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AUDJPY Shorting opportunity developingIt appears there is weakness developing in all AUD pairs at the moment. The AUDJPY pair is starting to look promising for a shorting opportunity as we have a counter trend pull back to Daily resistance which is in the form of a key line, downward trend line and daily 50 ema! We also have a nice Daily high test candle to support this rejection and a minor double top formation on the daily chart. I have also provided analysis on the 1 hour chart here: The 1 hour chart still requires deceleration and more time needs to pass to confirm a possible upcoming reversal in this market.
Short
by t1018687
GBP/CAD 1H Chart: Falling WedgeGBP/CAD 1H Chart: Falling Wedge The British Pound is losing value against the Canadian Dollar in falling wedge pattern that began to transform from a descending channel in the middle of last week. At the moment, the wedge consists of multiple reaction highs and three reaction lows, which means that it might be broken already in the nearest future. Even though the graph point out that the breakout should not occur before the pair reaches the monthly S2 at 1.5878, in reality the pattern might be distorted by any more or less significant fundamental event, such as the Jackson Hole Symposium. Given that the northern side is secured a by various technical barriers, such as the 55-, 100- and 200-hour SMAs, the success of the potential surge is doubtful even if it contradicts to the trade patterns theory.
by UnknownUnicorn890690
TRY/JPY 1H Chart: Rising WedgeTRY/JPY 1H Chart: Rising Wedge The Turkish Lira is losing value against the Japanese Yen in an ascending channel that began to form one week ago. The pattern managed to gain four confirmation points before it started to transform into a rising wedge. In this kind of figures the currency rate usually makes a breakout in the bottom direction. However, this time the southern side is reliable secured by a combination of the 55-, 100- and 200-hour SMAs. In contrast, the opposite side does not have any obstacles up until the weekly R2 at 31.7523 that will be updated on Monday. Therefore, the might shortly sneak to the bottom, but then make a rebound and continue the surge.
by UnknownUnicorn890690
CAD/HKD 1H Chart: Channel UpCAD/HKD 1H Chart: Channel Up The Canadian Dollar is trading against the Hong Kong Dollar in a two week long ascending channel that started to form after the currency rate left a preceding ascending channel. This pattern is not usual, as it consists of many reaction highs and only one reaction low. The reason behind such distinctiveness is attributed to a strength exercised by the 55- and 100-hour SMAs or a combination of them both. To put differently, five day in a row these technical indicators do not let the pair to slip to the bottom. This means the exchange rate is going to soar at least until the weekly R1 at 6.2592, which might force the pair make a rebound. However, as long as the above SMAs are moving together, it is doubtful that the pair will manage to cross them.
by UnknownUnicorn890690
USD/CHF 1H Chart: Channel UpUSD/CHF 1H Chart: Channel Up The American Dollar is trading against the Swiss Franc simultaneously in descending and ascending channels. The latter pattern consists of four confirmation points, where the last one represents a rebound of the exchange rate from the monthly PP at 0.9613. In the upcoming hours it will become clear, which formation is going to guide further movement of the currency pair. Most probably, strength of the older channel is going to prevail. This a assumption is on the fact that the northern passage is protected by combined resistance level set up by the 100- and 200-hour SMAs in conjunction with the weekly PP at 0.9668. Moreover, the subsequent downfall will enable the pair to finally reach the lower edge of the third, dominant channel down.
by UnknownUnicorn890690
CHF/SGD 1H Chart: Channel UpCHF/SGD 1H Chart: Channel Up The Swiss Franc is gaining value against the Singapore Dollar in a short-term ascending channel that started to form after the currency exchange rate bounced off from the weekly S1 at 1.4007. Depending on how you draw the pattern, it will consist of two reaction highs or three reaction lows. In any case, there is a clearly seen uptrend that is backed up by the 55-, 100- and 200-hour SMA from the bottom. At the moment, the currency pair has no barriers on its way up until the weekly R1 at 1.4285. The further movement to the top is also supported by the general market sentiment, which is 74% bullish. However, if the rate will fail to climb above the 1.4240-1.4260 area this might be a sign of an existence of senior ascending channel.
by UnknownUnicorn890690
BULLISH CYPHER AUDUSDHope traders were able to capitalize on the bearish cypher that appeared on the AUDUSD 1H (and below). TPs hit, now anticipating the test of 0.79876. The 78% PRZ is actually a bit deeper than 79876, however in playing to the tone of structure analysis we are moving the potential level a couple of pips higher to ensure fill. I would not expect this pattern to unravel back up to the highs if hit; but look to take profit at levels around 79264 if triggered. Stops below the recent low.
Long
by j1tfx
Guaranteeing a trade on the USDCAD no matter whatHarmonic formations have been proving to be very profitable on the USDCAD and USDJPY these last few weeks. On screen we have the current completion of a potential Gartley Pattern (Blue); which could go down to the completion of a Cypher Pattern (Yellow). If these two patterns become invalidated, we could also have the completion of a bearish Cypher above the previously mentioned formations. I will follow the market closely and post updates on targets and stops.
by CarlosPM