In today’s market insights video recording, I talk about EURGBP and AUDJPY FX Minors.
Euro is affected by a report that a phase-1 deal is highly unlikely by the end of this year as the Chinese want rollbacks pushed to May 2020 and the US Congress just passed a bill supporting Hong Kong protesters; going against China again!?
Safe-haven flows were also increasing...
The Japanese yen keeps a path of gains as the Sino-US trade war remains unresolved and anti-Communist protests in Hong Kong intensifies in violence. The euro saw now major change after the German economy dodged a recession in the year's 3rd quarter with a GDP figure of 0.1 percent. The pair price resumes its downward trajectory towards the lower line of the more...
The index has broken above the multi month descending channel that started on April's peak with a clear cross over the Lower High trend line (dashed line) on very healthy bullish 1D price action (RSI = 66.138, MACD = 47.598, Highs/Lows = 433.2348).
Since both 1W and 1M turned neutral (RSI = 54.126 and 51.251 respectively) we are looking at previous candle...
Despite whether you disagree with their censorship, this is the right "business" decision. Maybe it isn't ethical, but it is beneficial to maintain their relationship with China. Plus the controversy will act as publicity for the company. Oh well, as always, trade at your own risk.
USDHKD looks good on both the 4 and 2 hour charts.
We have had an uptrend with higher lows and higher highs and then we stopped making new higher highs. This range and even double top here shows us the trend may be exhausting.
From here, we need to see a break and close below 7.8360 zone. First target would be 7.8300 zone.
Also want to share some information...
Hang Seng has been devastated by the recent negative geopolitical climate, reaching in August the 24,900 1W Support. The rebound that followed on 1D was rejected near the Lower High trend line (dashed) and 1D MA200 (orange line) thus keeping 1W bearish (RSI = 43.695, MACD = -309.550, Highs/Lows = -317.3100).
We have had a Death Cross formation on that bottom and...
Its All About Hong Kong this Morning!
The Hang Seng was up significantly overnight on the news that Carrie Lam has announced that she was scrapping the controversial extradition law. US indices are up in sympathy. “How long would this last?” is the question on everyone’s mind, but the indices are shooting up for now.
Given that nothing has changed with respect...
Just want to update on the USDHKD peg idea I spoke about awhile back. A bit controversial I know, but I gave reasons on why this is likely to happen. Hong Kong does not have the US Dollars to maintain the peg. The PLA marching into Honk Kong may be what breaks the peg.
Looking at the chart, you can see where the buyers are stepping in. We are seeing buyers at...
$HSI is approaching our Monthly Support Level (blue) of 25,166.
It has staged steady rallies since, but given the external global macro headwinds, and internal political strife, we see $HSI breaching this support and heading lower.
Watch this space...
Forex News – Hong Kong’s biggest-ever street protest has come to its 11th week, and more are joining the calls for a resolution.
Last week, Hong Kongers took out their money from ATMs. The goal was to prove the city was more than just a cash cow. The movement has further escalated the instability due to the protests. The city’s currency has also...
Here too we continue to move the stop loss in trailing stop mode, until we reach our primary objective, that is Break Even Point, equal to the entry point plus commissions.
Remember that Risk Management and Position Sizing are the fundamental points to have a positive trading operation.
Strategy alone is not enough.
FX News – As the protests in Hong Kong continue, people are trying out something new to fight back.
Protesters are calling for massive ATM withdrawals, taking out as much money as possible from their banks. They could also change their currency into US dollars to protect their own assets.
The goal is to send the People’s Republic of China and HK Chief Executive...
New swing lows being created daily wick retested the weekly res as a resistance with price also moving under the MA's no daily or weekly long signals currently. This pair will I feel will continue to find bearish support zones. Purple horizontal lines are back tested daily key levels ranging from 2011-2013. Clearly sterling is in its weakest position for years
Within the past couple days, President Donald Trump proposed a new tariff of 10% for the $300 billion dollar Chinese imports. This new tariff will take action on September the 1st. Markets to keep a watch from this impact include the following;
All of the above index's will have the most impacts.
I believe trump has made this tariff...