On the fundamental side. EURUSD has come a long way down from 1.4000. Ever since ECB announced negative deposit rates, cut interest rates and a whole host of monetary policies. With easy monetary policies for Euro for the next few years, the fundamental economic factors are bearish EURUSD. On the technical side, there is a technical support level around 1.3300....
I'm waiting for a big dip to buy NZDUSD. After falling 140pips from the peak at 0.8830-40, this represents a good opportunity to buy for a bounce. 0.8660-70 is the 38.2% FIB retracement level & weekly S3 pivot support. Long NZDUSD 0.8660-70 SL 0.8610 TP 0.8840 ===== www.ForexPositive.com Twitter @ForexPositive =====
Scenario #2 (if bearish USDJPY) If the pivotal support/resistance at 100.60-80 fails to hold, and USDJPY makes a clean and decisive break below this level, there could be lots of stops from long positions to be triggered in the red circle. With the next significant support 300pips away at 97.00, market could attempt to go for the short side. In this case, short...
AUDCAD following bearish channel very well. This is a counter-trend trade. But the risk/reward is good, as we going long near the lower band of the bearish channel. Wait for re-test of 0.9940-50, which is last week's low. Long AUDCAD 0.9940-50 SL 0.9900 TP 1.0100 ====== www.ForexPositive.com Twitter: @ForexPositive =====
NZDJPY nearing resistance zone. 90.00 seems like a strong resistance zone. Short NZDJPY 89.90-90.00 SL 90.50 TP1 88.00 TP2 86.00
AUDNZD trading nicely within a very defined rising channel. This is a long time frame rising channel, which started its moves since Dec 2013. Will AUDNZD bounce up from point 3?? Enter long position around the 78.6% FIB retracement level. Long AUDNZD 1.0630-40 SL 1.0580 TP1 1.0800 TP 1.1000 ===== www.ForexPositive.com Twitter @ForexPositive =====
On the longer term daily chart, USDCAD is trading within a very strong bullish channel. This bullish channel started on Sept 2012, with 4 confirmed trend lines bounces. Could there be a 5th bounce at the support zone of 1.0560-1.0600? Enter a long position here to find out!! Long USDCAD 1.0570-80 (middle of the support zone) SL 50-60pips TP1 1.0800 TP 1.0900
NZDUSD is approaching its ALL TIME HIGH 0.8840, set in Aug 2011. I think its going to be hard to break above this level, at least on its first attempt. Short NZDUSD 0.8830-40 SL above 0.8880 TP1 0.8670 TP2 0.8400
NZDUSD is approaching its ALL TIME HIGH 0.8840, set in Aug 2011. I think its going to be hard to break above this level, at least on its first attempt. Short NZDUSD 0.8830-40 SL above 0.8880 TP1 0.8670 TP2 0.8400
NZDUSD is approaching its ALL TIME HIGH 0.8840, set in Aug 2011. I think its going to be hard to break above this level, at least on its first attempt. Short NZDUSD 0.8830-40 SL above 0.8880 TP1 0.8670 TP2 0.8400
Scenario #2 (bullish AUD) If AUDUSD makes a clean & decisive break above 0.9450, wait for a pullback. When AUDUSD retraces to the pivotal range of 0.9410-50, enter a long position Long AUDUSD 0.9410-50 SL 0.9350 TP 0.9750
Bullish continuation pattern in GBPJPY The ascending triangle pattern is a bullish continuation pattern in GBPJPY. There are 2 ways to trade this pattern. 1) Aggressive method (Long GBPJPY on breakout) Place a buy stop order on breakout above 173.50 SL 173.00 TP 175.00 2) Conservative method (wait for retracement) After GBPJPY breakout decisively above 173.50,...
0.8500 is the strong support which has now turn into resistance. I am looking for a deeper pullback to 0.8540, the 38.2% FIB retracaement, before initiating a short position. The main risk to this technical picture is another RBNZ rate hike in June/July. If RBNZ raises interest by another 0.25% to 3.25%, the bearish TA could be negated. Short NZDUSD...
Scenario #2 if AUDUSD breakout below 0.9200 support AUDUSD short on pullback to 0.9200 pivot zone If it breaks below 0.9200 decisively, 0.9200 should act as resistance zone. Look for pullback to 0.9200 to enter short position Short AUDUSD 0.9200 SL 50pips TP 0.9080
Scenario #1 if AUDUSD bounce up from 0.9200 support AUDUSD short on rally Strong support zone at 0.9200. If 0.9200 support level holds, and AUDUSD rallies upward to 0.9330-40, look to enter short positions here. 0.9330-40 is a resistance zone & 61.8% FIB retracement. Short 0.9330-40 SL 40-50pips TP 0.9200
With ECB most likely doing a rate cut & negative deposit rate in June, it is sell rallies mode until the next ECB meeting in June. Sell EURUSD at red resistance zone 1.3650-70. Target profits at green support zone 1.3500 & 1.3300. Short EURUSD 1.3650-70 SL above 1.3700 TP1 1.3500 TP2 1.3300
Short NZDUSD 0.8690-0.8700 SL 40-50pips TP1 0.8550 TP2 0.8250