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XAGUSD forming a bearish harmonic pattern

Daily Vision
The XAGUSD trend is bearish in daily time frame. Vital resistance is present at 14.5658 price level. In past few trading days, price has completed possible bearish impulse Wave-A and moved up.
Based on Elliott wave analysis, I now expect price action to print bullish Wave B. The trend is bearish and a good idea is to look for a sell trading chance to join the down trend after the end of bullish Wave B leg in current time frame or smaller time frame.
However, if bullish candlestic…
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The long term bias is still bullish on XAU/USD

Daily Vision

The XAUUSD was indecisive last week formed a Doji on weekly chart. The bias is neutral in nearest term but as long as stays above 1 695.23.
I still prefer a bullish intraday scenario at this phase targeting 1 685.23 region.
Immediate resistance is seen around 1 254.23. A clear break and daily close above that area could trigger further bullish pressure testing 1 654.23 region. Immediate support is seen around 1 232.23.
A clear break below that area could trigger further bearish pre…
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GBP/USD forming a strong bearish harmonic pattern

Daily Vision
The GBP/USD trend is bearish in daily time frame. Vital resistance is present at 1.3689 price level. In past few trading days, price has completed possible bearish impulse Wave-A and moved up.
Based on Elliott wave analysis, I now expect price action to print bullish Wave B. The trend is bearish and a good idea is to look for a sell trading chance to join the down trend after the end of bullish Wave B leg in current time frame or smaller time frame.
However, if bullish candlestick c…
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EURAUD facing a strong trend line resistance

Daily analysis
EURAUD opened the week at 1.5187 and touched a high of 1.5190. The pair then reversed directions and dropped to 1.5028, as support held firm at 1.5026. The pair closed the week at 1.5031. And the price of 1.5000 has been significant in the recent history of EURAUD, and with a mid-line of a down-ward sloping channel offering an additional impetus for support, top-side reversal setups became attractive as a 1-to-4 risk-reward ratio was available using that 1.5000 level for risk wit…
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CHFJPY forming a bearish harmonic pattern

Weekly analysis
weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lines at the 118.47 level with a breach pushing the pair further towards the 118.75 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 118.65 level. All in all, the pair remains biased to the downside in the short term on correction.
Daily analysis

CHFJPY is at an interesting level as we’re currently at the top end of what to …
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Long term bias is still short on CADJPY

Daily analysis
CADJPY opened the week at 86.76 and touched a low of 86.45. It was all uphill for the pair, which hit a high of 86.25, putting strong pressure on resistance at 86.45, CADJPY closed the week at 86.35. With the pair posting sharp gains last week, we begin with a top level at the round number of 86.25. The round number of 86.74 was a swing low and remains of importance. 86.65 was the high and a key resistance line. 86.85, which was a swing low, has switched to resistance. It is a wea…
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CADCHF Loses upside momentum

Daily analysis
CADCHF printed a rejection to halt its upside offensive and close lower the past week. This price action has created downside risk as we enter a new week. On the downside, support comes in at the 0.7385 level. A turn below here will open the door for more weakness targeting the 0.7345 level and followed by the 0.7365 level. A cut through here will bring additional weakness towards the 0.7369 level.
Weekly analysis

CADCHF opened the week at 0.7314 and touched a high of 0.7387. The …
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AUDUSD facing a strong trend line resistance

Daily analysis
AUDUSD opened the week at 0.7085 and touched a high of 0.7098. The pair then reversed directions and dropped to 0.7078, as support held firm at 0.7012. The pair closed the week at 0.7045. And the price of 0.7065 has been significant in the recent history of AUDUSD, and with a mid-line of a down-ward sloping channel offering an additional impetus for support, top-side reversal setups became attractive as a 1-to-4 risk-reward ratio was available using that 0.7115 level for risk with…
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AUDNZD forming a bearish harmonic pattern

Weekly analysis
weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lines at the 1.0975 level with a breach pushing the pair further towards the 1.0975 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 1.0996 level. All in all, the pair remains biased to the downside in the short term on correction.
Daily analysis

AUDNZD is at an interesting level as we’re currently at the top end of what to me …
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Long term bias is still short on AUDJPY

Daily analysis
AUDJPY opened the week at 85.98 and touched a low of 85.47. It was all uphill for the pair, which hit a high of 85.14, putting strong pressure on resistance at 85.98, AUDJPY closed the week at 85.65. With the pair posting sharp gains last week, we begin with a top level at the round number of 85.74. The round number of 85.65 was a swing low and remains of importance. 85.75 was the high and a key resistance line. 85.96, which was a swing low, has switched to resistance. It is a wea…
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