EW

Hello again everybody,

We started the London session today with a look at the Yen pairs, which are all close to confirming bearish setups mid-term – by the time of this writing there has not been a clear breach of the support lines yet.

EURUSD reached up to 1.4862 and seems to be losing momentum, our analysis shows the possibility of a retracement back to 1.4780 and lower based on the wide range we can observe on the daily charts.

GBPUSD confirmed a bullish mid-term outlook and completed a bullish EW on hourly charts, which is why we are bearish on it down to 1.9560 (200MA on 1h and 38.2 fib of the entire wave up) but bullish starting with that level, as a larger formation is possibly starting to unfold towards 2.0200 during the following weeks.

Have a great weekend!

We started the London session today with a look at GBPUSD and AUDUSD, both pairs were displaying bullish formations (EW / 1-2-3 on several timeframes), with other technicals on 4h and 1D giving further hints of a possible rally up. We were able to identify 2 trading setups for GBPUSD, one of which confirmed later before the cable rally. Also, we identified a bullish setup in GBPJPY just before the breakout, however got stopped out for a few pips (5m and 1m entry, with low risk). EURUSD was perfectly flat at the time. We also analyzed a possible bearish setup on USDCAD based on range breakout and 200MA resistance on 15m (target 1.0140 already hit), but we did not take the position.