Great technical and fundamental tailwinds for this trade. The top indicator is a BB% with the 30MA as its source The bottom indicator is Labu Bear's 'Wave Trend" indicator
If you're not in this yet I'd recommend not leaving it too much longer. Ideally waiting for another long wick to the upside but if not wait for a break & Flag for a straightforward move down.
USDCAD, Dollar Dumps, Bank of Canada Interest Rate Hikes. FOMC Tommorow and NFP Friday. How much Lower can the Dollar go?
Price has posted a Lower High and retraced back to a prime selling position, up-move is limited thanks to a Weekly Fib Level & the downtrend line.
Sell below 112.65. Stop loss at 113.51. Take profit at 110.90. Reason for the trading strategy (technically): Price has broken our key support level triggering a bearish move from here. We look to sell on strength below 112.65 resistance (Fibonacci retracement, pullback resistance) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap...
Today's GDP didn't surprise the market, if any at all. Perhaps weak US data for the past few days has finally balanced itself with today's GDP report. Looking ahead towards a new month, what's in store may confirm a dollar reversal with upcoming NFP to start the month of October. Until then, it's a short all the way until "CPI" ticks back up. Cheers, and Happy Trading.
Price broke out of consolidation, found support at mid range and bounced back up to either retest or head back up. I am favoring a drop to the downside for this trade due to multiple technical factors. The first target will be the most recent support zone.
The situation on the hourly NZD/USD chart is very similar to the situation on other commodity charts. The pair has found support in a combination of the 55-hour SMA and the lower trend line of the junior ascending channel pattern. The rate is most likely going to surge up to the 0.7350 mark, where the weekly R1 is located at. In addition, near that level the...
The Euro traded near the previously active long term ascending channel pattern’s lower trend line on Wednesday against the US Dollar. However, that ended, as soon as the 55-hour simple moving average moved in from the upside to provide resistance. On Thursday morning it could be observed that every candle since then has been red. The Euro is continuing its decline...
Daily outlook - AUD/USD soars on fundamentals In line with expectations, the AUD/USD currency pair left a descending triangle formation in the downward direction. Most probably, the rate could continue to move it this direction, but a release of information on the US CPI led to 30-pips depreciation of the Greenback. After markets will calm down, the...
Daily outlook - NZD/USD slips to 0.7310 An early hours of Wednesday’s trading session confirmed that the Kiwi was rapidly depreciating against the buck in a flag pattern. For this reason, the currency rate has expectedly bounced off from the weekly S2 at 0.7310. Most probably, the surge would continue at least until the 0.7348 mark. A number of...
Daily outlook - USD/CAD trades around 1.2676 Tuesday’s evening the currency exchange rate spent in an expected horizontal movement along the 55-hour SMA towards the bottom trend-line of an active ascending channel. At some moment, the pair has entered into a four hour downfall and has practically sneaked from the pattern. However, a combination of the...
Daily outlook - AUD/USD rebounds at 0.7867 As it was expected, the currency pair failed to jump above the 55-hour SMA and spent the rest of the previous trading day near the bottom line of a medium-term descending channel. Most likely the pair could continue to move between these barriers, but a speech delivered by the RBA Assistant Governor Kent forced...
USD/MXN 1H Chart: Channel Up The American Dollar is appreciating against the Mexican Peso in a medium-term and short-term ascending channels. At the moment, the channel consists of three reaction highs and three reaction lows and, thus, might be cease to exist in the upcoming days. The fact that the currency pair is gradually approaching to the lower...
1) Huge upward move generated by ECB's Mario Draghi - the bulls will want to cash out profits now therefore this should push the price back down 2) RSI heavily overbought on multiple time frames
NZDUSD Price has shown strong rejection we can see long upper shadows, also yesterday's candle has completed a bearish engulfing pattern.