USDCAD - Weekly Outlook Selling in front of 1.3618 (stop at 1.3698) The monthly chart posted a bearish Outside Candle in November. This formation often indicates the end of a trend and the start of a new downward bias. Although we have posted two days of net gains, the upside rally lacks momentum. Resistance is located at 1.3618. Previous support now becomes...
EURUSD - Weekly Outlook Buying Dips in front of 1.0763 (stop at 1.0663) Last week's price action posted a bearish Outside Candle. This formation is negative for short-term sentiment. However, the previous swing high from November 6 is located at 1.0756. What was resistance, now become support. Although the anticipated move higher is regarded as corrective,...
AUDUSD- Weekly Outlook Buying Dips in front of 0.6540 (stop at 0.6500) Prices traded lower on a dovish RBA meeting early today, and a risk-off sentiment pushing stocks and risk-sensitive assets, such as AUD, lower. Investors are eyeing high-impact US events today, ISM Services PMI and JOLTS Job openings. The broad bias is bullish, as prices printed a bottom in...
USDJPY - Weekly Outlook Selling in front of 148.30 (stop at 150.30) Strong selling pressure from the 151.91 swing high resulted in both the weekly and monthly charts posting bearish Outside Candles. This has resulted in the immediate bias being negative. Although the last two days have witnessed dips being bought, there is no clear indication of a change in the...
GBPUSD - Weekly Outlook Buying in front of 1.2470 (stop at 1.2340) The monthly chart has posted a bullish morning doji star pattern. This free candle formation is bullish for sentiment. Although we have seen a move to the downside, price action has been mixed and volatile. This is common in corrective formations. There is scope for further losses, but we look...
Gold - Weekly Outlook Buying Dips in front of $2,016 (stop at $1,966) Continued buying pressure resulted in Gold breaking the previous high of 2075 and trading to a record 2145. Strong selling pressure resulted in all the initial daily gains being overturned while posting a bearish Outside Candle on the daily chart. Although this formation will often highlight...
USDCHF - Weekly Outlook Selling in front of 0.8800 (stop at 0.8900) The pair has only posted three weeks of mild net gains in the last 10. This highlights the strength of the decline. Although the selloff has stalled at the 61.8% extension level of 0.8665, this is seen as a mere correction before the next decline. Resistance is located at 0.8805. We look to...
EURGBP - Weekly Outlook Buying Dips in front of 0.8525 (stop at 0.8485) The strong sell off has resulted in the cross trading to the lowest level in 59 days. Although yesterday's price action broke the sequence of seven negative daily performances, the recovery was mild. Signals for sentiment are now at oversold extremes. With the 88.6% pullback level located...
USDJPY - Weekly Outlook Selling rallies in front of 148.00 (stop at 150.00) 3 consecutive negative days have been noted after price action broke through top-line support of the Ichimoku cloud. Momentum remains strong and further downside is expected. The 61.8% Fibonacci retracement level is at 142.80. As we are trading at oversold extremes, a higher correction...
EURUSD - Weekly outlook Dip buying in front of 1.0900 (Stop at 1.0820) Continued upward momentum from 1.0825 resulted in the pair posting net daily gains yesterday. Bullish momentum continues to dominate and the upward move is expected to continue. Trading above the Ichimoku cloud. Continued dollar weakness looks set to continue. Targeting a move to 1.0995,...
GBPUSD - Weekly Outlook Dip buying in front of 1.2470 (stop at 1.2350) Consecutive positive days have been noted after price action found support at the previous resistance level (1.2380) and the Ichimoku cloud. Momentum remains strong and further upside is expected. The 61.8% Fibonacci retracement level is at 1.2720. As we are trading at overbought extremes, a...
XAUUSD - Weekly Outlook Selling rallies in front of 2009 (stop at 2025) Price action is stalling close to the October swing high(2009). Momentum has been strong over the last 2 weeks, however, the dollar sell-off has stalled and prices are reacting higher which could have a negative impact on XAUUSD. The 78.6% Fibonacci retracement at 2012 as well as the...
Trade Idea: Buying Gold Reasoning: • Weekly – Potentially forming a Morning Doji Formation (Bullish) • Daily – Bullish engulfing candle yesterday (Bullish) • 4hr - Price action above downward trend resistance and Ichimoku cloud (Bullish) • 1hr – Forming Bullish Pennant (Bullish) Entry Level: 1964.745 Take Profit Level: 1983.725 Stop Loss:...
Trade Idea: Selling EU50EUR Reasoning: • Weekly – Consecutive hanging man candles (Bearish) • Daily – Bearish dark cloud cover after Fridays break higher (Bearish) • 4hr – Bearish outside candle at Ichimoku Cloud resistance • 1hr – Testing Ichimoku cloud support (Neutral/Bullish) Entry Level: 4285.7 Take Profit Level: 4212.8 Stop Loss: 4310.9 Risk/Reward:...
Trade Idea: Selling Gold Reasoning: • Weekly – Shooting star dominates after swing failure below all-time highs • Daily – Rally higher stalled near 1975 yesterday • 4hr - Price action stalled at downward trend resistance and Ichimoku • 1hr – Testing Ichimoku cloud support after evening doji star Entry Level: 1955.415 Take Profit Level: 1930.000 Stop Loss:...
Trade Idea: Selling EU50 Reasoning: Double top completed on the daily chart. Lower prices expected. Entry Level: 4253.5 Take Profit Level: 4205 Stop Loss: 4275 Risk/Reward: 2.3/1 Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in...
Trade Idea: Selling WTICOUSD Reasoning: • Weekly - Bearish engulfing dominates after swing failure • Daily - Bearish outside candle posted yesterday • 4hr - Price action broken down through Ichimoku cloud and previous swing high • 1hr - Forming a bearish flag Entry Level: 69.443 Take Profit Level: 65.425 Stop Loss: 70.040 Risk/Reward: 6.73:1 Disclaimer –...
Trade Idea: Buying EURCHF Reasoning: Ending wedge on the daily and lower end of a range. Entry Level: 0.9725 Take Profit Level: 0.9765 Stop Loss: 0.9706 Risk/Reward: 2.1/1 Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The...