Following clear MACD divergence on Daily charts, pair is returning to the 800 sma, which is converging with strong downward sloping resistance and horizontal resistance.
MACD momentum on 1Hr Chart is currently weakning.
Over next week, expect pair to make it back to 800 sma and either soar away to upside or reverse to retest recent lows.
Trading Tactics...
1. If quick and decisive 1H reversal off the 800; sell on close below horizontal support and sloping support. Near Profit Tgt 1.4026; Far Profit Tgt 1.3550.
2. If pair consolidates at 800, go with break in either direction. Near Upside Resistance 1.4979. Far Upside Resistance 1.5378.
GBPCHF
This pair has re-crossed and broken decisively away from 800 sma and looks like it's going to have a go at Daily downward sloping resistance. Overhead horizontal resistance at 1.7561 is the previous all-time low.
Trading Tactics...
Having missed the break away from the 1H 800 sma am now looking to trade back towards it.1. If 1H MACD weakens (becomes divergent) as pair closes in on overhead sloping resistance, will look to Short pair back to 800; trigger on 5 min close below 200 sma - target 5 min 800 sma initially.
2. If pair breaks back through 5 min 800 sma with conviction, will target 1H 800 sma.
3. Alternatively, will Buy a decisive 1H break above near horizontal resistance at 1.6942 AND downward sloping resistance. Profit Tgt overhead (All Time) resistance at 1.7537.
GBPJPY
This pair has managed to close the Week back above it's previous all-time low and Daily downward sloping resistance. However it hasn't made it back to the 1H 800 sma yet.
Trading Tactics...
Gotta wait to see what happens at the 1H 800 sma but note that it is converging with recent strong horizontal resistance at 132.04.
1. Trade reversals away from 1H 800 sma on 5min trigger, tagretting 5min 800 sma initially.
2. A decisive close below 5min 800 AND downward sloping support AND horizontal support at 127.59 should lead to a re-test of 1H 200 sma, converging with horizontal support at 125.29.
3. If pair breaks above 1H 800 sma to upside, Target135.70.
USDCHF
Hmmm...
This 4H chart shows the pair sitting just above upward sloping Support, with downward sloping Weekly resistance overhead. It's also climbed back above previous all-time low at 1.1294. However, 4H MACD is divergent, as is 1H MACD...
... It's also rejecting 1H resistance at 1.1610.Trading Tactics.
1. Next move should be a move back down to at least the 1H 62 ema. Trigger on 5m close below 200 sma, target 5 min 800sma.
...after that we'll have to wait and see.
USDCAD.
Having back above Weekly sloping resistance this pair has set up a wide pennant and looks like it could go either way...
... it tried but failed to break away from the 1H 800 in both directions, last wee, but failed.Trading Tactics.
1. Only counter trend trades from pennant boundaries make any sense at the moment.
