Renko Charts Analysis - EURGBP, USDJPY, USDCAD

Renko Technical AnalysisEURGBP, USDJPY, USDCAD – 04/12/2015

From: http://renkotraders.com

EURGBP –Inverted H&S• We have been watching EURGBP for a few weeks now and took an early position

in the trade• The 50 Pip EURGBP Chart shows a completed right shoulder with prices now

rallying to test the neckline• On the 100 Pip renko chart for EURGBP, prices formed a double bottom instead

of an Inverted H&S pattern• EURGBP is likely to aim for 0.78, on break of the neckline at 0.74• Continue holding existing EURGBP longs with partial exit at 0.74 and leaving the

remainder of the trade to make its way to 0.78 (long term horizon)

EURGBP – 50 Pips Chart

EURGBP – 100 Pips Chart

USDJPY – Divergence and IHS• 25 Pip USDJPY chart shows price forming a triple top pattern including a bearish

divergence and a Head and Shoulders pattern• All three chart patterns point to a USDJPY correction to 121.5 region (121.45 –

121.2)• On the 25 Pip USDJPY Renko chart, support at 122.45 needs to be broken to

target 121.5• There is a strong bearish divergence to the Stochastics (14,3,3) to this same price

level• We have been short on USDJPY few weeks ago with prices largely consolidating,

but expect the downside momentum to kick in soon

USDJPY – 25 Pips Chart

USDJPY – 25 Pip Chart (MT4)

USDCAD – Rising Wedge Breakout• 20 Pip USDCAD renko chart shows a potential breakout from the rising wedge

pattern• Supporting the view is the strong bearish divergence to the Stochastics as well• 1.3132 is the potential resistance level now likely to be tested for support on

break of 1.3272• Taking short positions now, or on a retest to 1.3272 would be ideal to target

1.3132 (aiming for 140 Pips)• Stops to be placed above 1.3353 if going short from 1.3272 or place stops above

1.3414 if short from 1.3353

USDCAD – 20 Pip Chart