Good morning traders! Recap and summary of crypto bloodbath, trendline day on forex. Preparing for heavy-hitting week.

furious-one (69)in #money • 6 years ago

Good morning traders! It seems all the good moves on cryptos happen on weekends. Well, we can call them good moves if we happen to be on the right side of the trade.

For some of us, who don't have the time or connections to follow the fundamentals all the time, Arjun Balaji has been so kind and put together a recap of the events that have led to the current market conditions. I'm adding the screenshot here, but make sure you head on to Arjun's Twitter account to give him a follow. Arjun Balaji found via Zerohedge

Let's leave the cryptos for a while and head on to the forex markets. It seems we have many instruments setting up nicely between wedges and trendlines, positioning for a breakout or breakdown and considering we have quite a week economic data-wise, with heavy-hitting news event on every day of the week, best recap some of them.

weekly high-impact events expect moves on tuesday.JPG
_{These are the high-level events for the upcoming week. Take a look at Tuesday with all these central bankers speeches. Times displayed are GMT+2 and the data is courtesy of forexfactory.com}

So which instruments are positioned nicely for this eventful week?

GBPUSD daily. This is the first one that catches my eye. GBPUSD is in danger of a massive breakdown. Once breaking down, we can easily drop a couple hundred pips.
gbpusd daily danger.JPG

EURGBP daily. We're already pushing the top trendline, as the pressure mounts on GBP. Yeah that clean double top looks too suspicious.

NZDUSD daily. In my opinion, the latest bottom was left too clean, additionally we are capped by two trendlines as well as on RSI. Looking forward to sliding lower on this one.
nzdusd bottom too clean and we are capped by two trendlines.JPG

USDCAD daily. Another trendline play. This it's a supprting trendline, not a capping one. But as you right overhead, the sellers came already in before reaching the previous breakdown point, so watch that area with care.

These are some of the charts that i am watching for the week ahead. Let mw know, what's on your radar?

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_{Title image from pixabay}

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