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Hello Traders, Manufacturing PMI is a leading indicator of when an economy enters a contraction phase, recession and expansion phase. A result below 50 signals a contraction, a result below 45 signals a recession. Germany has now entered a recession as they reported another weak market manufacturing PMI result of 41.4. The EUR also reported a market manufacturing...

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Hello Traders, This week the RBNZ will decide if they will hold interest rates steady after they look a 50 basis point cut during their last meeting. This shocked the market as they had forecast only a 25 basis point cut previously, therefore the NZD took a larger loss. This week the RBNZ is expected to hold rates steady, on the other hand, the RBA is looking at...

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Hello Traders, The S&P 500 has retested a broken wedge formation, there is also a head and shoulders formation, if this plays out there could be a significant drop coming for the US index. Generally speaking the head and shoulders formation will break lower than the neck line. China has just cancelled a meeting with US farmers suggesting a trade war deal is...

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Hello traders, With all the geo-political risks going on globally, tensions in Iran, the trade war between the US and China, and numerous recession indicators flashing red, gold is providing an opportunity to buy and hold for the foreseeable. GOLD needs to break above the 1560/1570 level, we can then see gold reaching and matching the 1770 highs seen in 2011....

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GBPCAD X-A - Impulse leg A-B - Touched 61.8% FIB - Didn't touch 78.6% - YES B-C - Touched 61.8% - Didn't touch 100% - YES C-D - Touched 78.6% - Didn't break X Long to 50% FIB level at 1.7000-1.7100 Like and follow for more analysis! www.forexstoreau.com

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USDJPY has potentially formed a long term bullish pennant. Trump has caused havoc yesterday whilst tweeting about Mexican trade tariffs. Everything has dropped again the JPY. Could we see some relief next week? If this is a bullish pennant, we could see the USDJPY rise above 112 in the long term. Any thoughts or ideas welcome...

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EURUSD - Daily candles has broken a descending wedge pattern and is using the wedge as support. There was a bullish divergence on the RSI If the FED cut interest rates, or give an indication of a rate cut next month we could see a weaker USD. This could give the EURUSD a significant move towards the 1.1600 area. If the EURUSD makes it to that zone, this could...

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The NZDUSD has bounced on a support level after previously forming a bullish divergence on the RSI. This pull back has formed an inverted head and shoulders pattern. We are now looking to go long on the pair with the first target being 0.6681

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USDCAD has been trading between a channel for over 2 years. This provides opportunity to buy from 1.3320 My stop loss will be set below 1.3250 Good luck!

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GBPUSD currently forming an inverted head and shoulders pattern. Looking to take this up to 1.2814

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Short term the NZDUSD has created a bearish pennant formation - we could see the NZDUSD re-test the 0.6500 area However, long term there is a bullish RSI divergence suggesting there could be some upside back towards the 0.6630 resistance level. This will depend on the trade war/ RBA and RBNZ interest rate decision in the coming days

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Bank of Canada expected to keep rates unchanged due to slow down of their economy. A break above resistance of 1.3525 could see the pair rise to the next resistance level of 1.3660 Buy the breakout.

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The USDJPY is approaching a key area in a symmetrical triangle at 108.90. This provides opportunity to BUY back to roughly 111-112.00 The symmetrical triangle has provided support and resistance over the last couple of years. Stop losses will need to be set outside of the triangular pattern at 108.40-108.00

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NZDJPY is breaking out from a falling wedge. The RSI is signalling a bullish divergence BUY up to the first target of 73.00

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Currently a rejection form the double top area. SELL down to 61.8% FIB at roughly 0.8700.

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EURAUD - on the weekly candles there is an inside bar similar to the one back on October 2018 before the reversal. Looking to sell from 1.6300-1.6350 with a stop loss at 1.6430 Take profit looking at 1.6050

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NZDUSD creating a bullish divergence on the daily RSI, similar to the back end of last year. Currently pushing down towards a double bottom. BUY - Take profit targeting the 38% FIB level of 0.6630 Stop loss set below the double bottom at 0.6380

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140-139 is a key support level on the daily candles Plan is to enter a smaller position now and add size at 139.30 if there is a break below 140.00. Stop loss is set below 138.50 First resistance level of take profit level is 142.70 and 144 in extension