20 August 2020 - techfxtraders.com€¦ · • The plan therefore remains to allow for a pullback to develop and to look for appropriate levels to rebuy the EURUSD ... Looing to rebuy

20 August 2020

220 August,

2020Source Tradingview. The figures stated are as of the 20 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 pattern of new cycle highs on decelerating momentum continues. This type of price action is typically viewed at the end of moves

i.e. Wave V’s than in Wave III’s.

• A break and daily close below trendline support (3360) and then last weeks lows 3320/10 would be indicate that uptrend has faltered.

Building in confidence that a deeper pullback, towards 2930 is underway, on a close below 3280/70.

• Keeping in mind, should the S&P500 continue to hold above 3320/10 and medium-term support 3280/70, allow for a retest and break

of the all-time highs at 3397.50, before a move towards 3500/3600 into year end.

• Short Term Summary: Neutral.

320 August,

2020Source Tradingview. The figures stated are as of the 20 August 2020. Past performance is not a reliable indicator of future performance. This report does


AUDUSD

• The lack of upside momentum alludes to the possibility the AUDUSD is closing in a completed 5-wave advance from the March .5508

low. Supporting this, bearish RSI divergence and the bearish engulfing candle at the .7275 high.

• We are again watching trendline support coming in currently around .7170 as well as the key support .7060/50 area, a break of which

is required to confirm a deeper pullback towards .6775 is underway.

• Keeping in mind, should the AUDUSD remain above uptrend support and continue to hold above the key support at .7060/50 allow

for the rally to continue.

• Short Term Summary: Neutral.

420 August,

2020Source Tradingview. The figures stated are as of the 20 August 2020 Past performance is not a reliable indicator of future performance. This report does


EURUSD

• After trading to a new cycle high, the EURUSD found good rejection ahead of the psychologically and technically important 1.2000

level. This suggest that a pullback is likely, before the EURUSD commences its next leg higher towards 1.2550.

• A break below the overnight low 1.1830/20 area would indicate a deeper pullback is underway, initially to the band of support

1.1710/1.1690. Much below 1.1690 would then see the EURUSD then probe into our preferred buying zone 1.1600/1.1500ish.

• The plan therefore remains to allow for a pullback to develop and to look for appropriate levels to rebuy the EURUSD

• Short Term Summary: Our preference is to buy a corrective pullback in the EURUSD.

520 August, 2020Source Tradingview. The figures stated are as of 20 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

• Following a retest of the broken uptrend support over the past 24hours the NZDUSD again closed below it - a negative development.

• At this point the decline from the .6715 high has been a little half hearted and a break/close below medium-term support at .6500c is

needed to encourage more enthusiastic selling, and to confirm a tradable high is in place at .6715.

• As such, we continue to use .6500c as the bull/bear pivot. While above, allow for a retest of the .6715 high and a move towards

.6850. Below .6500c look for the move lower to extend towards .6380/50.

• Short Term Summary: A break/close below .6500 indicates a tradable high is in place at .6715 and that a pullback towards .6380/50 is

underway.


AUDNZD

• Following the rebound from the July 1.0566 we suggested a long AUDNZD trading at 1.0715, looking for a move towards the

medium-term upside target at 1.1000. The plan included taking partial profits initially at 1.0850 before 1.1000 and played out nicely.

• The importance of the 1.1000/1/1050 resistance area has been highlighted in the Weekly reports and comes from trendline

resistance, from the trendline resistance from the 2015, 1.1472 high.

• The expectation is for this resistance to continue to cap in coming session, before an eventual break higher towards the next upside

target at 1.1500. As such,

• Short Term Summary: Looing to rebuy either on break/close above 1.1000/50 or on a corrective pullback to 1.0880/50.


USDJPY

• No change - the 106.00 level continues to act a magnet for USDJPY. Clouding the outlook somewhat a three wave decline from the

June 109.85 high to the July 104.19 low and a three-wave rally from the 104.19 low to the recent 107.05 high – all very corrective,

messy and at the same time intriguing.

• Should USDJPY rally above the 200-day moving average and recent highs 107.20/50 area, it would provide initial confirmation a

medium-term tradable low is in place at 104.19 and that USDJPY can retest the 109.85 high from June this year.

• Conversely, while below the 200-day moving average and recent highs 107.20/50 area, the risk of a retest of the 104.19 low remain.

• Short Term Summary: Neutral, with an eye to key resistance 107.20/50.


NZDJPY

• NZDJPY appears to have traced out a possible 5 wave advance from the March 59.49 low culminating in a double high/top at 71.67.

• Following a retest of the broken uptrend support over the past 24hours, NZDJPY has closed below it - a negative development.

• Presuming NZDJPY remains below the overnight high, let’s say 70.11 the view remains that a pullback towards support 68.45/25 is

underway.

• Keeping in mind should NZDJPY move above 70.11 it would negate the short-term downside risks and warn of a retest of the 71.67

high

• TRADE IDEA: Short a partial position of NZDJPY at 69.45. The stop loss has been lowered from 70.25 to 70.11 and the initial target is

68.45 before 68.00. We will hold off an adding to the position for the time being.


EURCHF

• After spending the past three weeks consolidating between 1.0840ish on the topside and 1.0735ish on the downside, EURCHF

made new highs overnight, a positive development, in line with our medium-term bullish outlook.

• To negate the possibility of the overnight rally being a false break, it would be nice to see EURCHF build on its rally and trade above

the overnight 1.0850 high.

• The possibility of a false break would increase, should EURCHF fail to break above 1.0850 and then trade back below recent highs

1.0785/75ish. As such, after adding to our long position we will also take this opportunity to raise our stop loss to 1.0769.

• TRADE IDEA: Long a half position size in EURCHF at 1.0754 and added overnight on a stop entry at 1.0846 for an average entry of

1.0800. The stop loss on both trades is raised from 1.0645 to 1.0769. The initial target is the 1.1050/1.1150 area.


GOLD

• As noted in the Weekly Report two weeks ago, the bearish daily candle that formed at $2075 high, developed in a “good spot for

gold to complete a minor Wave iii top and to commence a pullback.”

• At this point Gold appears to have completed the first two waves (a & b) of a possible three wave corrective pullback. This leaves

room for the overnight decline to continue lower, towards the wave equality target $1800 area.

• Should the pullback to $1800 occur and should a bullish reversal candle form, it would be looked at closely for a long gold trade

entry.

• Short Term Summary: Allow the correction from the $2075 high to continue to unfold towards $1800.


Bitcoin

• The view remains that a Wave III higher in Bitcoin, commenced post the break above 10500.

• The upside target is the June 19, 13880 high and then the all time 19666 high.

• The technical picture remains positive proving Bitcoin remains above 10500.

• The stop loss on the long trade idea below was recently raised to breakeven (11,200) giving us the luxury of a free trade.

• TRADE IDEA: Long 11,200 area with a money management stop loss placed at breakeven. The target remains 14k before 20k.

1220 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/

1320 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/

Documents

20 August 2020 - techfxtraders.com€¦ · • The plan therefore remains to allow for a pullback to develop and to look for appropriate levels to rebuy the EURUSD ... Looing to rebuy