EURUSD Daily Outlook for 10th December 2013 (Tuesday)

EURUSD Daily Outlook for 10th December 2013 (Tuesday)

Daily Chart

Bullish

For the past month it was forming a rising wedge which looked like it is going to fall to the downside, however the past 3 days have confirmed that its going to the upside. On a Daily chart, it is looking likely to be able to test the highs / retrace 100%.

• It is rejecting the R1 Weekly Pivot which confluence FE 100.

Weekly Chart

Bullish but getting close to the down channel

On a weekly chart, you will see I have drawn in a down channel. So the uptrend should be limited.

Hourly Chart

Divergence spotted





At the time of writing, we are sitting on the trendline and divergence and stoch's cross makes it more likely to break it for the meantime. Also we have touched a weekly R1 pivot early in asian session and saw some kind of reaction. It is a surprise move as I usually don't see a breakout in an asian session.

• Divergence
• Trendline in play

Outlook Trade opportunity

The opportunity today would be to wait for price action to go lower and break the trendline, and then hope markets could retrace to a 50% or 61.8% then to take a short
- TP1 Mondays R1 - todays Daily pivot
- TP2 Todays S2

*Note the ichikumo clouds is near the S1 Daily, so that is a strong area

Risk Level - Low

Tips -

Always take note of any economical news event on our provided calender below

Result of my analysis for 009.12.13 (Monday)

Result of my analysis for 009.12.13 (Monday)

We had a good day overall, Personally I had a very small gain due to an order i placed early in the morning where I didn't follow my own trading plan! However good to still end the day positive.

If you trade according to my trade recommendations your results should have been:

AUDUSD - Took long from Daily pivot and had 40pips profit

AUDJPY - Took Short from Weekly high and had 40pips profit

USDJPY - Took Short from 103.090 to fridays high 13pips Profit

USDJPY - Took Short from Weekly High / Daily R1 10pips profit (closed on Tuesday)

In Total - 103 pips profit

AUDJPY Daily Outlook for 10th December, 2013 (Tuesday)

AUDJPY Daily Outlook for 10th December, 2013 (Tuesday)

Daily Chart

Broke out of the downtrend line. With good candle showing but watch out for the 61.8




Monday gave us some good indication it broke out of the near term downtrend line
The next level to go up to is 95.95 level however support 93.50 has to hold. But don't be bulls yet as the 61.8% 94.15 is just above current prices. until it clears that, then you can go bull

• Broke out of downtrend line
• note 61.8 level is very near, need to pass that to continue up
• 
  

Hourly Chart

We are trading out of the down trendline, however upside seems limited with the 61.8 retrace in play  (oct high to dec low)

• We are trading above the ichikumo clouds, and if price retraces to daily S1 pivot we will be happy to take longs
• 
  

Outlook Trade opportunity

If market goes to daily S1 level we will be initiating longs for an initial TP1 at Daily pivot, then will leave the rest of the trade at break even to let it go up towards Yesterdays R1 and beyond.

Risk Level Medium

Tips -

Always take note of any economical news event on our provided calender below

AUDUSD Daily Outlook for 10th December 2013 (Tuesday)

AUDUSD Daily Outlook for 10th December 2013 (Tuesday)

Daily Chart

Monday's candle is enough to show a pause to the downside

Monday ended the day pretty much the same as it started, however during the day it tested the .9060 level and bounced back up. I believe market needs to go slightly higher before continuing the downside.

• Price action showing rejection to the downside
• To really continue upwards to the 92 levels, it needs to break up last weeks high, until then this is a range bound trading

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Hourly Chart

• To really continue upwards to the 92 levels, it needs to break up last weeks high, until then this is a range bound trading

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Outlook Trade opportunity

I will not be trading this pair as there are no clear entry points as far as today.
There are some chinese data coming in the asian afternoon session. If they all come neutral, if you really want you can just trade the ranges of yesterdays high and lows and in conjunction with pivot levels. But time left in asian session and early london for range trading is limited.

Risk Level - nill - no trade

Tips -

Always take note of any economical news event on our provided calender below

USDJPY Daily Outlook for 10th December 2013 (Tuesday)

USDJPY Daily Outlook for 10th December 2013 (Tuesday)

Daily Chart

"Divergence?"

Yesterday we see it test last weekly high around 103.300 however price seems to be consolidating in that area. Until it has a clear break above that area, We still see a reversal in the short term before continuation to the upside

• Daily chart looks strong just purely on price action attracting bulls back, however we are short term bears
• Divergence is spotted

Hourly Chart

"Do i see another divergence?, 

The hourly chart has shown it broke yesterdays resistance which now has became support at the 103.165 level, our next resistance is now the 103.330 level / previous week high. At the time of writing there are price action indicator exhaustion at that area.

• Divergence also spotted (not drawn)
• 4hr charts divergence spotted
• Our bias is still bear in the shortterm
• Price has falling out of our trendline drawn from early Friday

Outlook Trade opportunity

Our Monday recommendations there were two short possibilities, the second one got filled and made profit during asian session, and there was another one which was a short from last weekly high which got filled during late london session, this is still in play

So today it will be the same recommendation from yesterday where we wil go short from the weekly high at around 103.30-32 first Target will be yesterdays resistance which now is support at 103.165, and you could trail your rest of your profit to the 101-102 handle

Risk Level Low - Medium

Tips -

Always take note of any economical news event on our provided calender below

Update of our Monday Trades 9th Dec, 2013

Updates of our running trades

- AUDUSD long still in play currently up 25 pips, (we took half profit at 15pips, so currently we moved stops to B.E so its a risk free trade.)

- USDJPY Short still in play , currently -2pips

- EURNZD (not in my blog) - Currently up 30 pips

Closed trades today

AUDJPY Short - Profit 19pips