Long GBP/JPY intraday @ 184.63 Target 185.20-185.40 Stop Loss 184.30 rationale Upward revision of the GDP was priced-in. The cross is now oversold on the daily and the 4-hour chart. Gold spiked to USD 1080 immediately after US GDP, which indicates the USD longs could see some amount of profit taking, helping the cross take back part of its losses.
Long GBP/USD @ 1.5275 Target 1.5336 stop Loss 1.5250 rAtionale USD selling to continue ahead of the weekend. Sterling's rebound from 1.5025 and range bound action around 1.52 followed by a daily close above 1.5248 (key fib level) indicates the spot is likely to extend the rally to 1.5336
USD Longs see profit taking The USD began the Asian session on a weak note as the Fed minutes failed to press the hawkish button even further, which disappointed the USD bulls, leading to a bout of profit taking in the greenback. GBP resilient to weak UK data A larger-than expected drop in the UK retail sales did push the GBP/USD to a low of 1.5227, but the...
Long EUR/GBP for target of 0.7050 with stop around 0.6995 EUR likely to outperform GBP during the corrective move in the USD index. EUR/USd likely to take out 50-MA on 4-hr chart
I prefer selling EUR/GBP @ 0.6990 for a target of 0.6950-0.6920 stop Loss 0.7025
GBP/JPY could target 188.70 levels; its the rising channel resistance - seen on the 4-hour chart. Rationale US CPI/Core CPI could print weaker than estimates and send GBP higher. It may very well be a non-event for other currencies, but Sterling could extend gains on the back of an uptick in UK core inflation. Even if the data in strong, Sterling still...
Gold prices slipped to a low of USD 1064.50/Oz levels in the NY session. The wires are full of gold updates but none is talking about the metal flirting with the long term support. On the monthly chart, we can clearly see the metal moving in a falling channel (flatter slope). There are still four weeks to go before we get the much anticipated liftoff from the...
The markets widely believed the FOMC minutes are likely to reinforce the December liftoff bets. However, charts are screaming something else. USD/JPY hourly chart - falling channel followed by a possible inverted head and shoulder. PAir has not event taken out its recent high ahead of FOMC minutes. USD/CHF: the pair saw a breach of double top formation Gold...
Long GBP/USD @ 1.5210 Target 1.5270 Stop Loss 1.5180 Uptick in core inflation is always welcome. I may also hold GBP longs for a target of 1.5310-1.5320. Let see how it pans out. For now, the target is 1.5270
The Kiwi has managed to hold its own despite the disappointing GlobalDairyTrade (GDT) auction. Prices slipped by another 7%; down for the third consecutive time. still, the Kiwi not only managed to avoid hitting fresh daily lows below 0.652 but is attempting to form an inverted head and shoulder formation on the daily hourly chart. The neckline resistance is...
The sideways channel was breached by the last hourly candle and the current rise ran out of stream at 1.5206 (38.2% of Nov first week drop). Overall trend is downwards as well - after inverted head and shoulder failure on the daily chart at 1.5930 in June, followed by a falling channel seen on the daily chart.
Long EUR/USD @ 1.0740 Target 1.08-1.0830 stop loss 1.0680 EUR bid again around 1.07 levels. The pair is likely to re-test the upper end of the trading range of 1.0680-1.0840 levels.
Short USD/CHF @ 1.0050 Target 0.9854 SL 1.0130 Rationale Bearish RSI divergence on the 4-hour chart
The GBP/USD pair is now moving in a sideways channel after having breached the rising channel on the hourly chart. It remains to be seen if the pair sees a bearish/bullish break. In my opinion, the odds of a bearish break are high, but that does not mean i shall shy away from entering long in case the pair breaks above the sideways channel
Long EUR/JPY @ 132.20 Target 133.20-133.63 Stop loss 131.55
Long EUR/USD @ 1.0790 Target 1.0870 stop loss 1.0760 Rationale Finally a convincing breakout from the inverted head and shoulder on the hourly chart. Call it a inverted head and shoulder or sideways 100-pip consolidation. Repeated failure to break below 1.07, despite repeat call from Draghi earlier today about more easing in December accompanied by...
Long EUR/NZD Looking at the two charts – EUR/USD and EUR/NZD – I prefer buying EUR/NZD. prefer buying EUR/NZD around 1.6490-1.65 for a Target of 1.6770-1.6949 with a stop loss of 1.6318 Rationale Amid falling milk prices, the Kiwi appears almost as vulnerable to broad based USD rally as the EUR is. Thus, buying EUR/NZD looks a much safer bet as USD rally...
I see value here in buying EUR/USD Pair around 1.0720 Target 1.0780 Stop loss 1.0690 Rationale Draghi's dovish comments failed to keep the pair below 1.07. On hourly chart, we have an inverted head and shoulder formation with neckline resistance around 1.0777.