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Trendlines - Two sides of the story

Trader's use all sort of different technical tools in their analysis. One of my favorites is Trendlines.
They can be very useful in determining entry points in a continuation of a trend, and at the same time, a great indicator for breakouts, reversals, and longer term pullbacks. Depending on which TF they are used, often longer term reversals can be spotted early.
However, this tool falls into the category of one that is subjective. A TL can be drawn different ways, and often subconsciously we d…
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GBPUSD Testing it's Daily Trendline

A surprising sell off on a weak NFP number, nevertheless the pair is testing critical support at it's daily trendline.
This is an area where we can see a bit off a pull back, before the downtrend really starts to get going.
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Daily Fractal Pattern suggest further downside in August

The GBPUSD has been quite bullish since bottoming mid April. As of late, however, the pair has been struggling to make any significant weekly advances.
There is a pattern that has already been seen on the daily chart, that has now appeared in fractal form on the 4H chart. On the daily it marked a point of turn in price, and the expectation will be the same for 4H, which can trigger further bearish price action in the month of August.
Levels
1.5690 - July 29 Spike high ** Key resistance and patte…
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WallStreet6 avatar
WallStreet6 2015年08月02日

I'm also anticipating the cable turning into bearish trend, but first I thought it was going to appreciate.  But maybe you're right that the bullish sentiment is running out.

Jignesh avatar
Jignesh 2015年08月02日

I agree WallStreet6 .. I've been long this pair for over 3 weeks now.  Was expecting a lot more upside than we've seen.  Looking for an pullback towards resistance early week and then the bearish trend to start.  A break above recent highs would invalidate my wave count.

Jignesh avatar
Jignesh 2015年08月07日

This week we've had 2 big moves in the GBPUSD. First was after a weaker than expected MPC Vote, it triggered a nice selloff in the pair, and then surprisingly today after a weak NFP number, it caused another sell off.  Currently we are trading at the daily trendline, which has provided some support for the pair.  Will be looking to see if the pair catches a bounce here, before it continues selling off next week.

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EURUSD Back to it's Daily Trendline

EURUSD has come back to test it's daily trendline.
I was not actually aware of this trendline until I noticed a Trade Idea of the main Dukascopy Site that pointed it out. A lot of great information, and analysis. If you haven't seen it check it out. Here is the link Dukascopy Trading Ideas EURUSD
EURUSD Daily Facing Daily Trendline

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AUDNZD Returns the Daily Trendline

The AUDNZD has had a trendline in play since Jan 2014 that has had a significant impact on price on every touch. Once again, the pair is pushing up against this trendline and did not manage to clear in todays session.
A push lower from here can likely send the pair down to the yearly support level which comes in at 1.0525
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EURAUD Struggles Against Monthly Trendline

EURAUD has recently made a bearish break of a major Weekly Trendline that dates back to mid 2012.
in the past few weeks, the pair has had some bullish momentum, however it is struggling to make a solid break higher above the trendline, offering some decent opportunities for intraday scalps
The weekly chart below shows the the trendline in play, and the following chart shows the daily reaction from that level.
EURAUD Weekly
EURAUD Daily
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CADJPY Consolidates in a narrow Range

The Canadian Dollar has seen some selling pressure as of late, but last week, the BOC once again did not cut rates which the market has largely been expecting. Today we see the CAD continue to sell off even further.
With net shorts building on on the Yen this week, we've seen the CADJPY hardly move so far this week. As it consolidates within a narrow range, between a rising trendline on 1H and resistance in ahead of 100. Will keep on eye on which way it breaks and look for some continuation.
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USDCAD up against resistance confluence

The USDCAD has been showing strong upside momentum for the last two weeks, but momentum was seen slowing down up against a resistance confluence area on the daily chart.
The chart below shows a combination of trendline resistance, channel resistance, as well as the 61.8% Fibonacci level from highs to lows.
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AUDUSD Near Support Confluence

The AUDUSD had a bearish move on the back of a statement from the RBA in early trading.
The pair dipped down to support in the form of a rising trendline on the 1 hour charts, as well as the 50% retracement of the last leg down. This area has already shown signs of buying and can be an area where we see the pair turn bullish once again.
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AUDNZD Daily Trendline in play once again

The AUDNZD has been quite strong for the month. Fundamentals are playing a great role with the RBNZ having recently released a statement that strongly suggests a rate cut in the near future, while the RBA statement did not sound like any further cuts were upcoming after having just cut rates at the last rate decision.
The AUDNZD has ralied since late April, and is up nearly 400 pips in a move that saw a minimum amount of retracements.
In the past week, we've seen the pair restest a Daily Trendli…
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