V-Shape Reversal on Stocks. Something That We Got Used To

Gold, did not manage to break the upper line of the flag but still defends above the major support on 1850 USD/oz.

Silver on the other hand, broke both important resistances, horizontal and dynamic one.

Oil tries to defend the lower line of the channel up.

Major indices with V-shape reversals.

EURUSD aims higher again.

USDJPY denies the Inverse Head and Shoulders pattern and aims lower.

USDCAD bonces from a crucial long-term horizontal resistance.

EURAUD possibly with another false breakout, this time to the downside.

For a look at all of today’s economic events, check out our economic calendar.

Indices and Commodities Climb Higher

Commodities are enjoying the weaker USD and advancing higher.

Indices also going up, not disturbed even by new lockdowns.

EURUSD is about to test crucial horizontal resistance.

EURJPY in a sideways trend below 126.7.

AUDJPY with an inverse head and shoulder and breakout of a long-term down trendline.

USDCAD still near lows after the breakout of major horizontal support.

GBPCHF with a breakout of the lower line of the triangle.

EURAUD with a possible false bearish breakout from the rectangle.

For a look at all of today’s economic events, check out our economic calendar.

Monday Brings Us Higher Volatility on Major Indices

Indices start the new week on local highs and then quickly collapse. The start of the European session brings buyers a bit of relief, volatility is definitely here!

DAX bounces from the lower line of the triangle.

SP500 on the other hand, bounces from the upper line of the triangle.

Gold moves gradually lower.

Oil locked in a flag, aiming the latest broken resistance.

Dollar Index heading lower again.

EURUSD do not stop the upswing.

EURAUD still defending major horizontal support.

The same goes with the USDCAD, which is holding above 1.297.

For a look at all of today’s economic events, check out our economic calendar.

Monday Starts Promising for Indices and Commodities

Indices starts the new week on the front foot.

SP500 is inside the short-term symmetric triangle pattern.

Nasdaq is in the same formation but in the long-term.

DAX is inside of the ascending triangle formation awaiting bullish breakout.

Gold still trades above 1850 USD/oz.

Brent Oil flies away after breaking the upper line of the triangle.

Dollar Index attacking crucial horizontal support.

AUDUSD attacking the upper line of the triangle.

EURAUD is about to test the lower line of the long-term sideways trend.

For a look at all of today’s economic events, check out our economic calendar.

 

Thursday On Indices Brings Us a Correction

Seems that Thursday will be a correction day on global stock exchanges, which is pretty normal and sellers should not get overly excited about seeing a red color on the screens.

FTSE is getting ready for a bearish correction, probably aiming 38,2% Fibonacci.

CAC is doing pretty much the same.

Gold is defending crucial support on 1850 USD/oz.

Oil is testing the most important support in the past few weeks – 41.3 USD/bbl.

AUDUSD aims lower after creating the Head and Shoulders pattern.

EURUSD goes lower after the false breakout of a dynamic resistance.

EURAUD tests and bounces from the lower line of the long-term range.

USDCAD bounces from the long-term horizontal support.

CHFJPY – two safe haven currencies locked inside of the symmetric triangle pattern.

GBPCAD with exactly the same situation.

For a look at all of today’s economic events, check out our economic calendar.

How Not to Like Mondays?

SP500 is on all-time highs

DAX breaks the line connecting the top of the head and the right shoulder of the H&S formation

CAC goes above highs from June

FTSE breaks the upper line of the flag

Gold collapses heavily

Oil tests the upper line of the symmetric triangle

Dollar Index on the other hand breaks the lower line of the symmetric triangle

AUDUSD climbs higher after breaking the upper line of the wedge

EURAUD shows how to deal with the false breakouts. Hint: You trade them!

USDCAD breaks crucial horizontal support

For a look at all of today’s economic events, check out our economic calendar.

Market Action Before US Elections

Nasdaq bounces from the lower line of a big symmetric triangle pattern.

SP500 finds support on the 23,6% Fibonacci and tests it with a nice daily hammer.

DAX has even a better situation, also with hammer but here on the 38,2% Fibonacci, which tends to be more reliable.

EURUSD tests the broken 1.17 as a closest resistance. Sellers are winning.

EURAUD is coming back inside the sideways trend area. Apparently the bullish breakout was fake.

Gold is bouncing from the 1893 USD/oz resistance.

EURPLN comes back a bit and test the broken 4,59 as a closest support. That looks like a great place for a price action traders.

For a look at all of today’s economic events, check out our economic calendar.

Indices Try to Catch a Breath. Great Session for USD

Almost all indices collapse and aim for long-term lows.

SP500 is testing the 23,6% Fibonacci.

DAX is very close to reach the 38,2% Fibonacci.

FTSE breaks the lower line of the wedge formation.

CAC reaches crucial support from the first half of the year.

EURUSD breaks the lower line of the flag formation.

EURAUD eventually bounces from the upper line of the sideways trend.

EURGBP in a flag but with inclinations for an upswing.

AUDCHF goes lower after the bounce from a crucial resistance.

WTI Oil breaks the lower line of the symmetric triangle.

Gold goes lower after the escape from the mid-term pennant.

USDPLN breaks the neckline of the inverse Head & Shoulders pattern, it looks bullish.

For a look at all of today’s economic events, check out our economic calendar.

Indices Wobble Above Major Supports

DAX is making an attempt to break the neckline of the head and shoulders pattern, which can start a major downswing.

FTSE is fighting on the 5800.

Dollar Index in the pennant waiting for a breakout.

USDJPY trying to break the upper line of the ascending triangle pattern.

GBPUSD bouncing from the crucial 1.3 support.

EURAUD are testing the recent most important resistance as a support.

WTI Oil on a good aim to test the lower line of a big symmetric triangle pattern.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Try to Catch a Breath, USD Not so Much

Stock Markets try to recover from losses and they are in a good place to do so.

Nasdaq bounces from 11600 (for the third time!) with a bullish engulfing on the H1 chart.

SP500 defends 3430 again.

FTSE test crucial support on 5800.

Dollar Index, as expected, goes lower after the flag and a head and shoulders pattern.

EURUSD is heading higher after breaking important mid-term down trendline.

EURAUD finally escapes from the long-term sideways trend.

GBPUSD breaks 1.3 and enters the bullish zone.

EURPLN meets long-term horizontal resistance on 4.59.

For a look at all of today’s economic events, check out our economic calendar.

Dollar Under Pressure but EUR/AUD Stands Out

Indices and American Dollar collapsed yesterday. Tuesday brings us a reversal attempt on stocks but Dollar remains ultra-bearish. We are not surprised with that as we were highlighting this possibility in our video from yesterday. As always, welcome to Trading Sniper, where we have three best trading setups on the market.

First one is the Dollar Index, which is in a downfall after creating the flag and the head and shoulders pattern. Both formations ended with broken supports, which in both cases activates a legitimate sell signal. We do not see much of a hope for buyers but comeback above the neckline could be good for a start. As long as we stay below, the sentiment is negative.

Slide on Dollar Index, usually means rise on EURUSD. It is not different this time. The price came back above two major horizontal resistances and then managed to break the long-term down trendline. That breakout gives us a buy signal and a lot of optimism.

EURUSD may look nice but crème de la crème of today’s video is EURAUD. A long time ago, I spotted a nice sideways trend and was waiting for a breakout ever since, to the upside to be accurate. The breakout happened yesterday and ended 4 months of a boring sideways trend. According to Price Action, that is a strong, long-term buy signal, the one that should come as a reward for patient traders. Lets see how this one will work out.

For a look at all of today’s economic events, check out our economic calendar.

Dollar Comes Back to the Bearish Territory

Nasdaq is still below dynamic and horizontal resistance

SP500 is on a good way to break crucial levels and go higher

DAX sharply bounces from the 12960 points

Dollar Index ignores the inverse head and shoulders and creates a flag. Situation here is bearish

EURUSD are flirting with important dynamic resistance

GBPUSD are one step from breaking 1,3 – the most important level in the past few weeks

AUDUSD with a small bullish correction but the main sentiment is very negative

EURAUD makes another attempt to escape from the long-term rectangle

EURCHF breaks crucial support and later tests it as a resistance. Pretty standard price action move

Gold tries to go higher but the upper line of the pennant looks well defended

Stocks Erase Tuesday Loses, On The Way Towards New Highs Again.

Stocks erased Tuesday’s loses and are heading significantly higher.

EURUSD fell back below crucial support and are now testing the lower line of the flag.

EURAUD still locked inside of the long-term range.

AUDNZD breaks the neckline of the inverse head and shoulders pattern and the upper line of the flag.

USDJPY creates a small pennant after breaking major long-term dynamic resistance.

EURNZD with the head and shoulders pattern but the first attack on the neckline was unsuccessful.

NZDCAD with a head and shoulders pattern but the first attack on the neckline was unsuccessful too.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Breaks Crucial Resistances, but GBP/USD and AUD/USD Fail

CAC tests the broken neckline as the closest support

FTSE bounces from the bottom line of the wedge pattern

SP500 breaks the neckline of a big inverse head and shoulders pattern

EURUSD breaks major dynamic and horizontal resistance

AUDUSD bounces with style from the crucial horizontal resistance

GBPUSD is doing pretty much the same

EURAUD aims the upper line of the range

AUDNZD fails to go higher after a beautiful bullish setup

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD and Major Indices Test Important Resistance

CAC after the false bearish breakout is forming the inverse head and shoulders pattern.

Nasdaq, as expected, reached the 11550 resistance.

SP500 is testing the neckline of the iH&S pattern.

EURUSD is flirting with the upper line of the flag and horizontal resistance on 1.175.

EURPLN tests the 4,5 again.

EURAUD still locked inside of the sideways trend.

AUDNZD with a very similar situation to EURUSD, the price is below the lower line of the flag.

AUDUSD tests crucial horizontal resistance, first rection is a small bounce.

For a look at all of today’s economic events, check out our economic calendar.

EUR/AUD Expects Massive Triangle Pattern on Weekly Chart

The EUR/AUD bullish breakout didn’t last long before the bears wrestled back control. Will the uptrend be able to regain control or will price action develop a larger reversal?

Price Charts and Technical Analysis

EUR/AUD weekly chart

The EUR/AUD seems to have completed a wave 5 of wave A (purple) at the most recent high. This could indicate the end of the uptrend. The bearish correction is therefore probably a larger ABC (orange) pattern. The recent bullish bounce at the long-term moving averages probably finished the wave A of that ABC.

Now price is probably ready for a bullish bounce within the expected wave B (orange). A break above the resistance and 21 ema zone could confirm the push higher. A logical resistance spot is the 38.2% Fibonacci retracement level. A bearish descending wedge triangle pattern could emerge within the wave B before price is expected to break south towards the -27.2% Fibonacci target.

EUR/AUD weekly chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

EUR/AUD Flag Pattern Aims at 1.69 in Bullish Reversal

The EUR/AUD is building a bull flag chart pattern. The pullback occurs after a strong push up. This indicates that a wave 3-4 pattern is taking place.

Price Charts and Technical Analysis

EUR/AUD 1 hour chart

The EUER/AUD is expected to continue with the uptrend. But price must remain above the support zone (green box). This includes the 50-61.8% Fibonacci zone, the long-term moving averages, and support levels from the previous consolidation zone.

A bearish break below the support invalidates (red x) the bullish outlook. A bullish bounce at support or break above the flag pattern confirms (green check) it. The main targets for any upside price movement are: Wizz 8 at 1.66 and Fibonacci retracement levels from the weekly chart at 1.69 and 1.75.

EUR/AUD 1 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

False Breakout Will Show You the Direction

In today’s trading sniper video, I will show you the power of false breakout patterns. There has been quite a few of them on many instruments recently: indices, commodities or currencies. Today, the false breakout patterns come from the Forex market and this is what we’ll focus on today.

The EURAUD is currently moving significantly higher but it did not look so optimistic during the first half of the week. The price managed to bounce from the upper line of the triangle and used a great bearish momentum to break the lower line of this pattern. That gave us a sell signal, which turned out to be a fake one. Instead of going lower, the price created a double bottom formation and moved back inside of the triangle. That is a false bearish breakout and promote a strong upswing.

Another one is the USDMXN, where the price also went below the lower line of the triangle and in addition to this, below a crucial horizontal support. That breakout was also false and actually helped to create an inverse head and shoulders formation, which gave us a short-term buy signal.

We will finish with the most popular instrument on the market the EURUSD. The price here is obviously in a super strong up trend but it looks like the market is getting ready for a bearish correction. The price is still yet to test the broken 1.144 as a closest support. I think this movement would be more then welcome. Hard to imagine an attack on the 1.20 level without some kind of a correction in the meantime.

For a look at all of today’s economic events, check out our economic calendar.

EUR/AUD Long-term Bullish Break Aims at 1.69 Target

The EUR/AUD broke above the long-term key resistance trend line (orange line). This could indicate a major bullish reversal.

4 hour chart

EUR/AUD 4 hour chart

The EUR/AUD was unable to break below the 100% Fibonacci support. This bounce could complete a wave 5 (purple). Recently price has made several higher lows, which could be a finished wave B (purple). The current breakout is pushing above the 144 ema close as part of a potential wave 123 (light purple).

The EUR/AUD recent tops are potential support (green lines) and could act as a bouncing spot for a wave 3. A 5 wave pattern could take price up towards the main target zone at 1.69. The Fibonacci resistance could complete the bullish ABC and a downtrend could restart.

EUR/AUD 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

 

 

EUR/AUD Testing 21 EMA Zone Within Massive Downtrend

The EUR/AUD resumed its downtrend after completing a wave C (purple) of wave 4 (green) at the 144 ema. However, price action was not able to break below the previous bottom. What should traders expect next?

1 hour chart

EUR/AUD 1 hour chart

The EUR/AUD is testing again the critical 21 ema zone. A downtrend resumed after price action bounced at the 144 ema and rebroke below the 21 emas. Now price will need to break again below support (blue) to confirm the downtrend continuation. A break and close above the 21 ema zone could indicate a deeper retracement towards the 38.2% Fib. This could expand the wave 4 to a new spot (green dotted arrow).

15 min chart

The EUR/AUD is testing the 144 ema on the 15 min chart. This is a key bounce or break spot. The critical aspect is to look for a breakout, pullback and continuation either up or down for a short-term price movement.

EUR/AUD Chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.