06 august 2020 - techfxtraders.com€¦ · v high at .6715 and that a deeper pullback towards...

06 August 2020

26 August,

2020Source Tradingview. The figures stated are as of the 6 August 2020. Past performance is not a reliable indicator of future performance. This report does not

contain and is not to be taken as containing any financial product advice or financial product recommendation

S&P500

• The recent trend of new cycle highs on decelerating momentum continues. This type of price action is more commonly viewed at the

end of moves i.e. Wave V’s than in Wave III’s. To that effect we continue to focus on the bull/bear pivot 3190/80 area.

• A break and close below key support (coming from recent lows) 3190/80 area, would be an initial warning that the rally has run out of

steam and that a pullback towards 2930 is underway.

• Alternatively, should the S&P500 continue to hold above short-term support 3190/80 allow for a retest and break of the all-time highs

at 3397.50, before extending towards 3500/3600 into year end.

• Short Term Summary: Leaning against key support at 3190/80 a mild positive bias remains in place.

36 August,

2020Source Tradingview. The figures stated are as of the 6 August 2020. Past performance is not a reliable indicator of future performance. This report does not


AUDUSD

• The price action following the break above the June .7064 high has been less dynamic than anticipated. Again more common in Wave

V’s than in Wave III’s.

• With this in mind, we focus on what matters i.e. short-term support at .7060, before more important support at .7000c.

• Should the AUDUSD see a sustained loss of the support of .7060 and then .7000c it would confirm the AUDUSD completed a Wave V

high at .7227 and that a deeper pullback towards .6800c is underway.

• Alternatively, while the AUDUSD remains above .7000c we allow for the rally to extend towards .7500c.

• Short Term Summary: While above .7000c a weak positive bias is in place.

46 August,

2020Source Tradingview. The figures stated are as of the 6 August 2020 Past performance is not a reliable indicator of future performance. This report does not


EURUSD

• The daily candle following the overnight retest of the 1.1909 high provides some evidence of sell interest above 1.1900 and keeps

alive the prospects that a corrective pullback may be close at hand.

• To be clear a sustained break below near-term support 1.1700ish is needed to confirm a deeper retracement is underway, ideally

back towards 1.1500ish (the March high).

• Given the strength of the rally, it is possible the pullback will fall short of 1.1500 and 1.1620/1.1570 might be as good as it gets in

terms of a buying opportunity.

• Short Term Summary: Our bias is to buy corrective pullbacks looking for the EURUSD to push into the low/mid 1.20’s.

56 August, 2020Source Tradingview. The figures stated are as of 6 August 2020. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

NZDUSD

• The price action following the break above 6600c has been less dynamic than anticipated. More common in Wave V’s than in Wave

III’s.

• With this in mind, we focus on what matters i.e. short-term support at .6580/70 before more important support at .6500c.

• Should the NZDUSD see a sustained loss of the support of .6580/70 and then .6500c it would confirm the NZDUSD completed a Wave

V high at .6715 and that a deeper pullback towards .6380c is underway.

• Alternatively, while the NZDUSD remains above .6500c allow for the rally to extend towards .6850c.

• Short Term Summary: While above .6500c a weak positive bias is in place.


AUDNZD

• Our view that the July 10 1.0566 low completed a corrective pullback has proved correct as AUNZD moved to within 20 pips of the

June 1.0881 high, unfortunately not quite high enough to trigger our first round of profit taking.

• While we remain bullish in the medium term the daily candle that formed overnight provides evidence of selling interest ahead of

1.0880. This shouldn’t really come as a surprise and keeps us alert to the possibility of a short-term pullback before the uptrend

resumes.

• As such we suggest raising the trailing stop on our long trade idea to just below trendline support as outlined below.

• TRADING IDEA: Long AUDNZD at 1.0715ish. The stop loss has been raised again to 1.0749. The initial target is just ahead of the June

1.0881 high and beyond that 1.1000/50.


EURNZD

• The decline from the March 1.9927 to the July 1.7163 low, appears to have been a correction of sorts.

• The bullish divergence at the 1.7163 low and the break above the downwards sloping channel warned that a recovery was

underway towards medium term resistance 1.8000. It was also the catalyst for our long EURNZD trade outlined below.

• Our plan remains to take profit into the 1.8000 resistance zone and providing we can take profits here we would then look to re-

enter on a pullback towards 1.7600.

• TRADE IDEA: Long EURNZD at 1.7515. The stop loss can be raised again to 1.7749. We suggest scaling out of this trade ahead of

medium-term resistance ~1.8000.


EURCHF

• While our medium-term view of EURCHF is bullish, in the short term EURCHF appears to have entered a range with sellers noted

ahead of 1.0840. On the downside there have been good buyers of dips 1.0730/10 region.

• As we are bullish, we want to be a buyer and have two options to re-enter a long EURCHF trade. Please note we are happy to take

either of these trade ideas, whichever comes first - not both.

• TRADE IDEA: 1/ Buy EURCHF on a stop entry at 1.0846 leaving room to add if the break is confirmed with a daily close above

1.0850. The stop loss should be placed at 1.0765. The target is the 1.1050/1.1150 area. 2/ Buy dips towards the 1.0730/10 support

region with a stop loss placed at 1.0645. The target is the 1.1050/1.1150 area


USDJPY

• Following the sharp reversal higher from medium-term support 104.50ish, USDJPY retested and briefly broke back above our key

106.00/20 resistance zone. This resulted in us moving to a neutral bias.

• The inability of USDJPY to build on this rally suggests I might have been a tad too early with this call.

• As such, I while USDJPY remains below resistance 106.50/70 I will return to a bearish bias looking for a retest and break of the recent

104.19 low.

• Keeping in mind should USDJPY see a sustained break and close above 106.50/70 it would negate the bearish bias and suggest the rally

can continue towards the resistance coming from the 200-day moving average and recent highs 107.50 area.

• Short Term Summary: A bearish bias in place leaning against resistance 106.50/70.


Bitcoin

• The rally overnight that followed the rejection candle that formed earlier this week at the 12100 high revives our view that a Wave III

higher has commenced.

• A break and close above 12100 would provide further confirmation that a rally towards the June 19, 13880 high and then towards the

all time 19666 high is underway.

• In the short term a break and close back below 10,500 would negate the bullish bias and as such we have raised the stop loss on our

existing long trade idea to just below 10400 from 9750.

• TRADE IDEA: Long 11,200 area with a stop loss placed just below 10400. The target is 14k before 20k.

116 August, 2020

DISCLAIMER

DISCLAIMER

TECH-FX TRADING PTY LTD (ACN 617 797 645) is an Authorised Representative (1255203) of Gain Capital Australia Pty Ltd (ACN 141 774 727) which holds an Australian Financial Services Licence (number 345646).

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs. While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments. Gain Capital Australia Pty Ltd recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets. It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com.au, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. GAIN Capital Australia Pty Ltd (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

TECHFX TRADERS owns copyright of the information and material contained in this presentation/report/webinar. Information may be printed or downloaded for personal use. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or used in any way without the express approval of TECHFX TRADERS.

http://www.cityindex.com.au/

126 August, 2020

DISCLAIMER

DISCLAIMER

TECH-FX TRADING PTY LTD (ACN 617 797 645) is an Authorised Representative (1255203) of Gain Capital Australia Pty Ltd (ACN 141 774 727) which holds an Australian Financial Services Licence (number 345646).

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs. While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments. Gain Capital Australia Pty Ltd recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets. It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com.au, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. GAIN Capital Australia Pty Ltd (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

TECHFX TRADERS owns copyright of the information and material contained in this presentation/report/webinar. Information may be printed or downloaded for personal use. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or used in any way without the express approval of TECHFX TRADERS.

http://www.cityindex.com.au/

06 august 2020 - techfxtraders.com€¦ · v high at .6715 and that a deeper pullback towards...

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