GBP has broken through an upper level of support and has left the H1 200 sma behind. I'm LONG this market from 2.1095 with a STOP at 2.1020. Target is open but initially the H4 200 sma coming at 2.1573 area looks attainable in due course. NZD/USD is still moving south after a double top at .6614 and this suggests we should see GBP/NZD gain ground. All GBP...
A break and retest of 2.1080 could send GBP/NZD much higher and not just much higher - I mean MUCH higher. We need to clear 2.1080 first (currently 2.1066) but we seem to be headed there.
NZD/USD has pushed north for the last day and a half but the pair remain in a downtrend whilst .6896 holds so selling at resistance looks worth while. I'm SHORT at .6735 with a STOP above the high at .6753. Target initially is .6558
On the H1 TF we can see that price is now moving away from the resistance of the 200 sma and this will act as support if we retrace from here. I've already moved my STOP on this trade (LONG from 2.1105) to 2.1067 which is just under the 200. The target for this trade is open and has massive potential.
LONG GBP/NZD from 2.1105 STOP 2.1018 Rationale: GBP/NZD has been in a steep decline since June 2015 and with GBP firming up across the board we turn our attention to this pair. Technically we are at the bottom of a channel that sits on historical support and the Weekly RSI is reading 36, up from recent lows of 31.82. Please refer to the hourly chart for...
With the GBP strengthening across the board, several GBP pairs are hitting or approaching the 200 sma on H1. This is always a significant level. I'm waiting for a break of the 200 (currently about 158.52) and should we get a retest and hold of the line then I'll go LONG. Summary LONG above 158.52 on retest of the 200. STOP under the 200 (158.28 area). Target...
LONG GBP/CAD from 1.8886 STOP 1.8881 TP - 200 sma on H1. Rationale. Manufacturing PMI numbers missed by a fair margin but GBP has gained across the board following a minor sell off - this is usually a strong BULLISH sign. Price has retraced on M1 back to the 200 sma and this is acting as support and as our STOP. Yesterdays high at 1.8892 is currently acting as...
All support levels seem to have broken down so I'm SHORT this market with an open target.
Over the higher time frames (8H and above) , positioning trendlines is never straightforward and the best you can do is an approximation. On lower time frames this task is much simpler and less open to interpretation. That said, the EUR/USD has thrown up an intriguing confluence of possible trendlines which also coincides with an area of support/resistance and...
The last 15 hours has seen a prolonged battle for control of this pair with the BEARS unable to push further south than 1.3516 as the area of support shown holds and price travels sideways. As oversold conditions unwind, USD BULLS look to be taking control. With such a huge risk/reward its worth taking a LONG here as we have a natural tight STOP just 20 pips below...
On the DTF we can see USD/CAD is entering an interesting area (marked). S1 Daily Pivot is very near the significant rising trendline that could hold the key to USD/CAD's direction over the next few weeks. If both the S1 Pivot and the rising line break then we could see USD/CAD look for support at the 61.8 Weekly Fibonacci at 1.3465 and below that the 200 sma and...
Tonights eod close will be interesting to see if we can finish the day with an inside bar doji that may indicate the GBP/USD BEARS have had enough and are struggling to push the price further south. There are a number of factors involved: GBP/USD sits in a wide area of historical support. The daily RSI is just easing up from near oversold condition Price is right...
Timing is everything in FX trading and my previous attempt to SHORT this pair failed when prices pushed higher into the resistance zone. My analysis tells me we should be headed lower from here and with GBP putting in a mild recovery on some pairs we may see a shift in sentiment. I'm in at .7906 with a 23 pip STOP at .7928. Target initially will be the 200 sma...
NZD has surged north particularly over the last 4 hours and hit an area of resistance but now the BULLS look exhausted and as the RSI looks to move south from overbought on H1, a SHORT trade here with a hard STOP above the high at .6730 looks favourite. Adding to this analysis is the formation of 3 indecision candles in the last 3 hours. Target for this trade...
EUR/GBP is entering an interesting area. The high of 11th Feb (.7897) has just gone and this lies in a known resistance area. Also we have the 200 sma on the Weekly charts just above at .7937 and the trendline A - B is one that goes back to the start of 2000. Depending on how you draw this line the price is either above or below the line so its clearly still in...
The trend is your friend in FX but not when the trend is at the end. GBP has been crushed across the board for 18 months now and we are entering extreme areas on GBP/USD. On this Monthly chart we can see that GBP has bounced historically somewhere in the area shown. The problem is that this area is 500+ pips wide. Traders need to be vigilant and although the...
With the GBP getting battered across the board its unwise to go against the trend but if the risk/reward is good enough its worth taking a punt. .7862 is WR1 resistance and we're just 6 pips away from it.. We've also entered a selling zone for this pair so if EUR's rise against the GBP is going to stutter then here's a good place for it to do so. I've gone...
GBP/AUD is at a critical juncture. On the Weekly charts we can see that the price is breaking down through the lower side of channel AB. On the Daily charts the price is half way down a descending channel and on H1 price is locked in yet another channel. I'm SHORT GBP/AUD from 2.0021 and I havde a STOP above the hourly candles at 2.0098. If GBP breaks down...