The difference a week makes. Last week this pair looked quite strongly BULLISH but 1.3923 now looks to be a significant level. On the H4 charts the 200 and 100 sma meet at 1.3923. Unless EUR/AUD can rise above and hold above this level then the picture looks BEARISH. A break and hold above this level and the picture turns BULLISH. Trade idea. Look to SELL if...
As long as 1.0624 area holds EURCHF will travel sideways. A break above 1.0893 would turn the structure more BULLISH but for now this pair will travel sideways with little sign of change. Trade idea Strong support at 1.0683 is a BUY Strong resistance at 1.0752 is a SELL
EURJPY has hit trend line resistance at 122.76 and is headed south. A likely target would be the lower trend line at 119 area. The TDI on all the higher frames suggest weakness and with the RSI on the DTF very BEARISH. I expect this pair to lose ground in the forthcoming trading week.
EURGBP is weakening across the board and with the 100 sma moving south to meet the 200 at .8539 this looks like a reasonable first target. Trade idea SELL down to .8539 area then add to SHORTS if this level breaks. * The Weekly TDI suggests this pair could be headed under .80
EURUSD heads for another test 1.0825 and every sign that the BULLS can get there but we'll probably see a pullback from current levels. Look to buy lower down in the 1.0630 - 1.0660 area. Trade idea. SELL on open down to 1.0630/50 area then BUY
The TDI on the DTF of GBPAUD is very interesting currently. For the last two weeks the volatility bands have narrowed and and we have a classic squeeze. Over Thursday and Friday the RSI line has crossed the signal line to the north. I'll be watching this pair closely as any sign of the volatility lines widening and the RSI pushing north could signal a major move...
GBPCHF looks as if it has found a solid base at 1.2340 area and looks moderately BULLISH. Price is at solid resistance and progress for BULLS from here looks difficult. SELL initially under 1.2347 and look to BUY lower down. Trade idea. Look to BUY at 1.2323. Price may drift sideways but a small SHORT may be possible under 1.2347
180 pip BULLISH move for GBP/CAD last week and signs of more to com. Price has broken the falling trend line and closed above the 100 sma on the DTF. TDI is interesting with a DTF squeeze in progress and the RSI pushing the upper volatility band. H1 is stretched though so the recommendation is to BUY lower down. Trade idea Look to BUY at 1.6437 area. SELL from...
Mixed picture for GBP/USD after a strong move north last week. News that Kristen Forbes, Monetary Policy Committee member, dissented at Thursday's MPC Statement and voted for a rate hike saw the GBP surge and the GBP finished up 240 pips up on the week. GBP BULLS will be encouraged that Friday closed higher than Thursday, suggesting that the impact of talk of a...
USDCHF has moved steadily higher since the end of January but now looks stretched and a move back to lower ground is favoured perhaps back to parity as we await Wednesday. RSI on the DTF is sinking and the BEARS look to be in control. Support at 1.0056 or 1.0035 area might hold. .9938 should hold any deeper drops. Trade idea. SELL down to 1.0056 or 1.0035. If...
USDCAD has moved from overbought and with the RSI now 66.6 and falling I expect more downside to come. Stellar CAD jobs numbers on Friday should help push this pair south until Wednesday when we get the expected FED rate hike and the key FOMC Statement and Economic Projections. For now this pair is soft. Trade idea. SELL down to key support at 1.3389 LONG trades...
EURNZD has soared on the back of a hawkish ECB and a dovish RBNZ. With prices well above the 200 sma on the DTF this pair looks to be headed to major resistance at 1.5765. Studies are highly overbought with the RSI on the DTF reading 78 and TDI suggest we need to return to lower ground before the next leg north. Same advice as other EUR pairs as we await Draghi...
EURAUD looking increasingly BULLISH. Support at 1.3883 looks like a solid base for E/A BULLS and 1.44 is a reachable target. Studies are overbought though and a dovish Draghi on Monday will send this pair into reverse but all set backs should be looked upon as a buying opportunity. Trade idea SELL initially with a tight STOP in anticipation of a dovish ECB Look...
EURCAD has pushed impressively north and has broken through critical resistance of the 200 day sma on the DTF. With studies overbought, a retrace looks inevitable from these levels. As all EUR pairs, we await the outcome of ECB President Draghi's speech on Monday. Anything remotely hawkish or even anything not dovish could set the euro on the path for bigger gains...
EURCHF has benefited from the surprise talk of a future ECB rate hike and has moved higher impressively on Friday. Studies are now seriously overbought and with EURCHF at resistance its unlikely there's much left for EUR BULLS here. As can be seen, price is now meeting the 200 sma and this will prove a formidable barrier. Trade idea SHORT this pair on open. STOP...
EURJPY might give up some of its gains from last week as the surprise news that a ECB rate hike was being talked about shot this pair like all EUR pairs higher. We are now up against trend line resistance and H1 TDI is looking increasingly BEARISH. We are looking to SHORT this pair from these levels but the BULLISH structure remains in place so a LONG trade from...
EURGBP is pushing deeper and deeper into a broad resistance band and the RSI is reading 69.58 just short of technically overbought. Above this resistance band sits the 76.4 Fibonacci at .8829 some 60+ pips away from current levels. Impossible to buy at these levels and even with the rumour mill turning on Friday with news of a potential future ECB rate hike its...
EURUSD headed lower last week on the open as I suggested and hit support at 1.0534 before bouncing impressively. The initial support I had targeted at 1.0572 gave way but the subsequent drop to 1.0534 set up a most productive LONG trade. This trade was greatly helped by the rumour of a potential rate hike from the ECB. Markets love rumours and EUR BULLS were all...