As we discussed recently, EURJPY was at a key support level where we asked the question, break or bounce?
We have seen as of a yesterday a clear close below the level. Looking for a 4hr swing trade on this market now.
If we see a pullback into the previous structure lows and price failing at these lows we can look for continuation trades.
Looking at the US Dollar Index (basket of currencies against the USD) we can see that it has finally pushed through and closed above the key resistance up at $96.00. This is highlighting the current strength of the USD fundamentally, seasonally and technically.
Seasonally the USD has its strongest period through until the end of November.
If the USD continues to...
EURJPY is on our watchlist as we are currently seeing the market buying into the safe havens such as JPY and selling the EURO due to the events outlined in our previous EURUSD post.
Looking at this market technically we are at a key support zone, if we see the market push below the zone and close lower we can look for the continued short trades here. If...
As we can see from this USDCHF chart currently the USD strength is in play and we should expect this to continue as long as the data backs up the Federal Reserves plans to hike interest rates. We will be closely watching the data releases over the coming weeks. Keep an eye on GDP, CPI and Employment announcements as these will be key indicators to inflation...
With current situation with Brexit and Italy continuing, the EURO could be an interesting currency to keep an eye on. That paired with the USD strength economically and seasonally we could see further downside to come from this market. Looking at the chart technically, before we look for the short trades we need to see a clear close below the current structure...
We have already had some great shorts on Brent of the past few weeks and now we have just cleared out the support of $80.00 we can continue to look for the short positions.
We have to be aware that the weekly chart is still in an uptrend and until its breaks the weekly lows of $70.34 we should be cautious in holding long term short positions.
Looking at the...
We expect to see some movement on this pair this week due to the Bank of Canada Interest Rate Decision on Wednesday where they are forecasting a 25bp hike. This should lead to some investment into the Canadian Dollar however is the move already priced in?
Looking at this chart technically it's at a weekly support level which it can't seem to break through at the...
Looking at the GBPUSD technically we can see that the market is clearly making lower lows and lower highs and the Daily timeframe confirms we are still in a downtrend with the potential for price to head down to the key support level of 1.2700. If the market can pullback to the key resistance of 1.3020 with 50.0% Fib confluence we can look for the continuation...
NZDCHF -0.07% has been on our watchlist for a while now and looks to be setting up nicely with the break and close above the key daily support of 0.6500 last week. The 4hr timeframe is printing an uptrend creating the higher highs, higher lows. Typically in a trend the market will re-test areas of structure as it moves higher and as we can see we have a 38.2 fib...
Currently NZDCAD -0.27% looks to be setting up with an Inverse Head & Shoulders Pattern. Typically when you see this form at the bottom of a downtrend like we are seeing now, we see a shift in trend. We know from the Commitment of Trader reports that commercial long contracts are now at the highest we have seen in a very long time giving us a fundamental...
Indices globally have been in a downturn as the trade tensions between Trump and China heated up however should we expect some short term relief?
The market works in trend and tends to bounce between support and resistance zones. The HK50 (Hang Seng) has reacted from the key weekly support of 25300.00. Looking left you can see how this level has been used...
Indices globally have been in a downturn as the trade tensions between Trump and China heated up however should we expect some short term relief?
The market works in trend and tends to bounce between support and resistance zones. The HK50 (Hang Seng) has reacted from the key weekly support of 25300.00. Looking left you can see how this level has been used...
Currently NZDCAD looks to be setting up with an Inverse Head & Shoulders Pattern. Typically when you see this form at the bottom of a downtrend like we are seeing now, we see a shift in trend. We know from the Commitment of Trader reports that commercial long contracts are now at the highest we have seen in a very long time giving us a fundamental confluence with...
NZDCHF has been on our watchlist for a while now and looks to be setting up nicely with the break and close above the key daily support of 0.6500 last week. The 4hr timeframe is printing an uptrend creating the higher highs, higher lows. Typically in a trend the market will re-test areas of structure as it moves higher and as we can see we have a 38.2 fib sitting...
GBPNZD turned out to be a great market to be short in as the NZD strength intensified combined with negative GBP CPI data.
Looking at the technicals for continued downside the support we marked out on the previous chart should now become resistance and will be the ideal place for short opportunities. With the resistance sitting at a psychological number of 2.0000...
EURCHF could be a key chart to watch in the coming weeks as the Italy situation continues to put pressures on the EURO, not only that the FED are looking to continue there plan to hike rates which will have a massive impact on the value of the EURUSD. If the Italy saga continues we may see a run to the CHF as it is know as the european safe haven. Technicals show...
We have discussed in the past couple of weeks of the JPY weakness especially trading NZDJPY long, however GBP remains under pressure as Brexit negotiations continue to be a problem for the uk as well as disappointing CPI numbers downplaying any sort of rate hike hopes for the UK offers good selling opportunities.
Looking at the technicals we can see the 4hr...
As we know from the FOMC meeting minutes this week, the FEDs plans to hike rates are still on track and that will likely fuel the continued strength in the USD. Looking to the most traded market the EURUSD we found resistance up at the 1.1600-1.1640 zone and the 4hr has completed a double top pattern. Looking for the neckline to be used as resistance for...
