My Laptop spoil and sent for warranty repair

For all reader, my laptop had some hardware problem and sent to repair under warranty. So I haven't post any article since 15 Feb. Until now my laptop is still being repaired at the service centre. Will update the post if possible. Happy trading.

By The Backyard Burner

Gold is in ascending triangle

 

Gold is forming ascending triangle with higher low. The gold price had stall a few days and conventional technique predict another rally in horizon. 

 

Gold price is still range bound between 1352 and 1365. 

By The Backyard Burner

GBPUSD limited by converging trendline

 

GBPUSD price is limited by the two converging trendline. 

 

GBPUSD is still waiting breakout in either direction. Until a proper breakout, the GBPUSD is still ranging.

By The Backyard Burner

EURUSD rebound after hitting solid support

 

EURUSD rebound after hitting solid support at 1.3430. The price had retrace to test back the 1.35 area. The price just slightly pierce the H&S neckline and rally up. The intermediate resistance level is at  1.3570.

 

 EURUSD had a lower low and lower high from the daily chart.

By The Backyard Burner

AUDUSD at downward trendline resistance

 

AUDUSD is had hit the downward trendline resistance. If this is a c wave, we may see another wave down. Otherwise the AUDUSD may break the descending trendline and rally to test the resistance at 1.0080 or higher. Intermediate support is at 1.0025. 

 

AUDUSD candle fail to close higher indicating weakness. Daily range is between 0.9968 and 1.0073.

By The Backyard Burner

Gold price is still sideway around the range

 

Gold price is still in the range of 1353 and 1366. The price need to break either way for clear direction. The price is nearing the rising trendline.

 

The daily candle show the bearish candle. However it fail to close below the support level. 

By The Backyard Burner

GBPUSD had another false breakout

 

The GBPUSD rally up after broke the support level. After a false breakout at the top, now there is another false breakout at the bottom. The support level is at 1.6000. The upper resistance will be the descending trendline.

 

GBPUSD show a bearish candle last week and now is showing a bullish candle showing the bull strength is still there. 

By The Backyard Burner

AUDUSD rebound from lower rising trendline

 

AUDUSD rebound from lower rising trendline and reached the 21MA h4 tf. The support level is at 0.99850 and resistance is at 1.0074.

 

AUDUSD had a hammer in a daily chart. Since then the price had rebound and going up. 

By The Backyard Burner

EURUSD reach the H&S neckline

 

EURUSD had reached the H&S neckline and rebound from it. The price is held by a support level at 1.3500. The resistance level is around 1.3600 if the price retrace up.

 

EURUSD drop stall at the 1.35 support level. If broke the support,the price will probably drop to 1.3150. otherwise, the price will rebound to test the top.

By The Backyard Burner

Gold bound back to the intermediate top

 

Gold rebound from the support level of 1350 back to the intermediate top. Gold is still showing some bullish strength. The price is now range in between 1366 and 1350.

 

Gold in daily chart show another doji candle to close at the same price.  

By The Backyard Burner

GBPUSD breakout from the traingle but fail to retain bullishness

 

GBPUSD had break above the triangle with a big bullish candle but fail to retain its bullishness and now drop back to the rising trendline. The GBPUSD support is still at the 1.6000 area.

 

GBPUSD price is still forming a triangle. The break to the upside may bring the price to double top or even higher. 

By The Backyard Burner

AUDUSD drop near to rising trendline

 

AUDUSD had dropped near to rising trendline and support area of 0.9980. The resistance area of 1.0026 must break if the uptrend reversal occured.

 

AUDUSD had a big bearish candle as the price retrace after the triangle breakout.

By The Backyard Burner

EURUSD set for downtrend

 

EURUSD is in c wave correction. The pair may be forming a H&S pattern if break the trendline. The pair is now testing the resistance area at 1.3620. The support is at 1.3490. 

 

EURUSD show a bearish reversal candle in bearish engulfing. The price may continue to decline to the possible target area. 

By The Backyard Burner

Gold did not show much movement yesterday

 

Gold is in sideway and did not show much movement yesterday. 

 

Gold show a doji candle yesterday and consolidating after bullish action. The support level 1350 still hold and resistance will be at 1380. 

By The Backyard Burner

GBPUSD is at the top of the trendline

 

GBPUSD is at the trendline and retesting it. The pair rebound near the support yesterday. The price may be forming a small triangle in smaller time frame awaiting breakout. The support is at 1.6030 and resistance is at 1.6160.

 

GBPUSD is still in uptrend in daily chart with a tweezer bottom and piercing pattern. 

By The Backyard Burner

AUDUSD at support level area

 

AUDUSD is at support area. The AUDUSD is below 21MA but above the 100MA of h4 tf as support. The resistance area is at 1.0139 and 1.0190.

 

AUDUSD show a bearish candle in a daily chart. The daily support is at 1.0025.  

By The Backyard Burner

EURUSD had the possibility of forming double top

 

EURUSD is forming a b wave with the possibility of forming a double top. The price fail to break the support yesterday and had rise near to resistance area. The intermediate support is at 1.3676 and 1.36. The resistance is at 1.3757~1.3800.

 

EURUSD show a bullish candle yesterday. The target for the upside is at 1.3800 and 1.3860. If the rising trendline break, there is a possibility that the downside target is at 1.3400. 

By The Backyard Burner

Gold break above the resistance area

 

Gold break above the resistance level and the level now become support area. Gold rebound at the 21MA and 100MA of h4 tf. Price had retrace to 50% after the drop. The next resistance is at 61.8% at 1380 while support is at 1350.

 

Gold had a big bullish candle yesterday after the news about inflation. 

By The Backyard Burner

GBPUSD had come to the lower rising trendline

 

 GBPUSD break below and had come to the lower rising trendline and nearing support area of 1.6000. The resistance area is limited by the descending red trendline. 

 

GBPUSD show a bearish cndle with long shadow at both sides. The downside target is at 1.5890 and upside target is 1.6250.

By The Backyard Burner

AUDUSD still inside the range

 

AUDUSD is in range play yesterday. There is a spike down due to the news on China raise interest rate to 6.08%. But the news is short live and then it spike back up. Now the price is still within the range. The support is at 1.0080 and resistance is at 1.0190.

 

AUDUSD had a doji for second consecutive day showing the undecided trend during the range play. Support is at 1.0026 and resistance is at 1.0226.

By The Backyard Burner

EURUSD sideline at support

 

EURUSD is sideline near support. The price did not move much yesterday as there are no clear trend. The pair may form a abc correction after the 5 wave move. The support is at 1.3600 level and resistance is at 1.3700.

 

The daily candle show a up candle and a morning star formation. From the candlestick formation, the chart show that the price should go up. However, the price should break above the descending trendline for confirmation. The support is at 1.35 and resistance is at 1.3760. 

By The Backyard Burner

Gold is testing resistance area

 

Gold is just below resistance area and now testing the resistance. Price broke above the channel with a powerful bullish candle and now above the 21 and 100MA of h4 tf. The 21MA is about to cross the 100MA. The minor support area is at 1342 and resistance area is at 1360.

 

Gold in daily chart show a bullish candle and the price is now just below the 21MA. The resistance need to be break before price can go further up. 

By The Backyard Burner

GBPUSD rebound after retest near support level

 

GBPUSD rebound the the support area. The pair had a significant rally after breakout from the red trendline. The pair is now just below the 21MA of h4 tf. The price may drop to the rising trendline or either breakout from the red trendline to resume uptrend. The support is at 1.6030 and resistance is at 1.6183.

 

The GBPUSD show a pin bar but this pin bar is insignificant. The next price action must be monitor for any direction. The daily support level is at 1.6000 and resistance is at 1.6280. 

By The Backyard Burner

AUDUSD retrace after breakout

 

AUDUSD is now retracing a bit after the thrust of the breakout. As expected, the price reached both the 1st and 2nd target. The price is now sideway at the 21MA of h4 tf and making higher low and higher high. The support level remain at 1.0100 and resistance is at 1.0160. The pair is expected to continue the uptrend and move higher.

 

AUDUSD show a doji at the daily chart indicating undecided market. The price is trapped inside the 1st target and 2nd target area. Break above the resistance area will brong the price to test the 1.0255 while break below will probably bring the price to test the support at 1.0025. 

By The Backyard Burner

EURUSD is in retracement

 

EURUSD is in retracement after a completed 5 wave going up. The possible target for the retracement is at 1.3250. The price is below the 21MA of h4 tf and just above the 100MA of the h4 tf. The intermediate support is at 1.3500. The intermediate resistance is at 1.3627.

 

EURUSD daily candle show a doji candle just above the 21MA of daily tf as the price rebound from the support area. The daily support area is at 1.3420 and resistance is at 1.3770. 

By The Backyard Burner