16 july 2020 - techfxtraders.com · source tradingview. the figures stated are as of the 16 july...

16 July 2020

216 July, 2020Source Tradingview. The figures stated are as of the 16 July 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

• As per our expectation, the S&P500 was able to rally post the July 4th long weekend, marginally exceeding the 3215/30 target.

• The failure to convincingly break the 3215/30 resistance zone leaves the S&P500 at risk of another leg lower (Wave c) towards 2920ish.

• A break below 3090 would be the first indication this move (Wave c) is underway and should this pullback occur to 2920 occur, it would

be viewed as an opportunity to open longs.

• Keeping in mind should the S&P500 make a sustained break above the 3230/40 resistance zone, without first completing a Wave c, it

would confirm the uptrend has resumed, targeting a move towards 3400/3500.

• Short Term Summary: Neutral – as the S&P500 continues to consolidate its rally from the March lows.

316 July, 2020Source Tradingview. The figures stated are as of the 16 July 2020. Past performance is not a reliable indicator of future performance. This report does not


AUDUSD

• The price action following the .7064 high is viewed as counter trend/corrective. While below the .7064 high the AUDUSD is at risk of

another leg corrective leg low towards the mid June .6776 low (Wave c).

• A break below .6965 would be the first indication Wave c is underway and should this pullback occur we would look to be a buyer of

the AUDUSD near to .6775.

• However, should the pullback (Wave c) fail to materialize and the AUDUSD was to break above the .7064 high it would suggest a move

towards .7300-/.7500c is underway.

• Short Term Summary: Neutral as the AUDUSD continues to consolidate and correct its rally from the March lows.

416 July, 2020Source Tradingview. The figures stated are as of the 16 July 2020 Past performance is not a reliable indicator of future performance. This report does not


EURUSD

• After noting that dips below 1.1200 were well supported in early July as well as the corrective qualities evident in the pullback from

the June 1.1423 high, we concluded that a break & daily close above the 1.1350/55 resistance area would be bullish development.

• TRADE IDEA: To take advantage of this we suggest opening longs on the break above 1.1365 and added at 1.1399 (the 1st daily close

above 1.1365). After making a new cycle high some topside rejection is evident in yesterdays candle and we will take this opportunity

to raise the stop loss to breakeven 1.1382. Providing we aren’t stopped out before hand - we would suggest taking profit on partial

longs 1.1480 area, keeping the remainder for a move towards 1.1600.

516 July, 2020Source Tradingview. The figures stated are as of 16 July 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 June .6585 high is viewed as counter trend/corrective. While below the .6585/00, the NZDUSD is at risk

of another leg corrective leg lower in coming sessions towards the mid June .6381 low (Wave c).

• A break below support at .6500 would be the first indication Wave c is underway and should this pullback occur we will look to be a

buyer of the NZDUSD near .6380.

• However should the pullback (Wave c) fail to materialize and the NZDUSD was to break/close above the recent .6601 high it would

suggest a rally towards .6850 is underway.

• Short Term Summary: Neutral as the NZDUSD continues to consolidate its rally from the March lows.


AUDNZD

• Following a 5-wave rally from the March low to the June 1.0881 high AUDNZD commenced a correction.

• After breaking below the Mid June 1.0582 low, it is possible last weeks 1.0566 low completed the correction, well short of our wave

equality target 1.0460 area.

• We now have this pair on close watch and our should AUDNZD fail to take another leg lower towards 1.0460 in coming sessions a

more aggressive long entry may be required.

• Short Term Summary: Close to moving from a neutral to a more positive bias.


EURCHF

• After noting the evidence of a base forming in EURCHF ahead of 1.0600, and with some nice risk/reward on offer we opened a long

EURCHF position in early July at 1.0642 looking for a rally to unfold towards the early June 1.0916 high.

• The rally that followed suggests we are on the right track, although as per the plan we have taken some profit overnight at 1.0750.

Please note the stop loss on the balance has now been raised as outlined below.

• TRADE IDEA: In early July we opened a long EURCHF position at 1.0642. We have taken profit on partial longs overnight near

1.0750, and will let the balance run for a test of the next upside target at 1.0916. The stop loss can now be raised from just below

1.0600 to 1.0690.


USDJPY

• No change - Post the volatility in March/April, USDJPY settled within a range between 110.00 and 106.00.

• More recently USDJPY has been capped by the resistance coming from the 200-day moving average and while below here and the last

swing high at 108.17 our downside bias remains in place looking for a retest of the support 106.00 area.

• Should the support at 106.00 see a sustained break, it then exposes a move towards medium term support 104.50ish.

• Keeping in mind, it would take a break back above 108.20, to return to a more neutral bias.

• Short Term Summary: While below 108.00/20 a weak negative bias is in place.


GOLD

• Since our last update gold has consolidated its rally above $1800 and this suggests there is room for another leg higher towards

$1840/50.

• Dips towards uptrend support $1785 should be well supported in the near term and it would take a break below the $1765/45

breakout zone to suggest the uptrend has failed and that a deeper pullback, initially towards $1660 is underway.

• Short Term Summary: While above uptrend support $1785 a positive bias is in place looking for the rally to extend towards the next

upside target at $1840/50.


SILVER

• In our last update we noted a sustained break above downtrend resistance $18.45 would be initial confirmation that a move

towards $18.94 and then $19.65 was underway.

• The move since then has played out largely as expected with the Sep $19.65 high now within eyesight and as such we will take this

opportunity to make the following alterations to our trade below.

• TRADE IDEA: We suggested opening longs on a break above $18.47 leaving room to add if Silver posted a daily close above $18.47.

• Because the break higher coincided with my weeks break, I didn’t add to the position, however well done for those who did. From

here, I would suggest following the original plan and taking profits now on half of the position ahead of the $19.65 high, leaving the

remainder for a move towards $21.00. The stop loss can be raised to $18.68.


Bitcoin

• The view remains the rally from the 3850 March low to the 10429 high of June 1 completed a 5-wave advance. The price action that

has followed the 10429 high is countertrend/corrective.

• The target for the pullback is between the 200-day moving average 8500 area and the May low 8100. Dips into this region would be

looked at closely for a buying opportunity.

• Keeping in mind, that a break/close above 10,500 and then 11,000 is required to suggest the correction is completed and that the

uptrend has resumed targeting a move towards 14k.

• Short Term Summary: Neutral, turning bullish on a close above the 10500/11000 area.

1216 July, 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/

1316 July, 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/

16 july 2020 - techfxtraders.com · source tradingview. the figures stated are as of the 16 july...

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