The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
USD/JPY: the yen met the dragon
2019-11-11 • Updated
On the USD/JPY daily chart, quotes went our from the downward trading channel and broke up the resistance area of 111.55-111.75. Now, this area serves as a solid support. There is a transformation of the "Shark" pattern into 5-0. To restore the uptrend, the bulls should break the levels of 114.4-114.94. In contrast, a rollback from 38.2% and 50% levels of the CD wave will be a signal for the opening of short positions.
On the USD/JPY hourly chart, the "Dragon" pattern has been formed. If the bulls manage to keep quotes above 111.6 (the curl of the Dragon's tail - EMA21 and the lower border of the upward trading channel), there will be a great risk of continuation of the rally towards 112.8 and 113.44.
XBRUSD and XTIUSD might experience massive volatility due to the Chinese GDP release on Tuesday, October 18.
Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.