Exness Technical Daily

[meeru]

AUDNZD buy again above major support

Cross rate
Aug. 19, 2016, 03:01
Buy above 1.0550. Stop loss at 1.0503. Take profit at 1.0615.

Reason for the trading strategy (technically) :

Price remains above strong support level at 1.0550 (horizontal support, Fibonacci retracement, bullish candlestick reversal). We remain bullish looking to buy above this level for a small push up to 1.0615.

RSI (34) is also seeing major support at the 34% level where we expect a bounce from and displays bullish divergence vs price signaling a bounce is expected.

 

[meeru]

EURAUD approaching key resistance, wait for short entry

Cross rate
Aug. 19, 2016, 02:55
Sell below 1.4885. Stop loss at 1.4930. Take profit at 1.4660.

Reason for the trading strategy (technically) :

Sell if price makes a push up to resistance at 1.4886 (horizontal resistance, Fibonacci projection) where we expect a reaction from and a drop to at least 1.4660 (overlap support, Fibonacci retracement). Our stop loss is kept tight at 1.4930 in case this quick reversal does not happen.

Stochastics (21,5,3) is also on major resistance at 92% where we expect a drop from.

 

[meeru]

EURJPY right at major resistance again, remain bearish

Cross rate
Aug. 19, 2016, 02:54
Sell below 114.00. Stop loss at 115.40. Take profit at 111.00.

Reason for the trading strategy (technically) :

Price is right at major resistance at 114.00 again (overlap resistance, channel resistance, Fibonacci retracement) is our selling area for a further drop to 111.00 support (long term Fibonacci retracement, key swing low support).

RSI (21) is very close to the 65% resistance where we expect a reaction from.

 

[meeru]

NZDUSD remain bearish below major resistance

NZDUSD
Aug. 19, 2016, 02:52
Sell below 0.7300. Stop loss at 0.7325. Take profit at 0.7225.

Reason for the trading strategy (technically) :

We remain bearish looking to sell on strength below 0.7300 major resistance (Fibonacci projection, Fibonacci retracement, Horizontal resistance) for another drop to 0.7225 at least which is a strong support level (Fibonacci retracement, ascending support)

Stochastics (21,5,3) is reversing below strong resistance at 93%, showing a drop in progress.

RSI (21) has reversed below our ascending support line and we expect to see a drop in progress from here.

 

[meeru]

USDCHF look to buy on key support, adjust stop loss

USDCHF
Aug. 19, 2016, 02:49
Buy above 0.9525. Stop loss at 0.9500. Take profit at 0.9650.

Reason for the trading strategy (technically) :

We adjust our stop loss to 0.9500 and look to buy above 0.9525 major support (Fibonacci projection, horizontal support) for a quick bounce up to 0.9650.

Stochastics (21,5,3) is bouncing above our 6% support level showing a rise is in progress.

 

[meeru]

EURJPY reacted off our selling area perfectly, remain bearish

Cross rate
Aug. 18, 2016, 04:31
Sell below 114.00. Stop loss at 115.40. Take profit at 111.00.

Reason for the trading strategy (technically) :

Price rose to our selling area of 114.00 before dropping perfectly as expected. 114.00 resistance (overlap resistance, channel resistance, Fibonacci retracement) is our selling area for a further drop to 111.00 support (long term Fibonacci retracement, key swing low support).

RSI (21) has reacted off resistance at 65% as expected.

Strategy would be to add to your position now that is has reintegrated into our descending channel and look to sell again if it rises to 114.00 again.

 

[meeru]

USDCHF inverse head and shoulders in motion. Look to buy on neckline support

USDCHF
Aug. 26, 2016, 02:45
Buy at pullback of 0.9650. Stop loss at 0.9585. 1st take profit at 0.9705. 2nd take profit at 0.9765.

Reason for the trading strategy (technically):

Our inverse head and shoulders is currently playing itself out as expected. The goal today is to buy on pullback to neckline support at 0.9650 to play a further push up to 0.9705 before 0.9765

RSI (21) is seeing support from an ascending support line which is holding price up.

Reason for the trading strategy (fundamentally):

The main news events today is the GDP announcements in the US and Yellen’s comments on Jackson Hole. The general theme is more of indecision at this point with forecasts on GDP results expecting little to no change – this means little to no impact on the USD except for short term fluctuations. This goes in line with the view we have on USDCHF today as it is right on a key decision level (neckline support) and is clearly seeing a lot of indecision at that level.

 

[meeru]

EURJPY approaching major resistance, sell now

EURJPY
Aug. 26, 2016, 02:47
Sell below 114.00. Stop loss at 115.40. Take profit at 111.00

Reason for the trading strategy (technically):

EURJPY is approaching major resistance at 114.00 (horizontal resistance, Fibonacci projection, Fibonacci retracement) and has failed to cross above that level for the past 3 times. We expect the same today and a drop to 111.00.

RSI (21) is seeing major resistance at 65% level which has held price really well below it so far.

 

[meeru]

EURAUD rose as expected to our selling area. Remain bearish

Cross rate
Aug. 26, 2016, 02:50
Sell below 1.4835. Stop loss at 1.4890. Take profit at 1.4715.

Reason for the trading strategy (technically):

Price rose to our selling area of 1.4835 as expected where we added to our short position. Today we remain bearish below this resistance to play the further drop to 1.4715.

RSI (34) has made a bearish exit of its long term ascending support-turned-resistance line yesterday and still has good downside potential.

 

[meeru]

EURUSD head and shoulders in motion. Sell on neckline resistance

EURUSD
Aug. 26, 2016, 02:55
Sell at pullback to 1.1300. Stop loss at 1.1360. Take profit at 1.1190.

Reason for the trading strategy (technically):

Price has formed a head and shoulders reversal as expected and has seen price break through it beautifully before reversing. We look to sell on strength at 1.1300 resistance (neckline resistance, Fibonacci retracement) for a further drop to 1.1190.

RSI (21) had made a bearish exit as expected yesterday and today sees strong descending resistance which is putting downward pressure on price.

Reason for the trading strategy (fundamentally):

The main news events today is the GDP announcements in the US and Yellen’s comments on Jackson Hole. The general theme is more of indecision at this point with forecasts on GDP results expecting little to no change – this means little to no impact on the USD except for short term fluctuations. This goes in line with the view we have on EURUSD today as it is right on a key decision level (neckline resistance) and is clearly seeing a lot of indecision at that level.