Above we see the hourly chart of FXCM's EMBasket, which has bounced off its S3 pivot and been heading upwards since. It is currently tackling resistance at its S1 pivot level. It it breaks through than the next level of overhead resistance may be at the central pivot (P). In assessing if the current price action is a correction in a largely down move we are...
FXCM's USDOLLAR index is bouncing on the H4 time frame. It's green 5-hour EMA is looking to cross above its orange 10-hour EMA (green ellipse) and its RSI is looking to move above 50 (blue rectangle). If these chart than it will be considered as bullish developments. However, we need to be wary of a a correction in a larger impulse move down. to This end, if the...
The Congestion Opportunities Strategy has just sold GBPUSD at 1.31848. The system recommends entering this trade at any price between 1.31624 and 1.32073. The signal was issued because the 28-hour Relative Strength Index indicates that the GBPUSD may be oversold, while the Speculative Sentiment Index reading of -1.10377 indicates that trader sentiment is not at...
The Breakout Opportunities system has just bought EURUSD at 1.14576. The system recommends entering this trade at any price between 1.13979 and 1.14685. The signal was issued because the EURUSD has broken its 24-hour high while our Speculative Sentiment Index was at -2.02467, suggesting that the EURUSD may have further to rise. A stop loss has been set at the...
The USDOLLAR is having a brutal week after Tuesday’s emergency rate cut by the Federal Reserve – with markets expecting another 50 basis points cut on the bank's March 18th meeting.
Carry trades unwind and the index breaks below 12.250, which exposes last month lows (12.200), closely followed by December’s low (12.181).
Technically speaking these levels...
Further to our previous article , the JPYBASKET broke out of its flag formation and headed towards the pattern's target. This, as risk-off sentiment dominates markets and safe havens, like the JPY, benefit. However, it is worth noting that the RSI has pushed down from the 80 level (blue rectangle) in a pattern referred to as a RSI failure swing top. The failure...
Further to yesterday's article , the USDOLLAR has continued to decline. It now finds itself at the 61.8% Fibonacci level of its previous impulse move. This level overlaps with price support (green shaded horizontal) around the 12,290 level. The rotation of capital into bonds as well as short term notes is putting pressure on yields. This is the the catalyst for...
The Breakout Opportunities system has just sold USDCHF at 0.9446. The system recommends entering this trade at any price between 0.94361 and 0.9477. The signal was issued because the USDCHF has broken its 24-hour low while our Speculative Sentiment Index was at 9.56442, suggesting that the USDCHF may have further to fall. A stop loss has been set at the 24-hour...
The Breakout Opportunities system has just sold EURJPY at 119.012. The system recommends entering this trade at any price between 118.858 and 119.194. The signal was issued because the EURJPY has broken its 24-hour low while our Speculative Sentiment Index was at 1.624, suggesting that the EURJPY may have further to fall. A stop loss has been set at the 24-hour...
Further to our previous article , the EMBASKET bounced from its oversold condition. The RSI has normalized but has now hinged and is looking to head down. Moreover, today's candle (still to complete) is a long red candle, indicating strong bearish sentiment. If the EMAs head southeast again, with angle and separation, it will likely be off of an expanding...
The Breakout Opportunities system has just sold EURJPY at 119.633. The system recommends entering this trade at any price between 119.482 and 119.956. The signal was issued because the EURJPY has broken its 24-hour low while our Speculative Sentiment Index was at 1.861, suggesting that the EURJPY may have further to fall. A stop loss has been set at the 24-hour...
The Tidal Shift Strategy has just bought EURJPY at 119.9. The system recommends entering this trade at any price between 119.64 and 120.16. The signal was issued because our Speculative Sentiment Index has hit its most extreme negative level for the past 145 trading hours at 1.336, which suggests that the EURJPY could be trending upwards.The 14-period Average...
FXCM's USDOLLAR index has pulled back to the 50% retracement of its previous impulse move up. This area overlaps with price support around the 12,337 level. It will be interesting to see if this is a level that the greenback bulls are targeting. Pressure has been exerted on the USDOLLAR by the declining yields on the shorter end of the yield curve. Above we show...
The Breakout Opportunities system has just sold USDJPY at 106.858. The system recommends entering this trade at any price between 106.744 and 107.272. The signal was issued because the USDJPY has broken its 24-hour low while our Speculative Sentiment Index was at 2.98, suggesting that the USDJPY may have further to fall. A stop loss has been set at the 24-hour...
Further to yesterday's article , the USDJPY upswing is still to catch. In this regard, we note that the RSI is above 50 (blue square), which suggests and underlying bullish momentum on the H1 time frame. Moreover, the index looks to have charted a falling flag which is a bullish continuation pattern. i.e. if it completes the next leg should be up. The target for...
The USDOLLAR has pulled back to the 38.2% Fibonacci retracement of the last impulse move up. This level coincides with a resistance turned support area (green shaded horizontal). The G7 finance ministers and central bankers will hold a teleconference today to discuss measures to deal with the economic impact of the coronavirus outbreak. The formal statement may...
The Tidal Shift Strategy has just bought EURJPY at 120.642. The system recommends entering this trade at any price between 120.231 and 121.053. The signal was issued because our Speculative Sentiment Index has hit its most extreme negative level for the past 145 trading hours at 1.47, which suggests that the EURJPY could be trending upwards.The 14-period Average...
The Breakout Opportunities system has just sold AUDUSD at 0.6512. The system recommends entering this trade at any price between 0.65028 and 0.65257. The signal was issued because the AUDUSD has broken its 24-hour low while our Speculative Sentiment Index was at 5.0231, suggesting that the AUDUSD may have further to fall. A stop loss has been set at the 24-hour...
