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Over the last year EUR/AUD has been moving from large ranging zones to small ranging zones, moving back and forth between this consolidation phases. Right now the current established range is between 1.4400 resistance level and 1.4000 big round number and psychological number. Taking in consideration that we're approaching the summer time whee liquidity usually is low and thus the activity level is very low we should expect the market to move in tight range zones and this is…
Daytrader21's Blog
EUR/GBP Breakout Mode
EUR/GBP has started shifted to the downside once we broke the major support level of 0.7700(see Figure 1). This is a major support level since it was support level in 2008 and than in 2010, but once we managed to break and close below it the momentum started accelerating and this is a strong sign that for now we're going to move in the direction of line of least resistance. Next major level comes at 0.7100 which was a strong resistance level from 2003 to 2008 when we finally broke to the upside.…
Gold Double Inverted H&S Bottom?
Since I start blogging I've been giving out my outlook on gold both short term and long term, outlining the main points of why we may soon start another bullish trend but at the same time being caution of the possibility that we may get another major swing low, below the psychological level $1000, before the resumption of the gold secular bull trend. Here you can find my previous blog posts about gold: …
EURUSD Head&Shoulder pattern ready for a major breakout
EURUSD is sitting on a major Head&Shoulder pattern that begin forming from September last year when we develop the left shoulder (see fig.1) and continue to develop throughout this year. Currently everything is set in place for a major breakout to the downside and a break of the H&S's neckline which is the final confirmation that we have a genuine pattern. In figure 1 we can also see that the 1.37 swing high price structure took a shape of an minor H&S pattern which in itself resemble the bigger…