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PIA_First_IC

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Everything posted by PIA_First_IC

  1. Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2583. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) attract sellers. We trade to the lowest level in 9 months. This area has acted as resistance in 2016 and 2017 (1.1714 and 1.1616) and now acts as support Weekly: After posting a bearish Outside Week (week 16th April) the major currency pair has broken the Ending Wedge formation to the downside. Six weeks of net losses have resulted in signals for sentiment being at oversold extremes. A 13 (exhaustion count) has been posted o
  2. Buying dips in EURJPY offers ample risk/reward. Monthly: The long-term outlook is bearish for the cross with an Outside Month posted from February. The Ichimoku cloud capped buying. The Marabuzo level (mid-point form open and close) is located at 132.74 Daily: Levels below bespoke support at 129.58-45 continue to find buyers. We are close to a Demark exhaustion count on the daily chart. Intraday (two-hours) – Another dip to our bespoke support could possibly form a bullish reverse Head and Shoulders pattern. Buying close to this zone (129.77-128.58) offers a good risk/reward set up
  3. Looking for rallies to be limited in GBPUSD this week with the medium-term bias switching to negative on selling rallies. Monthly: Likely to post two Inside Harami candles, a clear sign of investor indecision. Weekly: Moving higher in a bullish channel formation. Although we have reacted lower from the 50% pullback level of 1.4346 (from 1.7192-1.1500) there is no clear reversal formation and dips continued to find buyers. Trend line resistance is currently situated at 1.4554. Bespoke resistance is seen at 1.4406, just above the previous high. We look for this level to hold back bu
  4. Looking at NZDUSD today. It could be extremely lively with both the FOMC tonight and the RBNZ interest rate decision tonight. USD INDEX- The USD is stuck in a bullish channel formation. Trend line resistance is seen at 90.60. If we see a rejection of gains then a stronger, AB=CD formation looks to target the 61.8% pullback level at 89.28 and beyond. The long-term bias remains bullish, but the intraday outlook is mixed. With this in mind, we prefer to buy USD dips Monthly: Holding within a range (0.7460-0.6680). There is very little to take away from this timeframe. Weekly: Looks to
  5. Looking to GBPCHF this week and buying dips. Although the long-term outlook remains to the downside, the strength of the initial move higher highlights a dip buying opportunity this week. Monthly: With a five-wave pattern now complete (Elliott Wave formation) the bias is for a corrective move higher. The monthly Ichimoku Cloud has capped the initial rally. Weekly: Mixed trading for the last 74 weeks has formed a bearish Ending Wedge pattern. Although this pattern has an eventual bias to break lower, last weeks bullish Engulfing formation offers an immediate upside bias. The Marabuzo
  6. USD INDEX- Close to a critical point. There is scope for further selling towards 89.20-88.80 zone to possibly form a Right Shoulder of a bullish reverse Head and Shoulders pattern. The intraday bias is to sell into rallies Looking away from USD majors to EURJPY today as buying dips offers ample risk/reward in a counter trend move. Monthly: In a huge triangle formation. Stalled at a previous congestion zone with levels above the Ichimoku Cloud finding sellers. With the presence of a bearish Outside Month, the long-term outlook is negative. Last month’s Marabuzo (mid-point from open and
  7. We failed to trigger our short. We now look to cancel the SELL trade idea GBPJPY weekly wedge support
  8. USDJPY Although signals are far from strong, the presence of a Demark 9 count on the weekly chart highlights scope for a corrective bounce. Also, we see value (risk/reward) on buying dips this week. Here is the technical picture: USD INDEX Daily – With the last 5th wave sequence completed at 88.15 (Elliott Wave formation), the long-term bias now swings to the upside. We look for dips to be bought and the 88.15 low to hold. Intraday (four-hours) – We look for price to move lower in a choppy and corrective formation. Resistance seen at 90.45, support at 89.20-88.80 (intraday rallies
  9. Technical USD INDEX- Is the dollar rally overdone? Daily – The daily chart highlights the index stalling and reversing higher close to the 261.8% extension level of 88.19 (from 95.11-92.47). Bullish Outside Day posted from the low. The rally has now stalled and the opposite formation shown (Bearish Outside Day), this often indicates a top is in place Intraday (four-hours) – The move to the upside has fallen short of the 261.8% extension level of 91.32 (from 88.15-89.36). However, 5 waves can be seen to the upside (first wave patterns are normally the most dis-jointed) We now loo
  10. Having another look at GBPJPY this week as all time-frames are highlighting a downward bias on selling into rallies. Monthly: After the monthly Ichimoku Cloud had capped buying, follow through selling is likely to form an AMR (Acute Monthly Reversal Candle). In this scenario a Bearish Outside Candle Weekly: Holding within a bearish Ending Wedge pattern. On a break of trend line support at 144.90 the target (start of the edge) is 135.60. The Marabuzo from week 5th February (midpoint from open and close) is seen at 152.86 Intraday (four-hours) – Mixed trading for the last 9 days
  11. Looking away from the majors today and to a solid set-up in GBPCAD. This cross not only offers a sound technical outlook in its ‘own rights’ but also lines up with the correlated view (GBPUSD bearish USDCAD bullish – GBPCAD BEARISH) Monthly: The long-term bias remains bullish. With the 50% pullback level at 1.8088 (from 2.0970-1.5205) lining up with the Ichimoku cloud, this is the obvious upside target (barrier). With last month’s Marabuzo level located at 1.7200, and bespoke support at 1.7180, we look for limited downside. Weekly: The most important factor in this timeframe is th
  12. We are coming out of this view going into today figures
  13. USD INDEX- The index has stalled at the 161.8% extension level of 90.25 (from 88.26-89.49). Although the med-term bias remains bullish for the US dollar, some currency majors are highlighting scope for a deeper correction. Bespoke support is seen at 89.94. If we see a break of this area then further support is seen at 89.61, a possible right shoulder of a bullish reverse Head and Shoulders formation. We look for the deeper correction to buy into. For this reason, we look for an upside correction to sell into EURUSD this week. Monthly: In a large corrective channel formation. The tren
  14. USD INDEX- We expressed some caution yesterday with the USD index close to the 161.8% extension level of 90.25 (from 88.26-89.49). As long as we fail to breach and hold below the trend line support at 89.65, the medium-term bias remains bullish. However, we have to be prepared for the possibility of substantial USD correction lower today. With Canadian unemployment figures today, we could see a deeper correction. Here is the technical picture: Monthly: Inside the Ichimoku cloud. This normally results in the lower timeframes having mixed and volatile trading. Weekly: The medi
  15. Hi Caeynotes Thank you for pointing that out. I am not familiar with the software yet. Thanks again Ian
  16. USD INDEX- The USD has scope for consolidation and possibly a mild correction to the downside as we hit the 161.8% extension level of 90.24 (from 88.25-89.48). With this in mind, we only look to buy USD dips this morning The selloff looks underway for NZDUSD but we have the reverse view and look to sell into rallies Monthly: Trading in a congestion zone. This month will likely post an indecisive inside bar. Weekly: A possible bearish Head and Shoulders. Levels above the trend line resistance at 0.7350 continue to attract sellers. Intraday (four-hours) – Opposite reaction t
  17. In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.
  18. No it was definitely my bearish scenario 2nd target and the rush of 'profit-takers' :smileylol:
  19. and yet it turns from our bespoke resistance !!!!!
  20. I can note that you only comment on the trades that we ‘don’t trigger’ or are wrong and never ON the profitable ideas. If you want to continue to ‘troll’ our trade views feel free. It is your energy you are expelling. We will no longer be commenting to your replies
  21. Downside measured move was reached (base of the wedge )
  22. Hitting bespoke resistance so we no longer look for higher levels
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