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EUR/USD at 1.07 with Powell's speech?The EUR/USD is trading below 1.0550 in the early European session on Thursday, primarily due to ongoing tensions in the Middle East, which are bolstering the safe-haven US Dollar. Investors are cautious ahead of a speech by Fed Chair Powell. The EUR/USD briefly touched 1.0595 but then retreated, forming a short-term double-top pattern. A drop below 1.0560 confirmed this pattern, setting a target of 1.0530 and suggesting the pair may have peaked in the short term. If it falls below 1.0520, the Euro could face further weakness with support at 1.0500. On the positive side, the pair needs to surpass 1.0565 to attempt a breakthrough of the critical resistance at 1.0595, potentially aiming for 1.0630. On Wednesday, the EUR/USD fell below the 20-day Simple Moving Average (SMA) after encountering resistance at 1.0600, driven by a strengthening US Dollar due to worsening market sentiment and higher Treasury yields. Initially, positive Chinese economic growth data boosted market sentiment, but geopolitical concerns quickly took precedence, impacting risk sentiment and favoring the US Dollar. Simultaneously, rising Treasury yields further supported the Greenback, with the 10-year Treasury yield hitting its highest level since 2007 at 4.92%. Upcoming data releases include US Jobless Claims and the Philly Fed index, with a speech from Federal Reserve Chair Powell at the Economics Club of New York. The EUR/USD is currently in a consolidation phase within a prevailing bearish trend, as fundamental factors continue to favor the US Dollar, limiting upside potential and maintaining a downside bias for the pair. Additionally, the price is in a significant demand zone, along with an upward trendline that may test at the level of 1.0523 before going long with a target of 1.07. I personally will look for some liquidity spikes during the London session to enter a long position. Let me know your thoughts. Happy trading to all from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
9
EUR/USD Pauses, Awaiting FOMC and CPI!The EUR/USD exchange rate is above 1.0550, supported by a slight decline in the US dollar and decreasing US bond yields, while a positive risk tone weakens the dollar. Traders are awaiting key data for the week, including FOMC minutes and the US Consumer Price Index. The EUR/USD is below the 20-day Simple Moving Average (SMA) and within a downtrend channel, but in the short term, it shows signs of stability, suggesting a possible test of key resistance levels. On the 4-hour chart, the price is above the 20-period SMA and consolidated above 1.0560, with the next resistance at 1.0580 and potential testing of last week's highs at 1.0600. The short-term bullish bias remains intact as long as the price stays above 1.0530, but a break below 1.0520 could target the area of 1.0500, indicating further weaknesses ahead. During the American session, the EUR/USD rose but remained below Friday's close, as the weakness of the US dollar was not sufficient to push the pair above 1.0600, and the euro was the weakest among the G10 currencies on Monday. New geopolitical concerns particularly weighed on the euro, causing it to decline against other major currencies. The 10-year German bond yield dropped by over 4.50% to 2.76%, with EUR/CHF sliding towards 0.9550, and EUR/GBP falling below 0.8640. Data showed a 0.2% decrease in German industrial production in August, worse than the expected 0.1% decrease. Investor confidence in the Eurozone also dropped in October to -21.9, higher than the market consensus of -25. No significant reports are scheduled for release on Tuesday in either the Eurozone or the US. The key figure of the week will be the US Consumer Price Index on Thursday. The US dollar strengthened across the board during the American session, benefiting from an improvement in risk sentiment following the market opening after Hamas' attack in Israel. The US Dollar Index (DXY) peaked at 106.60 but then pulled back to 106.00, ending with modest losses due to a decline in US bond yields. Additionally, on the H4 chart, the price is within a strong demand zone at the 1.0560-1.0480 level, and in this zone, a strong long reaction is expected for an upward continuation to the 1.0645 level, where we have an H4 supply zone and a downtrend trendline. The price in the Asian session has made a swing high, which could hinder the price's further rise. It will be important to assess the New York opening today to evaluate any position-taking. Looking forward to your feedback, comments, and likes. Greetings from Nicola, CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
4
GBP/USD Near Channel Breakout?Boosted by a weaker US Dollar, the GBP/USD bounced from six-month lows near 1.2230 and rose to the 1.2300 area. However, the Pound remains among the worst performers following the surprising accommodative stance of the Bank of England. The Relative Strength Index (RSI) indicator on the four-hour chart stays below 30, and GBP/USD trades within touching distance of the lower limit of the descending regression channel, indicating oversold conditions. The level of 1.2300 sets up as initial support, and a four-hour close below that level could attract sellers. In this scenario, 1.2240 (static level from March) could be set as the next bearish target before 1.2200 (psychological level, static level). On the upside, the first resistance is located at 1.2330 (mid-point of the descending channel) before 1.2360 (upper limit of the descending channel) and 1.2400 (static level, psychological level). After rising above 1.2400 during the European trading hours on Wednesday, GBP/USD made a sharp U-turn and closed the day in negative territory. The pair extended its slide in the first half of the day on Thursday and touched its lowest level since early April below 1.2300. The Federal Reserve left its policy rate unchanged at 5.25%-5.5%, as expected. The revision of the Summary of Projections confirmed that policymakers intend to hike the policy rate once again in 2023. Specifically, the rate cut projection for 2024 was revised lower to 50 basis points (bps) from 100 bps. The hawkish dot plot framework provided a boost to the US Dollar (USD) and forced GBP/USD to stay under bearish pressure. Let me know what you think. Regards from Nicola, CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
1
Mechanical Consistency Weekly Review 8; +8% Return.04 Sep to 08 Sep 2023 TL;DR Total Profit of approximately $800 (around +800%) for the 1st week of September 2023. Total 8 trades, 6 wins & 2 loss. 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade. Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis. Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions. Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers! I'm truly thankful for yet another successful week employing my mechanical consistency strategy. My retracement trades are consistently delivering the expected results, while any losses I've incurred can be attributed solely to my mean reversion trades on Tuesday. Let's review every day. Monday (04 September 2023) 1x Win Trade Daily bias: Downtrend I was only able to trigger a retracement trade on Monday, but it turned out to be a highly profitable one. Despite the slowing down at night, I was fortunate that the price continued its downtrend the following day, reaching my desired profit level. Tuesday (05 September 2023) 2x Lose trades Daily bias: Downtrend The only losing days I've had this week were both due to my mean reversion trades. These trades carry significant risk since they go against the prevailing trend, relying on a rebound to reach my 21 SMA+EMA level. Unfortunately, the downward trend proved to be stronger, resulting in losses. Wednesday (06 September 2023) 1x Partial win & 1x full win trades Daily bias: Downtrend Contrastingly, I managed to secure a profit with my two mean reversion trades on Wednesday. Fortunately, the price did rebound successfully in both cases, albeit with the first trade yielding a partial profit and the second trade lasting until Friday morning. Nonetheless, I'm quite satisfied with the overall outcome. Thursday (07 September 2023) 0x trade Daily bias: Downtrend There were no trades on Thursday as my mechanical consistency strategy did not trigger any of my limit orders. It was yet another stress-free day for me. Friday (08 September 2023) 1x partial win 2x solid win trades Daily bias: Uptrend Friday turned out to be quite a rollercoaster day for me, with three consecutive trades triggering throughout the day. Fortunately, all of these trades ended in profit. The first mean reversion trade yielded a partial win, the second mean reversion trade was an immediate victory with zero drawdowns, and the third retracement trade delivered a profit by Monday morning. Endnote While I encountered some losses with my mean reversion trades due to their inherent risk of going against the trend, I also enjoyed significant profits from retracement and mean reversion trades that went as planned. Despite the fluctuations, my mechanical consistency strategy helped maintain a stress-free approach to trading, and I ended the week on a positive note, with successful trades on Friday. This experience reinforces the importance of a well-rounded trading strategy and the need to adapt to market conditions while remaining disciplined and focused on long-term goals. Learn My Strategy For Free As a full-time working individual, I do not have the time to constantly monitor the charts and look for the "perfect" trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making. If you want to learn my strategy, please visit my blogging site, link in bio. Thank you!
OANDA:XAUUSDEducation
by Barry_Games_Trading
GoldViewFX - Gold ROUTE MAP UPDATEHey Everyone, As you can see from yesterday updated. The cross and lock below the retracement range opened the swing range for a challenge, which was tested perfectly. Throughout the week we suggested these weighted levels like our algo generated swing range, will provide a reaction of 30 to 40 pip bounces. This played out perfectly giving a clean 40 pips plus, inline with our plans to buy dips. We will now either wait for the full swing back up or a lock below the swing range will open the level below. We will track and trade this level to level with our strategy. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we share every week last 18 months, you can see how effectively they can be used to trade with or against short terms swings and trends. BULLISH TARGETS 1945 - DONE EMA5 CROSS AND LOCK ABOVE 1945 WILL OPEN THE FOLLOWING BULLISH TARGET 1954 1965 BEARISH TARGETS 1936 - DONE EMA5 CROSS AND LOCK BELOW 1936 WILL OPEN THE SWING RANGE SWING RANGE 1923 - 1914 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
2
GBPCHF Liquidity zone with ICT Trade!On GBP/CHF, we have a long setup with a dominating trendline in the market, featuring a double liquidity grab followed by a touch and go. Currently, I'm still waiting for the third touch and go, but I wanted to try this long entry with a 0.5% risk and a 1:1.5 risk-reward ratio. Since the market might hold surprises during the Asian session and considering tomorrow morning we'll have significant macro data regarding the Euro and Sterling, I won't be trading during the London session. Let me know what you think. Happy trading to everyone!
Long
by Forex48_TradingAcademy
1
EUR/USD BEARISH SETUP - 2 ENTRIESRegarding EURUSD, we have a bearish trend starting from 1.1230, with the price heading towards the 1.10 zone. At the moment, there are two potential zones where the price could reverse, one at the level of 1.1070 and another at the level of 1.0970. In both cases, we have a very high-value FVG, which means a significant gap. If we receive confirmations on both the H1 and M15 timeframes, it might be considered to enter a long position. However, it is crucial to wait for the right confirmations and avoid trading during significant news events. Risk management and capital preservation should always be a priority. Greetings to everyone from Nicola, the CEO of Forex48 Trading Academy, and have a great weekend!
Short
by Forex48_TradingAcademy
GBPNZD LONG TRADE AFTER GBP NEWS On GBPNZD, an interesting scenario is unfolding this morning. The price has generated two demand zones with two value gaps, providing two excellent potential reversal points for a long entry. One is at the level of 2.0720, and the other is at 2.0690, where the market has already retraced twice at 23:00 and then at 05:00, indicating two entries in a timeframe that holds significance. It would be fantastic if you could share your opinion and leave a like to support our work. Greetings from Nicola, CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
1
GBPUSD LONG TRADE - STRONG GBP NEWSOn GBP/USD, we have a bullish setup after Friday's news and a market that could potentially go further up after tomorrow's news on the pound. Currently, we have two value gaps, which represent two possible entry zones: a short trade within a highlighted red supply zone and a long trade within a highlighted green demand zone. The perspective is currently long, but everything could change. Remember to always wait for operational confirmations before entering the market. It would be fantastic if you could share your opinion with us and leave a like to support our work. Greetings from Nicola, CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
4
NZDJPY BREAKER BLOCK ENTRY M15 On NZDJPY, we have a bearish setup following yesterday's rally. As the price rose, it created a breaker block around the 0.8913 area. This will be our entry point for a long position with a target at 0.8966. The breaker block was formed on the M15 timeframe when the price broke out of the previous supply zone. It would be fantastic if you could share your opinion and leave a like to support our work. Greetings and have a great day of trading from Nicola, CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
2
XAUUSD IS DOING STEP BY STEP BEFORE THE SHORT XAUUSD is showing a bearish trendline that has pushed the price down to the 1925 area. The market has left a significant amount of liquidity/inefficiency between 1930 and 1960, which the price is likely to revisit in the coming days before bouncing back towards the 1960 zone. In that area, we have a supply zone, but there may be a false breakout of the trendline before the price descends to the 1930 zone. This area represents a demand zone and will be our last consolidation zone before initiating a short position with a target of 1880. We would appreciate it if you could share your analysis. Regards, Nicola, CEO of Forex48 Trading Academy.
OANDA:XAUUSDShort
by Forex48_TradingAcademy
GBPUSD IT IS READY FOR A LONG SETUPOn GBPUSD, after a trade executed on Friday following the NFP release, which resulted in a 9% gain, we are currently experiencing a completely bearish market, approaching the 1.2350 area where a demand zone is located, along with numerous buying orders. Therefore, I expect a bullish pattern to emerge in that area, leading to a recovery of all the liquidity left in the market on Friday and today. The target is set at 1.2550. Let me know your thoughts. Happy trading to everyone.
Long
by Forex48_TradingAcademy
GBPUSD IS READY FOR NFPOn GBPUSD, we have a bullish/neutral setup in anticipation of the Non-Farm Payrolls (NFP) data, which will be released in approximately one hour. The objective will be to look for a bearish setup if the price falls below the supply zone and then bounces back around 1.2520. Otherwise, a long position with a target of 1.26 could be considered, and this might be confirmed by the data as well. Let me know what you think. Happy trading to everyone.
by Forex48_TradingAcademy
5
GBPJPY SHORT SETUP H1GBPJPY is presenting a bullish structure this morning. The price is approaching the 170.48 area, where we have a supply zone. At that point, the market formed a short setup on May 10th, confirmed by the Forex48 1.0 strategy. Additionally, the price at this point could bounce off a bearish trendline, completing the third touch. The target for the short entry is indicated in the 168 area. Let me know what you think. Happy trading to everyone. Forex48 Trading Academy
Short
by Forex48_TradingAcademy