Gold is moving up or down?

Gold in the 4-hourly time frame. Price is at 61.8% fib level. So there is a chance of price bounce from this level to resume its uptrend.

There is a doji candle here which is an indecision candle. Let's see where the price goes from here.

Gold in the daily time frame. Price is now approaching towards the 38.2% fib level which is a very strong support level.

This level should hold the price and stop the price from going further down. So both the time frames are suggesting resumption of an uptrend.

Gold in the daily time frame. Price has created a double top and now it is on the way of creating three black crows. If it can complete the current candle at around current level then the candle pattern formation will be completed. Then I think the price should go down with a pause at the support ahead.

Waiting to see what's going to happen next.

USDJPY is approaching a strong resistance

USDJPY in a 4-hourly time frame. Price is creating lower lows and lower highs. Now price is retracing back to a resistance which is at around 50% fib level.

This resistance level is at 110.29 which is also significant in the higher time frame. So price is likely to go down from this level.

I'll wait for a sign of a reversal of price for this pair. See you soon.

NZDUSD uptrend is in trouble

NZDUSD in an hourly time frame. Price is approaching towards the dynamic support level. We are looking for a probable long trade here using 3-simple moving average strategy.

But if we go to a higher time frame like weekly, we'll see a different scenario. If you trade an hourly time frame, higher time frame for this time frame will be four hourly and daily.

If we go to 4 hourly time frame then the trade direction is ok but if you go hourly time frame then we find that price is facing a resistance. If we go to a more higher time frame then we've found that the resistance is strong and the price actually running through a downward channel where price is near the upper band of the channel.

So there is a strong possibility of price reversal from the upper band of the channel. We should remain careful with any of our long trade here.

See you next week.

Watch list for the week 12th-16th June 2017

EURCAD in daily time frame. It's in a clear uptrend since February 2017 by creating higher highs and lower lows.

GMMA shows that shorter time frame bands are condensing where the higher time frame bands are directing upwards and all in order well separated which means a strong trend is prevailing. If price can break out the level 1.5204, I'm interested in going long.

EURUSD in daily time frame. This pair has entered its prevailing uptrend in January 2017.

GMMA is showing that the shorter TF MA bands are condensing which means a probable trading opportunity is on the way.

Price is still creating bear candle. So no sign of restarting the uptrend this week till now. Patience is all that we need now.

EURAUD in the daily time frame. This pair is in an uptrend since February 2017.

Now guppy multiple moving averages are showing that the shorter TF MA bands are condensing and the last candle is now green at the time of writing this article.

If this candle closes with a bullish sentiment or at least an indecision candle then this could be the first sign of probable price reversal. 1.5195 level will be the breakout level when I'm interested in going long for this pair.

EURGBP in the hourly time frame. I was following it for probably a short trade. But since it's election time, it suddenly reversed back for more than 180 pips invalidating this trade set up.

If we can dig into this pair more by going to a higher time frame we'll find some interesting things.

Guppy Moving Averages showing a long trade setup that already broke the level that triggered a long entry. But the price is at a strong resistance where it's now on the way of creating a triple top.

Let's see whether it can break the level or not. If we zoom out the chart we'll see that price is ranging since October 2016.

This is more clear in the weekly timeframe. Now price is at the upper border of the range. So it can break out the level to go up and break the range or it can bounce back from the level to resume the range period for some time more.

AUDNZD in the daily time frame. Price is in a downtrend since March 2017 by creating lower lows and lower highs.

It showed a small correction before resuming a downward move, 23% fib level to be perfect.

Price is in a downtrend in the weekly time frame and consolidating in the form of a triangle since March 2015. Price is on the lower arm of the triangle. So it's likely that price might bounce back from the level. So going short for longer term might be little risky but there is an opportunity for shorter term trade.

In the weekly time frame price is still below the 200 MA which supports its bearish sentiment.

GBPUSD in the daily time frame. Considering the election, GBP pairs were the risk pairs.

This pair is in a downtrend since November 2015 where it is well below the level of 200 periods MA in the weekly time frame.

So though the guppy moving averages showed probable long trade, weekly time frame didn't support it. And look the setup is being violated by sharp move downwards.

CADJPY in the daily time frame. Price is in a downtrend since December 2016. Now it's consolidating and waiting for a breakout in any direction.

Now there is a probable short entry as lower time frame MA bands are condensing below the higher periods MAs. Price is also below 200 periods MA.

GOLD in the daily time frame. Price is in an uptrend and has created a double top. Now let's see if there is any reversal or continuation of the trend.

There is a support at around 1260-1265. If price bounces back from this level, I'm interested in going long. But if it can break the level successfully, I'm interested in going short with a target at around 1215-1220.

AUDNZD seems to resume downtrend

After breaking the support level at 1.0517 price has created a lower low and retraced back to the resistance level which previously was a support.

After retesting the level price is likely to resume its downward movement. If it can break 1.0393 level, I'm interested in going for short entry. This entry plan is by using Guppy Multiple Moving Averages in daily time frame.

I was also monitoring the pair using 3 SMA trading technique. Here I'm also looking for a short entry opportunity.

Trade is not fully valid as set up is not 100% perfect. But as nothing is perfect in this whole world, I want to go for it. Here I'm seeing a short uptrend line breakout trade opportunity. As this trade opportunity is along the major trend prevailing now, I'm willing to take this trade. To find confirmation, let's go to the lower time frame.

What we found here? The price has broken down and re-tested it. Now it's going down. If it can break the swing low, I'll go for short here.

Entry: 1.0438, SL: 1.0461, T1: 1.0418, T2:1.0391

EURGBP pulled back from the dynamic support

EURGBP price was struggling at around 0.8747 as I mentioned in my previous update. I also told that price failed to create a higher high which threatens the trend. But price pulled back without reaching the dynamic support and created a higher high.

Then price again retraced back to reach the dynamic support area this time. And it is the time to find the entry point.

With the bull candle crossing the upper band of dynamic support area, we mark the candle and go to 1-hour time frame.

In the 1-hour time-frame, locate the candle that was marked in higher time-frame. Now mark the previous swing high level for a break-out entry into the trade and we've got the entry point as marked in the image by maroon horizontal line.

So the entry level was 0.8714. SL is at below the support level at 0.8680. TP1 was 0.8755 and TP2 was 0.878. Target 1 already achieved. Waiting for the next.... See you soon.

NZDUSD has broken the resistance in two attempts

Before going to 0.7127 level price came back to the immediate support level at around 0.7053 which was also the within the area of dynamic support created by 30 & 50 period SMA.

This was a very good opportunity to enter into the long trade in this pair.

To enter into the trade, you should put attention to the second bull candle after the bounce. Mark that candle and go to 1-hour time frame.

Locate the candle. And find out the previous swing high as shown in the picture by blue down arrow. Then wait for breakout and confirmation and enter at the level of breakout as shown price level.

That's it. Stop loss at previous swing low which is at the support level. And take profit target is the next resistance level. With this entry, SL is 22 pips and TP is  46 pips. So 1:2 risk reward ratio. If I could enter the trade timely, I would have taken the profit already. Missed a nice trade opportunity.

Update of AUDNZD

In one of my previous post last week I've shown that AUDNZD is in nice down trend. I was waiting for a trading opportunity.

As price retraced back in 1-hour time frame, I went back to 30-minute time frame. Here what I've found?

I've found that price bounced into the dynamic resistance and then price started to move sideways between 1.0422 to 1.0409 roughly.  If the price can break the range downside, I'll ride the trend on confirmation.

GBPAUD break out from a flag pattern consolidation

GBPAUD pair in daily time frame. Look how nicely price made a retracement to reach the dynamic area of support created by 30 & 50 periods SMA.

Before entering this period of consolidation price entered in this uptrend in the middle of March this year.

Price has already broken out this small retracement channel. Now I'm waiting for the confirmation of the breakout. After the confirmation, I'll enter the trade. This also looks like a flag pattern.

AUDNZD is in nice down trend

This is AUDNZD in one hour time frame. It looks like a nice down trend.

Since the price has already bounced from the dynamic resistance area, now there is no scope for enter into any trade.

But with the retracement back the area again will create new trade opportunity. I'm waiting for that.

Daily resistance ahead of NZDUSD

NZDUSD pair is now approaching a resistance level at around 0.71274. It also has a support at 0,70537.

So I'm expecting a retracement from the resistance and pullback from the support level. And I'll enter into the trade with the pullback.

Pull back should happen at the dynamic support level created by 30 & 50 periods SMA. So stay tuned to get the update.

Update: 01/06/17

Price is now staying near the support area mentioned above and at the same time price has reached the dynamic support area. So now search scope for long entry....

Waiting for a pull back in EURGBP pair

It's obvious from the picture is that EURGBP is in uptrend in H4 time frame. Price is now retracing after creating a swing high.

The last swing high failed to create a higher high for which the trend is in trouble. If price creates a higher low and bounces back from the dynamic support created by  30 & 50 SMA then uptrend will continue further and I'll ride on the trend.

Here I'm using three SMA to find my trade set up. SMAs are 30, 50 & 100. I'll update about this pair later.