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Bears continue to sell EURGBP, see why?

EURGBP Weekly

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I have posted a number of articles over the last several weeks in regards to the opportunities that have been available to sell EURGBP.

My opinion remains the same for now with the bears continuing to sell into intraday rallies since the 1:1 (Purple) attracted strong selling interest at 0.73900. As long as the market can stay below the 1:1 (Purple), the momentum will likely pick up on the down side as bears push for stops below the 0.70000 level.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Oil: Intraday players looking to sell between 56.35/55, See why?

OIL Weekly

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Oil has continued to sell off overnight with the 1:1 (White) and 23.6 Fib attracting plenty attention from the bears. I am expecting momentum to continue to pick up on the downside in the coming days.

OIL M15

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Intraday players will be closely eying the 1:1 (Yellow) at 56.35 and the 1:1 (Blue) and 38.2 Fib at 56.55. Looking to sell within these levels with a close stop looks to be a solid risk/reward play for intraday traders.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Trade idea: Look to sell AUDNZD at 1.02550/65

AUDNZD

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I am short AUDNZD at 1.02550 on the back of the 1:1 (Purple) and 50 Fib resistance level, the stochastic is also reading extremely overbought and has just swung to the downside. I am keeping stops tight above 1.02900 with an initial profit target of 1.00200.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Bears eying resistance at 1.51750

GBPUSD Daily

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Cable bears will be closely eying the 1:1 (Purple) and 61.8 Fib resistance that coincide at 1.51750, this resistance level has already seen some decent selling throughout Asian trade, with the market currently 50 pips below the high.

As long as the market can continue to hold below this level in the coming sessions I am expecting the selling interest to pick up on the downside with no real support seen until 1.50700.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Bulls are back in control

GBPUSD Daily

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The 1:1 (Purple) and 61.8 Fib that coincided at 1.51750 has fail to attract continued selling from the bears.

The 1:1 (Purple) correction was the largest correction in the recent bear trend and the failure of this level to attract solid selling interest is an indication that the current trend is now over and the bulls look to be back in control.

With little resistance until 1.55680 where the old high and a 38.2 Fib level coincide I am expecting the short covering rally to pick up steam in the short term.

GBPUSD M30

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Intraday players have been early buyers of Cable after the break above the 1:1 (Purple) with the 1:1 (Yellow) attracting aggressive buying from the bulls. The next support level to watch closely is the 1:1 (Purple) and 38.2 fib that coincide at 1.51700.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Oil: Are the bulls back in control?

Oil Weekly

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The 1:1 (White) and 23.6 Fib have failed to attract solid selling from the bears with the market eventually taking out this level during last weeks trading. With the market now sitting firmly above this level the short covering that has been seen in recent times could now continue to pick up momentum with little in the way until 68.50.

Oil H1

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The 1:1 (White) and 23.6 Fib that initially capped the run higher in oil is now acting as a solid support level with the bulls adding to long positions on a number of occasions over the last several days since the break of this important resistance level.

A break of Friday's high will likely see good buying enter the market, as this will confirm the current buying that has been seen on the Line in the sand (LIS) at 58.50, however any break below the LIS will likely see a number of stops triggered and an aggressive move to the downside.

The best play moving forward in my opinion is to start buying any solid break above 60.00 and look for selling opportunities on a solid break of the LIS at 58.50.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Large stops above 1.5550 looking vulnerable

GBPUSD Daily

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The recent run high in Cable has see a number of traders stopped out of short positions post the UK election. The level that will be closely watch now is the 1.5550 high and 38.2 Fib that coincide at this level.

There are likely a large number of stops sitting just above the 1.5550 high and if the bears fail to hold the market below this level, the current short covering is likely to pick up momentum in the short term with little in the way until the 50 Fib at 1.58780.

GBPUSD M30

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Intraday players will be closely eying the 1:1 (Purple) and 38.2 Fib that coincide at 1.53900/85, if this support level can attract solid buying interest a break of the 1.5550 high will become a real possibility in the coming days.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Bulls pushing for stops above 1.55700

GBPUSD Daily

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Cable bulls are pushing for a number of vulnerable stops that are sitting just above the old high (Blue) and 38.2 Fib at 1.55700. A break above this level will likely see the momentum on the topside pick up with little in the way of resistance until 1.58780.

GBPUSD M30

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The 38.2 Fib (Purple) at 1.53560 offered solid support during Friday's trading session with buying continuing so far on Monday. An ascending triangle (White) is now starting to take shape which is an indication that higher prices are a greater possibility in the coming sessions.

I will be looking to establish an intraday long position on any solid 1:1 support if a solid close above 1.55700 in seen.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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Cable: Stops cleared above 1.55700, now looking for buying opportunities

GBPUSD Daily
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I mentioned in yesterday Forex report that there were likely a number of large vulnerable stops that were likely sitting just above the 1.55700 level, these stops started get triggered in late NY traded before the market went quiet throughout Asia. London traders have now gone on with the move taking out a number of stops above the 1.55700 level.

The first target still remains the 50 Fib level at 1.58780, with an overall target of 1.6027.

GBPUSD M30
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Intraday players will be closely eying two major 1:1 support levels on the downside. The first 1:1 (Yellow) support level currently comes in at 1.56050, with the second 1:1 (Light blue), 50 Fib and old high coming in at 1.55250.

I will be looking to establish long positions once one of the above support levels indicates solid buying interest is likely.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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Day traders closely eying 1.56400 support

GBPUSD Daily

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Cable continues to push higher with the 50 Fib at 1.58780 now only 68 pips away, this level is likely to be tested in the coming days with little to no resistance between here and the 50 Fib.

If the 50 Fib fails to attracted solid selling interest from the bears the momentum will likely continue to pick up with the bulls seeing this as a major win. However the bulls will still need to be wary of the completion of the BC leg at 1.60250 which will complete this Elliott Wave sequence.

GBPUSD M30

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Day traders continue to buy Cable on dips since the break of the 1.55700 level and this is unlikely to change in the short term. Intraday players will be closely eying the 1:1 (Purple) and 61.8 Fib that come in at 1.57000 as well as the 1:1 (Light blue), 23.6 and 38.2 Fib at 1.56400.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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Cable: 1.56400 support attracts solid buying interest

GBPUSD H1

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I mentioned in my previous Forex report that day traders would likely be closely eying support at 1.57000 and 1.56400. The 1:1 (Purple) support at 1.57000 saw strong buying interest during Fridays trading session but the market failed to take out the 1.58130 high which saw the market close near the lows of the day.

During late US trade on Monday the market tested the 1:1 (light blue), 23.6 and 38.2 Fib at 1.56400 with some interest seen at the support level, Asian traders tested the support level for the second time with the 1:1 still attracting buying interest, the market is now 20 odd pips above the 1:1 support.
Build a long position around the 1:1 (Light blue) looks to be the best play in my opinion with a tight stop at 1.56050.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Day traders selling into recent rally, see why?

GBPUSD H4

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Cable has been trading sideways throughout the Asian and early European session after finding support on the 50 Fib (White) (see below) after the sell off overnight. The sell off came with a number of stops being triggered on the break of the 1:1 (Light blue), 23.6 and 38.2 Fib level (see below) on worse than expected data for the UK as well as better than expected US data.

The level to keep a close eye on now is the 1:1 (White) at 1.53900 if the market happens to test this level in the near future and it fails to attract solid buying interest from the bulls a deeper correction is likely to take place.

GBPUSD M30

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With the break of the 1:1 (Light blue) intraday players have seen this as an opportunity to sell with the 1:1 (Yellow) at 1.55600 attracting some decent selling in early European trade. If a break of the 50 Fib (White) which is also US low is seen I would expect selling pressure to pick up on the downside.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Smart money selling into 0.77600 ahead of Aussie data

AUDUSD H4

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After taking out the major 1:1 (Yellow) and 50 Fib (Purple) the Aussie has continued to slid with the bears now pushing for large stops that are likely sitting just below the 2015 lows at 0.75320.

AUDUSD H1

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The smart money has been seen selling the Aussie on a number of 1:1 rally's in recent time with today's 1:1 (Blue) attracting some solid selling interest ahead of the Private Capital Expenditure q/q which came in at a worse than expected -4.4% vs -2.3% sending the Aussie 90 odd pips lower in the minutes following the data.

Moving forward selling the Aussie on any decent move back towards the 38.2 Fib at 0.78600 looks to be the best play in my opinion.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable is testing a major resistance level at 1.54300

GBPUSD H4

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Cable has seen a decent bid over the past 3 days after the 50 Fib (Light blue) attracted some solid buying interest from the bulls. If the market can continue to hold above this level a push for the 1.58150 high will likely come in the week ahead.

GBPUSD H1

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However the bulls may have a battle on their hands with the market testing a major 1:1 (Purple) resistance level at 1.54300. If this level can attract some solid selling interest from the bears they will look to target stops back below 1.52500, on the other hand if this level fails to cap the recent run higher this will overbalance the current down trend and put the bulls back in control.

* A 1:1 refers to a current correction being equal in length to a prior correction

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Bears lining up to sell at 1.54700/900

GBPUSD H4

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Cable has attracted a number of buyers for the second time today on the 50 Fibonacci level at 1.51880, taking out a number of stops above the 1.54400 high.

GBPUSD H1

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Bears will be closely eying the AB=CD (Purple) and 50 Fib level at 1.54700/900, if this level can attract some solid selling interest the bears will look to push for the stops that are likely sitting just below the 50 Fib at 1.51880. However, any solid break above the AB=CD (Purple) and 50 Fib at 1.54700/900 will see the bears run for the hills with the market likely having established a solid base on the 50 Fib at 1.51880.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Intraday players lining up to buy Cable at 1.55250

GBPUSD H1

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Cable took a hit in early London trade with a number of economic data missing the mark, the worse than expected data also coincided with a 3 Drives pattern that helped to send Cable lower. However, the market has bounced back with the bulls continuing to pick up Cable on dips after the market took out the AB=CD (Purple) and 50 Fib at 1.54700/900.

GBPUSD M30

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Intraday players will be closely eying the 1:1 (Yellow), 50 and 23.6 Fibonacci levels that coincides at 1.55250, if this level fails to attracted a solid bid the bulls will turn their attention to the 1:1 (Light blue) and 61.8 Fibonacci level that come together at 1.55000.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE