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Symmetrical Triangle Setup on AUDJPY with a Target of 83.50Trend Analysis The main view of this trade idea is on the 2-Hour Chart. The FX Cross AUDJPY appears to be in a symmetrical triangle setup with the support line along the higher lows of 77.87 and 78.80 while the resistance trend line is at 82 and 81.35. There appears to be a breakout in the resistance trend line. Expectations are for AUDJPY to rally towards 83.50. Failure of this move will be observed if AUDJPY declines towards 79.75. Technical Indicators AUDJPY had positive crossovers on its short (50-MA) medium (100-MA) and long (200-MA) fractal moving averages. The FX Cross is trading above these respective MAs. Technical indicators are also complementing the bullish nature of the current setup. The RSI is trading above 50 while the KST recently had a positive crossover. Recommendation The recommendation will be to go long at market, with a stop loss at 79.75 and a target of 83.50. This produces a risk/reward ratio of 1.35. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in AUDJPY.
Long
by Ceddy86
1
Symmetrical Triangle with Breakout in NZDJPY Towards 78.50Trend Analysis The main view of this trade idea is on the 30-Min Chart. The FX Cross NZDJPY is in a symmetrical triangle setup. The support trend line is connected by the 76.50 and 77 high lows while the resistance trend line is connected by the 78.11 and 77.60 lower highs. Expectations are for a breakout higher, with a target of 78.50. A failure of this setup will be observed if NZDJPY were to decline to 76.855. Technical Indicators NZDJPY has positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) term fractal moving averages. The RSI is greater than 50 and there has been a positive crossover on the KST. Recommendation The recommendation will be to go long at market, with a stop loss at 76.855 and a target of 78.50. This produces a risk/reward ratio of 1.48. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in NZDJPY.
Long
by Ceddy86
Outlook on Gold: Pullback presents an opportunity to buy Prices are holding well above the daily support, and we are seeing consolidation on the H1 time frame along with a clear break of structure above the recent high. A pullback to test the support zone at 1752, in line with the 78.6% retracement presents an opportunity to play the bounce with 1769 as the resistance target. Keeping in mind the daily time frame echoes a more bullish view, a break above the 1769 resistance target could see prices extend its rally.
FOREXCOM:XAUUSDLong
by shermzT