AUDJPY Head-and-Shoulder in Making

A bird'e eye view at AUDJPY daily chart revels a potential Head-and-Shoulder pattern in making. Left shoulder comes at 5-July high and then pair bottomed on 25-July. It then went to set a new high to form head at 16-Aug high of 83.49. After that price roughly pulled back to previous bottomed area and then went up to form right shoulder on 14-Sep high at high of 83.07.
 
This price action makes a potential head-

Enjoy Your Weekend

Another great week ended. Didn't saw much volatility. Looks like some profit taking kicked in this week after big moves of previous week, attributed to QE3. 

Nonetheless, weekend round the corner so have an exquisite weekend … and luxuriate in the straightforward things.

Thank God Its Friday

Time to shoot off for the weekend... Thank God Its Friday....

Thank God Its Friday

Trade Idea: AUDUSD

"Higher interest rates boost currencies, while lower rates do not". This has been the main driver behind AUD rally in recent times. 

Many trader are anticipating a 25bp cut ahead in next week's RBA announcement and have sold AUDUSD ahead of the risk event. However there are aplenty reason why RBA will stick to its "wait and watch" approach.

In China, markets begin a week long

GBPUSD Still in BUY the dip mode

Looks like GBPUSD is still in BUY mode. Since Aug, every dip in GBPUSD has been supported by intense buying which has shoot up the pair from 1.55 to 1.63. But its going more parabolic and you all knows what happens when a pair rises in parabolic mode - it drops much faster....

Next resistance

IMF Report: Economies Dealing with Public Debt

IMF released a public report today analyzing economies dealing with public debt. It shows some alarming correlation between debt and GDP. The complete report can be downloaded from here [link]

I am still going through the 28page report, but few Point worth noting:

-> Since World War II, public debt

EURUSD Descending Channel

Bull run since QE announcement is correcting in descending channel. Currently 23.6 fibo providing some support. If price moves down, 38.2 fibo & 50fibo is expected to provide good support to continue bull run. 
I am not a big fan of 23.6 & 38.2 expect combined with

AUDUSD M30 Descending Channel

AUDUSD Charts Technical levels:
Since QE announcement, AUDUSD is capped in a descending channel.

While on Daily chart, price is near to 100 day MA and the rising trendline

AUD Mid Term View

If this article at FT's Alphaville [link] is to be believed, then Aussie Dollar is unlikely to weaken substantially against its US counterpart until the foreign direct investment pipeline turns sharply lower, which looks unlikely.


So far foreign investment has been the only driver making AUD so high. The bad thing is everything points to foreign investment and RBA believes central bank purchases haven’t been a major AUD driver. 

However, the good news, is that the investment

USDJPY Channel & Support

Since July USDJPY is trading in descending channel and has bounced once from major trendline support. Currently, its trading near lower boundary of descending channel and near to major trendline support.

EURUSD Channel Support

EURUSD H4. Price action showing a classic example of resistance turned support. The ascending channel which has caped price since July-end has turned support and restraining any down moves.If price break upper channel, then lower

EURAUD Daily

EURAUD Daily at major resistance area. The area coincides with falling trendline and 61.8 fibo (of its fall from 1.3029 to 1.16).
Although the price action has been strongly bullish but has started to show signs of divergence. Price looks extremely overbrought as well.  Looking for 50fibo

EURGBP Major Resistance

EURGBP approaching major resistance areas and a rising trendlines. Recent retracement on H4 was on cards after last week's parabolic move. 

On Daily chart, looks like price will break the parabolic trendline. Next

AUDUSD Trendline & Fibo

AUDUSD hitting at rising trendline. If able to break then 61.8 and 50fibo coming into play..

EURUSD Trendline

EURUSD trendlines coming into play after last week's parabolic move higher. Looking for a price to retrace a bit for long opportunities.
Below are the trendline coming into play..

GBPUSD Trendline

GBPUSD Trendlines coming into play. Pair may look to consolidate after this parabolic move higher.
If price manages to break the upper trendline, then there is no resistance till lower trendline. 

EURAUD & GBPAUD Price Action

Normally EURAUD & GBPAUD usually comes down with risk-on scenario. But currently these pairs are moving in opposite direction. 

EURAUD is trying to establish itself above 50fibo. The next resistance comes 61.8fibo. 

GBPAUD encountered a good resistance at 61.8fibo and

EURJPY AUDJPY GBPJPY Major Resistance Areas

Yen pairs EURJPY AUDJPY GBPJPY are at major resistance areas of their upward movement.

AUDJPY at 61.8 fibo of its fall from 88.5 to 74.5. This area is also previous support turned resistance. Price has previously crossed 50 fibo in single spike, looks like a great deal of stoploss were present above 50fibo level.

AUDUSD at Previous Highs

AUDUSD at previous highs. Thanks to QE.

Price is rebounding from previous high. Rebound action is not much visible on higher timeframes, so I have added a snippet of 15M charts. Looks good resistance. Guess there might be huge stoploss just above it. 
Will be interesting to see price action when US market opens and stoploss hunting...

GBPUSD at Major Resistance

GBPUSD Daily at major resistance trendline which has restrained price action for last 4months. Lets see how QE plays around the trendline..

GOLD Trendline am Watching

Gold Daily: I am expecting a test of this trendline and then price reversal. Depending upon the outcome of risk event, It may break the trendline as well.

Stoch and RSI are severely overbrought...

Update on 13-Sep: Gold consolidation and then moving UP.....consolidation and then moving UP.... Repeat and Rinse...

GBPJPY Resistance Turned Support

GBPJPY H1: Resistance Turned Support

GBPJPY is finding very nice support at broker resistance level. Next resistance level comes around 125.40.

Updated on 13-Sep: Pair is close to the resistance but has broken down the trendline which was holding it up for past 1 month...
A bigger view on H4.

GBPUSD M30 Triangle

A nice Triangle formation coming up in GBPUSD M30. Trend looks bullish.

Apart from having 5 green winning weekly streaks, GBPUSD has bearish gartley on Daily as well. Looks heavily brought and I am looking for a 100/150 pips correction before uptrend resumes, if it has to.

EURGBP Rangy

EURGBP H1: Very very rangy. Will be interesting to see which side it breaks...

GBPUSD Trendline

GBPUSD H4: A failure to break previous high should bring it down. Looking bearish...

EURAUD Daily

EURAUD getting rejected from 50% fibo post RBA minutes..

UPDATE 05-Sep-12: We got a Doji candle on daily charts. More down in sight..

EURUSD H4 Channel

EURUSD H4 Channel in play for this week...