Red Hot Off The Press

by | Apr 19, 2017 | Forex Analysis

Good morning everyone

I hope you are all well and ready for this week’s trading.

One of the pairs we look at already triggered a short out of the Earth and Sky trading zone..did you catch it?

The Aussie/JPY triggered from the 55 EMA in the short zone already 70 odd pips move for the week so far. If you in this short take note of the support roadblock coming up at the psychological no. and last week’s low for profit take areas.

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One that I will do keep an eye on will be the GBP/Dollar this morning for a possible counter short. We hitting now resistance levels and have MACD divergence showing up telling us that a correction is coming up.

gbpdollar

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Let’s have a quick look at what is cooking in the Forex kitchen right now

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1) Euro Dollar on the 4 hour chart:

Currently we have a roadblock resistance area at 1.0669 where we have a 200 and 55 EMA at a weekly pivot point……so while this level holds my bias will be to look for short setups. 

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2) Euro JPY on the 4 hour chart:

Currently I have an Earth and Sky short zone between 116.45 and 117.26 with areas to keep an eye on at the 116.59 and 116.86 and 117.04 resistance areas where after I will re look to short this pair again.

Possible counter long at 114.85 and 113.83 areas.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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3) Euro GBP on the 4 hour chart :

Currently I have an Earth and Sky short zone between 0.8503 and 0.8529 with areas to keep an eye on at the 0.8506/16 and 0.8523 resistance areas where after I will re look to short this pair again.

Possible counter long at 0.8432 areas.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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4) GBP Dollar on the 4 hour chart:

Currently I have an Earth and Sky long zone between 1.2488 and 1.2427 with areas to keep an eye on at the 1.2509 and 1.2449 and 1.2443 support areas where after I will re look to long this pair again.

Possible counter shorts at 1.2600 and 1.2621

If we make new highs without the correction….follow price with your fib to get the adjusted trading zone for the week.

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5) GBP JPY on the 4 hour chart:

Currently I have an Earth and Sky short zone between 136.92 and 137.58 with areas to keep an eye on at the 137.05 and 137.48 resistance areas where after I will re look to short this pair again.

Possible counter long at 135.25 and 134.85 areas.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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6) Aussie Dollar on the 4 hour chart:

Price broke the 55 and 200 EMA at 0.7590 to the upside but I am not convinced we long yet. Looks like a possible inv head and shoulder here forming – I will re look at this one tomorrow. 

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7) Aussie JPY on the 4 hour chart:

Currently I have an Earth and Sky short zone between 82.78 and 83.25 with areas to keep an eye on at the 82.93 resistance areas where after I will re look to short this pair again.

Possible counter long at 81.83 and 81.37

This one triggered yesterday from the levels I called.

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8) Dollar JPY on the 4 hour chart:

Currently I have an Earth and Sky short zone between 109.92 and 110.80 with areas to keep an eye on at the 109.41 and 109.71 and 110.00 resistance areas where after I will re look to short this pair again.

Possible counter long at 108.00 and 107.16

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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9) Dollar CAD on the 4 hour chart:

Sitting on my hands with this one for now….we might be ranging between the 200 EMA`S if we brake to the downside of 1.3321 again.

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10) Dollar Index on the 4 hour chart :

Currently I have an Earth and Sky short zone between 100.67 and 101.01 with areas to keep an eye on at the 100.50 and 100.60 and 100.67 resistance areas where after I will re look to short this index again.

Possible counter longs from 99.85 and 99.66.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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Regards

Pierre

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