Giuseppe Basile, CSTA/IFTA
FibStalker Trading
Summary:
We started our Sunday's weekly review from the EUR/USD that has broken the 1.0960 from which we received a risk-free entry. While the area of daily participation long is still in play, at this point the extent of correction in the Euro seem to be dictated by the corresponding correction in USD/JPY.
USD/JPY is looking for new shorts and the two potential areas were players and Algos on the daily time frame could re-enter shorts are 116.30 and 1180.40.
We look at the huge throwback of NZD/USD but took that as an opportunity to remind how professional traders think of the 80/20: 80% of gains coming from the 20% of the trade. The longs are still in play and the kind of swing moves that makes sense to bring to target take time to develop.
We reviewed EUR/JPY and identified in 124.90 the new area of resistance with targets below. Any short are unsafe below 122. GBP/JPY has tested the 154.40 and, although H4 shorts are in control, that level could be retested positively. Pay attention.
Finally we closed with a review of Gold futures, which is showing resiliency on top of daily extended support. Silver is much weaker and could revisit the 14 area if longs do not come into play in the current daily long area.
The S&P500 has still targets above in the 2,003 area but now experiencing a push lower from daily shorts and profit taking started in the 1,965 area. Support below current prices will come at 1,928 and then 1,907. This is not a safe short (yet).
Have a great trading week and see you tomorrow.
~FibStalker
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