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The USD/CAD was the story of the Sunday/Monday forex session. Trade opened the week GAP down, sending forex players to their screens en masse.
For the remainder of the week, sell orders queued up from beneath the 38% retracement at 1.2894 are a good way to play resistance with the trend and rotation in the GAP. Using an initial stop at 1.2926, this trade produces...
As long as the current swing high (1.3226) remains the high-water mark of the current wave on the daily chart, then a buying opportunity may set up for later this week.
Until Friday’s close, or until the current swing high is taken out, buy orders from just above the 38% retracement from 1.3097 are solid entry to the bull. Using a standard 1:1 risk vs reward and...
On the other hand, gold is stuck in a tight range of $1,197 – $1,204. Investors do need a solid reason to violate this trading range. What can it be? Did you see FX Leaders Sep 4 – Economic Event Outlook?
We spoke about ISM manufacturing PMI which is coming out during the New York session. So let’s wait for it. A bearish breakout can lead gold towards $1,190....
Technically speaking, the AUD/USD has plunged dramatically to test 0.7165 support and it’s trading right above the same. The doji and spinning top candles are suggesting that the sellers are exhausted now and bulls may be looming in the area.
So, be ready for it. The AUD/USD can bounce off above 0.7165 to complete 23.6% retracement at $0.7202 and 38.2% at...
The daily chart for the EUR/USD pretty much sums up today’s action. A big red candle is forming and downside support is coming into play.
To capitalize upon the sell-off, a long position from just above the daily 62% current wave retracement is a viable entry. Here is the trade:
1)Entry: Buy 1.1611
2)Stop Loss: 1.1572
3)Profit Target: 1.1636
4)Risk vs Reward:...
At press time, December gold futures are up moderately for the session trading above the 1210.0 handle. Make no mistake, this is a critical technical level. If we see another late day sell-off in bullion, a bearish washout may develop beneath Tuesday’s low (1205.8).
Here is the trade:
1)Entry: Sell 1205.7
2)Stop Loss: 1207.1
3)Profit Target: 1204.7
4) Risk vs...
With the API and EIA inventories reports rapidly approaching, it looks like energy bulls are happy on the sidelines. In the event that we see a further pullback in October WTI futures, then a long from daily Fibonacci support will come into play.
1)Entry: Buy $67.26
2)Stop Loss: $66.99
3) Profit Target: $67.53
4) Risk Vs Return: 1/1
It is anyone’s...
Considering the technical outlook, we opened a forex trading signal to target $1,214.50 with a stop below $1,209. We don’t have much on the economic calendar but the technical levels will remain in play.
Following Thursday’s moderate retracement, the sky has been the limit for October WTI crude oil futures. Since the traditional New York pit open at 9:00 AM EST, prices have risen more than $.50.
Counter-trend scalps beneath $70.00 are likely to produce positive price action. Sells from $69.92 with an initial stop at $70.01 produce 5-8 quick...
The great thing about trends is that they are always due to pull back. If we see today’s sell-off in the EUR/USD extended tomorrow, then a buy from Fibonacci support will be a solid way to enter this market. A long from the Fibonacci retracement level of the current wave (1.1499) on the daily chart is solid entry to the bull.
Here is the trade:
After a period of considerable strife surrounding Bitcoin (BTC) ETF approval, the crypto sphere has rebounded. BTC itself is in the midst of a three-day winning streak, a far cry from the pain of early August.
For the near future, I will be looking to sell BTC from the $6849 level. With an initial stop at $7001, this trade yields 150 ticks/pips when implementing...
It will be nice to see if EUR/JPY manages to break below this support level or not. Because if it breaks downward, the next target is likely to be 125.650. On the other side, the Japanese cross can target 126.650 and 126.850 only if it manages to stay above 126.250. Good luck!
In order to encash this breakout, we just shared a forex trading signal to open a buying position near $1187.52 with a stop loss below $1,184 and take profit at $1,190. Anyway, gold is very likely to go after $1,192 and then $1,196.
Taking a quick look at the hourly chart of EUR/JPY, the pair is consolidating right below the triple top resistance level of 126.350. Actually, it’s an ascending triangle pattern which at first is representing the neutral sentiment of traders. It’s clearly showing the indecision among traders. Perhaps, they are waiting for some European CPI data to determine their...
Investors will also be looking for the U.S. economic events like building permits, housing stats, and Philly Fed manufacturing index to determine further movements in gold. In case you don’t know, the dollar shares a strong negative correlation with gold. Therefore, the positive data may drive bears in the bullion market today. Refer to Fxleaders Aug 16 – Economic...
For the moment, gold is trading near $1,173 after placing a low of $1,160. It recently has formed a sort of a hammer candle pattern on the 2-hour chart. The hammered pattern followed by a strong bearish trend often causes a bullish reversal. That being said, can we expect a bullish reversal?
I wish I could say yes, but gold is still bearish and the violation of...