Exness Technical Daily

[meeru]

EURUSD testing major resistance, prepare to sell

EURUSD
May 8, 2017, 04:52
Sell below 1.0980. Stop loss at 1.1033. Take profit at 1.0880.

Reason for the trading strategy (technically):

We are now seeing price test major resistance at 1.0980 (multiple fibonacci extensions, Elliott wave theory) and we expect a drop from this level to at least 1.0880 support (Fibonacci retracement, horizontal swing low support).

Stochastic (55,5,3) is also seeing major resistance below the 95% level where we expect a drop from.

Correlation analysis: EURUSD has a strong negative correlation with USDCHF which means they usually move in opposite directions. We are expecting a drop on EURUSD and similarly USDCHF which means it is best to exercise caution on this trade.

 

[meeru]

NZDUSD profit target reached once again, prepare to go bullish

NZDUSD
May 11, 2017, 06:02
Buy above 0.6818. Stop loss at 0.6789. Take profit at 0.6874.

Reason for the trading strategy (technically):

Price shot up and reached our profit target perfectly before dropping strongly. This is a perfect example of putting profit targets at key levels. We now turn bullish above 0.6818 support (Fibonacci extension, Elliott wave theory) and look for a bounce towards 0.6874 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is approaching strong support at 9% where we expect a bounce from.

RSI (34) has made a bearish exit signalling that the overall momentum we’re expecting of NZDUSD is bearish.

Correlation analysis: NZDUSD and AUDUSD are positively correlated meaning they usually move together in the same direction. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes well with the positive correlation expected.

 

[meeru]

AUDUSD remain bullish above strong support

AUDUSD
May 11, 2017, 05:59
Buy above 0.7332. Stop loss at 0.7290. Take profit at 0.7426.

Reason for the trading strategy (technically):

Price continues to test major support at 0.7332 (Fibonacci extension, Elliott wave theory) and we expect a bounce above this level to at least 0.7426 resistance, (Fibonacci retracement, horizontal swing high resistance).

Stochastic (55,5,3) is seeing major support above the 4% level where we expect a bounce from.

Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move together. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes well with the positive correlation expected.

 

[meeru]

EURJPY testing major resistance, prepare to sell

EURJPY
May 11, 2017, 05:57
Sell below 124.41. Stop loss at 125.10. Take profit at 122.62.

Reason for the trading strategy (technically):

Price is testing major resistance at 124.41 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards 122.62 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance below the 94% level and also sees bearish divergence vs price signalling that a drop is impending.

Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.

Read more: http://www.forumpakistan.com.pk/viewtopic,p,1396546.html#1396546#ixzz4gnO2HqCh

 

[meeru]

AUDJPY testing major resistance, remain bearish

AUDJPY
May 11, 2017, 05:51
Sell below 84.23. Stop loss at 84.64. Take profit at 83.27.

Reason for the trading strategy (technically):

Price is now testing major resistance at 84.23 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect price to react off this level and drop towards 83.27 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing major resistance below the 92% level where we expect a drop from.

Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.

 

[meeru]

USDCAD profit target reached, prepare to sell again

USDCAD
May 11, 2017, 05:49
Sell below 1.3744. Stop loss at 1.3798. Take profit at 1.3640.

Reason for the trading strategy (technically):

Price has dropped perfectly from our selling area and has reached our profit target before bouncing up again. We remain bearish looking to sell below 1.3744 resistance (Fibonacci extension, Elliott wave theory, Fibonacci retracement, horizontal swing high resistance) for a push down to 1.3640 (Fibonacci extension, horizontal swing low support, Elliott wave theory).

RSI (21) has made a bearish exit signalling a change in momentum is expected.

 

[meeru]

NZDUSD profit target reached once again, prepare to go bullish

NZDUSD
May 11, 2017, 06:02
Buy above 0.6818. Stop loss at 0.6789. Take profit at 0.6874.

Reason for the trading strategy (technically):

Price shot up and reached our profit target perfectly before dropping strongly. This is a perfect example of putting profit targets at key levels. We now turn bullish above 0.6818 support (Fibonacci extension, Elliott wave theory) and look for a bounce towards 0.6874 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is approaching strong support at 9% where we expect a bounce from.

RSI (34) has made a bearish exit signalling that the overall momentum we’re expecting of NZDUSD is bearish.

Correlation analysis: NZDUSD and AUDUSD are positively correlated meaning they usually move together in the same direction. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes well with the positive correlation expected.

 

[meeru]

AUDUSD remain bullish above strong support

AUDUSD
May 11, 2017, 05:59
Buy above 0.7332. Stop loss at 0.7290. Take profit at 0.7426.

Reason for the trading strategy (technically):

Price continues to test major support at 0.7332 (Fibonacci extension, Elliott wave theory) and we expect a bounce above this level to at least 0.7426 resistance, (Fibonacci retracement, horizontal swing high resistance).

Stochastic (55,5,3) is seeing major support above the 4% level where we expect a bounce from.

Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move together. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes well with the positive correlation expected.

 

[meeru]

EURJPY testing major resistance, prepare to sell

EURJPY
May 11, 2017, 05:57
Sell below 124.41. Stop loss at 125.10. Take profit at 122.62.

Reason for the trading strategy (technically):

Price is testing major resistance at 124.41 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards 122.62 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance below the 94% level and also sees bearish divergence vs price signalling that a drop is impending.

Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.

 

[meeru]

USDCAD profit target reached, prepare to sell again

USDCAD
May 11, 2017, 05:49
Sell below 1.3744. Stop loss at 1.3798. Take profit at 1.3640.

Reason for the trading strategy (technically):

Price has dropped perfectly from our selling area and has reached our profit target before bouncing up again. We remain bearish looking to sell below 1.3744 resistance (Fibonacci extension, Elliott wave theory, Fibonacci retracement, horizontal swing high resistance) for a push down to 1.3640 (Fibonacci extension, horizontal swing low support, Elliott wave theory).

RSI (21) has made a bearish exit signalling a change in momentum is expected.