The Australian dollar bounced off its lows today in the forex markets, although the Reserve Bank of Australia hinted at negative rates. In a similar manner, the New Zealand dollar perked up as firmer-than-expected Chinese yuan fixing boosted risk sentiment. The two currencies typically serve as liquid proxies for traders to hedge against emerging market risks....
USDSGD broke its long-term trendline during Thursday trading, but moved below this line during Friday trading in spite of the fact that oscillators are pointing towards a bit of an upward turnaround. RSI signals a neutral reading while the stochastic oscillator suggests USDSGD could make a leg up higher. Clearly, a floor appears to be around 1.3446 and 1.3453 with...
Pattern: Channel Down on 1W. Signal: Short as the price reached the Lower High of the inner Channel Down. Targets: TP1 = 1.2720 and if the price then pulls back and is again rejected then TP2 = 1.2500.
Pattern: Channel Up on 4H. Signal: Long as the pattern is approaching a Higher Low. Target: 143.000, which is the estimated next Higher High.
Pattern: Channel Up on 1D. Signal: Buy as the Channel Up made or is close to the Higher Low. Target: 1.14700 (the 4H resistance zone)
Pattern: Channel Down on 4H. Signal: Bearish after the Lower High at 1.69380. Target: 1.67350 (above the support lines).
Pattern: 1D Channel Up. Attention needed as the pattern was previously violated by Brexit fundamentals. Signal: Bullish as the price tested and held the 4H support (1.2706). TP = 1.2875 as long as the support holds.
Trading Criteria: Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here. Wait for the breakout of the 4hr. consolidation or daily consolidation from red border boxes to take the...
NZDUSD has extended its losses for the sixth day in a row, touching key levels in the 0.65’s. A strong US dollar and US/China trade concerns have both spilled over into NZD. There are many bearish signs, and if we break through the 0.65’s, there is a vacuum zone to the 0.62’s, which we haven’t seen since 2015. At the time of this writing, NZDUSD was trading at...
USDCAD has been extremely bullish lately, on extremely strong manufacturing data today. It has retraced all of its losses which were caused by CAD strength due to hopes for successful NAFTA negotiations. Currently, Trump has made numerous hints that Canada may not even be a part of NAFTA anymore, and the Canadian Prime Minister, Justin Trudeau has fired back...
The Euro has faced some obstacles recently. The uncertainty of the state of Brexit has placed the currency in a state of volatility. Adding to its woes are concerns over the ongoing trade war. EURUSD appears to be attempting a bullish turnaround, but we don't have much confirmation. Use caution when trading this product. The current price of EURUSD is...
GBPUSD The British pound is riding the news today including Brexit negotiations, and Carney’s status at the BoE. Broadly, it is feeling the weight of the surging US dollar, as our most USD currency pairs today. On day charts, generally, GBPUSD is giving us some mixed bull/bear signals. This should be a warning when trading this product in either the long or...
The Kovach Momentum Indicators and Reversals indicator together gave the heads up on a great trade in the Canadian dollar on the back of the trade war on Friday. Those who were paying attention toward the end of the American session (its always thin trading on Fridays), could have made an easy 80 pips. Observe how the Kovach OBV (blue line) maintains an upward...
We are approaching the time to take a first speculative trade on the GBP/AUD. We are in the area that I would like to start to buy in. My idea would be to go in light and see if this 4hr trend line can hold. It's a lot earlier that I would have liked, but going in light here and waiting to see if CPI helps move the trade in to further profit is a great way to get...
The fact the Pound hasn't managed to catch a Bid since Mark Carney raised interest rates is relatively unusual. Today's Average Wage number played a part in the Pound have a decent day and tomorrow's number will play another part in whether we have a trade to take. The daily bar ended up closing as a Spinning Top, indicative with an indecisive market. I'd quite...
The Pound has been the much maligned currency of the last 2 years. The UK economy bombed from the fasted growing in the G-7 to the weakest and Brexit negotiations continue to favour the either European Union or a No Deal scenario. All this being said the UK economy isn't quite as weak as the currency suggests. For this reason I am always on the look out for a good...
Looking at USD/JPY it may be entering the final leg of a correction toward the 0.618 retracement level and a good low risk shorting opportunity with a stop loss above the recent high at 113.249. If correction reaches the 0.618 levels then we may see a bullish 3rd wave. A look at some of the waves: Subwave 4 of 3 completing at the 0.382 level and an ABCDE...
Please answer this question if you know the answer. Example is on screen. OANDA:NZDJPY