First, lets have a quick look at trade opportunities from Friday. It was much better day, with stronger moves and more trading opportunities.
Here we saw an ABC pattern which started to form on Thursday. Price was below daily pivot line and below 55 moving average. After break below 0% line we saw a drop first to the 138.2% and then to the 200% extension. 15 min. eur/usd:
Later there was another ABC pattern with nice signal from MACD to go short. Move ended at 138.2% extension. 5 min. eur/sud:
Price moved way below daily S2, but then after news bulls back and managed to go up to the daily R1 line which was a good place to exit if someone was long. 15 min. eur/usd:
Also on usj/jpy we had some chances to find an ABC patterns. Similar setup as on eur/usd – price below pivot point and moving average and negative averages. There were also a signal from MACD to go short. 5 min usd/jpy:
Situation on higher time frames
First, we have to start from the news from Friday. Greece has another 4 months to sort things out, read more here on fxstreet.
Eur/usd is in a range move trapped in the wedge (red). Daily eur/usd:
So for now we have levels to watch closely. After agreement and 4 more months for Greece it is hard to tell what is next for eur/usd. I suppose that with that good news bulls will try to go higher. If they manage to breakout from the wedge that will be signal that stronger correcion up is possible.
Many people write about this wedge, but I simply watch at monthly pivot line and 33 simple moving average from daily chart. If price will close above that levels, it can be a good sign to bulls:
On daily, weekly and monthly charts usd/jpy is above 100 and 200 averages and it is bullish. Still, it is in the range move since a while. I watch for two levels here: monthly pivot and monthly R1. Move above or below one of this levels will be a good indicator what may be in cards for usd/jpy :). Daily usd/jpy:
Bulls are back on s&p500. After correction down to the 38.2% retracement we saw a false breakout but later s&p500 closed above 0% line again and is going up. It looks like 127% and 138.2% extension lines are very possible targets. Daily s&p500:
This is interesting. Many people expected correction to be stronger, but it looks like trend is strong here.
DAX managed to close above resistance at 10979 points and it is going north again. Pretty impressive. You can look for potential targets at Fibo extensions and monthly pivot lines. Dax, daily:
I hope that you had good week and this informations are helpful for you. Have a great weekend!