Bitcoin is trading with a bullish bias after coming out of an asymmetric triangle pattern. The pattern was providing a solid resistance near $6,800. For the moment, BTC/USD can face an immediate resistance near $7,735. The violation of this level is likely to open further room for buying until $8,335.
The Japanese cross has dipped over the unexpected drop in the U.K. retail sales figures. However, the GBP/JPY seems to gain support near 146.150. As we can see, the pair has formed a test bar, signifying the sellers seem to exhaust and bulls may take over the lead. On the upper side, the GBP/JPY is likely to face resistance near 146.750 and 147.150.
The USD/CAD is on the march north, smashing resistance on its way to a test of the 1.3275 handle. Traders have jumped on the USD’s bandwagon and even an early-session bullish breakout in WTI crude oil was no help to the CAD. Now, it appears that fresh yearly highs may be in the cards for the Loonie. Shorting the daily double-top pattern at 1.3385 may come into...
The U.S. session has opened with fireworks out of the crude oil markets. Since the traditional New York crude oil “pit” open at 9:00 AM EST, traders have driven the price of WTI north by almost $2.00. At press time, price is testing the $69.00 level. The intraday uptrend is explosive, so keep leverage moderate. Here is a scalp setup from a short-term daily Moving...
Gold – XAU/USD – Trading Plan Fellas, we shared a trading signal to stay bearish below $1,222 with a stop above $1,226 and take profit at $1,218. We can also extend take profit to $1,214. Good luck!
GBP/USD – Trade Plan I will be keeping a close eye on $1.3070 as below this, the market can go after $1.3010. Whereas, the violation of $1.3070 can lead the GBP/USD towards $1.3120. Good luck!
Crude made a surprise bounce on Wednesday, despite a big build in offical inventory data. There are some fundamentals that weighing on the supply side. However, on a technical level I feel we are now bearish in the short-term. The two high volume areas are $68 and $71. Price will react sharply at $69.50, and as such I'm looking for a test of $69.50, before a...
September WTI crude is trading right at the 62% Fibonacci macro-wave retracement. Given the reported builds in supply, it is tough to envision a scenario where $65.00 is not tested in the near future. In the event that we see a sell-off in September crude later this week, a long trade from just above the 78% retracement is a good location to the bull. Here is the...
1. The trend is bearish 2. Stochastic is almost overbought 3. The 100 SMA is providing resistance 4. A resistance levels stands above NZD/USD turned bearish yesterday as the USD bulls charged ahead against all major currencies. Today, the bearish move extended further below but in the last few hours this pair started retracing higher. The stochastic indicator is...
Gold – XAU/USD – Trade Idea I will be looking to take sell position below $1,226 for a long-term target of $1,212. Good luck!
What’s on the technical side? As you can see on the daily chart, crude oil has dropped below 70, crossing 50 periods EMA from the upper side. For the moment, it’s trading above a bullish trendline support at $66. The leading indicator RSI is entering the sell zone.
The recent slide in WTI pricing has not been kind to the Canadian dollar. However, last week’s hawkish move from the BoC has helped the Loonie hold its own against the USD. Today's bullish pressure may bring a short from just beneath topside resistance near the 1.3200 handle into play. Here is the plan: 1)Entry: Sell 1.3196 2)Profit Target: 8-12 pips 3)Stop...
Gold – XAU/USD – Trade Idea Today, the idea is to stay bullish above $1,241 with a stop near $1,238 and take profit at $1,245. Good luck!
On Monday CL sold off hard and we landed perfectly at our high volume area at $68. The next such target is $65 and now that we have turned bearish I'm looking at a sell-off into that level.
The Euro has gained ground against the USD for the last two sessions. Of course, the downtrend of 2018 is still massive, with the EUR/USD struggling to gain any bullish momentum. In such a tight market, playing a rotational strategy is a good way to rack a few pips. A buy from above daily support at 1.1657 is a positive entry to the bull. A modest profit target...
Gold – XAU/USD – Trade Idea During the ending hours of the Asian session, we opened a buying signal above $1,243 with a stop below $1,240 and a target of $1,247. Good luck!
The AUD/USD has been falling and isn't able to break above 0.7500. With the RBA minutes and employment this week, I want to sell a bounce to 0.7500. The parallel channel is lining up with resistance and is making for a good short. If we can get a bounce on the data of course. Chinese GDP didn't cause much fuss this morning.
Gold – XAU/USD – Trade Idea I will be looking to take another sell position below $1,240 with a stop loss above $1,243 and a take profit near $1,236. Good luck!