EURUSD has re-entered a resistance zone made from the previous structure lows and looks likley to break lower. ECB chances of hiking rates in 2019 diminished as ECB President Draghi said monetary stimulus is needed. If price breaks the supporting trendline look for further short opportunities into the 1.13000 support level.
OIL has been relatively quiet despite large fluctuations in the price of the USD. Price currently sits at key support and could potentially form the right shoulder of an inverse head and shoulders pattern. If price breaks the daily highs we could see it head towards the next resistance level of 70.50.
GBPUSD is already heading lower in anticipation of PM May losing the vote on her Brexit deal. The key will be how badly PM May loses the vote...if she loses by a large majority, the chances of a no deal Brexit will be almost certain. PM May might be forced to leave which will lead to further uncertainty for the GBP.
EURUSD came under pressure this afternoon as ECB President Draghi stated a significant amount of monetary stimulus is needed. The data out of Europe has been poor of late with the chances of a rate hike in 2019 slim to none for the Eurozone. This was re-iterated by Draghi and we could see EURUSD move back towards 1.1300 by the end of the week.
USDCAD is back to the key resistance and psychological level of 1.3300. If price rejects here we could see further downside to this market as the BoC last week suggested a return to their gradual hikes. If price breaks above the 1.3300 the 50.0 Fib offers another resistance zone.
USD is currently sitting in a 1hr range. A breakout lower in the US session would indicate further downside for the USD. Watch major currency pairs for USD short opportunities. Fed Chairman Powell testifies today and his comments will be closely watched by investors looking for any signs of monetary policy talk.
SELL DOW JONES (US30) 1HR CHART STOP ABOVE SWING HIGHS TARGET 2:1 RETURN TO RISK
BUY NZDUSD 4HR TIMEFRAME STOPS BELOW PREVIOUS SWING LOW TARGET 2:1 RETURN TO RISK
In this video update, we take a look at how the NZDUSD is finishing this week. We expected the NZD to benefit from the potential USD weakness this week and it rallied significantly. If the market remains bullish we expect further upside next week as long as the USD can continue to move lower. This along with the AUD will be under pressure as the trade war...
In yesterdays update we looked at the DXY and if we saw a close below the key lows we can look for further downside. The 4hr chart shows price pulling back to the previous lows around $95.60 with 38.2 Fibonacci retracement confluence. If price can find resistance here we can look for the USD to move significantly lower.
USDSGD has recently broken through key resistance with the current USD weakness. Expect further downside here and if price pulls back to the key resistance zone around 1.3600 we can look for short opportunities on bearish price action.
The Norwegian Dollar has benefited off the back of the current rise in the price of Oil. USD weakness continues with Fed members talking of potential rate hikes. Currently, price is testing the key support of 8.4500 and price could move higher from here. If price holds and moves back to the resistance we could see a head and shoulders pattern forming and...
In this video update, we take a look at NZDUSD and what long opportunities we expect next. We previously talked about this as the weekly chart looked likely to continue the uptrend. 4hr chart is offering us long opportunities if the market can re-test previous highs.
In this video update, we take a look at the current sell-off of the USD and how it has affected the EURUSD. The market is currently above 1.1500 if it can hold and close above there by the end of the week expect further upside to come.
Gold has been moving significantly higher as of late largely due to the US government shutdown fueling the fire for safe-haven assets. Typically through January, precious metals perform well and this is likely to continue however we must see some pullbacks first before getting back on the bull run. If price retraces back to the key support level of $1270.00 we can...
USDNOK looks likely to continue lower after forming a head and shoulders pattern on the 4hr chart. The weekly chart is in an uptrend however price has recently tested a key area of resistance. With the USD weakness combined with stabilizing oil prices, the NOK could see further upside pushing this chart lower. If price retraces to the head and shoulders neckline...
In this video update, we take a quick look at the DXY and how the USD is shaping up after closing below a key support zone. If price continues to fall EURUSD should break and close above the 1.1500 level confirming a move higher. Keep an eye on the 4hr chart here as it may pullback to the key support zone before moving any lower.
USDCAD has been the chart to watch lately as CAD strength wiped the floor with other currencies of recent. Combing this with the USD weakness and the stabilising Oil price, USDCAD has been in focus for us. Price is currently sitting at the key level of 1.3300 after breaking out of a key supporting trendline. The moving averages on the daily timeframe look to be...