Good day everyone, reviewing charts & doing some preparations for the week ahead. Looking at next week's calendar i see quite a lot red (heavy-hitting) events, so strap on and lets get this review rolling.
In the upcoming week two central banks report their rate decisons and come out with their monetery policy statements - the ECB & the BOJ (both on Thursday), so come wednesday take extra care trading EUR & Yen pairs. Also on Monday night against Tuesday i see RBA comes out with meeting's minutes, which might fuel or kill AUD rally.
Oh yeah, charts! To see any chart bigger, right click the image and select "open image in new tab".
Bitcoin is in a really bad way. I have no interest in buying this. Many small levels along the way, but looking at this bubble, it may need some unwinding before it can gear up for another rally. If an instrument loses that much percent in a day, cant really consider buying it, can you?
Ethereum - won't touch it with a ten-feet pole. Clear downtrend, why would you buy it? I am a daytrader, so buying and holding has no value to me. Maybe long-term investors would love to buy it here, but still, why wouldn't you let it stabilize first?
EURGBP nice weekly shooting star, omnomnom. Risk - the ECB meeting on Thursday. Pro: GBP breakout, see below
EURGBP H4 chart - lets consider that we are on a short-term support, so maybe we can get some better levels for a short. Again, mind the ECB on Thursday.
GBPUSD daily bullflag targets approx 1.3250, also we broke out of a strong horizontal resistance level....
... keeping an eye on this channel though i am not sure how significant role this will play.
GBPNZD - in light of GBP breakouts here and there and NZD lagging recently (data not so good? dont really care, let charts tell the story here), this might be a good opportunity to rape this to the upside
DAX - we're still here. I considered 50% and 61% fibs attractive shorting opportunities, currently i'm careful with shorts as US indices making new highs and DAX bouncing quite aggressively on shorter timeframes (see next chart)
DAX H1 - this is the next chart that i was talking about in last paragraph. Bouncing heavily on a level. While this heavy bounce is not seen that much on this chart, DAX futures bounced nearly a 100pts, up from 12568 to 12657!
NZDUSD sucking. We're still here
AUDUSD notable developments, we cleared a longterm trendline, but historical levels still overhead. Mind the RBA minutes around the beginning of this week
SPX - flag after flag after flag. I actually had another chart where i had tens of bullflags drawn but i lost it. I swear ;) So - bullish until proven otherwise.
GBPJPY daily. Self-explanatory. Risk is the BOJ this week
NZDJPY the trend is strong, but be cautious of the potential double top. Look at the second chart, we have a massive level a little higher overhead.
GOLD - Inverted H&S (posted on friday before the breakout), that's targeting approx 1245 and this channel breakout
GOLD sentiment and positioning (thanks to the fine folks at Topdown Charts)
Comments, counter-ideas and criticism is welcome.
So everybody, good luck and trade safe!
Thank you for detailed analysis of the currency futures. I like to disagree with you on the cryptocurrency . Afcouse as a day trader it may be no value to you to invest but for long term investor 2- 3 year period i believe it pay well . I agree on one point crypto market should be stabilized firs before investment. follow for next good post
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I have never traded/invested long term so my opinion is weak on this, thank you for your comment, much appreciated!
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I like this one a lot. Will definitely be looking to sell that top.
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Hehe BOJ this week so yen can be a mover. I'm off for camping with friends on Thursday so not sure if i can take advantage of it, but surely will keep a keen eye on :)
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