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WEEKLY: USDJPY Strategic View: USDJPY Is Approaching Resistance, Prepare For A Reversal!

Published on: April 30, 2018

Sell below 109.46. Stop Loss at 110.32. Take Profit at 107.83.

Reason for the trading strategy:
Price is testing its resistance at 109.46 (78.6% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance), where we expect to see a reversal, causing price to fall to its support at 107.83 (61.8% Fibonacci retracement, horizontal pullback support).

Stochastic (89, 5, 3) is testing its resistance at 96% where a corresponding reaction is expected. A bearish divergence with price has also been identified which contributes to our bearish bias.

WEEKLY: USDJPY Daily Key Elements

Published on:

USDJPY major levels of resistance:
114.50 (Horizontal swing high resistance)
108.00 (23.6%, 38.2% Fibonacci retracement, horizontal overlap resistance)

USDJPY major levels of support:
108.00 (Horizontal swing low support, 50% Fibonacci retracement)
104.30 (100% Fibonacci extension, 76.4% Fibonacci retracement)
100.00 (major swing low support)

USDJPY technical indicators:
RSI (89) is approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.

WEEKLY: GBPUSD Strategic View: GBPUSD Broke Out Of Support, Sell On Strength!

Published on:

Sell below 1.3914. Stop Loss at 1.3998. Take Profit at 1.3742.

Reason for the trading strategy:

Price broke out of our support-turned-resistance at 1.3914 (horizontal overlap resistance, breakout level). We expect a strong reaction to occur below this level, pushing price down to our major support at 1.3742 (horizontal swing low support, 23.6% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish view.

RSI (34) is seeing a bearish exit, a good precursor for a potential drop in price.

WEEKLY: GBPUSD Daily Key Elements

Published on:

GBPUSD major levels of resistance:
1.4880 (Major horizontal overlap resistance)
1.4350 (100% Fibonacci extension, 76.4% Fibonacci retracement, Horizontal swing high resistance)

GBPUSD major levels of support:
1.3700 (Horizontal overlap support, 23.6% Fibonacci retracement)

GBPUSD technical indicators:
RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.

WEEKLY: AUDUSD Strategic View: AUDUSD Approaching Support, Buy On Weakness!

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Buy above 0.7510. Stop loss at 0.7461. Take Profit at 0.7646.

Reason for the trading strategy:
Price is approaching our major support at 0.7510 (horizontal overlap support, 78.6% Fibonacci retracement, 100% Fibonacci extension). We expect a strong bounce to occur at this level, pushing price up to our major resistance at 0.7646 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (55,5,3) is also seeing a bullish divergence and is approaching our support, where bounce above this level might be a good precursor for a rise in price.

WEEKLY: AUDUSD Daily Key Elements

Published on:

AUDUSD major levels of resistance:
0.8170 (3 Year High, Major swing high resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension)
0.8130 (Major swing high resistance)
0.7754 (horizontal overlap resistance)

AUDUSD major levels of support:
0.7500 (100% Fibonacci extension, 50%, 78.6% Fibonacci retracement, Horizontal swing low support)
0.7320 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, Horizontal swing low support)

AUDUSD technical indicators:
Stochastic (55,5,3) is approaching its support where a bounce off this level might be a good precursor for a potential rise in price.

WEEKLY: USDCAD Strategic View: USDCAD Testing Its Resistance, Prepare For A Reversal

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Sell below 1.2927. Stop loss at 1.3000. Take profit at 1.2754.

Reason for trading strategy:
USDCAD is testing its resistance at 1.2927 (61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 1.2754 (38.2% Fibonacci retracement, horizontal overlap support).

Stochastic (34, 5, 3) is approaching resistance at 96% where a corresponding reversal is expected. We have also identified a bearish divergence with price which contributes to our bearish bias.

WEEKLY: USDCAD Daily Key Elements

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USDCAD major levels of resistance:
1.3752 (61.8% Fibonacci retracement, Swing high resistance)
1.3179 (38.2% Fibonacci retracement, 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance area)

USDCAD major levels of support:
1.2460 (100% Fibonacci extension, 76.4% Fibonacci retracement)
1.2070 (61.8% Fibonacci retracement, Horizontal swing low support)
1.1584 (100% Fibonacci extension, 76.4% Fibonacci retracement)

USDCAD technical indicators:
Stochastic (89, 5, 3) is approaching its resistance at 97%.

WEEKLY: EURUSD Strategic View: EURUSD Approaching Support, Prepare For A Bounce

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Buy above 1.2199. Stop loss 1.1999. Take profit 1.2293.

Reason for trading strategy:
EURUSD is approaching its support at 1.2070 (100% Fibonacci extension x2, 50% Fibonacci retracement, horizontal pullback support, descending channel support) where we expect price to bounce and rise to its resistance at 1.2293 (61.8% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.2199 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance).

Stochastic (55, 5, 3) is approaching its support at 4.04% where a corresponding bounce is expected.

WEEKLY: EURUSD Daily Key Elements

Published on:

EURUSD major levels of resistance:
1.26655 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap
resistance)

EURUSD major levels of support:
1.2050 (100% Fibonacci extension, 23.6% Fibonacci retracement, 50% Fibonacci
retracement, horizontal Pullback support)
1.1718 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap
support)
1.0315 (61.8% Fibonacci extension, Horizontal swing low support)

EURUSD technical indicators:
Stochastic (55,5,3) is is approaching its support at 3.68%.

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