GBPUSD

GBPUSD 1HR

The GBPUSD as broken out of a triangle pattern and looks set to complete a Gartley harmonic pattern formation. Expecting the GBPUSD to fall to around 1.550-1.549 before rising. 1.550 marks the 1.41 extension of the XA leg and 1.549 marks the 2.24 extension of the BC leg.

 

AUDUSD

 

AUDUSD 1Hr

The AUDUSD is in a strong downtrend making lower lows and lower highs. Prices should however rally to around 0.8667which represents the 38.2 retracement of wave (III). Another important level to watch is 0.868 which represents the 61.8 retracement of the latest down swing. Expecting the AUDUSD to retest the lows after rallying to around 0.8667- 0.868 price level.

EURUSD

EURUSD 1Hr
The EURUSD pushed above 1.2700 after FOMC minutes release and is now trading at around 1.2730. Expecting the EURUSD to fall after rallying to around 1.278 completing the formation of a bearish Gartley harmonic pattern. The 1.278 price level represents a 1.41 extention of the XA leg and a 2.24 extention of the BC leg. 1.2785 is also the monthly pivot making it a strong potential turning point and a key resistance level.

EURJPY,CHFJPY

EURJPY 4Hr

The EURJPY is in a nice downtrend on the 4hr chart, and looks set to go lower. The pair has completed a 4 wave down move and should fall to around 136.22 and 135.92 in completion of wave 5

CHFJPY 4Hr

The CHFJPY is also in a nice downtrend on the 4 hr and is expected to drop to around 112.29 in completion of the 5 wave down move  

USDCAD

USDCAD 4Hr

The USDCAD expected to rise to around 1.1184 before retesting 1.1097, prices may however fall as far as 1.1027.

 USDCAD 1Hr

USDCAD is at the possible end of a 5 wave rally which may result in prices falling to as far as 1.1027 (brown line) which represents a 50% retracement of the total up move.

USDCAD, AUDCAD, EURJPY

USDCAD 4Hr

The USDCAD has risen to as far as 1.1058 and may rally to 1.1072 which represents the 1.41 extension of the largest downswing, before retesting the 1.099 price level. 

AUDCAD 1Hr

AUDCAD is in the middle of a triangle pattern, prices are expected to go lower. The 1.000 level is a key psychological level to watch, a strong close below this level would indicate that the bears are still in control and that lower prices are to be expected.

EURJPY 1Hr

The EURJPY is in a strong up trend on the hourly chart. 138.84 represents the level at which the length of wave [I] is equivalent to the length of wave [IV] and is a key price level to watch. Prices should retest 138.27 to test for selling pressure. A strong high volume close below 138.27 may result in prices falling to as far as 137.26 before finding strong support.

USDCAD

USDCAD 1Hr

USDCAD is showing signs of accumulation, there is signs of what might be aggressive buying,  from the high volume downthrust as prices went below 1.0827 (false break). This buying can be confirmed if prices close above 1.0893, however if prices close below 1.0827 expect lower prices.

USDCAD 4Hr

The blue line represents 50% retracement of prices from the July low to the August high and from the RSI you can see that there is a decrease in selling pressure, another reason to expect higher prices.

USDCAD Daily

You can also observed what looks like a bullish Head and Shoulder reversal pattern in formation, where the right shoulder comes in line with the left shoulder at 1.0809 (blue line), if this pattern holds the bullish trend is expected to continue.

USDJPY

USDJPY 4Hr

The USDJPY has formed a bearish gartley butterfly pattern. It has completed the 1.618 extention of wave B and a decrease in upward momentum can also be observed as their is RSI divergence. Prices are expected to fall, an important level to watch is 103.82 as a solid close below this level would indicate that the bears are gaining control and the next levels to watch would be 103.45 (weekly pivot) and 102.9.

USDCHF

USDCHF 4Hr

The USDCHF as broken out of  the 0.9108 to 0.9037 trading range, prices may retest 0.9108 to test for selling pressure and if prices close below this level prices may go on to test of 0.9037. 

 Expecting prices to rise to around 0.9153 to 0.9169 before finding strong resistance. The price action  at 0.9153 to 0.9169 should give us insight into the future direction of the market however 0.9169 represent the 1.618 retracement of wave 4 and 0.9153 represents an up move that is 0.618 of wave 3 in length hence 0.9153 to 0.9169 is a key price area to watch.

EURUSD

EURUSD 4Hr

The EURUSD looks poised to break out of a running triangle pattern. This is a type of contracting triangular pattern in which wave B extends beyond the origin of wave A, this type of pattern is usually seen in 4th waves. 

Prices are expected to fall to around 1.3275, if prices however managed to breakout to the north then 1.3513 which represents a 50% retracement of the down move starting from the July high, would be the next major price level to look out for.

NZDJPY

NZDJPY 1Hr

The NZDJPY is currently in a strong down trend on the 4hr and is at the trend line from the June high. It has completed an ABC pattern and is also at the 61.8 fib retracement  level from this months high. It is also at a past support future resistance level and the length of wave A is equal to the length of wave C which has an inner 5 wave up move signalling the end of wave C.
Prices are expected to fall however if prices close above 86.91 the up move may continue to as far as 87.28 before finding strong resistance. A key level to watch is 86.55 if prices fail to close below 86.55 the up move is likely to continue if prices however falls through this level that would indicate that the bears are in control and the next levels to look out for would be 86.17 and 85.79.

EURUSD

EURUSD 4H

The EURUSD is trading below the lower channel line and has completed a 5 wave down move, there is also RSI divergence on the 4hr. At 1.3365 a false break was observed as prices return to close above this price level on high volume signalling the potential end of the down move.

Expecting the EURUSD to rally to around 1.3484 to 1.3515 however if prices manage to penetrate 1.3365 again prices may go as low as 1.3315.

USDJPY

USDJPY WEEKLY

The recent rally observed from the USDJPY may just very well be short lived. This is as the volume of the break out rally is low in comparison to the volume expected from a true breakout. It is also wise to keep in mind that the USDJPY as completed a 5 wave up move and has been finding resistance near the monthly trend line for the past couple of months.

The USDJPY may go as far as the 103.6 which represents the 61.8% Fibonacci retracement from the monthly high. This is also a level that has seen very high volume and is a key price level, a close above this level may result in the USDJPY retesting the monthly high.

 For the long term I am expecting the USDJPY to rally to around 103.6-9 then fall to around 96.51

EURAUD

EURAUD 4HR

The EURAUD as completed 3 waves down and should find strong resistance at the 1.4331 level, expecting prices to rally to around 1.4331 to 1.4357 before testing the low at 1.4192. If prices mange to break above 1.4331 prices may go as far as 1.4375 before finding resistance.  

EURUSD

EUR/USD 4Hr

Expecting the EUR/USD to rally to around 1.352 to 1.355 (red rectangle) before retesting the lows. If prices however break below 1.3449 prices may go as low as 1.343 before rising.

Resistance: Major resistance is 1.3549
Support: Major support 1.3434

AUD/USD

AUD/USD Daily

The AUD/USD is currently trading withing the 0.9456 to 0.9203 trading range and looks poised to retest the lows after efforts to break out to the north proved futile. Expecting prices to fall to 0.9203, if prices however successfully penetrate the 0.9203 level, a test of  0.9081 (50%) is expected. 

EUR/USD

EUR/USD 4Hr

Expecting the EUR/USD to rally to around 1.3548 to 1.3557 (red rectangle) completing the 4th wave of a potential 5 wave down move. 1.3548 is also the 38.2 retracement level for the 3rd wave, a key resistance level. If prices however penetrate the 1.3548 to 1.3557 price region prices could go to 1.3575 before finding further resistance.

USD/CHF

USD/CHF 4Hr

The USD/CHF has completed a 3 wave rally finding resistance at the 0.9002 psychological level and the upper channel line, high volume can also be seen at the top of the market which may indicates selling. Expecting prices fall to around 0.8925- 0.8918 region  indicated by the red rectangle, before retesting 0.895.

USD/CHF 1Hr

On the 1 hour chart there is vivid RSI divergence along with the completion of a 5 wave rally signifying the potential end of the up move.

• Resistance: If prices manage to penetrate 0.9002 level, a test of the 0.9035 is expected.
• Support: The first major support is at 0.8897 followed by 0.8854.