Spider's Den

Reversal correct, first target support zone hit. Chart below.

Great work PariCovek!
Massive price action waves shake Forex market - Your capital is at risk
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Well done! Excellent as always!

The EUR/USD had a huge momentum candle after worse than expected NFP report on Friday. The pair broke through 4h trend line above 1.1220 confluence zone and is heading towards key resistance zone. If the pair gains momentum above 1.1370 it could reach 1.1418-50 POC zone (61.8, historical sellers,bearish order block). The zone could be used for selling and the pair should drop if the zone is reached. Targets are 1.1360 and below - 1.1295 and 1.1220 as the final target for the bearish move. Have in mind that 1.1360 zone is also a resistance (50.0, near term sellers) and the pair could also find some selling there.

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Past Week Results 30.05.2016
EURUSD +140
GBPUSD +70
AUDUSD -35
USDJPY +70
AUDNZD +40

Total Pips Pool: +285
Trade of the week: EURUSD

Strong bullish price action remains leading factor on EUR/USD - Your capital is at risk
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016eu4.png
The EUR/USD showed strong bullish price action, which increases the chance of a bullish ABC zigzag (orange).
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016eu1.png
The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange) and could now be building a channel (red/blue). A break below the channel could indicate that price is retracing back to the 38.2% Fibonacci level.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016gu4.png
The GBP/USD bounced at the long-term support trend line (green). Price is now approaching a resistance zone (red). A break above it could see price rally within a wave 2 (blue). A break above the 100% Fibonacci level invalidates the wave 2.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016gu1.png
The GBP/USD is probably seeing a development of an expanded wave 2 (blue) via a WXY (pink). The wave count has been changed because wave X stayed above the 138.2% Fibonacci level and due to the strong bullish correction which has taken price to the 61.8% Fib of 'Y vs W'.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016uj4.png
The USD/JPY wave 2 (purple) has been marked as complete because price is trying to break above the resistance trend line (red). A break above this trend line (red) and resistance zone (orange) could see price rally for a wave 3 (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016uj1.png
The USD/JPY is showing higher highs and higher lows again, which makes a downtrend less likely. Price would need to break below the support trend line (green) before a bullish outlook is invalidated.
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EUR/USD ready for bullish break in ABC rally - Your capital is at risk
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016eu4.png
The EUR/USD showed indecision yesterday in its movement. However, the strong bullish price action from last week still preservers and makes a bullish ABC zigzag (orange) the most likely scenario.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016eu1.png
The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange). A break below the channel could indicate that price is retracing back to the 38.2% Fibonacci level. The 1.1475-1.15 price zone is the main target for the moment.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016gu4.png
The GBP/USD is in a choppy consolidation with support (green) and resistance (red) marking the consolidation zone. A break above the 100% Fibonacci level invalidates the wave 2.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016gu1.png
The GBP/USD could use the support trend line (green) for further upside but the 78.6% Fibonacci level is a strong resistane.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016uj4.png
The USD/JPY needs to break above this trend line (red) and resistance zone (orange) before a rally for a wave 3 (purple) becomes more likely. A break below the bottom (green) invalidates the wave 1-2 (purple) structure.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016uj1.png
The USD/JPY seems to have completed a bearish ABC (brown) zigzag within wave 2 (blue), which becomes invalidates if price manages to break below the 100% Fib level of '2 vs 1'.
http://www.admiralmarkets.com/analyt...k-in-abc-rally

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The AUD/JPY pair spiked after a V shaped reversal at the bottom spiking up to 80.30, slightly below H3 camarilla pivot. Now moment price action is showing a completed T-89 pattern right off L4 support where we can see a confluence zone (L4, 38.2, T-89). Since T-89 has been completed we might see a bounce off 79.70 too towards 80.40 and 80.80. Only if the price breaks 80.80 it will make an ascending scallop towards 81.30. Ideally the price should stay above L4 in order for the price to remain bullish.

EUR/USD prolongs uptrend and USD/JPY creates falling wedge - Your capital is at risk:
http://www.admiralmarkets.com/analyt...alling-wedge-1

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+50/60 pip rejection after the analysis

Market was a bit surprised by a no rate cut from RBNZ that sent NZD/USD spiking above previous resistance leaving the trail of retail gap. The same time it appears that the US Fed, despite the slightly hawkish view of Yellen of late, will be unlikely to raise rates in June ahead of the UK referendum.
Technically the NZD/USD is showing a retail gap within 0.7027-0.7070 zone and it hasn't been closed yet. Additionally the gap is within POC zone (H3 WPP, 38.2, inner trend line). The zone 0.7020-60 could provide buying opportunities towards H5 weekly target 0.7250. However if the pair doesn't reject from the zone we might be witnessing a deeper retracement towards POC2 (78.6, L3, WPP, EMA89) 0.6985-0.6900 that also shows a historical gap and should be used for new moment buyers.

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EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016eu4.png
The EUR/USD did not manage to break above the 61.8% Fibonacci resistance level and instead broke below the support trend line (dotted green). This bearish breakout has seen strong momentum but price is still above long-term support (green). For the moment this dip has been marked as wave X (purple) pullback and will be invalidated if price breaks below support and the 100% Fibonacci level.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016eu1.png
The EUR/USD bearish momentum could be a wave 1 or wave A (blue). Once price starts to retrace the resistance Fibonacci levels and resistance trend line (red) could stop from a strong rally.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016gu4.png
The GBP/USD showed slow and corrective bearish action which makes a wave WXY (green) pattern more likely. Price is at the 61.8% Fibonacci support level, which could cause a retracement or reversal. A break below the 100% Fibonacci level increases the chance of a long-term bearish breakout.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016gu1.png
The GBP/USD is building a falling wedge chart pattern, which is a bullish reversal pattern. A break below the 61.8% Fib could see price fall to the 78.6% Fib. A break above the resistance trend lines (red) could spark the start of the wave Y (pink) rally.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...06-2016uj4.png
The USD/JPY broke above the resistance trend line (red) which could mark the start of the wave 3 (purple) but break above a strong resistance zone (orange) would confirm it. A break below the bottom (100%) invalidates the wave 1-2 (purple) structure.
1 hour
https://fxmedia.s3.amazonaws.com/art...06-2016uj1.png
The USD/JPY seems to have completed the C wave (blue). More confirmation will be obtained depending on whether the bullish price action unfolds in 5 waves and shows decent momentum. In that case a wave 1-2 (blue) structure could be unfolding.

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GBP/USD bearish price action breaks support but approaches Fib confluence - Your capital is at risk
http://www.admiralmarkets.com/analytics/wave-analysis/gbp-usd-bearish-price-action-breaks-support-but-approaches-fib-confluence-1

Renewed fears of Brexit is putting the pair under strong pressure. Latest ORB polls suggested "Leave" camp leading by 10% (55% vs 45%) but still there are a lot undecided who might balance-out. Brexit is the main focus now and if we look at the technical picture we see that there is still room for the more downside.
Technically, the pair has broken below multiple trend lines and it has touched 1.4115 L3 weekly support. Bearish order block and historical sellers suggest that 1.4200-1.4230 zone could be good for next round of sellers towards 1.4115 retest again. If the price breaks and 4h candle closes below 1.4100 the way towards 1.3980 will be open.
However if any additional pro "Stay" news is released, watch for spikes towards trend lines. Volatility is huge and pay special attention to your risk management too.

Source: Forexlive


Beware of ICM Brexit poll rumours

Mon 13 Jun 2016 13:50:45 GMTAuthor: Ryan Littlestone | Category: News

http://news.forexlive.com/Content/Au...ittlestone.png

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Pound traders beware

There's rumours coming out that the delayed ICM poll shows a 5 point lead for the remains (see cable's pop).
There has still been no official news still and the details will be released by The Guardian, who commissioned the poll.
There might also be two polls under the same umbrella (phone and online) so it's unclear what exactly is coming.
It's a volatile time to be in GBP positions right now so the sidelines is probably the safest place to be at the moment.
Social media is great for getting the news fast but the downside is that it's a hotbed for chucking around rumours.
Take care






Beware of ICM Brexit poll rumours

Mon 13 Jun 2016 13:50:45 GMTAuthor: Ryan Littlestone | Category: News

http://news.forexlive.com/Content/Au...ittlestone.png

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   share

EUR/USD bounces at golden ratio but meets sturdy resistance - Your capital is at risk
http://www.admiralmarkets.com/analyt...y-resistance-1

Finally GBPUSD dropping from POC

Another rejection from POC

Attached Image (click to enlarge)

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