freemexy's blog

Buyers Looking To Rally To Last Month Highs

The price handle level of 0.69490 which for the has been a strong resistance level for the past approximately four weeks or thereabout, today has offered the market participants and in particular the buyers a broadway of least resistance as market speculators with one good green momentum thrust past the ceiling zone during yesterdays new york trading session.To get more news about WikiFX, you can visit wikifx official website.

　　Bullish market participants had been angling for this kind of price action as you can view on the chart with an ascending wedge channel pattern and higher lows formation.

　　A further bullish move is still expected as market participants look to test the high price handle level 0.70 which the market participants would want to take notice of since, this handle line has been the high level line for three trading months of July, August and September and probably may be for this trading month, speculatively as, it may hold as a strong supply order zone.

　　With such a large move up yesterday, a probable good market buy or entry will be limit orders at or near the line breaks of the channel or previous highs.

Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

　　Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.

A nice sell trade opportunity is playing out on this pair as the price action found buyers offered least resistance at minor support floor around the price handle 75.50 area. In addition, this setup has ideal technical confirmations backing up as nice trade idea supported by two confluence that may not be missed by the market participant and that is;To get more news about WikiFX, you can visit wikifx official website.

　　Ø On the four hour chart, the 50 moving average has hold as dynamic resistance band and you could view and bearish three step soldier pattern and interesting to note that the three green candle were exhausted elongated wicks meaning buyers were exhausted testing the up move.

Just for your interest, if you zoom out on the four hour chart, you happen to view or may notice a wide or very elongated head and shoulder pattern as per your preferred markings.

　　Bearish market speculators may be looking at the price handle level of 74.0 being the ideal profit target zone.

　　Of course, ones discretion and risk management is advised.

　　Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

　　Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.

Look For Sell Opportunity

Market speculators may be setting up for a nice sell setup and sell-off run today as we view a head and shoulder pattern clearly playing out inside an ascending channel and a nice clean retest of the neckline.To get more news about WikiFX, you can visit wikifx official website.

　　Current price action and structure is below the 50 moving average with the band holding of now twice, and acting as nice technical confluence for bearish trade setup confirmation especially for near on point entry and risk management on risk:reward scenarios during and at closing of todays Asian trading session and at the start of London trading session.

Previous demand zone levels block between price handle level 104.385 and price handle 104.0 may be on sights for sellers profit target zone and in the interim, price handle level of 104.8 may portend to be short target bet.

　　Of course, ones discretion and risk management is advised.

　　Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

　　Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.

Bearish Bets In The Offing

After quite some good bull run, we are likely also to see a short term sell-off in the coming days or weeks as we see buyers seemingly facing exhaustion at this point based on chart readings. Interestingly, general market sentiments for this pair are that market participants are holding net long positions. And, buyers are facing resistance at previous respected supply zone area.To get more news about WikiFX, you can visit wikifx official website.
　　To have a look at this pair in longer term view, on the 6 day chart, we see there was a false breakout past the 200 moving average as price not only juggling between the band but last week trading session candle conclusively opened and closed below the now dynamic resistance band.

　　Going down to smaller timeframes of both the 4 day chart and the daily chart, the price action structure is drawing out a head and shoulder pattern formation at this point confirming our bearish trade idea going forward.
　　Market speculators may be interested in my technical analysis that I viewed on the daily chart below, is that, the trend line that I drew connecting the previous highs on the 6 day chart above, and when you switch to the daily chart, not only do you see this technical line tested once but twice and, the Friday trading session candle traded below this line!
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years’ experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.

Weekly Focus on the US Dollar Index

The US dollar showed its financial Strength last week, consequently ending a two-week losing streak.To get more news about WikiFX, you can visit wikifx official website.
　　Adding 0.7 percent, buyers navigated from daily demand at 92.71/93.14 at the beginning of the week and eventually revisited a daily trendline formation (102.99), a level linked with a small area of daily supply at 94.08/93.84. Traders will also note the RSI oscillator is seen closing in on trendline resistance (prior support).

　　Bringing down the aforesaid resistances this week establishes a basis for buyers to target daily resistance from 94.65 and even the longer-term daily resistance level at 95.83.
　　With respect to the 200-day simple moving average, circling 96.84, the dynamic value continues to curve lower, two years after mostly drifting higher.
　　In the context of trend, previous research highlighted the following:
　　· A large-scale pullback since March 2008 from 70.70 is seen on the monthly timeframe (primary trend is considered south).
　　· The daily timeframes immediate trend has also faced lower since March 2020. Breaking the noted resistances this week, however, suggests a deeper pullback could be in the offing.August, as you can see, toppled supply from 1.1857/1.1352 and extended space north of long-term trendline resistance (1.6038), arguing additional upside may eventually be on the horizon, targeting trendline resistance (prior support – 1.1641).
　　Before seeking higher territory, a dip to the recently penetrated trendline resistance (support) could materialise, backed by Septembers monthly outside bearish reversal candle that snapped a four-month winning streak.
　　The primary downtrend (since July 2008) remains intact until 1.2555 is engulfed (Feb 1 high [2018]).