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Market Analytics

Daily Analytics: NZD/USD remains pressured inside a bearish chart pattern

Daily Analytics : NZD/USD remains pressured inside a bearish chart pattern

What to Watch : NZD/USD 1-hour

NZD_USD_15062021-637593248625264741

NZD/USD edges lower around 0.7140, down 0.04% intraday, amid early Tuesday. In doing so, the kiwi pair portrays a bearish flag chart pattern on the hourly (1H) play while staying below key Hourly Moving Averages (HMAs).

Considering the Momentum retreat, NZD/USD sellers are likely to keep the reins. However, a clear downside break of 0.7130 becomes necessary for them before targeting the theoretical target of near 0.7025-30, surrounding late March levels.

 

During the fall, lows marked during May and the monthly bottom around 0.7115 acts as the key hurdle for the bears.

On the flip side, the 50-HMA level of 0.7150 acts as an immediate resistance ahead of the flag’s upper line close to 0.7160.

It’s worth noting that the quote’s run-up beyond 0.7160 isn’t a free pass to the NZD/USD bulls as 200-HMA, close to 0.7184, followed by a downward sloping trend line from late May near 0.7195, will test the further upside.

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Market Analytics

Daily Analytics: AUD/USD Price Impending bear cross

Daily Analytics : AUD/USD Price Analysis

What to Watch : AUD/USD 4-hour

AUD_USD_15062021-637593291088624796

AUD/USD picks up bids to 0.7110 in a run-up to consolidate the day’s losses amid a sluggish trading session during early Tuesday.

It should, however, be noted that the pair’s failures to cross 50-SMA the previous day joins the looming crossover of the stated SMA above 21-SMA, to back the bearish bias towards a horizontal area comprising multiple lows since mid-May.

Though, a clear downtrend below the 0.7700 threshold becomes necessary for the pair to aim for monthly horizontal support near 0.7690-85.

In a case where AUD/USD remains pressured below 0.7685, it becomes vulnerable to attack the monthly bottom, also the lowest since April 14, surrounding 0.7645.

Alternatively, receding bearish bias of MACD signals another attempt to cross the key SMA confluence near 0.7725.

The same, if confirmed, will trigger recovery moves targeting the month’s top close to the 0.7800 round figure.

Overall, AUD/USD traders should wait for confirmation of a bearish cross to take fresh short positions, until then odds of the quote’s corrective pullback targeting 0.7725 can’t be ruled out.

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Market Analytics

Daily Analytics: Dollar Setups on EUR/USD and AUD/USD

Daily Analytics : Pro-Dollar Setups on EUR/USD and AUD/USD

What to Watch : AUD/USD 4-hour

EURUSD4

Remember that range support play that we spotted a coupla days back? Well, it looks like the bulls got to work!

 

AUD/USD is a few pips away from the .7800 major psychological handle that has been limiting the bulls’ game since March. And look at that, Stochastic is chillin’ in the overbought region!

 

Aussie bears can start placing them short trades or wait for an actual retest of the .7800 zone if they believe that AUD/USD will head back to its mid-range or 4-hour range support.

Feel like the Aussie will soon bust above its range? You’ll want to wait for a clear break above .7800 if you want to target areas of interest like .7925 or .8000

What to Watch : AUD/USD 4-hour

AUDUSD1

AUD/USD is sporting wicks near the .7700 major psychological handle that lines up with the 100 and 200 SMAs as well as a range support that bulls and bears have been playing with since mid-April.

 

Today’s oversold Stochastic signal can bring some bulls to the Aussie’s yard. A long trade at current levels is a good play if you think that the .7700 range support would hold in the next trading sessions.

If AUD/USD breaks below .7700 and the SMAs, however, then you should make trading plans for a possible trip to the .7660 previous resistance or even the .7600 inflection point.

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Market Analytics

Daily Analytics: Opportunities for USD/CHF and AUD/USD

Daily Analytics : Support and Resistance Opportunities for USD/CHF and AUD/USD

What to Watch : USD/CHF 1-hour

USDCHF

USD/CHF is popppin’ up hesitation candlesticks near .9140, which isn’t surprising because the level lines up with the 200 SMA and a trend line resistance that the bulls have been respecting since March.

 

Will USD/CHF extend its short-term downtrend?

Bears can short at current levels to get good risk ratios, but the more conservative sellers can also wait for a bit of bearish momentum before placing short orders all the way to April’s lows.

But wait! Dollar bulls also have a chance to get some pips. Look out for USD/CHF trading firmly above the trend line and the 200 SMA, which could push the dollar to at least the .9180 previous inflection point.

What to Watch : AUD/USD 4-hour

AUDUSD

AUD/USD is sporting wicks near the .7700 major psychological handle that lines up with the 100 and 200 SMAs as well as a range support that bulls and bears have been playing with since mid-April.

 

Today’s oversold Stochastic signal can bring some bulls to the Aussie’s yard. A long trade at current levels is a good play if you think that the .7700 range support would hold in the next trading sessions.

If AUD/USD breaks below .7700 and the SMAs, however, then you should make trading plans for a possible trip to the .7660 previous resistance or even the .7600 inflection point.

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Market Analytics

Daily Analytics: Resistance Levels for GBP/USD and NZD/JPY

Daily Analytics : Resistance Levels for GBP/USD and NZD/JPY

What to Watch : NZD/JPY 4-hour

NZDJPY2

NZD/JPY is having trouble making new highs above the 77.75 area.

 

And why not? The level lines up with a channel resistance that’s been relevant since mid-April. It also doesn’t help that the 100 SMA has just crossed below the 200 SMA.

 

The cherry on top of this sweet setup is a small divergence on the 1-hour time frame.

Shorting at the first signs of sustained selling pressure is a good idea if you’re betting on NZD/JPY extending its short-term downtrend.

If you’d rather buy the Kiwi against the yen, though, then you’ll want to do it after the Kiwi pops above the 77.30 area. The 78.00 handle is a good target but you can also aim for April’s highs if you’re confident in the Kiwi’s strength.

What to Watch : GBP/USD Daily

GBPUSD11

Cable looks ready to retest the 1.4200 February highs! As you can see, the pound saw a top and then a reversal around the area back in 2018.

 

Let’s see if history repeats itself.

 

Pound bulls can take advantage of the current upswing and buy the currency until we see more bearish candlesticks. Be careful of the big 1.4000 level, though, as it can attract tons of short-term bears.

Meanwhile, the bears can either wait for momentum at a rejection of the 1.4000 handle, or they can start placing some shorts in case GBP/USD retests 1.4200.

The 1.3750 double top “neckline” is a good initial target but you can also shoot for a downside breakout all the way to the 1.3450 major area of interest.

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Market Analytics

Daily Analytics: Resistance Tests for EUR/GBP and NZD/JPY

Daily Analytics : Resistance Tests for EUR/GBP and NZD/JPY

What to Watch : NZD/JPY 1-hour

NZDJPY1

NZD/JPY is having trouble making new highs above the 77.75 area.

 

And why not? The level lines up with a channel resistance that’s been relevant since mid-April. It also doesn’t help that the 100 SMA has just crossed below the 200 SMA.

 

The cherry on top of this sweet setup is a small divergence on the 1-hour time frame.

Shorting at the first signs of sustained selling pressure is a good idea if you’re betting on NZD/JPY extending its short-term downtrend.

If you’d rather buy the Kiwi against the yen, though, then you’ll want to do it after the Kiwi pops above the 77.30 area. The 78.00 handle is a good target but you can also aim for April’s highs if you’re confident in the Kiwi’s strength.

What to Watch : EUR/GBP 4-hour

EURGBP4

Countertrend traders huddle up!

After breaking above a trend line resistance, EUR/GBP is now trading inside an ascending channel on the 4-hour time frame.

 

The odds currently favor the bears as EUR/GBP hangs out at the .8700 major psychological area. The resistance hasn’t been broken since late Feb, yo!

 

Euro bears can nibble around current levels and then push the pedal to the metal once EUR/GBP sees downside momentum. You gotta watch out for the mid-channel and 100 SMA support levels, though, in case the bulls are waiting for a chance to buy at the area.

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Market Analytics

Daily Analytics: Comdoll Trend CAD/JPY and AUD/NZD

Daily Analytics : Comdoll Trend CAD/JPY and AUD/NZD

What to Watch : CAD/JPY 1-hour

CADJPY4

Loonie bears are doing a good job of defending the trend line resistance that the bulls have been knocking on since the start of the month.

 

Of course, it doesn’t hurt that the trend line is also around the 100 and 200 SMAs AND the 86.50 minor psychological handle this week.

 

Sellers can jump on the downtrend at current levels, target this week’s low, and place their stops just above the 200 SMA for a good risk ratio.

If you’d rather buy the comdoll against the yen, however, then you’ll want to do it once CAD/JPY successfully breaks above the trend line and maybe pushes the 100 SMA to cross above the 200 SMA.

What to Watch : AUD/NZD Daily

AUDNZD1

AUD/NZD is finding support at the 1.0750 minor psychological level that’s right smack at a 61.8% Fib retracement, and channel support on the daily time frame.

 

Bulls who believe that the Aussie can extend its uptrend against the Kiwi can buy at the first signs of bullish momentum and target 2021’s highs.

 

If you see the Aussie trading below the channel and SMA support levels, though, then you gotta be ready for possible trips to the 1.0650 or 1.0570 previous areas of interest.

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Market Analytics

Daily Analytics: Triangle Breakout on AUD/JPY and CAD/JPY

Daily Analytics :Triangle Breakout on AUD/JPY and CAD/JPY

What to Watch : CAD/JPY 1-hour

CADJPY3

CAD/JPY is consolidating at the 86.60 zone, which lines up with a key support that the bulls had relied on for most of April.

 

What makes the level more interesting is that it’s also around a 50% Fib retracement of CAD/JPY’s recent downswing and is just below the trend line and 100 SMA resistance on the 1-hour time frame.

 

Will 86.60 become a resistance area for the Loonie? Shorting at the first signs of bearish momentum is a good strategy if you’re betting on CAD/JPY extending its downtrend in the next trading sessions.

If you think that the bulls have enough firepower to bust through the triangle support AND resistance areas, then you can also wait for CAD/JPY to trade above the SMAs before betting on possible retests of the 87.15 and 87.60 areas of interest.

What to Watch : AUD/JPY Daily

AUDJPY1

If breakout trades are more your thing, then you’re gonna love that AUD/JPY is still inside an ascending triangle that had formed after a strong Q4 2020 for the Aussie.

 

84.50 is the resistance level to watch though the bulls will need to push the Aussie above 85.45 if they want to get new 2021 highs for AUD/JPY.

 

An upside breakout could lead to trips to the 86.75 and 89.00 previous inflection points.

But if the ascending triangle results in a downside breakout (triangles are indecision patterns, ya know), then we could see the Aussie test the 82.50 February and March lows or even the 100 SMA on the daily time frame.

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Market Analytics

Daily Analytics: Trend Plays on BTC/USD and AUD/CAD

Daily Analytics : Trend Plays on BTC/USD and AUD/CAD

What to Watch : BTC/USD Daily

BTCUSD1

I know y’all are watching Bitcoin right now so you gotta know that BTC/USD is trading in a possible rising wedge on the daily time frame.

Rising wedges pop up when the higher lows are steeper than the higher highs. They also often hint that a big splash is coming.

In which direction should you be looking at? $60,000 remains a big hurdle for the bulls but it doesn’t look like the bears have much game either.

Look for a clear break above $60,000, which could yeet BTC to its $62,670 highs or even new 2021 highs. If the bears manage to break the trend line support, however, then we could see our OG crypto test the 100 SMA or even the $43,400 support.

What to Watch : AUD/CAD Weekly

AUDCAD

If you feel like trading the comdolls, then you’re gonna love that AUD/CAD is hitting an ascending channel support.

 

But wait, there’s more! As you can see, the .9550 zone is a BFD for the weekly traders. It’s also near the 200 SMA at a time when Stochastic just landed in the oversold territory.

 

I’m not seeing any bullish momentum at the moment so y’all still have time to wait and see if AUD/CAD will respect the channel support.

Get ready to target parity if see a strong enough bullish pressure, but you can also aim for the 100 SMA or the .9100 levels if the bears manage to maintain their momentum in the next couple of weeks.

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Market Analytics

Daily Analytics: Retracement EUR/AUD and GBP/NZD

Daily Analytics : Retracement on EUR/AUD and GBP/NZD

What to Watch : EUR/AUD 4-hour

EURAUD1

Last week, we talked about EUR/AUD chillin’ inside a symmetrical triangle after trading on a downtrend since December.

 

The plot has thickened today with the 100 SMA lookin’ ready to cross above the 200 SMA. What’s more, EUR/AUD is knocking on the triangle’s resistance!

 

Is the euro ready to reverse some of its downswing against the Aussie? Buying at the first signs of an upside breakout could get you in at a good price if EUR/AUD ends up testing the 1.5600 or even the 1.5900 previous resistance levels.

But what if the bears stay strong this week? A rejection from the triangle resistance would make it easier for EUR/AUD bears to drag the euro back below the SMAs and maybe even revisit March’s lows.

What to Watch : GBP/NZD 4-hour

GBPNZD1

GBP/NZD is having trouble closing candlesticks below the 100 SMA, which is not a surprise cause 1.9575 is also around the 38.2% – 50% Fib zones AND is just above a trend line support that hasn’t been broken since late February.

 

With Stochastic chillin’ at the oversold zone, you can bet that bulls are already placing orders for a possible trip to March’s highs. Heck, they can even aim for new 2021 highs if their risk ratios are hot enough!

Pound bears can probably bank on the sharpness of the current downswing, but I gotta tell ya it’s a tall order unless we also see a break below the trend line support.

The 1.9400 area is a good target if you’re not feeling the pound but you can also aim for 1.9200 if we ever see a clear trend line breakout.

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