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On the daily chart we can see that since the SNB black swan event the market has been moving inside a downward channel (see Figure 1)which can also be a diagonal, and based on the Elliott Wave we should see a 5 wave move inside the channel before the market to decide on it's direction. Currently we're in the stage of developing the 3rd wave but first we'll need to hit the lower limit of this channel at around the big round number and psychological number 0.6800 where a bounc…
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AUD/CHF Inside Down Channel
On the daily chart we can see that since the SNB black swan event the market has been moving inside a downward channel (see Figure 1)which can also be a diagonal, and based on the Elliott Wave we should see a 5 wave move inside the channel before the market to decide on it's direction. Currently we're in the stage of developing the 3rd wave but first we'll need to hit the lower limit of this channel at around the big round number and psychological number 0.7000 where a bounc…
AUD/JPY Strong Seasonality Pattern
Back in November we had an upthrust breakout above the current upward channel, but it proved to be a false breakout and now we're trading back within the channel boundaries. This false breakout is only telling us that at one point we had some eager buyers who for whatever reason wanted to be in this bullish move and usually that's how a trend move starts. And even thought we retraced back inside the channel that's a good sign as we don't want the market to move in a straight line as those usuall…
Gold Down-Channel
Last time I was speaking about Gold it was trading near an important inflection point, see more here: Gold Inflection Point
Even thought I was drawing the point that the probability suggest we should continue lower, I have also been advice if we broke the trend-line that connects the 2012 highs we should take the breakout with a long position. The initial breakout lack momentum but only after SNB decision to abandon the 1.2000 EUR/CHF floor, Gold started to gain momentum.
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AUD/JPY Back Inside the Upward Channel
Back in November we had an upthrust breakout above the current upward channel, but it proved to be a false breakout and now we're trading back within the channel boundaries. This false breakout is only telling us that at one point we had some eager buyers who for whatever reason wanted to be in this bullish move and usually that's how a trend move starts. And even thought we retraced back inside the channel that's a good sign as we don't want the market to move in a straight line as those usuall…
NZD/CAD Reversal Pattern
NZD/CAD is turning from an bullish trend into a bearish trend after we succeed in breaking the upward channel (see Figure 1) Since mid-2013 we have moved in and consistent upward channel and at the same time bullish trend. But we have turned back after we broke away from this channel and current price structure of this down wave looks very stepper signaling the bears are in control and we should expect further downside movement.
From the w…
Figure 1. NZD/CAD Weekly Chart
From the w…
NZD/USD Looking Beyond the Carry Trade
Since current price action of NZD/USD has been greatly influenced by the carry trade this time we're going to look on just the technicals. On the weekly chart (see Figure 1)we can see that starting from around last year NZD/USD has start developing an upward channel which we're currently testing the downward trend-line which will provide a good support at around the 0.8000 big psychological level. Also we can see that we may be developing a H&S pattern on the weekly chart which it may not work b…
USD/CAD Uptrend losing his Steam
In today's blog post I just want to share a trade pattern idea and at the same time my prediction fro USD/CAD that I've been poste in the Technical Analysis Contest, which you can find it here: USD/CAD Uptrend Losing his Steam
The current USD/CAD bullish trend is losing his momentum suggesting we have entered in a more prolonged type of correction especially since we have entered during the summer trading conditions, when volatilityusually dry out and the market tend to stay in congestion…
The current USD/CAD bullish trend is losing his momentum suggesting we have entered in a more prolonged type of correction especially since we have entered during the summer trading conditions, when volatilityusually dry out and the market tend to stay in congestion…
EUR/GBP Downword Channel
Since beginning of 2013 EUR/GBP has established an downward channel trading in an persistent bearish trend which has not found a bottom yet. Based on Elliott Wave count this is a bigger correction which is taking form of an double zig-zag pattern. Right now we're in the last stage of forming the last leg Y but we first we need a 3 wave movement(see red line Figure 1). We need a last rally towards the upper border of trading channel to form wave B and next another swing low below the 0.8100 level…
CAD/CHF Downward Channel
I've been posted this analysis in Technical Analysis Contest as well but I thought it has great potential to turn into a nice trade so I'm sharing my analysis here as well: CAD/CHF Downward Channel
Over the last several year CAD/CHF trend has been very consistent and we have been moving in a downward channel without any kind of deep retracement which shows the fact that this bearish trend is very strong and current price action doesn't suggest that there are many big support level that ca…
Over the last several year CAD/CHF trend has been very consistent and we have been moving in a downward channel without any kind of deep retracement which shows the fact that this bearish trend is very strong and current price action doesn't suggest that there are many big support level that ca…