Date: October 5, 2017
USDJPY breaking support nicely, remain bearish
Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
Price has broken our triangle formation making a bearish exit. We look to sell once again on the break of our triangle formation and break of key support at 112.65 (overlap support, triangle support) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. However, we see intermediate support at 50% so only a break of this level would trigger a bearish move.
Date: October 5, 2017
EURJPY approaching major support, prepare to buy
Buy above 132.01. Stop loss at 130.45. Take profit at 134.15.
Reason for the trading strategy (technically):
Price has been in a triangle formation waiting for a bullish break out. We remain bullish above major support at 132.01 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a nice bounce above this level to push price up to at least 134.15 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing good upside potential for price to rise further.
Date: October 5, 2017
AUDJPY approaching profit target as expected, prepare to sell
Sell below 88.88. Stop loss at 89.39. Take profit at 87.89.
Reason for the trading strategy (technically):
Price has continued to rise nicely towards our profit target since we caught the bounce perfectly. Today we change view and prepare to sell on major resistance at 88.88 (Fibonacci retracement, swing high resistance, channel resistance) to begin the drop towards 87.89 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 99% and we expect to see a nice drop from this level.
Date: October 5, 2017
NZDUSD under major resistance, time to start selling
Sell below 0.7174. Stop loss at 0.7210. Take profit at 0.7087.
Reason for the trading strategy (technically):
Price is experiencing major resistance and we take this opportunity to start selling. We look to sell below 0.7174 resistance (Fibonacci retracement, descending resistance, horizontal overlap resistance) for a push down to at least 0.7087 support (Fibonacci extension, Elliott wave theory).
RSI (55) is seeing descending resistance similar to price holding it down.
Date: October 5, 2017
AUDUSD right on major resistance, time to start selling
Sell below 0.7868. Stop loss at 0.7910. Take profit at 0.7794.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7868 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction from this level to push price down to at least 0.7794 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% and we expect to see a strong reaction off this level too.
Date: October 5, 2017
EURUSD approaching major resistance, prepare to sell
Sell below 1.1836. Stop loss at 1.1897. Take profit at 1.1717.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1836 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction off this level to push price down to at least 1.1717 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 99% and we have a little more upside potential to go which coincides with the drop we’re expecting on price.