EURJPY - Rejection of the 50% pullback level

Monthly: Posted a bearish Outside Month in March. This pattern often highlights the top of a trend and the start of a new downward bias. The Marabuzo level (mid-point from open and close) is located at 132.76. This month’s price action has seen sellers emerge above this level. Weekly: A 261.8% extension level from the current trend (137.5...

2018-04-30 Ian Coleman Read more
GBPNZD - Ending wedge highlights limited buying

Monthly: Mixed trading for the last 18 months as we hold within a bullish, but corrective, channel formation. Trend line resistance is seen at 2.0332. The previous swing high at 1.9838. The 38.2% pullback level from the 2.5319-1.6727 selloff is located at 2.0009 (close to the Big Figure). Weekly:  Holding within an Expanding Wedge formati...

2018-04-30 Ian Coleman Read more
USDCAD - Dip buying inside the bullish wedge

Monthly: We had an impulsive rally from the 2011 low (0.9407) to the 2016 high (of 1.4690). The correction lower found buyers close to the 50% pullback level of 1.2049. Mixed trading for the last 27 months looks to have formed a bullish descending wedge formation. Weekly:  The weekly chart highlights the wedge more clearly. The sequence f...

2018-05-01 Ian Coleman Read more
EURGBP - Moving higher in an AB=CD formation

Monthly: Since posting large nett losses in September 2017 (-395 pips) the cross has moved sideways. Price action on March (2018) has seen a bearish Outside Month posted and offers a mild downward bias. Dip buying has been seen in April. The RSI (Relative Strength Index) is close to 50 (mid-point) highlighting we are non-trending. Weekly:...

2018-05-02 Ian Coleman Read more
GBPUSD - Bearish Outside Week highlights a top

Missed our last sell trigger by three pips (1.4380). We now look to sell into rallies once more Monthly: Moving higher from the 2016 low of 1.1905. The previous two months have posted Inside Harami candles (or soldiers), a clear sign of investor indecision. Bespoke resistance is at 1.4380. Rallies are being rejected. Weekly:  In a bull...

2018-05-08 Ian Coleman Read more
EURUSD Breaks the Ending Wedge formation

Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2638. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) continue to attract sellers. Weekly:  Mixed trading for the last 12 weeks. This week’s price action has seen the pair break the Ending Wedge formation to the downside.  Bespo...

2018-05-02 Ian Coleman Read more
EURAUD - The recovery rally is close to exhaustion

Monthly: The cross made an impulsive selloff from 2.1116 (2008 high) to 1.1605 (2012 low). We have been trading in a bullish corrective channel formation for the last 68 months. Levels close to the 50% pullback level of 1.6327 have attracted sellers. This area has been pivotal since the start of 2004. Weekly:  Highlights a Doji Style cand...

2018-04-30 Ian Coleman Read more
USDJPY - Signals limited upside

Monthly: The long-term outlook is for higher levels with the pair posting a potential bullish reverse Head and Shoulders formation. A break of 127.50 (neckline) is needed to confirm the formation. There is scope for a deeper correction, in an AB=CD formation, towards 92.00. This time-frame offers a mixed picture. Weekly:  Holds within a c...

2018-04-30 Ian Coleman Read more