On our analysis of the 14.05 we advised that we were still short despite the currency pair rising towards 1.125 and were looking for the Fibonacci level of 1.11955 to break before taking some profit. This has effectively happened and we have taken profit and now that EURUSD has crossed the next Fibonacci level at 1.1163 we will look towards the currency pair...
On our analysis on the 13.05 we indicated that we didn't feel that Bitcoin will consolidate and not fall below the current level because the RSI at 84 and the Keltner Channel price trending above the top band was showing it was overbought. However, surprisingly Bitcoin surged over $8350 and is now battling to consolidate above the Fibonacci level at $8024, again...
On our analysis on the 10.05 we advised that we were looking for the currency pair to break the Fibonnaci support level around 0.69628 and this has effectively occurred with AUDUSD falling below 0.693. We have taken profit and will look hold our short position whilst waiting for further developments in the US/China trade negotiations.
On our analysis on the 09.05 we indicated that we were still short EUR/USD after the currency pair had risen towards towards 1.125. We saw this as a selling opportunity as EURUSD failed to break the Fibbonaci resistance level at 1.12514 and the RSI rose to the high 70s before dropping to below 60. We now are still short and are looking for EUR/USD to break the...
We have witnessed Bitcoin surge over the weekend to $7450 albeit on relatively weak volume before dropping back towards $7000. We would now want Bitcoin to consolidate and not fall below the Fibonacci support level at $6998 otherwise the cryptocurrency could start dropping sharply towards $6000. However, we are not very confident that Bitcoin will consolidate and...
On our analysis on the 07.05 we advised that we increased our AUDUSD short position at 0.7482 and that we would be taking some profit below 0.7. Yesterday we effectively took profit at around 0.698 and we are now monitoring the currency pair which is currently at around 0.7 to try and find another short entry level. This is because our long term view on the AUDUSD...
On our analysis on the 02.05 we indicated that we were short EUR/USD pre and post FOMC however since then the currency pair has risen up towards 1.125. We see this as a selling opportunity as EURUSD failed to break the Fibbonaci resistance level at 1.12514 and the RSI rose to the high 70s before dropping to below 60. We will also be closely monitoring the US China...
We currently have a neutral view on bitcoin and are currently monitoring the next Fibonnaci level at around 6278. If Bitcoin doesn't rise above this level and consolidate we are expecting Bitcoin to fall towards the previous Fibonnaci resistance level at around 5522 which is now acting as support. Additionally, we are keeping an eye on the RSI which is currently...
On our analysis on the 03.05 we identified the RBA meeting and the resistance level we at around 0.7040 as key to developments in the currency pair. The RBA didn't cut rates which saw AUD/USD move as high as 0.70482 so therefore as planned increased our short position mainly due the ongoing US-China trend tension and now will look to take some profit below 0.70.
On our analysis on the 25.04 we identified a doji candle followed by an upward reversal but we saw this as profit taking on short positions and expected the currency pair to keep dropping. AUD/USD did effectively keep falling in particular due to the FOMC holding rates whilst being more optimistic about the economy than in the March's meeting minutes which should...
On our pre FOMC analysis yesterday we were short EURUSD as we believed the long term downtrend would continue despite the recent positive reversal. The FOMC held rates but were more optimistic about the economy than in the March's meeting minutes which would increase the probability of interest rate rises in the future. We now look towards upcoming data releases...
Our analysis as at the 25.04 highlighted a bearish flag pattern before the EURUSD resumed it's downtrend towards 1.114. However, there has been a significant positive reversal for the currency pair since then on the back of some weaker than expected US data. Actual USD PCE Core (YoY) (MAR) was 1.6% vs 1.7% forecast and USD ISM Manufacturing (APR) was 52.8 actual...
On our analysis on the 16.04 we highlighted a breakout before the downtrend resumed. The 25.04 saw a doji candle followed by an upward reversal but we see this as profit taking on short positions and expect the currency pair to keep dropping. This is because we don't see Australia raising rates anytime soon, also there is a large amount of data out this week...
Bitcoin fell sharply on the news that NY prosecutors have accused the Bitfinex exchange of covering $850 million loss using Tether funds generating a sell-off in the market. This lead to Bitcoin dropping as low as $5057 and we now see a head and shoulders pattern potentially forming. A head and shoulders pattern would indicate a reversal of the recent short term...
Our analysis on the 18.04 indicated a Double Top Reversal Pattern from which we expected the EURUSD downtrend to resume. The currency pair effectively continued falling towards 1.114 before reversing towards 1.116 and consolidating between 1.114 and 1.116 on low trading volume before resuming it's downtrend as trading volumes increased. We therefore see that a...
On our analysis on the 05.04 we identified a bearish engulfing pattern with a potential counter attack above the 0.713 level. We saw that AUDUSD launched a counterattack and broke out to around 0.72 but is now dropping sharply towards 0.703 due to low inflation data. AUDUSD CPI (YOY) (1Q) came in at 1.3% vs 1.5% expected which could force the RBAs hand into...
Canopy Growth corporation is planning a $300m acquisition of Acreage Holdings in what is the biggest Marijuana acquisition of all time. The potential acquisition dependent on U.S. Congress changing laws to legalize the sale of marijuana across the US presents large long term upside potential for the stock. However, as with our analysis on Aurora Cannabis we advise...
We see a large amount of potential in Cannabis stocks as Cannabis has moved from illegal to a multi-billion dollar business. Aurora cannabis is of particular interest as it has grown remarkably as Canada legalised cannabis in Oct 18 and the firm made a number of key aquisitions and is planning the acquisition of Hempco Food and Fiber Inc furthering the firm's...