Date: February 6, 2018
NZDUSD broken major support, prepare for the drop
Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.
Date: February 6, 2018
USDCAD profit target reached perfectly, watch for a reversal
Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell once we reach major resistance at 1.2582 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) where a strong reaction should push price down to at least 1.2407 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing major resistance at 61% and a strong corresponding reaction could occur from this level soon.
Date: February 6, 2018
GBPUSD forming a double top reversal, watch for the drop
Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has formed a double top reversal with major resistance at 1.3991 (Fibonacci retracement, horizontal pullback resistance, breakout level) and we expect a strong drop from this level towards 1.3639 support (Fibonacci retracement, horizontal pullback support).
RSI (89) has also made a bearish from our long term ascending support-turned-resistance line signalling that a breakout is expected.
Date: February 6, 2018
Bitcoin expecting a further drop, wait for a pullback
Sell below 7993. Stop loss at 8885. Take profit at 5758.
Reason for the trading strategy (fundamentally):
Another big news in the cryptoworld is Lloyds Banking Group, which includes Lloyds Bank, Halifax, MBNA and Bank of Scotland, has barred customers from using credit cards to buy bitcoin and other cryptocurrencies. Its decision is over concerns that users may buy cryptocurrencies with credit amid market euphoria and fail to pay the debit balance should the market drop. This is especially since the cryptocurrency market has took a hammering recently, especially bitcoin which as dropped by more than 50% since its $20,000 highs in mid-December 2017.
Reason for the trading strategy (technically):
Bitcoin has continued to drop further and has now broke below our descending support-turned-resistance line which signals a further downside acceleration. We look to sell below 7993 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a further push down to at least 5758 support (Fibonacci extension, horizontal swing low support).
RSI (34) remains under strong bearish pressure with our long term descending resistance line.
NZDUSD broken major support, prepare for the drop
Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.
Date: February 6, 2018
USDCAD profit target reached perfectly, watch for a reversal
Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell once we reach major resistance at 1.2582 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) where a strong reaction should push price down to at least 1.2407 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is seeing major resistance at 61% and a strong corresponding reaction could occur from this level soon.
Date: February 6, 2018
GBPUSD forming a double top reversal, watch for the drop
Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has formed a double top reversal with major resistance at 1.3991 (Fibonacci retracement, horizontal pullback resistance, breakout level) and we expect a strong drop from this level towards 1.3639 support (Fibonacci retracement, horizontal pullback support).
RSI (89) has also made a bearish from our long term ascending support-turned-resistance line signalling that a breakout is expected.
Date: February 6, 2018
Bitcoin expecting a further drop, wait for a pullback
Sell below 7993. Stop loss at 8885. Take profit at 5758.
Reason for the trading strategy (fundamentally):
Another big news in the cryptoworld is Lloyds Banking Group, which includes Lloyds Bank, Halifax, MBNA and Bank of Scotland, has barred customers from using credit cards to buy bitcoin and other cryptocurrencies. Its decision is over concerns that users may buy cryptocurrencies with credit amid market euphoria and fail to pay the debit balance should the market drop. This is especially since the cryptocurrency market has took a hammering recently, especially bitcoin which as dropped by more than 50% since its $20,000 highs in mid-December 2017.
Reason for the trading strategy (technically):
Bitcoin has continued to drop further and has now broke below our descending support-turned-resistance line which signals a further downside acceleration. We look to sell below 7993 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a further push down to at least 5758 support (Fibonacci extension, horizontal swing low support).
RSI (34) remains under strong bearish pressure with our long term descending resistance line.
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