GBPUSD, USDJPY and AUDUSD trading plan (01-02-2016).

1-GBPUSD trading plan.

Watch 1,436. Buy bullish breakout, and sell signal under it towards 1,42. Sell signals under 1,405 towards 1,39.

On the monthly chart, GBPUSD ended the month with a very bearish candle, breaking a previous monthly low at 1,45. The pair found support at an old monthly support in the zone 1,405 – 1,40, and then climbed back to stop slightly under a 0,786 Fibonacci level at 1,43. SMAs are rather  pointing down, suggesting a bearish context.

GBPUSD MONTHLY CHART.

GU_M

On the weekly chart, we have a clear bearish move with the breaking out of two strong supports that now stand resistances : 1,46 and 1,485. The two last candles are however long legged doji, meaning the pair is now in a indecision mode, and we do not know whether it will keep up going down, or whether it will reverse bullish.

GBPUSD WEEKLY CHART.

GUW

On the daily chart SMAs are pointing down, and after a strong bearish move we entered a consolidation  phase, with an obvious resistance around 1,436. The support side is around 1,423, but is strongly rejected (long down wicks), making me wonder whether it may be broken. As the monthly chart shows a strong support zone being located in that area, I will not sell a bearish break out at current level until we get under that zone, and that mean waiting for a bearish break out of 1,405. In that case I will sell to go to the monthly 0,886 Fibonacci support level around 1,39.

GBPUSD DAILY CHART.

GU_D_

2-USDJPY trading plan.

Buy signals above 118,3, but allow for a possible bearish consolidation first. Sell under 118,3 to go back towards 116, where you should look for buying signals again.

On the monthly chart, we see the pair turning bullish. It has been however in a consolidation move since May last year where it rejected a former high around 123, with a hanging man candle in August. January candle shows however a strong double bottomed rejection of a support around 116, with a 500 pips rise that left the pair around 121. There is a support zone around 120.

USDJPY MONTHLY CHART.

UJ_M

On the weekly chart we see the  clear reject of the 116 support line, with a bullish engulfing candle followed by another strong bullish candle. We also notice a ranging zone between 118,3 and 121.0, and the pair just stopped at the resistance of that zone, where three SMAs (20,40,55), are also located. This resistance may be tough to pass.

USDJPY WEEKLY CHART.

UJW

The daily chart shows a more contrasted situation, with no clear trend. Wee see the 118,3 and the 116 support lines.  There is a resistance around 121,5, and it prevents the pair to go further for the moment. There is also a nice support around 120,7, and we should look for buying signals if the pair consolidates down to it. Friday candle is a huge bullish one, and I would not sell against such a powerful candle.

USDJPY DAILY CHART.

UJD

Finally on H4 we see a rather bearish trend with an inverted head and shoulder pattern and then a bullish consolidation. But we ended the week with a shooting star rejecting the 121,5 resistance, and this is why I am expecting some kind of a bearish consolidation in the beginning of the week.

USDJPY H4 CHART.

UJ_H4

3-AUDUSD trading plan.

Above 0,70, buy signals to go back to 0,735 and 0,76. Sell a confirmed break out of former monthly low around 0,68.

On the monthly chart, and although the SMAs show a bearish consolidation, the pair is rejecting a monthly Fibonacci support level with a hammer. This suggests we are going up.

AUDUSD MONTHLY CHART.

AUDUSD_M

On the weekly chart, we see a downtrend, but December gave a bullish engulfing candle, followed in January by another strong bullish candle. We then ended the month under a rising trend line, with a candle showing an up wick. There are two clear resistances, one around 0,735, the other around 0,76

AUDUSD WEEKLY CHART.

AUDUSD_W

On the daily chart, the SMAs show a bearish configuration too, but the pair completed and inverted head and shoulder. It is now blocked by the daily 100 SMA that stands resistance and may send the pair back down. However and as long as we stay above the 0,70 support line, I prefer to buy signals to go back to those resistances we identified on the weekly chart, that means 0,735 and 0,76.

AUDUSD DAILY CHART.

AUD

Rate this post:
(1 votes, average: 5.00 out of 5)
Loading...

  Recommended by ProfitF

Forex Broker | Binary Broker | ForexVPS | FX-Signals | BO-signals

FBS-profitF

Improve Your Trading Skills - Don't miss our new posts!

---