Currencytrading
$DXY weakens on this climb US DollarUS Dollar weakening on this climb of worry
RSI & MACD show signs of steam reduction
$TNX is also beginning to show it on a daily chart but that is most likely short lived, if we get another big pullback
UNLESS, they are "forced" to stop raising rates
Interesting indeed as Fed balance sheet is going lower BUT a lot of debt buying
EUR/USD Daily Chart Analysis For September 9, 2022Eurodollar has completed Interim Rebound and continues to hove near the 1.000 threshold by closing slightly below critical Mean Res 1.005. The Key Sup 0.9880 and our open Inner Currency Dip 0.9852 continue to be the main target, with further expansion to the Next Inner Currency Dip 0.9570 and the lower mark is in the making.
EURUSD and GBPJPY set to continue their moves lower? Welcome to Monday’s update. In today’s video analysis, we’re looking at the EURUSD and GBPJPY on the short side.
Friday’s employment data came out mixed, and while we did see a short push higher sellers took control in the NY session, setting up a fade into the end of the week. USD momentum has continued so far on Monday, with the risk majors trading lower after early attempts to push higher.
The EURUSD could be confirming a new continuation lower after last week's LH. A break and close below last week's low could tell us that the current downtrend is set to continue.
The GBPJPY has returned to the base of its descending triangle pattern, and if sellers can break out and hold a close lower, this could be a new downside breakout. We really want to see a firm lower close as we have seen a few examples of false breaks going back to June this year.
What are your thoughts? Please feel free to give us your feedback or ideas if you think differently or if you see something we have missed. We thank you all for stopping by and wish you a good week.
Good trading
Could today’s NFP confirm the USD breakout? Hello all, welcome to today’s update. Today’s video focuses on the USD index after buyers made another strong move in yesterday’s NY session.
In today’s video, we run over the price current price action and trend structure after buyers made a breakout yesterday, clearing 109 resistance that held buyers back during this week.
The USD continues its fantastic run in 2022 as Fed policy maintains buyer demand. Price jumped to new 2022 highs yesterday and continues to track nicely on its current fast trend.
Attention moves to today’s US employment data, as this could maintain the run or lead to a pullback as traders will be waiting to see if we see another hot payroll figure. The last several releases have beaten expectations and come in hotter, so if we do see this pattern continue, will this be the confirmation for yesterday’s resistance break? We think a lower figure will most likely have a negative effect on the USD index and could cause a failed break.
Attention could also be on major risk currencies like the EUR, AUD and GBP as they sold off yesterday, and if we see another push higher on the USD today, this could continue their pain.
Tonight’s US employment data will be released at 10:30 pm AEST / 8:30 am ET.
Thanks for stopping by to check out our latest analysis. Enjoy the rest of your day and your weekend.
Cadjpybased on my prediction jpy currency will getting stronger while usd will getting weaker..hence can short cadjpy for 2-4weeks in order to get big catch 500pips with a very excellent Risk Reward Ratio 1:10..remember trading is about probability + calculated risk..if your accuracy is 60% combine with great RR you can grow your account exponentially..goodluck!!
EUR/USD Daily Chart Analysis For August 26, 2022Technical Analysis and Outlook:
Eurodollar attempted to settle above our Mean Res 1.005. The European currency must close above 1.000 to have a possibility to generate sustainable upside momentum. However, as the currency market continues to trade under the 1.000 threshold, bears will have a fair chance to push it to and under Key Sup 0.9940 and completed Inner Currency Dip 0.9914, and further continue to Outer Currency Dip 0.9765.
EURO USD LONG EUR/USD LONG TO 1,35
As per technical side SANK as per 1M Stoch RSI.
That factor will certainly prevail which will cause stronger EUR and regaining the ratio in a favor of EU currency.
*MACD. multy cross on 1W
*1M KDJ bottomed.
*RSI hit the bottom on 1M timeframe.
Strong EURO will make Europe less competitive and leading towards implosion in certain timeframe (strong currency, bigger export prices, unable to " compete" and participate "under same conditions".
ECB made 2 stimulation packages in an amount of 500 bn + 250 bn euros in order to increase liquity.
US added few trillions too, now continualy increases interest rates.
As every other stornger economy, Europe will become less competitive, (gas price is 3000$) and so on.
Petro dollar benefits from this, but, eventualy, US economy will collide and EU will follow.
USDCAD setting up for a new push higher? Thanks for stopping by for today's update. Our focus is on the USDCAD as buyers look to be finding new support after last week's range breakout.
The USD has been up, and about recently, we saw the USD index hit 109 yesterday, testing July high. Buyer momentum was short-lived as sellers took control in the NY session, sending price to a lower close, the first in seven sessions.
The USDCAD had shared in the recent bullish momentum, hitting 1.3063 yesterday before the USD lost upward traction and oil made a solid rally. Oil is a big factor for this pair, and typically when it's stronger, the CAD is firmer, so the USDCAD can trade lower.
Last week as the USD made its charge, we saw the USDCAD break above its range at 1.2930. From that point, price continued to rally for four sessions. Yesterday was the first decline since the breakout, and it was a decent one (-0.82%). Price today has seen demand, and we are seeing higher prices that have found support from the previous breakout point, also maintaining the current uptrend.
These are bullish signs, but we need to see yesterday's low hold. If we do, we will continue to look for the current trend to continue higher. But, if we see a new decline that breaks below the green box (shown on the chart), we could be looking at a deeper lower reaction, which could also confirm a trend break.
Pressure is now on buyers to hold today's rally and continue to trade above 1.2935.
Thanks for reading today's update. We hope you enjoy the rest of your Wednesday.
EURGBP takes first step, but will we see a new continuation?Hi, and welcome to Thursday’s update. In today’s video, we are focusing on the EURGBP. Price formed a solid bar higher in yesterday’s session and could be the start of a new continuation.
Price continues to trade outside the downtrend, and we could be seeing a possible start of a new uptrend after yesterday’s solid close higher. We want to see a break of the current resistance level (.8453) and a break of the existing supply area that runs up to .8470.
If buyers can clear these levels, we will be looking for a new continuation to be confirmed. If the trend does continue, we would be looking at .8533 as the next point of resistance.
The GBPUSD is also a factor, and we will be looking for a break lower on that pair to help boost the case of the EURGBP. A close back below .8435 would suggest that this pattern could be failing, and traders may need to give the market more time.
If you have any thoughts on this pattern or on the EURGBP, we would love to hear your feedback. We hope you are enjoying your Thursday and good trading.
GBPNZD-- Skillset demo on 1H TF scalp trade (6:1 RR)I do not typically entertain intricate/unreliable unit analysis using
small timeframes. This is simply because
"The closer you look, the less predictable the behavior becomes".
I will not be referring to the much more imperative
timeframe analysis' (1W, 1M, etc.) that I have drawn up
(and partly visible) regarding the GBPNZD on this
posting, not sorry.
Nevertheless, I do feel compelled to demonstrate
that it is possible for market participants to identify and react to small
timeframe price action and produce a net gain.. Even if the risk is
taken using a data set analysis done on what has been proven an
extremely unreliable keynote of units; those being the 1H & smaller
timeframes. How, you ask?
Well, first lets just be completely clear: In my experiences, price closes
should not be considered or reacted to on any units if they are smaller
than a 4H unit.
A trade made on a small timeframe is called a "scalp", and though many
people may disagree with me here, I am calling this trade idea on the 1H
timeframe a "scalp" trade..
The first thing we should notice when looking at the chart shown above
is the strong reaction to the price area of 1.878 (+/-), & a clean impulse,
followed by the consolidation of price movement-- this is where we are
currently trading.
Although many traders prefer to utilize swing levels (lol)
when drawing Fibonacci retracements, I have found my success in the
markets as well as confluence with other types of indicators and
comparable analysis' when I retrace "clean impulses", or 3+ green or red
candles in a row (Plus, the candles on either side of the clean impulse),
as opposed to retracing full swings. A clear example of this
approach is well demonstrated on this publishing. Please let me know in the
comments if you would like more information on how I use Fibonacci
theory to find success in extracting value from a market.
One of the many first principles I always apply when scalp trading is
"the target is the pullback", which is what I am confident is taking place
on GBPNZD as I write this. Although there is PLENTY of potential for
price to hit levels lower than the .618 retracement level, the reduction
of risk and security of net gain takes place then (immediately), which is much earlier
and more conservative than if I was taking a risk while applying a
higher unit analysis and data set. This is how you can net gain in such
unpredictable data sets. After all, it is the target...
Happy trading, and good luck!
Two Currency Pairs You Can Trade Opposite Of One AnotherHey there trading friend. I've spotted two currency pairs with decent risk to rewards using my TMP strategy. I thought I'd share it with you. On NZDUSD, if price can stay below the previous high I'll sell it back down to the low. If on AUDNZD price can stay above the previous Higher low I'll buy back up to the high.
I'd love to know if you trade these pairs and how are you looking to trade them?
Clear Short on EURUSDThe chart you are looking at is 1Hour candles shown inside Daily candles. As you can see, price has approached and rejected a significant level. This is the first (and second) failed retest of this area since it was first broken with strong momentum just over a month ago on 5 July 2022. After the recent rejections, it is expected that price will fall offering an easy 4:1 Reward Risk ratio.
Could we see a new move lower on the EURUSD?Hi all, welcome to Wednesday’s update. Focus today is on the EURUSD daily chart as we continue to watch the current consolidation after buyers failed to clear resistance and sellers took back control in yesterday’s session.
Price remains in its downtrend, and we continue to see price hold its pattern of trend with LLs and LHs. Sellers just moved through the short-term uptrend yesterday, but buyers are active today, and we are seeing some higher movement holding the consolidation pattern. History could be on the seller side as we have seen two previous moves lower from points of consolidation. To signal a sell, we want to see today’s buying fail and a new decent break of yesterday’s low.
If we see a higher close today and a new move back to the top of the consolidation range, this may indicate that seller strength is not as strong as thought yesterday.
Thanks for tuning in, and we wish you all the best for the rest of the day.
Good trading.
CADJPY Triangle Gives Us Clear Entry for a BuyTriangles are always a treat to find on the charts. This is because the pattern provides an entry signal that is clear and easy to execute.
In Elliott Wave Theory, a triangle pattern consists of 5 internal subwaves, ABCDE. When those subwaves are complete, a break of the triangle is expected in the direction of the trend that occurred prior to the triangle. In this case, we are expecting a thrust to the upside, now that wave (e) is potentially complete.
Triangles always come before the final move in the larger term wave sequence. In CADJPY, this means we are expecting one more wave to the upside before price corrects to the downside. The triangle pattern gives us everything we need to catch that final bull move. Price must remain above the invalidation level of 103.34 for this interpretation to remain valid.
At minimum, we expect a move to the previous highs. We are targeting the 108.00 handle as our initial profit target. There is a good reason for this too... comment below if you want to learn how Elliott Wave Theory can help you find high probability targets as well.
At Parallax, we focus on wave analysis and 1-on-1 education to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates