$EURUSD 1D | Market Outlook - Further rally could be seen to cluster resistance at 1.2555. This will remain the favored case as long as 1.1602 support holds. On the downside, break of 1.2129 support is needed to indicate short term pullback otherwise, outlook will remain bullish.
- Currently we might see some pullback to 1.21400 before any upside continuation.
Quality
GBPUSD | Market Outlook- GBPUSD rebounded strongly last week but failed to break 1.2647 resistance. Initial bias remains neutral this week or we might go back to 1.25900 area to retest the previous structure. Further rise is in favor as long as 1.2247 support holds.
- A break of 1.2647 will resume the rise from 1.1409 to 1.3200 resistance.
- On the downside, break of 1.2247 support will indicate an intraday bias turned back to the downside for retesting 1.1409 low.
NZDJPY H4 - NZDJPY has formed a bearish lower low, lower close candle on the daily timeframe.
- If the risk-off sentiment flows into the market, we expect risk currencies such as the NZD to weaken and safe havens such as JPY to gain value. Possible bearish price movement towards the next support 63.40 within the next period.
QUALITY OVER QUANTITY. And this is quality!There is a common problem people have, they see a set-up because it "sort-of" fits their strategy and take the trade. This is because people encounter FOMO (Fear of missing out).
The markets will continue to play out long after any of us are still alive. There are endless opportunities, so why take any old trade? Always choose the best QUALITY trades over LOTS of trades!
You will only be successful when you take quality trades. Even if your trade looses and you look back and can say to yourself "Ahh well its one loss, I did everything I could to my full potential it didn't work out.I'll Move on"
There is an opportunity presenting it's self soon here I think, but in the opposite direction I am fundamentally driven. So I move on, if it goes where I expect without me, that's fine. At least I can look back and be glad I didn't go against myself just to be in the market.
This is a big part of the Psychology trades always talk about. I'll go further into detail in the future but for now stay away from poor trades.
QUALITY over QUANTITY always!
Go get it!
AUDUSD 1W- The trade talks seems to take a slight downturn and with the recent news from the G20 meeting in Japan, talks between the US and China may continue to down. This doesn’t help the Australian Dollar and we could see the weakness continue.
- The prices decline further for AUDUSD with the next support resting at 0.6700.
Regards, GoldfXcc Team
GBPUSD 1D- GBPUSD price continues to range between the key highs at 1.3000 and the key lows at 1.27600.
- The price has previously found support at the recent lows. A close below the lows is needed before continuing to look for GBP weakness. A break and close below these lows will likely lead to the price moving lower towards the weekly 1.2580 breakout highs.
Regards, GoldfXcc Team
GBPUSD H4- GBPUSD rebound from 1.1958 extended last week and broke 38.2% fib retracement of 1.3381 to 1.1958 and NOW at 1.2502.
UPSIDE SCEANRIO: Initial bias for this week remains for upside. Sustained break of 1.2502 will target 61.8% retracement level at 1.2837.
DOWNSIDE SCENARIO: On the downside, break of 1.2283 minor support will suggest that the rebound is completed. and intraday bias will be turned back to the downside for retesting 1.1958 low.
Regards, GoldfXcc Team
USDCAD 1W- USDCAD formed a bearish engulfing candle at the key 1.3300 level.
- The price action suggesting further fall from here - market looks likely to continue down into the lows of 1.3030
- The strength and weakness table report adds confluence to this move with the Canadian Dollar gaining significant strength recently.
- Potential target to reach:
1. 1.31223
2. 1.30300
Regards, GoldfXcc Team
DXY 1W- USD Index rejected the $99.00 highs and closed back into the weekly channel - LEVEL STRATEGY
- Seasonal/Current patterns suggest this could be the top for the USD and if price breaks the current candle lows then selling momentum should continue.
- This week forecast for DXY is down to 97.70 - if price breaks the current candle lows then selling momentum to 96.60.
Regards, GoldfXcc Team
USDCAD H4- President Trump has stated that the trade war is having an effect on the US economy possibly in an attempt to devalue the USD. The President wants a lower USD in order to boost the exports and imports for the US.
- breakout happened and waiting to re-test this structure.
- further sell or short opportunities after re-testing.
- potential target to reach:
1. 1.31980
2. 1.31300
Regards, GoldfXcc Team
EURGBP H4- as we mentioned in our previous analysis - EURGBP closed bearish last week off the key resistance and with the commercials continuing to buy GBP the reversal seems to come.
- on H4 price moving below 50 EMA
- a breaks through the trendline we expect price to test the weekly level of 0.9000.
- set SELL STOP: 0.9118
- Potential target to reach:
1. 0.90900
2. 0.90400
3. 0.90000
Regards, GoldfXcc Team