USDJPY Potential Sell Flash Manufacturing PMI | 24th March 2023Fundamental Backdrop
1. JPY Flash Manufacturing PMI, a leading indicator of economic health, increased from 47.7 to 48.6.
2. Actual result is also better than the expected 48.2
3. Last time we saw better results was in October and November 2021, which saw a 40 - 80 pip drop
4. Bias for today is medium bearish.
Technical Confluences
1. Price in a strong bearish trend with price under the Ichimoku cloud
2. H4 supply zone at 131.100
3. Intermediate support at 130.600
4. Next support at 129.800.
Idea
Scenario 1:
Looking for price to tap into the H4 supply zone at 131.100 before heading towards the intermediate support at 130.600
Scenario 2:
I am looking for price to break the intermediate support at 130.600 before heading toward the next support at 129.800.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Innercircletrader
DXY Post FOMC Potential Forecast | 24th March 2023Fundamental Backdrop
1. Plenty of instability in the market due to the SVB crisis and other banks being heavily affected by it.
2. The Fed hiked rates by 25 bps
3. The Fed also cautioned about the recent banking crisis and indicated that hikes are nearing an end.
4. The Fed's move may indicate that the economy could be stronger and that the currency could weaken soon.
Technical Confluences
1. Price is currently in a bearish trend.
2. Well below the Ichimoku cloud, signifying bearish intent.
3. Next support at 101.800
Idea
Looking for the price to head towards the support at 101.800
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
What exactly is FOMC? What is FOMC, and what does it do?
FOMC stands for Federal Open Market Committee. It's a group of people who work for the US government and makes decisions about the country's money. They decide how much money should be in circulation and how much it should cost to borrow money.
How does FOMC affect the forex market?
FOMC's decisions can affect the forex market because they can change the value of the US dollar compared to other currencies. For example, suppose FOMC raises interest rates. In that case, it can make the US dollar more attractive than other currencies, increasing the exchange rate. If they lower interest rates, it can make the US dollar less attractive, which can decrease the exchange rate.
What is the FOMC statement, and why is it essential for the forex market?
The FOMC statement is a document that FOMC releases after each meeting. It explains what the FOMC members talked about and what they decided to do with interest rates and the economy. This statement is essential for the forex market because it helps investors and traders decide what to do with their money. They might buy or sell different currencies based on the FOMC statement.
How does FOMC affect currency exchange rates?
FOMC can affect currency exchange rates by changing the value of the US dollar compared to other currencies. If FOMC raises interest rates, it can make the US dollar more attractive than other currencies, increasing the exchange rate. If they lower interest rates, it can make the US dollar less attractive, which can decrease the exchange rate.
Why do traders pay attention to FOMC meetings?
Traders pay attention to FOMC meetings and the FOMC statement because it can give them an idea of what might happen to the US dollar and other currencies. They might make trades based on what they think will happen after the FOMC meeting. For example, if they believe the FOMC will raise interest rates, they might buy US dollars because they think the exchange rate will increase.
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The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Executing on a 1min -Breaker and -FVGs (ICT concepts)Following live this morning on 3/21 with ICT, he analyzed why price was expected to move lower to take sell-side liquidity. Along with him, I took the trade and this is my explanation as to why. The trade was taken on the 1min chart, with prior analysis of the 15m, 1h, and 1d to help form a bias. I opened 2 short positions on entry into each -FVG, stop above the breaker, and target to sell-side liquidity.
ICT's live stream : www.youtube.com
Analysis:
CME_MINI:ES1!
How did this breaker form, and why should I be confident in its ability to hold? (Outlined areas do not correctly line up since the chart is resized for publish)
RTH opening gap: from yesterday's close to this morning's open, price gapped up and formed a PDA, residing in the premium.
9:30am run up created equal highs then dropped to a short-term low.
Price rallied again taking out BSL where buy stops are placed.
Price retraced back below the short-term low creating 2 -FVGs.
The continuous down-close candles on the STL that was taken forms the breaker.
Entry for short positions were placed at the bottoms of the -FVGs. Because 2 formed inside a breaker, expect price to potentially trade back into both of them.
SL a couple ticks above the breaker. Why? Price can offer back up to the breaker high. This high was .25 (1 tick) above the breaker. This allows for the bid-ask spread to properly offer before moving down. If it breaks 2+ ticks above, this it's more likely the bearish analysis is wrong and I should stop out.
s3.tradingview.com
EURUSD Post ECB President Lagarde Forecast | 21st March 2023Fundamental Backdrop
1. ECB President Lagarde spoke recently stating that the European Central Bank is maintaining its current monetary policy stance, which suggests that the ECB is confident in the current state of the economy
2. ECB most recently hiked rates by 50bps.
3. USD continues to face uncertainty and volatility due to the SVB crisis.
4. All eyes will be on the FOMC meeting and the Fed Fund Rate.
5. More dovishness on the USD will lead to EURUSD heading higher.
Technical Confluences
1. Price bounced strongly off the 1.05500 support level.
2. Near-term support at 1.06800
3. Next resistance at 1.08000
Idea
Anticipating price to potentially retest the near-term support at 1.06800 before heading towards the next resistance at 1.08000
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
AUDUSD Long Forecast | 20th March 2023Fundamental Backdrop
1. RBA Assist Gov Kent Spoke earlier
2. Key take away points are that
- The Reserve Bank of Australia needs to raise interest rates to maintain economic stability.
- The current low interest rate environment is not sustainable in the long run.
- A gradual increase in rates is necessary to ensure the economy remains healthy.
3. Bullish bias on AUD today.
Technical Confluences
1. Price at the 0.66900 support level
2. Next resistance at 0.67750
Idea
With a strong bullish bias for AUD today, I'm expecting price to possibly head towards the next resistance at 0.67750.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
MY FIRST GBPJPY OPINION NEED FEEDBACK we did market structure shift in 1h time frame, means we are bullish , im waiting price to be back to that 1h orderblock, mitigate it, waiting for confirmation in lower time frame , and click the buy button
i used also fibo, we are in a discount zone, our ob is in the golden zone, so why not.
my ob is between 169.966 and 159.372
need your opinions !!!
AUDUSD Post-News Long Forecast | 16th March 2023Fundamental Backdrop
1. Employment Change increased from -10.9k to 64.6k. The result was also better than the forecast of 49.7k
2. Unemployment Rate dropped from 3.7% to 3.5%. The result was also better than the forecast of 3.6%
3. We haven't seen both having good results since 17th November 2022 which saw a roughly 90 pip rise within the day.
4. The bias for AUD today is on a strong bullish side.
Technical Confluences
1. Price at the 0.66400 support level
2. Next resistance at 0.66900
Idea
With a strong bullish bias for AUD today, I'm expecting price to possibly head towards the next resistance at 0.66900.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
AUDUSD Long Forecast | 17th March 2023Fundamental Backdrop
1. Employment Change increased from -10.9k to 64.6k. The result was also better than the forecast of 49.7k
2. Unemployment Rate dropped from 3.7% to 3.5%. The result was also better than the forecast of 3.6%
3. We haven't seen both having good results since 17th November 2022 which saw a roughly 90 pip rise within the day.
4. The bias for AUD today is on a strong bullish side.
Technical Confluences
1. Current resistance at 0.66900
2. Next resistance at 0.67750
Idea
If price manages to close above the resistance at 0.67000, we could see price head towards the next resistance at 0.67750.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
AUDUSD Potential Long Forecast | 15th March 2023Fundamental Backdrop
1. China's National Economy Showed a Steady Recovery in the First Two Months which helps to strengthen the AUD
2. Eyes are on the AUD's Employment Change and Unemployment Rate, which are expected to be better than previous results, strengthening the AUD.
3. Watch out for the US PPI News tonight
Technical Confluences
1. Price at the 0.67000 support level
2. Next resistance at 0.67750
Idea
If price closes above the 0.67000 support level , we could see price continue heading towards the next resistance level at 0.67750.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
AUDUSD Potential Long Forecast | 14th March 2023Fundamental Backdrop
1. DXY continues to weaken
2. Westpac Consumer Sentiment 8.6% lift in house price expectations (Interest Rates Up)
3. Eyes are on the AUD's Employment Change and Unemployment Rate, which are expected to be better than previous results, strengthening the AUD.
4. Watch out for the US CPI News tonight
Technical Confluences
1. Price recently bounced off the near-term resistance at 0.66900
2. Next resistance at 0.67750
Idea
If price closes above the 0.67000 resistance level, we could see price continue heading towards the next resistance level at 0.67750.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
GBPUSD Potential Long Forecast | 13th March 2023Fundamental Backdrop
1. DXY continues to weaken
2. The Claimant Count Change is expected to be better than previous, strengthening GBP.
3. Also do watch out for the Annual Budget Release on Wednesday which will add significant volatility to the market.
Technical Confluences
1. Price bounced off key support level at 1.18700
2. Near-term minor resistance at 1.21300
3. Price broke above the descending trend-line and above the Ichimoku cloud indicating a bullish market structure shift.
Idea
Expecting price to continue bullish towards the resistance at 1.22700.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
AUDUSD Potential Long Forecast | 13th March 2023Fundamental Backdrop
1. DXY continues to weaken
2. Eyes are on the AUD's Employment Change and Unemployment Rate, which are expected to be better than previous results.
3. This will strengthen the AUD.
Technical Confluences
1. Price recently bounced off the near-term support at 0.66400
2. Near-term H1 resistance at 0.66900
Idea
Looking for price to continue heading towards the near-term H1 resistance at 0.66900.
Alternatively, price could retrace back down to the 0.66400 support level before heading back up.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
USDJPY Long Forecast Monetary Policy Statement | 10th March 2023Fundamental Backdrop
1. The Bank of Japan left interest rates unchanged, showing a very big interest rate differential between JPY and USD, weakening the JPY.
2. There are also signs that inflation has sustained above BOJ’s 2% target.
Technical Confluences
1. The overall bias for USDJPY on the H4 chart is bullish . To add confluence to our bias, price is above the Ichimoku cloud .
2. Near-term resistance at 137.600.
3. Minor support at 136.000.
Idea
With my bias on the USD to still be bullish , combined with the weak fundamental backdrop on JPY, I expect price to head towards the near-term resistance at 137.600.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
USDJPY Potential Long Forecast | 8th March 2023Fundamental Backdrop
1. The Average Cash Earnings y/y dropped from 4.1% to 0.8%, this shows that consumers have lesser disposable income to spend correlating to lower income.
2. Bank Lending y/y increased from 3.1% to 3.3% which shows confidence in future financial position. However, this is overshadowed by Fed Powell's statement to increase interest rates, strengthening the DXY.
3. The Current Account dropped from 1.18T to 0.22T, which indicates that domestic currency's demand has dropped.
Technical Confluences
1. The overall bias for USDJPY on the H4 chart is bullish . To add confluence to our bias, price is above the Ichimoku cloud and along an ascending trend-line.
2. Near-term resistance at 137.600.
3. Minor support at 137.100
Idea
I will be looking for price to possibly retest the minor support at 137.100 before continuing bullish towards the resistance at 137.600.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
DXY Forecast After Fed Chair Powell Testifies | 8th March 2023Fundamental Backdrop
1. Fed Chair Powell spoke last night
2. He opened the door to higher and possibly faster rate increases
3. This will strengthen the DXY
Technical Confluences
1. Price has broke above the 105 level
2. Next resistance at 107 round number
Idea
With Fed Chair Powell's comments being hawkish, expect the DXY to continue heading towards the next resistance at 107 round number.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
2nd Week of March US500 (CFD) Technical AnalysisI will Be Looking For entries according to mentioned situation. Mostly looking for high probability Scalps
DXY Forecast before Fed Chair Powell Testifies | 7th March 2023Fundamental Backdrop
1. Fed Chair Powell will be speaking later on at 11pm SGT, which could cause more volatility in the index.
2. Will update more after his speech.
Technical Confluences
1. Price has reversed from a bullish to a bearish trend .
2. Price is also below the Ichimoku cloud, indicating a bearish market.
3. Near term support level at 103.750
4. Near term resistance level at 104.600
Idea
If Fed Chair Powell's comments are hawkish, expect the DXY to trade back up to retest the resistance level at 104.600.
Alternatively, price could head back down to retest the support level at 103.750.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
USDCAD Potential Forecast Post-Ivey PMI | 7th March 2023Fundamental Backdrop
1. The Ivey PMI which is a leading indicator of economic health released dropping from 60.1 to 51.6.
2. This indicates that the industry is contracting.
3. Showing a decrease in business activity and confidence in the Canadian economy.
Technical Confluences
1. Price recently bounced off the 1.35700 support level which coincides with the 23.6% Fibonacci line.
2. Near term resistance at 1.36800
Idea
With the Ivey PMI result released worst than previous, expect price to head towards the near term resistance at 1.36800
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
AUDUSD Potential Forecast Pre-Cash Rate | 7th March 2023Fundamental Backdrop
1. The Trade Balance dropped from 12.99B to 11.69B, this shows that export demand dropped which creates a greater demand for foreign currency, weakening the AUD.
2. AUD's Cash Rate is going to be released at 11.30am SGT
3. Based on previous data we saw a roughly 30 - 50 pip drop within the day.
4. Expecting the AUD to drop later on towards the support at 0.67000
Technical Confluences
1. Price is currently in a strong bearish trend.
2. Price is also below the Ichimoku cloud, indicating a bearish market.
3. Near term strong support level at 0.66500
Idea
Expecting the AUD to drop towards the support at 0.67000. If price manages to break below that support level, we could see price head towards the near term strong support level at 0.66500.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.