USD/MXN: Pair sitting on a triangle support line, breakdown in view [Video]
(Gregor Horvat – Wavetraders)
MXN is doing very well vs USD when other commodity currencies are much weaker. As such, we think that USDMXN can easily break much lower once USD will turn down across the board. In fact, we already see a bearish reversal with a sharp drop 20.57: It looks like an impulse while the current sideways price action around 20.00 can be corrective; possibly evne wave (2) with nice resistance at 20.20-20.30 area.
For more detailed analysis we suggest to check our video below in which I will alos cover crude oil that has turned up recnetly, and can cause the breakdown on USDMXN if energy price will continue to rise.
EUR/USD move towards 0.9600 as sellers join the fray
(Nenad Kerkez – Top-XE)
EUR/USD technical analysis
- EUR/USD is bearish.
- 133 pips of the ATR.
- Pinbar in D1 time frame.
- Target should 0.9600 and below.
- Big volatility.
- MEGATREND ™ pattern.
- Point 1 of Trend line touch.
- Point 2 of 1-2-3 pattern.
- Point 3 of 1-2-3 pattern.
- Pinbar entry.
The EUR/USD shows 133 pips of the ATR for the last 14 days.It means that volatility is 2.5 times higher than before the crisis. The EUR/USD is moved lower by the technicals and technicals show everything. Fundamentals are written in the price action. Gas crisis, divergence in monetary policy with the US, dissension in the ranks of the EU. Everything weighs down and EUR/USD will move lower.
Pinbar rejection off the MEGATREND pattern is clearly showing us continuation to the downside. 0.9720 is the entry zone and if price continues to respect the MEGATREND we should see 0.9600 and 0.9435 as the swing target. Intraday target is 0.9600 but we have the FOMC meeting minutes and US CPI tomorrow.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system and a trading course. I am currently running 2 short positions in the EUR/USD. My Telegram group recently received 2 sell EUR/USD signals as a part of the trading method. Watching the daily time frame for this setup.Intraday target is 0.9600 while swing target is 0.9435.
USD/JPY outlook: USD/JPY rises to new multi-year high, eyes 1998 peak
(Slobodan Drvenica – Windsor Brokers)
Fresh bullish acceleration broke above previous 24-year peak at 145.90, pushing the price to new multi-year highs in European trading on Wednesday.
Bullish continuation after a limited pullback, sparked by Japan’s intervention in September, confirms an end of larger consolidation, also showing that the downside remains well protected, as post-intervention dip was contained above psychological 140 support.
Overbought conditions on daily chart so far do not impact bulls, but some price adjustments could be expected in coming sessions, before final push towards target at 147.68 (1998 high).
Bulls look for confirmation daily close above broken top at 145.90, which will revert to initial support, with former tops at 145.00 zone, reinforced by rising daily Tenkan-sen, marking a solid support which should contain dips and guard lower pivot at 144.40 (the lower boundary of a bull-channel, a trendline drawn off 130.39, Aug 2 higher low).
Res: 147.05; 147.21; 147.68; 148.01.
Sup: 145.90; 145.30; 145.00; 144.40.