In this post I plan on taking you through my list of trends that I am currently stalking for trading opportunities and offer a brief analysis of each chart and what I am look out for in the coming days to week.
Coffee: A break down through what has been a strong support level at 157.00 could open up a run of sellers on this highly volatile market. I am waiting to see how the break holds and if there is a re-test of the break level before I decide upon my move.
Gold: is down trending on the daily chart and looks as though it may test the magic $1,200 level once again. I like gold lower and will be stalking opportunities down to $1,200. I would love to see a nice pull back into last week’s lows. Alternatively and my favourite option would be for price to pull back up into $1,220 where there are a number of technical ingredients coming together. Firstly, there is a level of old support that price has broken down through, this level being retested again and then rejected would be great. Secondly, this old support clusters with the 50% Fibonacci; the basis for a trade starts to take shape. If I can get a small bearish candle off this $1,220 level then this certainly would be my preference for a trade. Once again it’s not 100% there yet for me but it is certainly one I am watching closely.
GBPAUD: is currently one of the better trends I am stalking right now and I will be looking at the daily chart for a potential trade. Currently, price has come back to test the old resistance level of 1.9656 and if a small green candle can form with a rejection of this level then this could be set for a possible next leg higher.
USDSGD: daily chart is in a strong uptrend. Notice how price has reacted with the 10 and 20 period MAs going back till December and see how many times a small bullish candle around those MAs has seen a move higher? With the price currently back in this MA zone it has me interested
So there you have it, a number of great looking charts in my opinion. Now it is a matter of going through each one yourself, seeing if your trading strategies are setting up and making your mind up