US/OIL: Reasons Behind the Steady Rise

 By Deya Hroob




WTI has risen more than 6% in the past two days. Nevertheless, the main trend is bearish according to weekly and daily chart. 

The main resistance now is 200-day EMA ( daily chart ). For 1h chart, a golden cross is about to complete which is positive.

 If the bulls could take the price above the 200-day EMA, a move to $43.70 is expected.



The reasons behind the recent spike according to FXStreet News Portal are.....

The latest API data showed a heavy decline in oil inventories. 

Moreover, Hurricane Sally’s expected landfall on the US Gulf Coast had led to more than a quarter of US offshore oil and gas production shuttering as well as key exporting ports.

The unpredictability about oil production in the Gulf was bullish for oil prices.


Trade Wise and Good Luck,

EUR/GBP: Head and Shoulders Pattern Daily Chart

By Deya Hroob

eurgbp


This trade set up is based on daily chart.

A well-known H&S pattern has been spotted on EUR/GBP daily chart. It's a bearish pattern. Also, the pair is trading under the moving averages.

You should wait a breakout of the neckline, and trade the retest of the broken line. The neckline goes in line with the 0.236 Fibonacci levels at 0.8864.

I used Fibonacci levels to find my targets. The targets are 0.8774 and 0.8665

I have provided two different Fibonacci levels charts.

We should neglect the pattern, if the price goes above the moving averages.



EUR/CAD is Forming a Falling Wedge Pattern

Deya Hroob

eurcad


This trade set up is based on daily chart.

EUR/CAD is trading inside a falling wedge. It's a continuation pattern. The price now at the upper sloping line where you can also find the 20-day EMA.

I will trade the breakout of the upper line with target  1.5700, thereafter 1.5790. It's a Fibonacci level.

If the price breaks downwards, the trade set up will be invalid.

Trade Wise and Good Luck,

AUD/JPY Ascending Triangle Pattern in Daily Chart

By Deya Hroob

audjpy

This trade set up is based on daily chart.

AUD/JPY has formed an ascending triangle. This is a continuation pattern. However, you shouldn't take this as a guarantee, you have to follow the market.

I have two buying areas. Firstly, on the uptrend line OR on the breakout of the resistance line.

My targets are 77.40 , 78.00

In the flip side, any breakout of the trend line may take the pair to the 50-day EMA .

Trade Wise and Good Luck, 

AUD/CAD Head and Shoulders Pattern

By Deya Hroob

audcad


The pair has formed a well-known head and shoulders pattern. The price broke the neckline. I am waiting to trade the retest of the broken neckline.

My stop loss will be above the neckline.

Trade Wise and Good Luck,


XAU/USD: Bearish Flag in 1H Chart

 By Deya Hroob


This trade set up is based on 1h chart.

After falling from the high at $2075, Gold has formed a bearish flag. It's also trading below the moving averages. I'll wait a breakout below the flag to go short with targets $2010, $2000 and $1985.

If the price goes above the moving averages the trade set up will be invalid.


Trade Wise and Good Luck,

NZD/JPY Bearish Break Out

 By Deya Hroob




This trade set up is based on 4h chart.

NZD/JPY was trading into an ascending channel. On the last trading session last week, a bearish breakout happened. That means, the pair is more likely to go lower.

Traders may wait a retest to the lower boundary of the channel OR a retest to the moving averages to go short.

Our targets will be  69.55 ,then  68.40

If the price breaks above the moving averages, my next short position will be at the resistance line.


Trade Wise and Good Luck, 

 

US/OIL: Reasons Behind the Steady Rise

  By Deya Hroob WTI has risen more than 6% in the past two days. Nevertheless, the main trend is bearish according to weekly and daily chart...