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forexTrdr EURNZD- TESTING RESISTANCE ON DYING VOLUMESMorning traders, Looking at a great short setup on Euro versus New Zealand Dollar on the recent move higher coming up against resistance dating back to early January at the same time as volumes are dying out- suggesting this rally up to the resistance level is running out of power to break any further higher. This coupled with multiple indicators showing overbought levels presents a great opportunity to place a high risk reward trade. Our chart on trading view shows the resistance level dating back to January, the RSI at overbought levels and stochastics at extreme levels near to 90. We are looking for a pullback to 1.68 area before a period of trending sideways then further weakness down to 1.67. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
forexTrdr AUDNZD - SHORT INTO AUSSIE INFLATION DATAGood afternoon traders, Looking to position ahead of tonights Australian inflation data which we expect to come in below expectations of 1.5% (yoy) in a similar manner to the recent New Zealand data. Given the data driven nature of this trade we are trading with a tight stop loss just above the previous candle wick high on 17th April. Backing the entry of this trade is the long standing resistance around 1.07 that the market had turned lower from in the past few trading sessions in line with a declining buying volume which can be noted in our trading view chart work. We have taken a daily chart to highlight the turn over in stochastics as we look for the pair to head lower to 106 and potentially down to low 105 area should Aussie inflation disappoint overnight. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
forexTrdr USDCAD - TRIPLE TOPS IN TIME TO RETRACEGood afternoon traders, Looking at an interesting setup in US dollar versus Canadian dollar with a triple top forming around 1.34 with a third attempt to trade above that level failing and pointing to a pull back lower for the pair. More recently we just had slightly weaker than expected Manufacturing data from Canada which failed to give any real boost to US dollar suggesting we may have ran out of steam at this resistance level. That view is confirmed when we take a look at various other technical indicators including volumes, bollinger bands, rsi and, as per our trading view chart for this pair- the stochastic data also turning over and pointing to the pair heading lower. As always this is not a trade recommendation and simply technical observation. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
by forexTrdr
forexTrdr AUDUSD - RANGE RANGE BABYGood morning traders, Today we are starting with a look at Aussie dollar and US dollar. After positive Chinese growth data came out overnight- GDP and industrial production both beating estimates- Aussie dollar spiked up to the 0.72 area where it has previously found strong resistance both from the psychological aspect of a round number and this area coinciding with the 200 day moving average. The pair have been trading in a 2 point range since mid January from low 0.72 to low 0.70 area. After the Chinese data Aussie Dollar US dollar are at the top of the range and looking close to overbought on RSI and stretched on Bollinger band technicals. Tonight Australia has various employment data due, all of which will be highly watched by the market due to increased speculation that the central bank may look to cut interest rates. A disappointing number and we would expect this pair to retreat back to 0.71 area overnight. As always this is not a trade recommendation and simply technical observation. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
forexTrdr NZDUSD- DO KIWIS BOUNCE? ASKING A FRIENDGood afternoon traders, Looking at a severely oversold New Zealand dollar versus US dollar on multiple time frames. Most appealing to us is the daily timeframe but almost all time frames confirm the oversold nature of this pair after the recent inflation print disappointed. 0.1% versus 0.3% expectation. This led for the New Zealand dollar breaching key levels around low 0.67. The market appears to have a found support around levels dating back to January both on the headline number and on the subsequent short lived bounce after it. Now we currently see the pair in extreme oversold status on RSI and bollinger band analysis highlighted in our tradingview chart. The bounce we are looking for may not start to trend until the New Zealand session begins overnight but we are looking for a sustained bounce into next week take New Zealand dollar back towards mid 67s. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Long
by forexTrdr
forexTrdr USDCHF - HEADS SHOULDERS DOLLARS & FRANCSGood Morning traders, Taking a look at US dollar and the Swiss franc and looking on a year to date basis we can see a head and shoulders pattern starting to form, which if confirmed opens up significant downside for this pair. Not only do we have a naked trading pattern forming but we have technicals backing up the trade with multiple indicators pointing to a turn lower being on the imminent timeline. Firstly on the chart we have the left hand shoulder formed around mid February where the pair reached just short of 1.01 before pulling back to mid 0.99. This area formed a low before the pair reached a year to date high in low 1.01's before again turning lower towards 0.99 and bottoming out in early April. The final part of this pattern formation is the right shoulder which the market is currently peaking at around 1.0080. Why do we think this will be the peak of the right hand shoulder and allow the market to retreat to 0.99? We can look to traditional technical indicators such as RSI, bollinger bands, stochastics or Ichimoku clouds. The first three all showing the pair are overbought and suggesting a correction lower is on the cards whilst on Ichimoku clouds the pair is significantly above the cloud and likely to retreat back towards top of the cloud around 1.0030 very near term. As always this is not a trade recommendation and simply technical observation. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
3
forexTrdr EURJPY- CANDLESTICKS LIGHT UP THE WAY FORWARDGood morning traders, Looking to change up our recent technical analysis examples this time with a clean trade on Euro versus Japanese Yen. The beat on Chinese gdp and Industrial production gave a risk on tone overnight leading to Yen weakening but also, for this pair, an Evening Star candle forming on the daily over the 15th and 16th. Evening star are early indicators of a future bearish trend forming. This coincides with Bearish Harami pattern forming on the 4 hourly on Friday as suggesting that the pair is due to correct lower. Other technical indicators also line up such as Ichimoku cloud (trading significantly above it), RSI, stochatsics and long running resistance levels to the upside. As always this is not a trade recommendation and simply technical observation. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
forexTrdr USDJPY- TOPPY TOPPY YEN- EXPIRY SEASONGood morning traders, And welcome to a new week- our recent tradingview charts were unfortunately removed due to us breaking house rules of including our website in the title. So we are reposting this US dollar Japanese Yen setup from Friday which is still live. Friday was an extremely technical day with option expiry's driving Yen pricing into the end of the Asian trading week and Tokyo close and then keeping the pair on a short leash into the actual expiry deadline in early New York trading. We have a toppy setup forming in US dollar versus Japanese Yen as the pair approach the top of their recent trend of 109 to 112. We are looking to enter a short trade here with multiple technicals lining up to confirm the naked trading view that the market should head lower after reaching resistance area at the top of the recent range. Our TradingView charts show the resistance and support levels highlighted in purple along with various technical indicators backing up our view. Slow stochastics are at extreme levels and starting to turn lower on shorter time frames, RSI looks overbought and Bollinger bands are at the top of the range. There is a large option expiry of around 1bn at 112 area which will expired on Friday afternoon helping the pair close above 112 on the daily but at overstretched levels points to a retreat lower as option technicals diminish. Good luck trading Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
by forexTrdr
forexTrdr EURCAD- ALL OF THE LIGHTS LINING UPGood morning traders, And welcome to a new week- our recent tradingview charts were unfortunately removed due to us breaking house rules of including our website in the title. So we are reposting this Euro Canadian Dollar setup from Friday which is still live. Looking at short setup on Euro versus Canadian dollar as multiple technical indicators line up to show this pair in overstretched, over bought territory oddly as oil continues to rally today (in Canadas favour) and Draghi reiterated the potential for using more instruments for forms of Quantitative Easing at yesterdays ECB central bank meeting. On technicals front we have overbought levels on RSI , top of the range levels on stochastic and bollinger bands. Quick simple technical indicator driven trade. Good luck trading Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
forexTrdr Sunday Setups: USDJPY WHERE THEM BULLS AT??Hi all and welcome to our Sunday Setups a new technical analysis piece where we are looking to showcase our work and highlight our 20 years of professional trading experience at the worlds best Investment Banks. Our aim is to keep analysis simple so that anyone can follow and learn from our work and hopefully our past performance highlights why we are different. Interested in finding out more? Head over to our profile page and please give us a follow Please comment and leave feedback- we will be bringing our analysis via video soon Where those bulls at on USDJPY? Thursdays failure to breach or even reach the 5th of Marchs high at point B (112.13) suggests Bullishness is fading and we are seeing the start of a descending triangle. Add in a strong technical that we are not going to discuss here we are looking for a test of the green support line from January lows and potential move down to the lower purple resistance level around 110.3. Key here is a breach and hold below the Jan support level. If we bounce and are subsequently able to breach 112.13 then bullish mode re-engages and we test the .786 fibonacci level from October high (112.3 area blue line). Week Ahead Sunday 17th March: Japanese import/export and trade balance data - very low impact Monday 18th March: Japanese industrial production data - medium impact Tuesday 19th March: BoJ policy meetings - potential for high impact US Factory Orders & Durable goods - low impact Wednesday 20th March: Fed Meeting - potential for high impact Thursday 21st March: Japanese Inflation data - medium impact Friday 22nd March: Japanese PMI - medium impact Trend : Ascending trend line supporting market since Jan low. Month to date showing lower highs Tech levels: Major keys to upside: 112.13 point B and 5th of March high that failed to breach last week 112.35 area- Fibonacci support from October high Major keys to downside: 111.24 area January support line 110.88 point C on chart
Education
by forexTrdr
3
forexTrdr sell Gold: HEAD SHOULDERS KNEES WATCH YOUR TOESGood morning traders Last week we went long gold at 1295 targeting the formation of a head and shoulder pattern around 1301. Four days later and we see that right hand shoulder pattern forming and therefore look to short gold at market level. If you look at our chart work on the uk trading view website you can see four failed attempts on 4 hourly charts to breach 1304.8 area before pulling back. We are looking for the market to once again pull back from this area and head lower to the upward tilting neckline of the head and shoulder pattern. An area around 1296 is where we will look to exit the trade. In addition to the pattern formation and failure to reach last weeks right shoulder high of 1306.4 we have seen the formation of a bearish engulfing candle on the hourly timeframe.
FX:XAUUSDShort
by forexTrdr
forexTrdr Sunday Setups: EURUSD ALL EYES ON THE PRIZE.. 100DMAHi all and welcome to our Sunday Setups a new technical analysis piece where we are looking to showcase our work and highlight our 20 years of professional trading experience at the worlds best Investment Banks. Our aim is to keep analysis simple so that anyone can follow and learn from our work and hopefully our past performance highlights why we are different. Interested in finding out more? Head over to our profile page and please give us a follow Please comment and leave feedback- we will be bringing our analysis via video soon First on the agenda is EURUSD- as per chart we have a descending trendline dating back to September, what we are looking for here is a potential retest of the 100 day moving average (1.1367) before a pull back to year to date lows and a move to 1.1130 area over the next few weeks. Risk is we have a break out to the upside and escape out of the descending trendline towards 1.142 area. Countering that however, from tech perspective, the pair is at the top of the overbought range on RSI (bottom chart). From fundamental side European growth continues to come in at the lower end of recent performance and the ECB has announced further stimulus through the extension of TLTRO- a form of cheap funding to the banking sector. US continues to storm ahead on growth and looks to have bottomed out in January- last weeks NFP looks nothing more than a fluke number which occurs from time to time. This week we have Fed meeting on Wednesday where we expect to hear comments around growth having bottomed out at start of year and a pickup in economic activity in line with what we are seeing in other forward looking indicators and Chinese stimulus. Week Ahead Tuesday 19th March: German ZEW Survey - very low impact US Factory Orders & Durable goods - low impact Wednesday 20th March: Fed Meeting - potential for high impact Thursday 21st March: European consumer confidence - low impact Trend : Descending trendline since the high on 24th September Series of lower highs and lower lows since start of 2019 Tech levels: Major keys to upside: 1.1367 the 100 day moving average and around the top of the descending trendline from September 1.1418 February high Major keys to downside: 1.1290 January low 1.1235 February low 1.1187, 61.8% retracement of 2017 low to 2018 high 1.1177, YTD low
Education
by forexTrdr
4
ROLLERCOASTER OF GOLD... TIME TO BUY AT JAN RESISTANCE? XAUUSD Gold having a massive move lower today down -15.00 at time of idea. Crazy 3 days going from 1295 up to 1310 and back down all in one trading session. Getting long as it finds support at levels dating back to January and at the same time moves heavily into oversold status. Looking for this level to support a short term bounce back into 1295-1308 trading zone target of around 1301 would provide us a short term head and shoulder pattern
FX:XAUUSDLong
by forexTrdr