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Weekly Trade Ideas & Chart Analysis by EliteFxAcademy 16th of March, 2020

By March 15, 2020 April 23rd, 2020 No Comments

By EliteFxAcademy in Forex trading articles presented as trade advice & ideas by Martin Mohar on March 16, 2020

All charts illustrated are traded on lower timeframes (W1 and D1, H4). Bigger picture is related on higher timeframe, and lower timeframe is ment for making decisions. When is the right timing to use the right skills and strategy will tell you Elite strategy. Furthermore, this market analysis is continuation trade from daily analysis.

Disclaimer: Martin’s views on the Chart analysis is ment as a trading advice for education terms; Education terms include: trading consistency to everyone who is reading this blog; for every advance student and for every Elite student who is using this analysis for managing his equity by Elite strategy and custom indicator. This analysis is understandable and transparent for all Elite students. This is a free content which is based from Academy in term of transparency to support and following progress to everyone. We know that there is always possible way that market can pull you out even when you follow our analysis blog and advice for a trade. We don’t publish where you have to have your risk management – Stop Loss, because, it would not be fair to Elite members, who learned this techniques in our Elite course.

Keywords: Elite strategy, Custom Indicator, Fundamental Analysis, Tehnical analysis, Price action, Advanced strategies, Trading Education

 

MARKET OVERLOOK

FUNDAMENTALS

Disclamer: If we’re not save in trade yet, then it is more save to wait for a currency pair after news are reliased for this particural currency. This might be a short correction, or price will give us moving dirrection after news will be reliased.

Weekly Currencies Heat Map

 

TEHNICAL ANALYSIS

BTCUSD – Which way do your prefer?

Trend: Sell/ Neutral

Support/Resistance:

R3: 7710.86

R2: 6854.59

R1: 5645.57

S1: 5011.77

S2: 4374.93

S3: 3489.96

Price action:

BTCUSD is at downtrend flow. Crash that happened was because of panic. People tried to withdraw money as soon as possible to save their funds. At current state, bitcoin is at very low price. At the moment bitcoin can be very shaky and risky to trade, because no one is ready to trade it, no one knows what is next..

If we technically follow analysis then  price will decide which way to start growing or dumping based on break out in any way.

If break out will happen in buy then recommended target is first target, but with closing Stop Loss, you can wait till T2 if there’ll be enough volume.

Id break out will happen in sell where is current flow, then price will likely test again first strong support at 4374.93 and might continue slower (if breaks S1) to 3489.96

Because market is stressed out, we can not give you exact targets if news will be good or bad.

Potencial trade idea:

Bulls targets:

T1: 6854.59

T2: 7710.86

Bears targets:

T1: 4374.93

T2: 3489.96

NOTE – We are trading BTCUSD via the preferred trading setups

CADJPY – Buyers bounced strong AF**

Trend: Buy/ Neutral

Support/Resistance:

R4: 81.10

R3: 80.13

R2: 79.00

R1: 78.787

S1: 77.20

Price action:

CADJPY currency pair closed gap and end up bolow correct retracement that gives sellers continuation flow. The problem on sell side might be strong momentum from last daily candle, which is very important to buyers.

If buyers break through first resistance, then we can see first testing target at 79.00 resistance level. If sellers won’t be taugh on price, which we expecting (lower timeframe), then next targets are following.

Sellers can push price lower to 77.20 where is first support level. After that it is better to wait if sell will continue.

Potencial trade idea:

Bulls targets:

T1: 79.00

T2: 80.13

T3: 81.10

Bears targets:

T1: 77.20

NOTE – We are trading CADJPY via the preferred trading setups

 

CHFJPY – How high this pair can go?

Trend: Strong buy

Support/Resistance:

R3: 115.638

R2: 114.654

R1: 113.559

S1: 112.800

S2: 112.638

Price action:

CHFJPY currency pair potencialy bounced from very strong support level. To follow price and expect what will happen next depends on Monday momentum

If sellers will start pushing price lower, then maintaining support level is at 112.800 support level. If price can bounce from ths level, then following target is 114.00 resistance level.

If buyers start leading currency flow, tehn first target is at 114.654 resistance level. If buyers can beat this resistance level on lower timeframe then following target is at 115.638 key level.

Potencial trade idea:

Bulls targets:

T1: 114.00

T2: 114.654

T3: 115.638

Bears targets:

T1: 112.800

NOTE – We are trading CHFJPY via the preferred trading setups

USDCAD – Retracement is needed

Trend: Sell/ Neutral

Support/Resistance:

R1: 1.38562

S1: 1.38000

S2: 1.37598

S3: 1.36167

S4: 1.35500

Price action:

Price is at current flow in strong buy, but contrast from this overall trending idea is strong sellers momentum. Sellers started looking for needed retracement, and if buyers will keep continue defensing sellers, then SELL idea will be much stronger, quick and lower.

If buyers will continue then first target is based from first support to 1.3880 resistance level. If price comes to that level, them sellers has to show strong momentum to continue to lower targets.

If sellers retrace from second support after break out, you can follow lower targets. (price can even fill gap, but don’t look at gap is like only one reason, unless you’re a noobie).

Potencial trade idea:

Bulls targets:

T1: 1.3880

Bears targets:

T1: 1.36167

T2: 1.35500

NOTE – We are trading USDCAD via the preferred trading setups

GBPUSD – How deep can sellers go?

Trend: Strong Sell

Support/Resistance:

R2: 1.30101

R1: 1.23922

S1: 1.22075

S2: 1.21000

S3: 1.20000

Price action:

GBPUSD currency pair crashed very strong from previous week. Because closing end up where is almost current lower low, we can expect retracement to 1.23922 resistance level, and then test support level at 1.22075 or lower to 1.210000. After that we’ll se next trade decision based on more data. The other way is also possible if theres not seen clear retracement and break outs.

Second way.: Price can straight break out first support at 1.210000 hold below this level, to hit target at 1.2000

Potencial trade idea:

Bulls targets:

T1: 1.23922

Bears targets:

T1: 1.21000

T2: 1.20000

NOTE – We are trading GBPUSD via the preferred trading setups

 

AUDCHF – Sell idea is still attractive if price will break level

Trend: Sell/ Neutral

Support/Resistance:

R2: 0.62322

R1: 0.60295

S1: 0.58321

S2: target based on new lower low if sell continue, unless 0.58321 is official lower low

Price action:

Audchf pair is still in very stong sell flow. This currency pair will continue its way, if price will break and hold below currect lower low at 0.58321 level.

Price can bounce from recent lower low and retrace higher levels such as 0.60295 or 0.62322 resistance level.

Potencial trade idea:

Bulls targets:

T1: 0.60295

Bears targets:

T1: target based on new lower low if sell continue, unless 0.58321 is official lower low*

NOTE – We are trading AUDCHF via the preferred trading setups

 

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