FxComment trade setups revision after weekly closing

In this report, we will review the trade setups published on FxComment during the week.

May 18:

1-EURJPY: Previous report, follow the link http://www.fxcomment.com/?p=12412

Comment: Market remains bearish and the CD leg of the harmonic 5-0 pattern is still in progress. Still bearish and traders can close 50% of the quantity used for shorts ahead of the weekly closing.


2-CADJPY: Previous report http://www.fxcomment.com/?p=12421

Comment: We remain bearish with increase in bears’ power. Still bearish.


3-Bitcoin: Previous report http://www.fxcomment.com/?p=12430

Comment: Bitcoin remains bullish and it is still channeling positively. Still bullish.


May 19:

1-EURJPY: We updated the previous report after forming a bearish engulfing candlestick and we add more shorts. Previous report http://www.fxcomment.com/?p=12447   

May 20:

1-AUDCAD: Previous report http://www.fxcomment.com/?p=12481

Comment: Negative scenario remains intact.


2-CADCHF: Previous report http://www.fxcomment.com/?p=12485

Comment: Support held and we still need to witness a run towards 0.7750.


3-NZDJPY: Previous report http://www.fxcomment.com/?p=12472

Comment: Potential closing below 50% Fibonacci support along with negative signs over daily studies and we remain bearish.



1-EURUSD: Previous report http://www.fxcomment.com/?p=12531

Comment: The situation changed with potential breakout below support point of intersection seen over eight-hour graph. We change our outlook from bullish to neutral awaiting more confirmation.

2-EURUSD, GBPUSD and EURGBP: Previous report: http://www.fxcomment.com/?p=12595

Comment: We covered the EURUSD above and for GBPUSD, the situation becomes critical and those who bought with us earlier on May 12, they can close any open long positions and wait for our next updates.


eur and gbp-22-05-fxcomment

Nevertheless, the EURGBP outlook remains intact and we see chances fore bearish development.


3-NZDCHF: Previous report http://www.fxcomment.com/?p=12599

Comment: Our bullish scenario is still in play, while the pair continues to flirt with the main resistance levels of 23.6% Fibonacci. A break of which will expose the next resistance. Still bullish.


Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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