Entering into a short EUR/USD trade here around 1.0745 Target 1.0690-1.0650-1.06 Stop loss 1.0770 rationale Failure of inverted head and shoulder formation on the hourly chart. Failure to sustain above 5-DMA on the daily chart seen today. FEd officials due to speak later today are likely to talk up December rate hike bets.
I prefer entering into a short GBP/USD Pair @ 1.5156-1.5160 Target 1.5087-1.5025, stop loss 1.5210 Rationale The hourly RSI is turning lower form the overbought zone and the daily RSI is bearish. This accompanied by a failure to sustain above 5-DMA tells me the cable is likey tohead lower.
EUR/USD I prefer adding long here, and the stop would be a close below 1.0690 on 15-minute chart. Hourly Chart - inverted Head and Shoulder I strongly see the pair reversing from around 1.0710 levels. In that case, an inverted head and shoulder could be formed with a neckline resistance 1.0770. A break above the same would expose 1.0840. I do not see Draghi...
Long EUR/USD anywhere in range of 1.0690-1.0710 for an immediate target of 1.0758-1.0780 Stop loss 1.0660 rationale Inverted hammer formation on the daily chart, coupled with weakness in the stock markets. And now an increased possibility of a bullish RSI divergence on the hourly chart.
Already holding short initiated yesterday. Added more short now. Rationale - repeated failure to take out falling trend line resistance on daily and failure to sustain above 100-DMA. fresh short in GU @ 1.5460, SL - hourly close above 1.5490 Also added long in USD/CHF @ 0.9540, SL hourly close below 0.9510
Sell GBP/USD @ 1.5487, Target 1.5440-1.5420 stop loss 1.5510
sell eur/usd @ 1270 target 1.1190-1.1150 stop loss 1.1322 (hourly closing basis)
Failure to sustain above 200-dma, dovish boe
buy gbpusd @ 1.5289 taarget 1.5340-1.5380 Stop 1.5260 (hourly closing bsis) (inverted head n shoulder breakout seen on 4-hour chart)
sell gbpusd @1.5146 tar 1.51-1.5087 stop 1.5170
sell usdjpy @ 120.30 target 119.50 stop loss 120.65
Repeated Failure to take out key resistance at 1.5690 Vulnerable to risk aversion in the markets as it would mean delay in the UK rate hike as well.
The EUR managed to recover above 1.0964 (50% of Mar-May rally) on Friday, and thus, extended gains to trade above 1.10 handle today. Further gains are seen only in case of an hourly close above the resistance at 1.1020. In such a case, the spot could rise to 1.1053 (61.8% of May-June rally). Meanwhile, a failure to take out 1.1020 could see the spot fall back to...
The spot currently trades at 1.5530, after having recovered from the Friday’s low of 1.5467. The pair recovered above the inverted head and shoulder neckline currently located at 1.5507. However, fresh bids are seen only above 1.5549 (50% of June rally). The 50-DMA resistance is also located at 1.5550, while the weekly 50-MA is located at 1.5557. Meanwhile, a...
The spot suffered a bearish close on the 4-hour and hourly chart below the inverted head and shoulder neckline (extended) support. The price attempted to break above the same located at 1.5516, but failed. The sell-off also pushed the daily RSI below 50.00, opening doors for further weakness. A break below 1.55 could push the pair lower to 1.5459 (61.8% of June...
Trade ideas represented on chart
The bounce back from the hourly 200-MA at earlier this week, followed by the failure to take out 193.90-194.00 and 4-hour closing below 193.30 (76.4% Fib R of 195.87-184.98) indicates the upside momentum is exhausted and the pair is likely to target 192.38 (200-MA on 4-hour) followed by 191.76 (61.8% Fib R of 195.87-184.98). The RSI indicator on the hourly and...
Upside breakout from sideways channel On the hourly chart, the spot has breached the sideways channel, but the gains are being repeatedly capped at 1.5638 (38.2% Fib of June rally). The likelihood of the pair taking out 1.5638 is high today, as the spot jumped from the critical support at 1.5607 (23.6% Fib of Apr-Jun rally). A break above 1.5638 shall open doors...