A possible RBA rate cut dilemma and a possibly negative NFP may give a lot of volatilty, before anything would happen, I advise not to enter any trade, even if the current trend strongly favor the bulls. Two potential price zones are about to be touch. Wait for bearish confirmation signals.
We've got some weak news forecast all week for the Aussie Dollar, a fundamentally strong currency is the Dollar so matching strong with weak, this should provide more downside towards the fair price of this pair.
$AUDUSD is actively testing trendline support and will likely break lower over the next few hours. Break lower targets the channel bottom which comes in at .7405 this week and .7290 the next. Short from .7703 w/ break even stop. Shorts valid with TIGHT stops or look to sell strength against channel top. Break above channel top invalidates.
I'M ALREADY IN A SHORT POSITION BUT IF PRICE RETRACES UP TO MY SELL ZONE I WILL LOOK AT PRICE ACTION TO ADD IN ANOTHER POSITION AND TARGET 0.75000. I STRONGLY BELIEVE WE CAN GET TO THERE IN THE SHORT TERM BECAUSE THE LABOUR MARKET IN THE U.S KEEPS COMING OUT GOOD WHICH WILL HAVE INVESTORS/TRADERS SPECULATING A RATE HIKE AS EARLY AS JULY. ON TOP OF THAT AUD...
There is a strong downtrend in this pair, and I consider it highly probable to see a new move down, completing the 1.618 extension of the last swing, which also matches an AB=CD proportion from the first swing down to the mode of the downtrend (most frequent price or accepted 'fair' value, based on Tim West's approach). The signal is clear so I will set my orders...
It's been a very slow week for me, but luckily Jason is picking up the slack. Going into Friday's Job Report I have no intention of entering any new positions aside from this potential bullish bat pattern on the Kiwi. NZDUSD is in a very interesting position as our HTF trend has bounced off previous structure resistance, yet our LTF trend has recently created a...
I am still very bearish EUR, which I will probably be for the rest of the year – at the least. I see absolutely no reason to buy EUR and it seems that it is an image that generally recur in the market. There is not really anyone who is interested in buying EUR ;) Yesterday came another jolt in the euro heading for the abyss. EURUSD broke through a key level of...
Multiple potential advanced patterns setting up on the USDJPY all around the same area. We've yet to break out of this consolidation, but if we do before Friday's Jobs number, we have a good location to look for our next short. Before I get a million nasty messages no, I don't think dollar weakness and Yen strength long term, but that's what makes me a "Trader"...
This pair rose strongly after a higher than expected non-farm payroll number came out (257K) together with a favourable wage gain percentage (0.5%). Because of this strength in US the labour market, the USD immediately became bullish, driving USDJPY up 185 pips. This moved the price of this pair above the B point of a potential bearish Gartley on the 4H and now...
Possible shortside short term outlook on USDCAD before or during nfp
Last night the RBA cut their growth estimate to 1.75%. After having recently cut their rate to 2.25%, this should be enough to weaken the AUD, creating selling pressure on this pair. My fundamental bias on AUDUSD is therefore bearish. If on top of that the NFP would come out favourable today, there would be one more reason to look to sell it. As always, I want to...
Hi all, Hope everyone is having a great new year ! Here is a quick forecast for the upcoming NFP release. I am going with the scenario that USD will come weak, meaning that JPY will gain strength as well as EUR and AUD together with GOLD. Open positions USD/JPY - Short CAD/JPY - Short EUR/USD - Long AUD/USD - Long XAU/USD - Long Happy Trading...
With NFP release, USDJPY might testing 120 level. NFP guess on 245k
We've been tracking this cross for a while now and currently this single trade is adding 27% profit to my account. Thursday closed above 8.0 which confirms our bullish outlook. Price tagged 8.0 earlier this month but failed to close above this level and created a doji, which might have served as a counter-trade signal for many. For us it was just an indecision...
Hi all, Above you find the best pairs to trade whether you are expecting a strong USD or a weak USD. This is based on the overall currency strength. NOTE: The direction of the NFP is most often the remaining directing of the day on the weakest respective strongest pairs depending on whether USD comes strong or weak. Example: If we expect a strong NFP, pairs like...
One of the biggest reasons 98 % of traders lose money in forex is because they don’t know what currencies are strong respective weak. Knowing the strength of a currency will dramaticly help you on the way to become a world class trader, you will never look at the market the same once you have fully understood the importance of currency strength.
WFM has been in consolidation for several months, beginning with the large gap down on earnings back in May. On earnings this time price gapped up out of the consolidation zone, on higher volume. On the daily chart there is no resistance until 47.70, the bar was very bullish and closed above the 200ma. Initially this may look like a good near term...
London Session Watch USDCAD There are multiple inside bar candlestick patterns formed in the USD/CAD. The long term trend for this currency pair is still up as the short term moving averages (10 and 20 period) are still above the long term moving averages (50,100 and 200 period) but the Tenken-sen has slightly crossed below the Kijun-sen which could show that the...