Taking a look at the daily timeframe, I pointed out several technical indications that this pair may begin to top off.
Taking a look at the daily chart, we can see price-action is now attempting to break below the second ascending trendline as we head into another BOE interest rate decision. The forecast is for an increase of 25 basis points from 5% to 5.25%. With that said, let's now take a look at smaller timeframes to help us anticipate some potential entry levels. == 1 HOUR...
Taking a look at the 1hour chart, you can see price-action is just about to hit my second target from the trade plan I post just a few days ago. See below. However, as of writing this update, I decided to take my profit early as RSI beginning to show some bullish stalling action.
Taking a look at the daily timeframe, this instrument is likely to trade lower towards the 200 SMA or around the 26000 handle. This level also lines up with the 78.6% retracement level from the most recent bullish impulse to the upside. Note that this setup is for swing traders. For all long-term investors, I suspect bullish continuation after we complete the...
Taking a look at the daily chart, gold is currently trading above 50 with RSI. Price-action is also supported by the 50 SMA along with other technical support levels causing a support confluence zone. Should price-action break below the 50 SMA, I would expect RSI to follow suit and drop below 50. That would indicate for me that the bullish momentum is fading and...
Taking a look at the 1hr chart, price action is attempting to break above 50 with RSI which is the grey dotted line. Should we break and hold above 50, expect further bullish momentum towards the descending channel resistance. Knowing the fact that we have another interest rate decision from the Fed on Wednesday, I wouldn't expect a channel breakout until after...
Looking at the daily timeframe, price-action is likely to remain more in consolidation until the next major risk event which is this Thursday's Japanese CPI followed by a BOJ interest rate decision. My recommendation is to be cautious about trading Yen pairs as we head into Thursday. But for now, we can approach this pair by trading the highs and lows on the...
Last week we saw the dollar regain strength across all rivals including the euro. Current price-action is now trading back in the slightly bullish tilted channel as displayed on the daily chart above. On Wednesday, the federal reserve is likely to raise interest rates once again. This time, the market is expecting an increase of 25 basis point from 5.25% to...
NZDCAD continues to trade south in a descending channel on the larger timeframes (daily). Currently price action is headed back down towards support which is only about 50 pips away from the current price. Should price action show some bearish stalling action at support, I'll be looking to buy this pair.
Yen is gaining across the board and thus all yen pairs are showing topping action. Look to buy Yen or short sell the following pairs CADJPY USDJPY NZDJPY AUDJPY CHFJPY GBPJPY Trade Safe!
Will this pair trade back into the old ascending channel? At this time, it certainly appears that it will.
Taking a look at the daily chart above, RSI is showing signs of oversold conditions. The most recent bearish impulse to the downside is likely to retrace at least to the 38.2% retracement level which is where I'm placing my bullish target at 1.3340. In terms of sentiment and fundamentals, Jerome Powell speaks this Wednesday and Canadian CPI is expected to drop...
5 min and 15 min timeframes are starting to hint at bottoming action. Might be a decent time to go long with this instrument.
Noting the bearish divergence with RSI gives me early clues that this pair is likely to reverse lower in the days ahead. The PCE report this Friday from the US could very well be the catalyst this bullish trend. == ABOUT ME == What I do here is help create daily trade plans and strategies for traders to pass prop firm challenges and get them funded. Prop firms...
With all eyes on this Friday's PCE report to provide hints of whether inflation is cooling, I prepared a simple trade plan for a positive report. Should the PCE report come in positive, expect further bullish strength with the US dollar. However, after the report, expect some downside pressure as market participants will start future forecasting the next critical...
Taking a look at the 4H chart above, we can see price-action is still trending lower in a bearish channel. All eyes are focused on this Friday's PCE report to see if we're getting further evidence of inflation cooling off is the USA. Let's now take a look at the daily timeframe. == DAILY CHART == Taking a look at EURUSD on the daily timeframe, price-action is...
Gold is likely to trend lower. That's it, that's all.
Market participants will be focusing on inflation data this upcoming week with CPI reporting Wednesday from the UK and PCE on Friday from the US. Should inflation data slow from the UK as expected, this pair will likely trend lower towards the next level of support as shown on the chart above.