Pierre`s Monday Morning Quick Market Overview: 31 October 2016

by | Nov 1, 2016 | Forex Analysis

pierres-quickieMorning everyone

How was your weekend ? Mine was super thank you for asking 🙂

I had a quick look at the market and found that I had to fib some daily charts this week on some pairs to get the Earth and Sky zones if we want to trade with the main trend. So please take note of that.

Lame Monday morning joke:

My wife and I had words………… but I didn’t get to use mine 🙂

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1) Euro Index on the DAILY chart:

Currently I have an Earth and Sky long zone between 101.08 and 100.74 with areas to keep an eye on at 1.1027 and 1.1048 and 1.1080 and 1.1134 d 100.98 and 100.86 for solid support before I will look to long

Possible counter shorts from 102.00 and 102.10

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2) Euro Dollar on the DAILY chart:

Last week we closed plus 104 pips higher than last week’s opening so we can’t fib the 4hour chart (last week) to get the Earth and Sky zone for trading with the main trend.

Currently I have an Earth and Sky short zone between 1.1048 and 1.1146 with areas to keep an eye on at 1.1048 and 1.1080 and 1.1134 for solid resistance before I will look to short

Possible counter longs from 1.0891 and 1.0851

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3) Euro JPY on the 4 hour chart:

Currently I have an Earth and Sky long zone between 114.08 and 113.45 with areas to keep an eye on at 114.34 ( main pivot) and 114.22 9EMA`S) and 114.08 for solid support before I will look to long

Possible counter shorts from 115.84

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4) Euro GBP on the DAILY chart:

Currently I have an Earth and Sky long zone between  0.8797 and 0.8566 with areas to keep an eye on at 0.8833 and 0.8806 and 0.8775 for solid support before I will look to long

Possible counter shorts from 0.9188 and 0.9260

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 5) GBP Dollar on the 4 hour chart:

Currently I have an Earth and Sky short zone between 1.2171 and 1.2219 with areas to keep an eye on at 1.2200 and 1.2219 for solid resistance before I will look to sort.

Possible counter longs from 1.2098 and 1.2076

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6) GBP JPY on the DAILY chart:

Currently I have an Earth and Sky short zone between 127.73 and 129.98 with areas to keep an eye on at 127.73 and 129.39 and 130.43 for solid resistance before I will look to sort.

Possible counter longs from 124.20 and 123.23

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7) Aussie Dollar on the DAILY chart:

Sitting on my hands for now with this one…..price don’t respect the EMA`S as support and resistance areas last week and by the looks of it we might be trapped in a triangle.

If you brave possible shorts from the cluster of EMA`S at 0.7612

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8) Aussie JPY on the 4 hour chart:

Sitting on my hands for now with this one…..that 80.00 level is key this week.

WE CAN SEE ON THE DAILY CHART HOW THIS TURNED OUT TO BE A BIG RESISTANCE……..so this week we need to see if it will hold again……we have MACD  Divergence showing up so it’s a warning sign for a possible drop. If we do….keep an eye on 78.67 where we have the 4 hour 200 EMA that can be support again.

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9) Dollar JPY on the 4 hour chart:

Currently I have an Earth and Sky long zone between 104.62 and 104.17 with areas to keep an eye on at  104.61 and 104.38 for solid support before I will look to long.

If we break to the downside for some reason (55 EMA) my next line in the sand to long from will be at the 103.69 9 (LAST WEEKS LOW AND ws1 PIVOT) with some EMA`S near by

Possible counter shorts from 105.50

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10) Dollar CAD on the 4 hour chart:

Currently I have an Earth and Sky long zone between 1.3355 and 1.3316  with areas to keep an eye on at  1.3322/12 for solid support before I will look to long.

If we break to the downside for some reason (55 EMA and WS1) my next line in the sand to long from will be at the 1.3217 level (WS2 pivot and 200 EMA)

Possible counter shorts from 1.3467

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11) Dollar Index on the DAILY chart:

Last week we closed min 38 pips lower than last week’s opening so we can’t fib last week’s 4 hour chart to get the Earth and Sky long zone trading with the main trend….so we fib the daily.

Price camping out at the MR3 pivot and 4 hour 55 EMA so we can find support here….however I will prefer a bigger pullback to at least the 200 EMA at 97.26.

Currently I have an Earth and Sky long zone between 97.28 and 96.37 with areas to keep an eye on at  97.26 and 96.96 and 96.35 for solid support before I will look to long.

Possible counter shorts from 99.12  and 99.44

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I will be back tomorrow morning with an comprehensive Earth and Sky analysis

Regards

Pierre

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