Trend Line Analysis : 04/08/2015

Introduction to Trend Line Analysis
Welcome to our newest feature; Trend Line Analysis. Our professional market technician showcases intraday / swing trade setups on a broad spectrum of FX currency pairs. The most effective way to use the setup are:
▪ If indicated price zone holds; consider partial profit taking between 20-40 pips before aiming for the maximum listed target.
▪ If the price zone fails to hold; we likely to see price moving against us. Fail means; the candle closing higher or lower to indicated price zone.

 

 

We have focus on few majors crosses for the day;  with AUD and GBP likely to make noise for heavy sets of data is in store for the AUD in the ASIA and later GBP will react to it’s Construction PMI.

We have 2 setups on GBP crosses and 1 on the AUD; so while we come close their news event; caution is required.

GBPJPY

No change from yesterday layout only the support has dropped in a tart lower. 192.7X is support we like to see a test and a hold to go long.

For further view please check post from yesterday following the link below:
http://www.littlefishfx.com/03082015-trend-line-analysis/

GBPJPY 2 hrs - Looking to buy a T1 test and a hold for a push higher to newer highs
GBPJPY 2 hrs – Looking to buy a T1 test and a hold for a push higher to newer highs

EURAUD

No change from yesterday layout only the support has dropped in a tart lower. 491X support we like to see a test and a hold to go long.

For further view please check post from yesterday following the link below:
http://www.littlefishfx.com/03082015-trend-line-analysis/

Caution is required for today we have some big news event for Australian Dollar with Retail Sales and Trade Balance to be followed by Cash Rate and RBA statement. AUD is likely to stay heavy with while mostly it is expected RBA won’ t be cutting rates at the present; but the RBA statement will be more important to see if  the statement is dovish and whether  further rate cuts to seen.

EURAUD 4 hrs - T1 looks decent supp to try longs for 5050 zone
EURAUD 4 hrs – T1 looks decent supp to try longs for 5050 zone

GBPNZD

There is a particular swing setup in place where both buys and shorts can be initiated.

There are various ways to play this setup. Going with the view that the pair can test T3 or 2.395X which comes in as a decent looking spot to try shorts for an initial move back to 2.385X with potential run lower to 2.35XX. This for now is the preferred scenario.

Alternatively can use a move lower to 2.3515-20 to enter longs for the desire target to  test the black trend line to the top. If aggressive can even look to play the break of T4 or 2.384X for a possible 100 pips move to the 2.395X target and reversing the course from there.

GBP will see Construction PMI data and a better than expected numbers can push the pair higher and vice versa.

GBPNZD 4 hr - T3 test can get a test and if holds to it shorts preferred
GBPNZD 4 hr – T3 test can get a test and if holds to it shorts preferred

Got any questions about our Trend Line Analysis? Contact us editor@littlefishfx.com

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