Morning Notes
Good morning all and welcome to all the new guys. I hope you are having a good day.
Yesterday was a little frustrating for me. The morning was great, but once again, managed to get caught out on USDCHF, which looked like a cert to fall through this 4hr 20ema this morning just 15m ago.
Onto the business of this session….
USDJPY-Looks to be supported as do all the Yen pairs this morning. However, the 60m 20ema is under the 60m 50sma and price action is below both and below the daily pivot. It’s going to need to smash through 89.30 before I even consider looking at this in more detail. To the downside, if it breaks support at 88.70 I may be interested in a little short.
GBPJPY-Looks bullish but how far will it go without the assistance of USDJPY? Be careful with this this morning. It’s being pulled by cable but could stop at any time IF USDJPY and cable start pushing down.
EURJPY-Looks sure to target the 50sma we were aiming at yesterday, but not overly keen on playing this against the trend. Getting caught out playing WITH the trend is fair-game, but against it is just desserts! Be patient and wait for the 4hr 20ema at 119.00 to be breached.
USDCHF-As mentioned, this does look like its testing the downside today but I am not going short into all the traffic below. A break of 1.1140 should see this a bit lower, but how much is impossible to say with daily 20ema, monthly pivot, 4hr 50sma & weekly pivot all below.
GBPCHF-I am overall liking this a bit lower, but realise it’s difficult with GBPJPY pulling it up a little. A break to the downside of 1.6280 would represent a good place to start looking providing the 60m 20ema remains below the 60m 50sma
EURCHF-Failed to make any significant downside noise past the recent lows on the daily (well spotted Bill), but a bounce off the 60m 20ema at 1.4715 might pave the way for a 123 south on the 5m chart.
To summarize….The Yens are not pairs I will be jumping into although looking attractive on short-term Would be interested more in EURCHF 123 on 5m chart headed south.
Also watching EURJPY. IF USDCHF does find support then I would expect EURJPY to fall and will be looking for 123 on 5m
Have a good morning.
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Good morning…
EURGBP – Looking for price to break yesterdays low at 0.8977. Watch CABLE for strength as we need momentum here for EURGBP to move lower. Looks good for downside play if CABLE can keep this momentum. Tight stop above the DP at 55. I am in small…
GOLD – Strong downtrend and looks set to test the $800.00 level. No entry at mom and need pullback first. Wait for 15min trigger and a break below the WS2 at $808 would signal a push lower. There is a lot of support at $800.00 so be careful down at these lows. Its not perfect…
AUDUSD – 60min suggests a double bottom at WS3 0.6560. Draw support line with both lows and wait for a break through here for further downside potential. Remember AUD will move with GOLD which tends to move with EUR. We like to see these three move together. A break above the MP at 0.6823 would signal a break to the 4hr 50ma.
EURUSD – Found support this morning so far… Price is still below the 60min 50ma. Watch break at 1.3120 for a squeeze to the 4hr 20ma at 1.3280 level. If it breaks watch any short plays in AUD and GOLD. If it tires up here watch downside break below WS1 at 1.3150.
CABLE – Looks bid this early morning but 4 hr ahead… 4hr 20ma at 1.4690 level. Heavy resistance will be met at the 4hr 20ma so an opportunity for a short with stop above could be on. Technically wait for another short play below the 60min 20ma around the 1.4590/80 level.
Best for me…EURGBP and watching CABLE and EURUSD
Dan
Very good thread to learn this methodology.
