The difference a week makes. Last week this pair looked quite strongly BULLISH but 1.3923 now looks to be a significant level. On the H4 charts the 200 and 100 sma meet at 1.3923. Unless EUR/AUD can rise above and hold above this level then the picture looks BEARISH. A break and hold above this level and the picture turns BULLISH. Trade idea. Look to SELL if...
EURCAD is sitting between the 200 and 100 sma on the DTF and needs to clear 1.4413 to make further progress. TDI studies are mixed with H4 BEARISH and H1 and D1 neutral to mildly BULLISH. Difficult to suggest where we are headed next week with such mixed signals. Trading idea Above 1.4413 look to BUY Below 1.4243 suggest a move lower.
As long as 1.0624 area holds EURCHF will travel sideways. A break above 1.0893 would turn the structure more BULLISH but for now this pair will travel sideways with little sign of change. Trade idea Strong support at 1.0683 is a BUY Strong resistance at 1.0752 is a SELL
EURJPY has hit trend line resistance at 122.76 and is headed south. A likely target would be the lower trend line at 119 area. The TDI on all the higher frames suggest weakness and with the RSI on the DTF very BEARISH. I expect this pair to lose ground in the forthcoming trading week.
EURGBP is weakening across the board and with the 100 sma moving south to meet the 200 at .8539 this looks like a reasonable first target. Trade idea SELL down to .8539 area then add to SHORTS if this level breaks. * The Weekly TDI suggests this pair could be headed under .80
EURUSD heads for another test 1.0825 and every sign that the BULLS can get there but we'll probably see a pullback from current levels. Look to buy lower down in the 1.0630 - 1.0660 area. Trade idea. SELL on open down to 1.0630/50 area then BUY
With the market base on the TDI across all time frames neutral and RSI within average range the immediate direction for GBPNZD is unclear. The mildly BULLISH structure remains intact and with a dovish RBNZD there's a fair chance we'll head higher. The 200 day sma on the DTF is the principle target at 1.7831 area and 1.7953 above that. Trade idea BUY on a return...
The TDI on the DTF of GBPAUD is very interesting currently. For the last two weeks the volatility bands have narrowed and and we have a classic squeeze. Over Thursday and Friday the RSI line has crossed the signal line to the north. I'll be watching this pair closely as any sign of the volatility lines widening and the RSI pushing north could signal a major move...
GBPCHF looks as if it has found a solid base at 1.2340 area and looks moderately BULLISH. Price is at solid resistance and progress for BULLS from here looks difficult. SELL initially under 1.2347 and look to BUY lower down. Trade idea. Look to BUY at 1.2323. Price may drift sideways but a small SHORT may be possible under 1.2347
180 pip BULLISH move for GBP/CAD last week and signs of more to com. Price has broken the falling trend line and closed above the 100 sma on the DTF. TDI is interesting with a DTF squeeze in progress and the RSI pushing the upper volatility band. H1 is stretched though so the recommendation is to BUY lower down. Trade idea Look to BUY at 1.6437 area. SELL from...
The GBP/JPY used to be known as the Beast of Forex as this was a pair that frequently moved 200 to 300 pips in a day in either direction. For the last 4 weeks this pair has been the Lamb of Forex. 4 weekly doji indecision candles have formed in the last 4 weeks and price has gone from 140.04 to 139.65 - a mere 38 pip move. Even the surprise hawkish note emanating...
Mixed picture for GBP/USD after a strong move north last week. News that Kristen Forbes, Monetary Policy Committee member, dissented at Thursday's MPC Statement and voted for a rate hike saw the GBP surge and the GBP finished up 240 pips up on the week. GBP BULLS will be encouraged that Friday closed higher than Thursday, suggesting that the impact of talk of a...
USDCHF has moved steadily higher since the end of January but now looks stretched and a move back to lower ground is favoured perhaps back to parity as we await Wednesday. RSI on the DTF is sinking and the BEARS look to be in control. Support at 1.0056 or 1.0035 area might hold. .9938 should hold any deeper drops. Trade idea. SELL down to 1.0056 or 1.0035. If...
USDCAD has moved from overbought and with the RSI now 66.6 and falling I expect more downside to come. Stellar CAD jobs numbers on Friday should help push this pair south until Wednesday when we get the expected FED rate hike and the key FOMC Statement and Economic Projections. For now this pair is soft. Trade idea. SELL down to key support at 1.3389 LONG trades...
USDJPY should be soaring. A FED rate rise round the corner, good jobs number, a raft of positive economic releases - everything USD BULLISH but the BULLS are struggling. Last Friday saw a shooting star red reversal candle and Monday is already down from the open. From a technical standpoint a move down to support at 113.59 looks likely. Trade idea. SELL down to...
EURNZD has soared on the back of a hawkish ECB and a dovish RBNZ. With prices well above the 200 sma on the DTF this pair looks to be headed to major resistance at 1.5765. Studies are highly overbought with the RSI on the DTF reading 78 and TDI suggest we need to return to lower ground before the next leg north. Same advice as other EUR pairs as we await Draghi...
EURAUD looking increasingly BULLISH. Support at 1.3883 looks like a solid base for E/A BULLS and 1.44 is a reachable target. Studies are overbought though and a dovish Draghi on Monday will send this pair into reverse but all set backs should be looked upon as a buying opportunity. Trade idea SELL initially with a tight STOP in anticipation of a dovish ECB Look...
EURCAD has pushed impressively north and has broken through critical resistance of the 200 day sma on the DTF. With studies overbought, a retrace looks inevitable from these levels. As all EUR pairs, we await the outcome of ECB President Draghi's speech on Monday. Anything remotely hawkish or even anything not dovish could set the euro on the path for bigger gains...