Forex Trading: TECHNICAL ANALYSIS FOR JULY 17TH

Forex Trading: TECHNICAL ANALYSIS FOR JULY 17TH

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Post Views: 539 AUD: The Bulls are obviously raging on the Aussiedollar, having successfully taken out the 2016 highs @ 0.78000, we expect the bullish...

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AUD: The Bulls are obviously raging on the Aussiedollar, having successfully taken out the 2016 highs @ 0.78000, we expect the bullish trend to continue but firstly we expect a deep retracement probably back into the 0.7800 area. Why? Cause we have a Bearish Bat formation from the May 2015 highs @ 0.8200 with the D-point probably terminating @ the 2004/2005 highs @ 0.8000. Overall we will be looking for buying opportunities nevertheless going into the week we expect to see further weakness from that zone.
BIAS: Bearish. Sell @ 2 options
1. Probable H&S from 0.79500
2. Break below and retest of 0.79000

CAD: Having taking out the significant 2008/2009 highs @ 1.30600~1.3000 price easily sliced through the 2005 highs @ 1.27500 portending further weakness in this pair nevertheless the Bears have to further contend with the intermediate 2016 significant lows @ 1.24800 to further confirm the bearish trend. This level could be a game changer a break below here could lead to a free fall in prices. It also happens to be the 161.8% Fib extension zone of the Jan 2017 lows to the April 2017 highs.
BIAS: Bullish. Buy @ 1.24800 if price respects that zone on a violation we sell.

EUR: The Fiber is at a make or break point. The 1.16600 area which is the 2005 lows as well as the 2015/2016 highs. A break of this point could change the trend from a downtrend to an uptrend (Highly likely). Going into the week we look to sell off this zone; the range would be 1.16600~1.17100
BIAS: Bearish. Sell @1.16600.

GBP: Price is stuck between 2 rocks making it a bit difficult to ascertain the next move on the cable, we look between 1.30500/1.28500 although we favour the upside, and therefore we look at buying at a break and retest of the 1.30500 area. We can also consider the 1.2900 area for a possible buy trade.
BIAS: Bullish. Buy @ 1.2900 or break and retest of 1.30500.

JPY: The USDJPY is clearly in an uptrend. We have seen a major retracement on the Daily chart back to the 2008 highs @ 110.800 we expect the bulls to defend this area to further emphasize the bullish trend failure to do that could see a further break down in prices. That zone is at also the Fib 61.8% retracement zone of the June Lows to the current July highs.
BIAS: Bullish. Buy @ 110.800.

NZD: Price is also at a make or break point for the Kiwi @ 0.74500~0.74800, which is the 2016 High. A clear break of that zone could change the trend from bearish to bullish. We will keep watch of this zone as we look for opportunities to go short on a clear break we flip our bias and go long.
BIAS: Bearish. Sell @0.74500~0.75800

XAU: Will be going flat on the precious metal for now

EURAUD: During the course of the week the bulls confirmed control of the market by price finding rejection at the 2011 highs of 1.43900. We expect a target of 1.5000 for the bulls, meaning we look for an opportunity to go long.
The Level @ 1.47200 may not be strong enough to hold support so we look @ 1.46400 area.

EURCAD: Since price pierced below the significant zone @ 1.47000 we had a swoon all the way to the intermediate support @ 1.44800 close to the Major Zone @ 1.4400~1.43350; we expect to see the bears make a second attempt at that low again.
BIAS: Bearish. Sell @ 1.46500. (Would let this pass and be on the sideline)

EURGBP: Although Price has convincingly broken above the 2013 highs @ 0.88200 it has to contend and violate the 1995/2011 highs respectively @ 0.90200 & 0.90800 to further ascertain the change in trend. We have a bearish Bat expected to terminate @ 0.90800. In the week ahead we look to Short the pair.
BIAS: Bearish. Sell @ 0.90600.

EURJPY: As anticipated price is being rejected off the 2005 lows @ 130.500 to the downside. There’s an Intermediate Key zone @ 129.700 we look to sell from this zone.
BIAS: Bearish. Sell @129.700.

EURNZD: Looks like a potential buy of last weeks planned buy area @ 1.56300. We will be on the sideline until we see clarity.

GBPAUD: Although price has cleared the Oct 2013 Significant Lows @ 1.65900, price still needs to contend with the intermediate support zone @ 1.63700, a break below here negates the uptrend and we may see a retest of the 2012 high @ 1.61250 else the bulls could step in at this zone to hold support for the uptrend continuation. Clear Bullish Bat from the March Lows to the May Highs with the D point likely terminating at the 79% Fib retracement level @ 1.62600 (Last weeks Lows)
BIAS: Bullish. Buy @ 1.63700

GBPCAD: Although price is clearly trading below the 2010/2011 Highs @ 1.6400 we still see the bulls putting up a defence around that area. We will be looking for a clear break of the offshoot Support @ 1.6200 to negate the bullish bias but if that level holds then the bull trend continues.
BIAS: Bullish. Buy @ 1.62600~1.62000.

GBPJPY: On the Side-line.

GBPNZD: On the Side-line.

AUDCAD: On the Side-line.

AUDNZD: Clear uptrend in place. Price is trading above the 2008 Lows @ 1.06200. The plan is to look for buying opportunities around this zone.

BIAS: Bullish. Buy @ 1.06200.

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