MARKET FIX 27/09/2021

EURUSD Look to Sell Into Any Strength

TThe EURUSD is now in a well-defined bearish trend and looking for short setups into any signs of strength will offer traders with high probability setups. For this week I am expecting strong resistance from the Weekly R2 Pivot @ 1.179 and will consider a short to new structure lows @ 1.168 which is also the Weekly S2 Pivot. Should we see price strengthen to previous structure highs @ 1.188 this will provide an even better short opportunity with stops to be considered at the Monthly R1 @ 1.1915

GBPUSD Wait for Bearish Confirmation

Generally, I am still very bearish on the GBPUSD but for now, it seems we might first see a slight pullback to the Monthly Pivot @ 1.376. If we see price getting rejected from this level chances are we will see a move to new structure lows below 1.360

EURGBP Likely Bottoming but Be Careful

Despite the overall bearish trend starting to lose momentum and all the signs of a bottoming formation being presented it would be wise to remain careful as there is still a chance for one more low on diagonal support @ 0.844. Whether or not this will happen is anybody’s guess but for now, all we can do is trade the levels. As such; any move below 0.851 (WS1) will likely see the test of the lower diagonal and any move above 0.858 will possibly see a move higher towards the Monthly R1 @ 0.864. Any definitive break above this will be very bullish.

GBPNZD Watch For A Breakout from Consolidation

GBPNZD has been rangebound in a tight consolidation right above the Daily 200 SMA since the beginning of the month and is starting to look like it is ready to break out. In the event of a bullish break, the first target would be where the Weekly R2 meets the Daily 100 SMA @ 1.963. Support then becomes the Weekly Pivot at the centre of the range. If for any reason we end up seeing a break to the downside, the target would be the Monthly S1 @ 1.929

AUDUSD Corrective Wave in Progress

For now, it seems the AUDUSD is in a corrective wave which might see it testing resistance from the Weekly R2 @ 0.735 should it manage to break above Friday’s high @ 0.730. From there I would expect a continuation of the bearish trend as a new impulse wave could see a price break under last week’s low @ 0.721. The most likely area of support following a new impulse wave would be near the Monthly S1 @ 0.713

USDCHF Trade in Progress

Last week we put out a trade alert for a long setup on USDCHF and very soon after the 1st target was hit we had a pullback to the entry zone. The tarde is still active and we expect a move to the full target @ 0.932 soon.

NASDAQ Caution As We Head Higher

For now, support from the Yearly R1 @ 15000 has held and we are seeing the price once again heading higher, although it would be wise to remain cautious as there appears to be a loss of momentum. I expect the price to meet some resistance @ 15460 with a break above this area being bullish. If price pulls back and/or breaks below the Weekly Pivot @ 15185 there is a good chance for a deeper correction towards the Daily 100 SMA @ 14650 (Also the Weekly S2)

BTCUSD One Last Move Higher?

Bitcoin has for now found some support from the Daily 100 SMA and appears to be looking for another test of resistance. The area of resistance I am considering is the Yearly R2 Pivot @ 46100 which currently finds itself right in between the Daily 200 and 50 SMA’s. If the price gets rejected from there and falls below 41k support a move towards the 365 Day SMA @ 38k is highly probable.

ETHUSD Keep a close eye on the Daily 50SMA

ETH has broken below important structure support and similar to what we are expecting with BTC is probably looking to test resistance which currently resides with the Daily 50 SMA just above 3250. Any rejection from there will be very bearish and will likely see another test of recent lows in the vicinity of the Daily 200 and 100 Daily SMA’s @ 2630 to 2750 respectively.