bullish divergence being formed vs price signalling that a bounce is impending.
USDJPY remain bullish for a further rise
Buy above 110.32. Stop loss at 109.74. Take profit at 111.59.
Reason for the trading strategy (technically):
Price made a bullish exit from a previous descending resistance-turned-support line signalling that we’re seeing a change in momentum. We remain bullish looking to buy above 110.32 support (Fibonacci retracement, pullback support) for a further push up towards 111.59 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees bullish divergence and also sees a bullish exit of a descending resistance-turned-support line.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Date: August 8, 2017
AUDJPY remain bullish with price testing pullback support
Buy above 87.53. Stop loss at 87.32. Take profit at 88.02.
Reason for the trading strategy (technically):
We remain bullish looking to buy above major support at 87.53 (Fibonacci retracement, horizontal swing low support, pullback support) for a push up to at least 88.02 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has broken out of a descending resistance-turned-support line signalling that a change in momentum is fast approaching.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Date: August 8, 2017
EURJPY bouncing perfectly towards profit target, remain bullish for a further rise
Buy above 130.46. Stop loss at 130.17. Take profit at 131.03.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying level yesterday. We remain bullish today looking to protect our profits by shifting stop loss to breakeven at 130.17. The plan is to continue to buy on dips above 130.46 support (Fibonacci retracement, horizontal overlap support) for a further push up to 131.03 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing intermediate support at 42% signalling that a further rise is expected.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Date: August 8, 2017
NZDUSD profit target reached, prepare to buy
Buy above 0.7333. Stop loss at 0.7305. Take profit at 0.7389.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 0.7333 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) sees intermediate resistance at 49% which continues to hold it down, as long as RSI remains below this level, our long term view on NZDUSD would be bearish.
Stochastic is seeing major support at 8% signalling that a short term correction is fast approaching.
Date: August 8, 2017
AUDUSD dropping perfectly towards profit target. Remain bearish for a further drop
Sell below 0.7931. Stop loss at 0.7950. Take profit at 0.7875.
Reason for the trading strategy (technically):
Price has dropped perfectly form our selling area yesterday. We remain bearish looking to sell on strength below 0.7931 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 0.7875 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7950 to protect our running profits.
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.
Date: August 8, 2017
GBPUSD remain bullish above major support
Buy above 1.3006. Stop loss at 1.2954. Take profit at 1.3109.
Reason for the trading strategy (technically):
Price continues to drop towards our buying area. We prepare to buy on major support at 1.3006 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a bounce up to at least 1.3109 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is testing major support at 7.5% and we can see bullish divergence being formed vs price signalling that a bounce is impending.