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FX Minors: Current Market Trends & Covid-19 / U.S. ElectionsIn this analysis, we take on the Swiss Franc (CHF) versus the Brazilian Real (BRL) to gauge the prevailing sentiment in the FX markets, in the context of U.S. Presidential Elections uncertainties around the U.S. Dollar (USD), as well as the diminishing in importance of Covid-19 globally & a generalised overextension of major currencies to the upside against FX minors (such as the BRL, HUF, PLN, HRK & so on). A short sell-off in this CHF/BRL pair is particularly significant due to the 'safe-haven' quality of the Swiss Franc in comparison to the rather fragile Brazilian Real, which is interesting when we consider the underlying fundamental factors driving such a move, less influenced by a strengthening in the Real, but rather a global cooldown in the pandemic situation, which favours baby steps towards business as usual, portfolio diversification & a healthy profit-taking / opportunity-seeking in the markets. When we take into account the dramatic moves to the downside across all FX minors, a global recovery from this pandemic does imply some gradual increase in demand for minor currencies such as the Real, which in turn also means the nearing of supply levels for major currencies, as the need for 'safe havens' diminish inasmuch as the generalised fear of abnormal global conditions gives way to a slow return back to normality. Wish you guys good trading and if you enjoy this analysis, please give me a like and share your ideas on the comments section, I'll really appreciate feedback from you guys and I promise to read and reply to each and every one of them as soon as possible. An amazing week for all of you and until the next post! :)
by acsedward
CAD/USD Medium-Term Analysis: Weekly Market AnalysisThis is the second analysis on this series of majors against the U.S. Dollar (USD). In the previous post we analysed the Chinese Yuan Renminbi (CNY) against the USD; now we're taking a look at the Canadian Dollar (CAD) against the USD. The CAD is second in our ranking of currencies in relation to the 'Rate Of Change' (ROC) with the U.S. Dollar as quote currency. With over 2% appreciation in the last quarter (ROC, 15, W), with technicals indicating the nearing of supply zones, we'll be tracking the CAD for countertrend shorting opportunities in the short-term, and longing pullback opportunities in the medium-term, as it approaches previous key levels of demand. Wish you guys good trading and if you enjoy this analysis, please give me a like and share your ideas on the comments section, I'll really appreciate feedback from you guys and I promise to read and reply to each and every one of them as soon as possible. An amazing week for all of you and until the next post! :)
Short
by acsedward
CNY/USD Medium-Term Analysis: Weekly Market BreakdownIn this analysis, we started taking on the majors against the U.S. Dollar (USD), beginning with the Chinese Yuan Renminbi (CNY). Despite its still lower status in comparison with the traditional majors (USD, GBP, EUR, CHF, JPY, CAD, AUD & NZD) and also its lower liquidity and overall current non-relevance in the wider FX market, it nonetheless scored the highest appreciation in the last quarter in USD terms, higher than any other traded currency, either major or minor, with over 5% up on the 'Rate Of Change' (ROC) for the last 15 periods on the weekly. With that in mind, we begin this series by carefully analysing this pair, taking into consideration major support and resistance levels, as well as divergences between price action on the IDC (i.e. 'broker-neutral') compiled chart & oscillator data (ROC, 15, W). For this specific analysis, we opted for not using Fibonacci levels and instead adopted price action pivot points for framing our perspective on market movements. We're hoping to continue this series on the other majors and (if time allows it!) dive into some of the minors as well. Wish you guys good trading and if you enjoy this analysis, please give me a like and share your ideas on the comments section, I'll really appreciate feedback from you guys and I promise to read and reply to each and every one of them as soon as possible. An amazing week for all of you and until the next post! :)
Short
by acsedward