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Trade Idea - EURHKD Nears Support Confluence

The larger term view point in the EUR pairs in general certainly has a bearish outlook, but focusing on the price action to start the week, we can see that the leg to the upside carried strong momentum.
In Elliott Wave, moves in the market are usually classified in 3 or 5 waves, which provides reason to believe another leg higher to a deeper retracement can be seen before bearish momentum resumes.
The 4H chart of EURHKD shows the pair near the 61.8% Fibonacci level, just ahead of spike support s…
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EURJPY Struggles at 61.8% Fib Level

In today's NFP we've seen the USD strengthens once again on the back of a strong NFP number. Unemployment however ticket up 0.1 point. The USDJPY saw some decent gains, the EURJPY however struggled to break highs.
At the moment the pair is facing the 61.8% retrace of the last leg down, and has drawn two consecutive daily Doji's against this level showing some indecision around this area.
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AUDUSD approaching Daily Support

AUDUSD has been hit quite a bit as of late, Almost as bad as the NZDUSD which is the one of the few USD pairs that has broken to new lows.
Today we see the Aussie test the 88.6% fibonacci level on the daily chart, as well as major daily support at 7588. We may see the pair get bid here. A break below, can open up the downside.
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USDCAD up against resistance confluence

The USDCAD has been showing strong upside momentum for the last two weeks, but momentum was seen slowing down up against a resistance confluence area on the daily chart.
The chart below shows a combination of trendline resistance, channel resistance, as well as the 61.8% Fibonacci level from highs to lows.
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NZDJPY Bearish below 89.80 - Area for downtrend to resume

The NZDJPY has been bearish for the last month, ever since the RBNZ surprised the markets with their intentions of cutting rates in the future, while it was largely expected they would continue in their hike schedule.
The current 4H wave count in the pair shows a cycle to the downside has completed and we are in a new wave structure. The current retracement at 89.90 is holding the price to the downside, and this is an area where we can see the downtrend resume.
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AUDUSD Near Support Confluence

The AUDUSD had a bearish move on the back of a statement from the RBA in early trading.
The pair dipped down to support in the form of a rising trendline on the 1 hour charts, as well as the 50% retracement of the last leg down. This area has already shown signs of buying and can be an area where we see the pair turn bullish once again.
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USDJPY Building up Stop Losses below 118.85

The USDJPY appears to be trading sideways for most of the year. The daily chart below, shows that 118.85 has become significant support as price has bounced from that level several times
Often in a range type environment, we can measure an equal distance from the high of the range to the low, to determine a possible target. The above chart has done exactly that to determine an approxiamete target in the case of a bearish break to be at 116.16.
The chart also shows a downward trendline in play as…
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GBPCAD Forming a Daily Doji against it's 50 Back

The British Pound has rallied quite strong over the last few weeks. The major catalyst was the elections last week, we saw some follow through with decent data coming from Great Britain this week.
The rally has caused the GBPCAD to come back and test the 50%Fib of the last leg down. We are starting to see the strong momentum die down a bit, which can be seen as Daily Doji in the making.
Other Pound pairs have made some significant breaks during this same time period. The GBPNZD for example has b…
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EURUSD Weekly Outlook

The EURUSD is approaching some interesting Fib levels as of late. On the daily chart it can be see that the pair has received a bit of selling pressure at the 76.4 fib.
However, there are some other factors that give a different picture. The level at 1.1112, which marks both the 61.8 Fib as well as Daily Resistance, was recently breached. In fact the Daily chart does not show any selling activity in that area at all. Aside from significant resistance being broken, the Weekly chart also suggests …
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