ZakTheMak

ZakTheMak

EURUSD is struggling to move higher after retracing to a strong resistance zone. The US dollar has posted strong economic data that has resulted in an uptick in US inflation. The markets are likely to consider buying more USD as the FED is likely to keep currently elevated interest rates for longer, in order to tackle sticky inflation.

ZakTheMak

NZDUSD looks like it has failed to break higher, and is now likely to break daily support to go lower as marked at my target take profit.

ZakTheMak

The UK has entered a recession following yesterday's GDP print, with dollar strength still persistent - I believe GBPUSD is still a sell.

ZakTheMak

AUDUSD is increasingly bearish of late. The fundamentals for AUD aren't great with its largest trading partner (China) sticking to its zero COVID policy. We are now likely to enter a global recession and this will affect the value of the commodities that Australia exports. The other backdrop to this bearish AUD theme is the fact that the Bank of Australia...

ZakTheMak

GBPUSD is at a good sell zone for a drop to the next support area. GBP fundamentals are still very bad and the UK is now in a recession. The dollar currency index appears to have reversed to the upside after a deep dollar retrace - this should fuel further dollar strength and GBPUSD should fall as a result.

ZakTheMak

Gold as a potential inflation hedge has been losing it's ground of late especially considering the fact that central banks have been raising interest rates of late to help curb spiralling inflation. These rate hikes is evidenced by the recent flow of capital into Fiat currencies which allows for savers to earn interest payments on their savings. Gold has been...

ZakTheMak

USDCAD appears to have reversed at support - forming a potential double bottom. CAD has been weakened by a lower than expected interest rate hike from the Bank of Canada. - and it appears as though the market has shifted and is now beginning to sell off the Canadian Dollar.

ZakTheMak

OPEC has recently announced deep cuts to their output quotas for oil. This has resulted in the Canadian Dollar gaining strength against many currencies as it is a major oil producing economy. Strength of the Canadian Dollar is now evident on the USDCAD chart. I believe USDCAD will drop for a 50% retrace from it's previous impulse move.

ZakTheMak

AUDUSD has hit a strong weekly support zone after a sharp sell-off. The USD appears to be showing signs of an incoming retracement after a strong upside move, and I believe that AUDUSD will retrace to the upside on this short term dollar weakness. The long term trend is still down for AUDUSD, but this is a good buy opportunity for a retracement.

ZakTheMak

EURUSD has stalled at a critical weekly low after a sharp sell-off. The long term trend is down but I believe a retracement is on the cards back to the 1.00 (parity) area.

ZakTheMak

GBPUSD looks like it's going to retrace along with other dollar pairs. This is a nice short term buy opportunity with a tight stop. Long term trend is still down.

ZakTheMak

I short term buy opportunity has developed for EURUSD. This is a retracement with the long term trend still being down.

ZakTheMak

Great opportunity to go long on EURUSD . EURUSD has dropped significantly recently and is overextended and looks like it will retrace. GBPUSD is well on its way to retracing, and with EURUSD being heavily correlated with GBPUSD , it is also likely to retrace. Stop loss below swing low, use good risk management and good luck.

ZakTheMak

GBP has retraced heavily against the Yen to a perfect buy opportunity for a long. Yen has had a strong few weeks having hit a critical resistance level against the USD, and is now at a critical point against most pairs. The fundamentals support a strong GBP, which is contrary to the dovish sentiment coming from the Japanese Central Bank - the Yen is a low...

ZakTheMak

GBPUSD is developing a bullish flag on the 1H and 4H timeframes. With EURUSD going up to retest previous months high after touching monthly support last week, GBPUSD is highly likely to go up. The fundamentals also support a GBP bullish bias with recent hawkish tones coming from the BoE. Price target of 1.40 area is realistic for GBPUSD.

ZakTheMak

We have a long opportunity developing for EURUSD - After last week's strong bullish close off monthly support. Wait for the retrace back down to 1.1750 are before buying for a long to 1.1900 area.

ZakTheMak

EURGBP has finally hit support from March 2021. This is the first test of this support in 5 months. GBP is looking bearish against most pairs and with EURGBP being choppy for many months I expect a retrace for EURGBP. Use a tight SL and good risk management for 70 pips.

ZakTheMak

Great short opportunity for GBPJPY. GJ is showing signs of exhaustion and has failed to break the previous high. They YEN is increasingly bullish against most pairs and GBP currently looks overbought against most pairs. My prediction is that GBPJPY will fall to a first TP at 151.5