As usual, let's start the day with coffee, chart analysis, and rock n' roll, I really wish I could go to Iron Maiden concert by the way \m/ \m/
AUD/USD
Allright, yesterday we had the blue KGB levels (the modified fib) as our basis, and last night the high was clearly broken so these levels now are invalid and we'll switch to the bigger wave (the yellow levels) as our basis.
As we can see, price is trying to reach the Buyers level (1.0133) could even try to break that level later, we don't know.
But for now, notice that price already under the LSMA, this is a sign that buyers are pausing to consolidate for awhile. Watch also the LSMA slope is still up, so there's still big probability that buyers will continue their move.
So here we have our focus on the LSMA and the Buyers level. If price continues to move in the LSMA direction, then watch if it can break the Buyers level. If this happens then there's probability that it will try to move higher and might even retest the High (1.0197).
On the other hand, if LSMA turns down then it means buyers are giving up their position and price might be heading towards the Balance (1.0068)
EUR/JPY
Here we have two waves as our reference. Let's start with the big one (the yellow levels).
Here price is above the Buyers level (113.20), so buyers have more than 75% strength and trying to push the price high and might retest the High (114.01).
However, price is pulling back from 113.67, it could mean that's the furthest buyers can go for this moment. So assuming that's the new high, a lower high by the way, here we draw the second KGB levels (the blue levels) to measure the small wave.
Here too buyers are still in control. So here we have the High (113.67) to watch. If this level is broken, then this blue levels are invalid and we'll shift our attention to the yellow levels.
On the other hand, if price is moving down breaking the buyers level (both 113.28 and 113.20), then buyers are giving up their position and our next focus will be the blue Balance (112.88) and the levels below it.
And last thing, notice that daily phase is in sideways phase. Notice that price is moving around the green BS (113.37). This is consolidation or staging phase.
So keep watching this and those KGB levels to determine where the price is heading next.
EUR/USD
We still have the blue levels as our basis.
Here price is moving up away from the Balance (1.3585), buyers start to gain the upper hand. Notice also that daily phase is in uptrend phase.
So based on these, we can assume that price is currently moving up and might heading to the Buyers level (1.3666).
This assumption will fail if price is heading down and play below the Balance (1.3585). In this case, it's the sellers who are getting the upper hand and might push the price lower toward the sellers level (1.3504).
GBP/USD
Okay, yesterday we have the blue KGB levels. Now the price is right at the High (1.6182) and about to break it.
So here in case that level got broken, we draw the second KGB levels (the yellow ones) as backup. Otherwise we still stick to the blue levels.
Now notice the daily phase, it's still in uptrend phase but price is already below the LSMA. It could be a sign that reversal will occur in near time.
So here our job is keep our eyes open and watch how the price and the LSMA react. If LSMA turns down, then our assumption is price is heading towards the Buyers (1.6132) or the Balance (1.6121). Otherwise if buyers decide to resume their move, then price will try to break the blue High (1.6182) or the yellow Buyers (1.6200).
USD/CHF
Here too our previous blue KGB levels are now invalid since the low is already broken. And now, we'll switch to the bigger wave (the yellow levels) for our basis.
As we can see price is in the midway between the Balance (0.9549) and the Sellers level (0.9438). Here sellers have the upper hand although not yet totally in control.
Now notice the daily phase, it downtrend but price already plays above the LSMA. This is a sign that sellers are currently pausing for awhile and there might be some effort to reverse direction.
Notice also the LSMA slope is still down and sharp, so there's still big probability that price will go down and more effort is needed to reverse direction.
So here we have this LSMA and price action to watch. If LSMA turns up, then sellers are giving way and price might go to the Balance. And if price continues in LSMA direction, then sellers resume their pressure and might retest the Sellers (0.9438).
Allright, that's all for today. Hope it helps, happy trading and have a lot of green pips \m/
DISCALIMER: THIS ANALYSIS MAY CHANGE ANYTIME ACCORDING TO MARKET CONDITION, ALWAYS TRUST YOUR OWN ANALYSIS AND SYSTEM
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