Friday, June 27, 2014
This currency pair is in uptrend from the last many trading sessions. Went on some correction wave from 20-June-2014 to 25-June-2014 and took support near kumo and now, it has started its uptrend again.
Although Doda-Donchian gave "BUY" signal @1.6994, we are waiting for Doda-Bollinger band indicator to give "BUY" signal to confirm.
Once it close above 1.7039, it will start fresh uptrend. (At the time of writing this article, GBPUSD is trading at 1.7038).
The main point is that as long as it is trading above 1.7006, it is a buy call. Do not take any short call above this level.
After starting fresh uptrend, it will face resistance at following points:
Thursday, June 26, 2014
Today we'll analyze the technical chart of EURGBP currency pair with Japanese Ichimoku, Doda-Donchian and Doda-Bollinger Band indicator.
Time frame taken is H4.
From about beginning of this month, it started its downtrend when it crossed and closed below 0.8107. That was the first signal of its weakness.
Thereafter, it continued its downward journey to touch the low of 0.7958 on 15-June-2014. From there it bounced back to the current level of 0.8021.
Now, it's clear from the chart, that the currency price is trading inside kumo of Ichimoku indicator. Kumo is a NO trade zone. So, we'll not take any call till the price is inside the kumo.
It should either close above or close below the chart to start fresh uptrend or fresh downtrend respect.
The chances of break-out on upside is more looking at technical indicators. But for that, it may take some support near 0.8007 first and then it will close above 0.8022. 0.8061 is the first target.
Major support Levels:
Major Resistance Levels:
Also, keep 0.7988 the major game changer level. Above this level, take only buy call. Below this level, take only sell call. This major pivot level is for this week only.
Will discuss the same chart next week too.
Wednesday, June 25, 2014
Today, we're going to analyze the technical chart of USDJPY currency pair. I've taken Japanese indicator Ichimoku along with our own built Doda-Donchian and Doda-Bollinger band indicators.
Time frame taken is H4.
From the last many trading sessions, this currency pair is in range bound between around 101-102 - just few pips here and there. Whenever any currency pair or stock price moves in range bound, one thing is sure that it is preparing to breakout.
Now, we've to see in which direction that break out happens - on upside or on downside.
Looking for upside, it has a strong resistance of kumo - which is currently at 101.98. This level is also its weekly pivot point. That means, it must cross and close above this level to start fresh uptrend.
On the downside, 101.75 and 101.65 are 2 strong support levels. It must close below this level to start fresh downside.
I suggest you to do NOTHING now in this currency pair and wait for these levels to take action.
Major levels for this week:
Support @ : 101.65, 101.37, 101.04
Resistance @ : 102.26, 102.59, 102.87
Tuesday, June 24, 2014
Today, we'll analyze the technical chart of EURUSD currency pair with our Doda-Donchian, Doda-Bollinger Bands, Ichimoku technical indicators. Time frame taken is weekly.
As you can see in the above chart, EURUSD closed below Doda-Donchian line @1.3704 about couple of months back. That was the first sign of its weakness. After that, it took support on Doda-Bollinger Bands 3 times @1.3532. This level is acting as a very support level for EURUSD.
The chart has lost its inheritance strength now. It needs to close above 1.3737 to start fresh uptrend. On the downside, levels of 1.3532 and 1.3361 will act as strong support levels. Below these levels, nothing can stop this currency pair to start BIG downtrend.
So, watch these levels carefully.
Friday, June 20, 2014
In such disrupted market conditions, Gold is always considered to be safe heaven. Investors either sit on cash or park their money in Gold. The logic is simple. If stock market crashes, Gold price will increase. Well, not always; but many times - yes.
In this article, we'll look at technical aspects of Gold chart and look at some of the best price to enter it with stop-loss.
I've used Ichimoku, Doda-Donchian and Doda-Bollinger band indicators.
In the last trading session, Gold has started a new uptrend after it manages to cross and close above 1270.58. That was the first buy signal given by Doda-Donchian indicator, confirmed by Doda-Bollinger Bands. 1272.11 was weekly pivot point also. Till Gold is trading above this level this week, it will be in BUY territory.
It touched near the major resistance at $1321 and still it is trading near by. After a steep rise, it's common to stay at these levels for few hours. But the trend is up from here.
So, do NOT take any sell call on Gold here.
1302.72 is a strong support at this level. One can take long position from if Gold prices come near by and sustain it.
Closing above 1322 is also a buy call as it will start another uptrend from there.
Wednesday, June 18, 2014
Below is the technical chart of EURUSD on H4 time frame.
The trend of this chart is down from from time. It tried to cross to resistance around 1.3654 around 5-8 June, 2014 but it failed there.
Now, the future kumo has become flat and it's calling price to start uptrend. But for that, it needs to cross AND close above 1.3590. So, do not take any long call below 1.3590.
If it manages to do so, it will start fresh uptrend.
Below that, 1.3479 is clearly visible support and immediate target.