ZAR Head and Shoulder?

Good Day Dynamic Traders,

Lots of movement in the markets today, the Euro has broken through the strong RN. The USDJPY mentioned on last night's blog has broken through the support and provided us with a BOB. Will this continue or was it just a FBO?

The Zar posted below appears to be displaying a head and shoulders formation. Price has just dipped below the neckline. However, further confirmation is required for me to enter the trade. The conservative traders may wait for the break of the low or for price to retest the neckline a second time before it continues south with the trend.













Happy Thanksgiving/Holidays for those of you celebrating it.

Good Trading!
Bijal Shah

Mid week review

Good Evening Dynamic Traders

We're already mid trading week! I'm having troubles updating images tonight but hopefully you can follow my comments. I'm checking in on my previous blogs on GBP, SGD, ZAR and AUDJPY.

Looking at GBPUSD, price yet again failed the BOB and rebounded off the support area where buyers obviously stepped in. What looked like a possible BOB yesterday morning, ended up very differently by close of the trading day. This is a great example of being patient and waiting for the market to make it's final move! You can see price is simply ranging between this VI R and S area, clearly telling us buyers and sellers are battling it out - who will win? Could we see a TT at the VI and a move down? Or will price continue to seek comfort near the VI for a while? Patience is key whatever the case.

SGD has had a bearish couple of days and on first glance we may think the breather is over. But of course as Dynamic Traders, we know this breather isn't complete without the BOB of the low. So again patience is needed to enter a possible trade here.

ZAR is also testing the support level tonight and should there be a BOB, remember we have the channel TL looming close below as the next barrier.

AUDJPY today has tagged the previous high and retreated slightly. Remember we have the RN clustered with the R, so we may see some indecision here before a potential BOB. Again wait for the confirmation and then take your action.

Remember, standing aside is also holding a position. You might be ready to trade, but the markets might not be ready for you. So be patient and wait for the correct signals to enter.

Please always carry out your own analysis.
Here's to great trading!

Sonia Molina

Review ZAR, SGD, AUDJPY

Happy Monday Dynamic Traders!

Hope you all had a wonderful weekend.

I wanted to start the week off by taking a quick look at the trades mentioned last week. Let's start with ZAR. Price did indeed find a resistance point at the figure/fib level and then continued down, however still remaining within the comfort of the channel. Price has recently found support and now seems undecided as to what to do next. Should we see a BOB of the low we then have the lower channel TL next on the cards as support so the move may be short lived. We could see price bounce back up to continue the channelling pattern.
















SGD also continued down, ignoring the figure. But from Friday price has been bullish and seems to be taking a breathe in the down trend. Price has tagged a breather level today but we could see further moves up before a continuation with the down trend.
















AUDJPY did see that BOB of the squeeze and has continued up ignoring the R & RN. The aggressive traders may have already entered this trade. The more conservative will be awaiting a BOB of the high for a potential continuation on the upside. We're fast approaching this area so all eyes on AUDJPY this week! Will it breakthrough or will it find R and reverse?

















Wishing you all a great Monday and a great day of trading!

Sonia Molina

Channelling ZAR

Hi Dynamic Traders

Hope you're all well and had a fabulous weekend. The autumn weather seems to have arrived here in London.

I wanted to bring your attention to the South African Rand - not everyone's favourite currency due to the big moves it makes, but may be one you want to keep an eye on. Looking at the daily chart, we can see the current trend is down. Back in April we saw price break below the VI suggesting a bearish trend forming. Price has since formed a downward channel and we are currently at a fib breather level coupled with a RN.
















Price has found resistance at this point and Friday gave us a bearish candle. So far today price is also in the sellers favour. Will price continue to go down? The more aggressive traders may already be in this trade, the more conservative will be awaiting a BOB of the low. You may also notice a previous 123786 as well as the false bar on stochastics - both helping to put the odds in your favour. Of course price may bounce up and test the upper TL of the channel - we simply don't know what the market will do. But one to certainly keep an eye on should we see price break the low.

Have a good evening and here's to great trading!

Sonia Molina