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USDJPY-Weekly Market Analysis-Nov21,Wk3USDJPY Flag Pattern stands, but it took a turn and change to the flag pattern with retracement and not the high and tight flag pattern. Base on the 4-hourly chart, it has broken and closed above the channel, but it does break and close below the channel too, however, there's nothing to be worried about. If you are waiting for a more conservative approach, you can wait for the Inverted Head and Shoulders trading setup that completes at 113.46. While this Head and Shoulders doesn't meet my trading setup, look left of 113.46, it happens to be a rather good support level for a trend trading setup.
Long
by RaynLim
GBPUSD-Weekly Market Analysis-Nov21,Wk3On the Daily Chart, GBPUSD has finally broken and closed below the support level and has been deemed Double Bottom, Mission Impossible. A key resistance level at 1.3428 works on all 3 major timeframes, namely the daily, the 4-hourly and the 1hourly chart. You can wait for a double top setup on the 1-hourly chart the engage for a shorting opportunity. If you are looking for a counter-trend trade, the ABCD pattern that forms at 1.3314 and if it happens to touch the bottom of the Bearish Parallel Channel would give you an advantage to long.
Long
by RaynLim
USDMYR - Exchange RateIf you are earning Malaysia Ringgit(MYR) and your business requires you to use USD. It might be a good opportunity for you to change some of your MYR to USD. 4.139 is quite a good rate and I certainly won't take the risk if I have huge purchases that are due in the coming months. It is very obvious the US government has some plan in strengthening the USD. There are 2 major headlines you should be aware of. 1. US Secretary-General Janet Yellen said the debt limit is hurting the US. 2. Recent G20 Summit, President Joe Biden is going to push forth a minimum cooperate tax bill that will affect tech giants and corporate that set up manufacturing factories overseas. If you are patient you can wait for 4.0693 to stock up USD. But for it to happen, the market has to break and close below 4.139 on the Weekly Chart.
Short
by RaynLim
GBPJPY - Bearish BatIf you have engaged after this candle closed. It is a great call. And this is why you should have engaged in the trade. 1. It has reached the completion price of the Bullish Butterfly Pattern(cyan). 2. Bat Pattern consolidation at D, but fail to break and close above Point X of the Bat Pattern and that is a good sign. It attracts structure traders to hop in. 3. Long shadows appears, showing a strong rejection of the Bearish Bat Pattern. 4. RSI Divergence is a good sign of GBPJPY weakening.
Short
by RaynLim
AUDUSD - Bullish BatIf you have the thought that NZDUSD and AUDUSD move exactly the same, this chart will prove you wrong. On the Daily chart, the candle has broken and closed above Point B, that increase the probability of the Bearish Bat Pattern completion. It is a dream of many Harmonic Pattern trader to buy at Point C and Sell at Point D. However, one shouldn't do that if one has not tested the setup or have a viable trading strategy to manage such trade. On the 1-hourly chart(right), there is a Bullish Bat Pattern setup within the buy zone. Having this pattern form and setup will not violate the Bearish Bat Pattern on its higher timeframe. I'm waiting to long on this Bat Pattern at 0.7400.
Long
by RaynLim