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Tarantula

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GBPUSD on H4 has formed inverted Head and Shoulders. If there is a momentum and 5050 holds it should try to break the neckline and proceed to test 5300.
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Tarantula

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GBPUSD has 2 important levels. 5017 to the downside and 5105 to the upside. SO far we have M 1 2 3 bearish pattern on H1 and failed bullish inverted head and shoulders on H4 ( 5050 break- right shoulder much lower then left ). We should pay attention to above mentioned levels. A break below 5017 targets 5000 and 4955 respectively. A break above 5105 targets 5120 and 5168 respectively.
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Tarantula

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AUDUSD dropped heavily after RBA decided to cut rates by 0.25 %. 7625 is the daily low and there is a possibility of a second retest where the break of 7625 would aim for 7600. 7720-30 is POC where we see a nice confluence of previous low, 50.0 fib and L5 which acts as a resistance. This spot is a good place to short it towards 7625-00. We can also see a descending trendline which has confirmed the downtrend after the rate cut.
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Tarantula

Member
GBPJPY has broken through an inner trend line and we can spot a nice confluence at 177.40-50. As POC zone we see 38.2 fib, DPP,L3 and inner trend line.The zone should give us potential longs towards 179.05. If 179.05 is broken 179.40 and 179.90 is the next. Tomorrow BOE will decide about official bank rate, so pay attention to that report. I dont recommend holding any position then.
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Tarantula

Member
EURUSD has been sold heavily after ECB announced that it did not accept Greek bonds. In my opinion from a fundamental aspect traders should forget about placing deposits in Central Banks. Greek National Bank needs to fund CBs with additional billion of EUR in next few weeks.

Having said that German Factory orders got a nice boost in early LO session. That is reflected on the chart. Inner TL has been tested around a strong confluence of technical patterns such as DPP, H3 and previous buyers - breakout level. As long as EUR is above 1360 we could expect 1400 1410 1426, focusing on 1400. If EUR drops below 1360 ( 1358) we should see 1320 and 1290 again.

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Tarantula

Member
EURUSD has completed all upside targets yesterday. However I still think that EURUSD could target 1.1620 on intra week basis as 1360 stood firm yesterday. Today's NFP could bring us a possible retracement in EUR. I am not suggesting going long on resistance, so if we see a pullback around 1390, that level could be used for a possible long trade. Technically we see historical near term buying, inner TLs, 50.0 fib retracement which is close to L4 support. EUR targets are 1500 1540 and 1590. However A sustained break above 1500 is needed for 1540 and 1590.
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Tarantula

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AUDUSD closed on Friday making a bearish pinbar which signifies a lot selling pressure. Dropping down to H1 chart we see a confluence of a lower trend line, 61.8 fib, H3 and near term sellers. 7830 zone could give us chance for intraday setups and trading towards 7800,7770 and 7745.
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Tarantula

Member
GBPUSD is bullish on intraday charts. The target could still be 5450 for the week but we need to concentrate on intraday movement now. 5275 and 5220 are crucial for GBPUSD. As we can see to the left, there is a failed head and shoulders pattern which trendline shows exactly yesterday's inability to close below it. Pullbacks towards 5220 could be used for long trades, while any hourly close below 5220 could lead the pair towards 5220 and 5165. Bias is bullish though, so 5220 zone is used for position trades while 5275 should be used as a breakout level towards 5300 and 5330.
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Tarantula

Member
Yesterday AUD dropped heavily on Unemployment Rate and Employment change numbers. Today we should watch for 7695 and 7720 which make for two POC zones and we should expect rejections towards 7660 7640 and 7610. POC 1 shows L3, 61.8, Breakout - retest level while POC2 marks previous high, 88.6 % deep retracement and the top of equidistant channel.
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Tarantula

Member
NZDUSD has broken out to the upside and it is bullish on intraday timeframe. We want to see a pullback before we make a decision for a long position. POC stands at L3, 61.8, and inner trendline, and shows a good confluence zone (7375-7390). Inner trenline shows a previous breakout point so it is where assume the fresh buyers are. NZDUSD is targeting 7475 and 7520 subsequently.
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Tarantula

Member
AUDJPY has broken above the running triangle top and ex resistance ( running triangle top trend line ) is now support. It is an inner trend line and it is making a confluence at 92.50-92.60 zone. DPP and L3 are also part of POC and we might expect a bounce in this area. AUDJPY is targeting 93.65 and 94.15. The pair's uptrend is also supported by near term historical buyers who have formed intra week trend line which is also indicated by lower candle wicks.
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Tarantula

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AUDUSD has made some pullback from 0.7775 levels band it has come into the POC zone 0.7800-0.7810. Interim resistance shows at 0.7830, so if the pair manages to stay below 0.7830 it could retest 0.7775 and if it breaks then 0.7755 is the next target. POC is showing inner trend line confluence with L4, 50.0 fib,and inner trendline and it should reject the pair. in the case of 0.7812 breakout the pair might extend the gains to 0.7830 next resistance.
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Tarantula

Member
GBPUSD is trapped in a range as presumed, and now we need to pay attention to possible breakout and ATR. 1.5458 and 1.5385 are crucial for next intraday movement because GBPUSD is currently in a rectangle formation having a confluence H3 and L4 levels. ATR suggests that targets for the breakout are 1.5478 and 1.5512 to the upside and 1.5563 to the downside. However, having in mind that today is Monday there could be a possible range play 5480-5380 with breakouts as suggested. Pay attention to ATR and MACD also, which shows a mixed momentum.
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Tarantula

Member
GBPUSD is trapped in a range as presumed, and now we need to pay attention to possible breakout and ATR. 1.5458 and 1.5385 are crucial for next intraday movement because GBPUSD is currently in a rectangle formation having a confluence H3 and L4 levels. ATR suggests that targets for the breakout are 1.5478 and 1.5512 to the upside and 1.5563 to the downside. However, having in mind that today is Monday there could be a possible range play 5480-5380 with breakouts as suggested. Pay attention to ATR and MACD also, which shows a mixed momentum.
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Tarantula

Member
Today our focus is on ECB meeting and EURUSD is expected to reach new lows if fundamentals are aligned with technicals. EURUSD currently stands at L3 level and in order to sell higher we need a pullback as we dont want to sell into support. EQUIDISTANT CHANNEL has been formed after a CONSOLIDATION breakout ( indicated by the blue rectangle on the chart ) and the lower border of the channel is making a good confluence with H3, DPP, 38.2 fib. The POC zone is 1.1100-1.1110 and pullbacks in the zone could be good for new intraday shorts. The target is 1.1000 then 1.0955 if the pair breaks through 1.1000.
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