Facebook

Facebook (FB) in the morning went through previous high at $59.56 but then reversed and gave us tactical entry with Put option.  That was point where you make adjustments and should react quickly as market stays in range-bound mode. After it came from $20s to $70s and then was sold off to mid $50s it entered into wedge/range and recent action became very tight. I expect that it will resolve soon and will take breakout trades both sides.

Today, my plan is to trade with a Put below previous low of the day at $58.18 and I expect to see some downside continuation. I have a slight bias to a downside as most of my moving averages curling down, but it still stays above 200 MA ($54). You should take into account overall market conditions. If it will confirm our selling idea, then I am going to execute this trade.

Facebook

Forex

USD/JPY drop down through major support at 101.250 that is intact since February after two-day Bank of Japan meeting.  Now. It is below all key moving averages and show us clear direction. I prefer to see some kind of consolidation after 7 down days before further continuation as it reached 200 MA.

USDJPY

 

GBP/USD remains in strong uptrend and bounced from 50 MA on 15th of May. I don’t think that 1.69955 is high this year.  I will be trading this pair close to intra-day support levels with Call and recommend avoiding a Put option without clear sell signal. Let's be objective with our charts.

GBPUSD

 

AUD/USD failed below previous low and reversed close to 100 MA. Sentiment is a bit mixed here after BoA meeting. It stays below short moving averages but bouncing off longer term moving averages. Usually, we have reversal on Day 1 then continuation on Day 2 and on Day 3 we will check sentiment.

AUDUSD