As mentioned in the chart that Dollar Index is making lower lows and RSI is not making lower lows, which clearly indicates that this is not the time to go short on DXY. Today inflation data and FOMC meeting both can be the catalyst to take the Dollar to upwards for a decent correction. I would suggest that this is the nice time to BUY dollar.
Gold is at high resistance point and is at 61.8% fibonacci retracement. I expect a strong rejection at this point and I am bearish for the near-term and targeting 1220-1200 area.
Trading Recommendations: SHORT at 1274, with stop loss at 1290. Target at 1225.
The above chart is what I expect on Gold over the coming period of time.
Short-term Trade: Short @ 1259, TP at 1210 and SL at 1275.
Long-term Trade: Long @ 1190-1210, TP at 1400, SL at 1140.
We have seen the early rejection in GBPUSD from 38.2% fibo level. I expect the price to break that blue circle area and fall towards the black trend-line at 1.25500-1.26000.
Recommendations: Short at 1.29500 with stop loss at 1.30500, Target 1.26000
The Dollar Index is in a clear bearish trend in weekly as well as in the daily chart mentioned in the blue lines. But now it looks like the bottom has been made at least for the short-term. As far as I know the candle that has been made last week is considered as a reversal candle and Dollar index needs one more supportive bullish candle next week to validate the...
EURUSD pair reached towards new highs and the price is in a clear Bullish channel since March. It's all the matter of time and once we break below 1.1750 we would easily see the downside levels near 1.1300. I am Bearish on the pair as we have seen RSI 5 on the level where it was almost 10 years before. Weekly RSI 5 is at its 13 years high and now its time for a...
It seems like the strong reversal which I was talking about has been started in DXY. Now the dollar index is expected to make a bounce towards 96.50 at least. We have seen a strong bounce on Friday after NFP report and that was the first reversal sign. Now I expect the dollar to move higher in the next sessions.
Recommendations: Buy the dips with stop loss at...
Gold price is below the red tenkan sen line and is heading towards the cloud. It also has touched the cloud and bounced back. I believe there is still more downside to come in the coming sessions as there are still negative signs on the daily chart and price can visit 1240 area where the lower cloud boundary lies. That area acts as a strong support and can cap the...
USDCAD has started the reversal as we can clearly see on the daily chart. It looks like the price can test 1.2900 in the coming sessions where the daily cloud lies.
Recommendations: Wait for a pull back and then Buy with target at 1.29000. Stop loss at 1.2500.
EURUSD is way overbought and has almost hit the lower cloud boundary of Monthly cloud on monthly chart. I believe this is the time for a reversal. The daily chart showing that pair is extremely overbought and stretched, and it's just a game of one lower low and one lower high. I would recommend to short the pair now than later. The pair is facing a strong...
NZDUSD pair looks like very much overbought. We possibly have completed 5 waves and the possible correction has been started in three waves A, B and C.
Recommendations: Short at 0.75200 with stop loss above 0.75700 and Target 0.74000 at least
Looks like gold will correct in the near future. We can have a valid sell entry from the area 1275-1280 where we have 78.6% fibo level. Wait for that level to come and then sell.
Recommendations: Short at 1277 and Target 1250-1255.
NZDUSD made new high yesterday and since then it is falling. Price has broken below the tenkan sen and Kijun sen line on the 4hr chart and can target the cloud where the trend line support also lies. Breaking below the trend line support can push it towards 0.7200. But for now we can sell the pair and target the cloud support.
Recommendations: Short with stop...
EURUSD couldn't able to form a higher high yet and I can see a possible head and shoulder pattern forming as mentioned in the chart. We can see a good sell off in the coming sessions. Short-term traders can take their Short positions right now and can target 4 hour cloud.
Recommendations: Short at 1.1730 with Stop above yesterday's highs and target 1.15600.
Gold reached the target which I mentioned in my previous analysis now I see the Negative divergences on RSI. Gold can behave in a bearish manner in short term. So a pull back is expected from the daily cloud resistance and the Price could test 1230-1235 level in the near term. Selling at this stage with tight stops looks good strategy.
Recommendations: Short at...