Hi traders!

USDJPY – On the daily TF, we see the pair meeting the 61.8 fib level which is now acting as resistance.usdjpy forex

Ability for the pair to close above that level might see the pair get lighter towards the next 76.4% fib level at 101.21.

Nevertheless, do not discount a retracement back down towards 50% fib level at 98.73 as a confluence of 61.8 fib level and the psychological round number at 100 might just entice bears to come in.

euro forex chart

EURUSD – On the daily TF, we see this pair reacting to the upside at the 38.2 fib level.

Yesterday, we see the pair close with a blue candle. Today, the pair tries to go back down but is seen being bought up at the moment.

It is possible that we might be seeing this pair retrace to the 28.2 fib level or its 15 and 21 ema. If price reaches there, I will be taking a short term short trade. Easily 20-30 pips there in this kind of reaction.

That’s how I make my money. I identify reaction points and make a quick move in and out.

But remember, big money comes when pairs start to trend and backed by fundamental reasons.

pound forex chart

GBPUSD – On the daily TF, we saw a blue candle close yesterday.

It seems that the bulls are still in charge, at least until this uptrendline is still maintained.

We could also see another trend line from the top that is currently acting as resistance. Just above 1.56, we see a reaction there.

Using Elliot wave theory, we are currently in the 5th extension wave, which if transpires can reach levels of up to 1.585 region.

As long as the price is still within this uptrend channel, bulls are staying bold, the way I see it.

aussie dollar forex

AUDUSD – On daily TF, pair nearly touched 0.92 but fell to current levels at 0.913 at the moment.

From the chart, we can see that pair has broken above a down trendline.

There is a possibility that the pair will retest that trendline again before further up moves.

euro aussie forex chart

EURAUD – I am expecting further falls for this pair.

That double top looks nasty for the bulls and is giving the bears a good reason to short this thing some more.

If there is a retracement up, take the short. The market is giving it to you, take it. 

pound yen forex

GBPJPY – Pair on a tear. Heading towards supply level near 156.

Short at those levels for some good 20-40 pips. That’s where people like me will make money.

We plan our trades and we take those reactions.

Just sharing.

~ Ardy