Quick Monday Morning Overview, 8 May 2017

by | May 8, 2017 | Forex Analysis

Good morning everyone.

What’s up and whets down this morning?

Well Marc is down under in Perth, Australia on holiday……………..and Fotis, Judith and I am up here – on the other side of the equator working 🙁

But dont fear when the three musketeers are near…………….

 

Let’s have a quick look at the market.

Monday morning inspiration:

Earth and Sky            =   quotescover JPG 21

 

The Spaghetti indicator:

flat

All the currencies are flat this morning so I will wait for the Indi to show me later on whats overbought and whats oversold and then sift my focus to the charts to spot potential set ups.

  • If you want to add the overbought and oversold areas to this Indi…..right click on the RS all Indi……then go to the RS All properties…….here we go to the levels tab…..then add the 8 and 13 and min 8 and min 13 line and click on OK.

  • Remember then to save a new template.

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Let’s have a quick Monday morning look at what is cooking in the Forex kitchen this morning.

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1) Euro Dollar on the 4 hour chart:

Currently I have an Earth and Sky long zone between 1.0945 and 1.0910 with areas to keep an eye on at the 1.0945 and 1.0927 and 1.0910 as support areas where after I will re look to long this pair again.

Possible counter shorts at 1.1028 and 1.1050

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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2) Euro JPY on the 4 hour chart:

Currently I have an Earth and Sky long zone between 122.80 and 122.05 with areas to keep an eye on at the 122.80 and 122.42 and 122.05 support areas where after I will re look to long this pair again.

Possible counter shorts at 124.77 and 124.50m and 126.00

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

……………………………………………………………….

3) Euro GBP on the DAILY chart :

The 4 hour direction indicator is all mixed up…..so that is why I had to fib the daily chart.

Currently I have an Earth and Sky short zone between 0.8450 and 0.8520 with areas to keep an eye on at the 0.8504 and 0.85514 resistance areas where after I will re look to short this pair again.

Possible counter longs at 0.8298

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 1.2908 and 1.2869 with areas to keep an eye on at the 1.2908 and 1.2888 support areas where after I will re look to long this pair again.

Possible counter shorts at 1.3000 and 1.3026 l

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 long zone between 145.19 and 144.50 with areas to keep an eye on at the 145.00 and 144.84 and 144.48 support areas where after I will re look to long this pair again.

Possible counter short at 147.00 and 147.15.

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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6) Aussie Dollar on the 4 hour chart:

Currently I have an Earth and Sky short zone between 0.7462 and 0.7510 with areas to keep an eye on at the 0.7462 and 0.7486 and 0.7510 resistance areas where after I will re look to short this pair again.

Possible counter long at 0.7336 and 0.7300

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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7) Aussie JPY on the 4 hour and daily chart:

Last week we only closed plus 24 pips higher than the opening of last week…….The 4 hour direction Indi is mixed but still short on the daily chart……Possible short setup at the 200 EMA`S at 83.69/75 but be careful with this one.

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8) Dollar JPY on the 4 hour chart:

Currently I have an Earth and Sky long zone between 112.12 and 111.65 with areas to keep an eye on at the 112.00 and 111.88 and 111.60 support areas where after I will re look to long this pair again.

Possible counter shorts  at 113.05 and 113.38

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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9) Dollar CAD on the DAILY chart:

Currently price camping out at the 4 hour 55 EMA at 1.3656 and last week’s low area so possible longs set ups can be on the cards……however, be careful – if this level breaks to the downside we can drop back to the monthly main pivot and mother in law 200 EMA waiting at 1.3500 where I will re look to long this pair!!!

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10) Dollar Index on the 4 hour chart :

Currently I have an Earth and Sky short zone between 98.96 and 99.20 with areas to keep an eye on at the 99.00 and 99.04 resistance areas where after I will re look to short this index again.

Possible counter longs at 98.33 and 97.90

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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Well that’s that for my Monday Morning Quick overview.

I will be back tomorrow morning with a comprehensive Earth and Sky analysis for the rest of the week.

Regards

Pierre

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