USDCAD moved over 340 pips last week but the BULLS look exhausted. The H4 chart is hanging in the air and with the RSI crossing over south and moving out of overbought, this pair looks certain to head south on the open. This is a key week for the USD with the ADP Non-Farm on Wednesday, Unemployment Claims on Thursday and the key Unemployment Rate, Average Hourly...
USD/JPY made progress last week as more traders seemed to buy into the idea that March may see the first the promised Fed rate hikes. Having said that , once resistance at 114.36 was hit the BULLS left the market very rapidly. Its unclear what the market mood currently is, but from a technical viewpoint, a move down to 113.30 support looks favourite. 114.46 looks...
EURNZD looks to be heading for 1.5276 some 200 pips away from where we closed last week. 1.5276 is horizontal resistance and the 200 sma on the DTF. Studies highly stretched with H1 H4 and D1 overbought and H4 TDI is looking like it is weakening and crossing south suggesting we are going to see price move down from these levels. The short term construction remains...
EURAUD has benefited from buoyant EUR sentiment and weakness in the AUD to move from support at 1.3654 to current levels at 1.3981. The DTF RSI is well set to move higher and TDI (Traders Dynamic Index) confirms this. However, like other EUR pairs H1 and H4 are overbought and prices looks stretched. Fridays move saw the price take and close above the 200 sma on H4...
EURCAD has moved impressively off the 38.2 Fibonacci level at 1.3791 and has put in an impressive Marubozu candle with no wicks on Friday. This is a very strong BULLISH sign but that was last week and sentiment may have shifted over the weekend. Technically a run to 1.43576 is possible being the 200m sma on D1 but with H1 and H4 conditions heavily overbought its...
The EURCHF rallied strongly on Friday and as long as 1.0624 holds price is likely to drift sideways as it has for the last few weeks. A break above 1.0747 would suggest a stronger move north is possible but this is not a pair that presents many good trading opportunites. Trade idea. SHORT on a close below 1.0624. LONG trade possible above 1.0748
EURJPY has moved impressively north from the recent low at 118.25 and signs there is more to come but its difficult to recommend a LONG trade from these levels with H1 overbought and TDI crossing south. The 38.2 Fibonacci level at 119.84 presented no barrier but we may need to see slide down to near this level before the uptrend continues. Below 118.25 and the 200...
EURGBP lies just short of the falling trend line from October 2016 and lies on the well established horizontal resistance at .8636. Price has just nudged through the 100 sma but hasn't closed above it. This area is also WR2 resistance and with RSI on H4 overbought, EURGBP BULLS might find it hard going. I prefer to SHORT this market on signs of weakness on the...
Key 1.05 level has held and Friday saw the EUR put in a convincing recovery. Next target for EUR/USD BULLS will be the descending trend line shown. Its difficult to assess USD strength currently as the market seems to be aware of the imminent FEd rate hike but seems reluctant to act on it. So Monday may see this EUR rally fade if the USD BULLS get busy or we may...
GBPNZD has broken and closed above the trend line shown. This trend line descends from 1.9049 back in July 2016. The immediate hurdle for GBP/NZD BULLS is the 1.7497 resistance level. A break of this level opens up a move to test the next resistance level at 1.7918. Under 1.7322/312 area opens the door for a move back to test support at 1.7159 Trade idea See if...
Under 1.7135 the GBP/AUD must be assumed to be in a down trend though the construction looks mildly BULLISH over the short term with the price moving away from 1.6000. Price currently sits directly at the 200sma on H1 so a confirmed move either side of this level may set the immediate direction. Trading idea BUY at 1.6082 SELL at 1.6308 Look to sell down to...
GBP/CHF remains inside a well defined channel inside a well defined flag. A break above 1.2656 opens a possible attempt to take on the 200 sma at 1.2737 but this level will decline and form a strong treble resistance area in the future. To the downside a break of 1.2340 and flag support underneath opens up a move to test support at 1.2102. Trading idea BUY above...
GBP/CAD has been stuck in a band between 1.6628 to 1.6212 for over 6 weeks and a break either side would be significant. Price is currently held below the 100 sma and a break of that level would suggest a move to 1.6628. Trade recommendations Look to BUY at 1.64 if we head south on the open. Under 1.6378 opens the way for a move down to 1.6212.
GBP/JPY made 80 pips last week and technically looks BULLISH whilst we remain above the 200 sma. Above 140.42 takes the price above the descending trend line shown and opens up a move to 148.56. Below the 200 sma at 140.42 opens a move down to retest 136.37. Trade recommendations BUY above 140.42 SELL below 139.70 Resistance at 141.06 mat present a SHORT opportunity.
GBP/USD remains in the lower third of the 23.6 to 0.00 Fibonacci level as it attempts to recover 1.2346 support that failed on Wednesday. A move below 1.2218 opens a possible retest of 1.1914. BEARISH fundamentally and only a move above 1.2706 shifts the trend to BULLISH. Very light GBP news week with just the Annual Budget Release Wednesday and Manufacturing...
There's a lot of doom and gloom surrounding the GBP with Brexit and Scottish Elections noise hurting the price plus the weak Services PMI print but from a technical viewpoint GBP/CAD looks mildly BULLISH. As long as we stay above 1.6217 price could look to take out 1.6628 which opens a move to then 200 sma. Price is currently held under the 100 sma so the BULLS...
GBP/JPY looks quite nicely poised for a run up to 148.58.Below 136.37 turns the picture BEARISH
GBP/USD has broken key resistance at 1.2346 and now is under severe pressure. Under 1.2218 opens a move lower to retest 1.1914