stanchiam

stanchiam

Same as eurusd, price structure seems to suggest a triangle pattern If this works, price should break lower then retract, waiting for CPI data before new low(?)

stanchiam

The messy price action seems to be an ABCDE triangle, price break below to confirm Work in progress

stanchiam

Lower time frame still suggest continuation lower Waiting for price to hit new low before deciding next move

stanchiam Updated 

Need price to hold below, if we see an hourly bearish candle, that is a bonus and hint that further drop is coming. The move up after NFP is strong, if bears can stop it under the breakdown line plus a bearish candle, this could be a classic draw in the crowd for a fake move up before lower. Too earlier to know, but look good if the hourly candle give a good...

stanchiam Updated 

15 mins time frame show a clear 5 waves up, this suggest a start of a bigger move up after a correction lower. Will affect eurusd gbpusd bulls as when dxy aka usd moves higher, they move lower

stanchiam

Daily chart suggest a deeper correction before lower. For wave analysis, it is what we call expanded flat, where A and B waves are 3 waves follow by wave C in 5 waves. Still a long way to go before we can find out if this works. Bulls need to hold 101.65 and 100.57

stanchiam Updated 

Price did not get rejected on lower time frame and keep on grinding up Price has split at 102.43 and as long price stays above, it can target 105.7 and higher Bulls are in charge of USD now.

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Missed out on these 2 important resistant line If price unable to close above, we may see more profit taking for USD bears and thus eurusd, gbpusd, audusd etc grinding higher. If you are usd bears, please be aware

stanchiam

Price bounced back up to retest breakdown line Will NFP be the catalyst to kick price lower? Took some shorts, hopefully it holds for another low

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If price can stay below, new low expected following the general trend

stanchiam Updated 

Price is around longer term support region Unless we see a strong daily close below, price should hold and reverse/bounce at least for the short term. Good luck.

stanchiam Updated 

Erratic price action finally break above triangle and rise to new high This may be the last wave as breakout after a triangle is the last wave up. However, this does not imply one can short usd now. Wait for price to show a strong reversal down, ideally a shooting star following by a stronger wave down. This will then have a higher probability that the top is...

stanchiam

Price action does not look good for the bulls, price closed below 1.271 and does not show strength. The next long term support is around 1.245. Unless price can close back above 1.271, bears are in charge for now.

stanchiam Updated 

Price is around longer term support region Unless we see a daily close below, price should hold and reverse/bounce at least for the short term. Good luck.

stanchiam Updated 

Price hit upper resistant region, should see a reversal down soon If a 5 waves down is found in lower time frame, will look for opportunity to short USD.

stanchiam Updated 

Not cast in stone, but as it looks like a 5 waves up, there may be more upside after a corrective correction to complete the ABC up

stanchiam

Still a bit early to confirm the low, price still need a spike above the resistant for a retest higher. DXY just closed the gap earlier, may lend short term strength and move higher. Real move to be confirm after FED interest rate decision.

stanchiam

Work in progress, market is still bearish USD in the longer term. Price has closed the gap and this may be a short term short zone. Idea short zone is higher a bit USD probably continue to fall after interest rate decision, they may have wild swing before that. Be safe, good luck.