GBPNZD made good progress last week on the back of soft NZD data and a dovish RBNZ. Price has cleared the first resistance area at 1.7489 and now sits in a band between that level and 1.7918. I'm looking to BUY this pair as I have all year. Trade idea Price could pullback at the start of the week and this would present another opportunity to get LONG. SELL below...
GBPAUD remain in the flag shown and stays inside a channel that runs from 1.6000 area to 1.6271. A break either side of this channel would be significant. Trade idea. With direction unclear best plan is to trade of support levels. LONG from 1.6036 SHORT from 1.6259.
GBPCHF finds itself at critical support. 1.2269 looks like the last line of defense for G/C BULLS and a break beneath this level could signal a deeper move south. The downtrend in place since the 22nd February continues though TDI studies are now stretched a look ready to move north. Much depends now on news next week so its difficult to say which way we're going...
GBPCAD remains in a 300 pip channel and its unclear which way we're headed. H4 chart is interesting with the 50 100 and 200 sma all within a few pips of each other. If this squeeze opens then price will follow. TDI is neutral. Trade idea SELL below 1.6329 BUY above 1.6483
GBPJPY's final candle for the week was a text book shooting star which usually suggests more downside to come. This chart is interesting as GBPJPY lies at the end of a clear flag formation but at the bottom of the flag the usually supportive 200 day moving average sits. The TDI on H4 and H1 are BEARISH so it will be a surprise if we don't head lower at the start...
SHORT EUR/GBP from .8757. This pair has pushed deep into a well defined resistance zone and the TDI suggest we may head lower over the next few hours. RSI on H4 is 83.57 which is well into overbought. The pressure is building on EUR/GBP BULLS and this could be a good time to SHORT. STOP is manual depending on price strength.
Today South Korea's Constitutional Court removed President Park Geun-hye from office over a graft scandal involving the country's conglomerates. Park becomes South Korea's first democratically elected leader to be forced from office, capping months of paralysis and turmoil over a corruption scandal that also landed the head of the Samsung conglomerate in jail. ...
GBPUSD from a technical viewpoint looks poised for a significant rally and looked at in isolation there seems to be a clear LONG trade opportunity. Yesterdays daily candle was a doji reversal candle at the end of a 9 day down move and the Traders Dynamic Index (TDI) on H4 has seen the market base line gradually moving north from sub 31 to 33.4. The RSI has already...
AUDJPY has a top heavy and hanging look and looks to be easing back down to support at 85.60 area. The 200sma on H4 lies 20 pips away from the current price and this looks a severe test for AUDJPY BULLS. Quite a lot of negative AUD sentiment around which will not help any LONG positions. Bit unclear at the moment this pair bit a drift under 85.15 would confirm the...
AUDCAD has hit a weak resistance area and has turned south but with support coming in from the 200sma on H1 there's a fair chance we could move higher. Difficult chart this with TDI and RSI neutral and little in the way of solid support or resistance. A break above Friday's high opens the way for a move to test resistance at 1.0230 and WR1 resistance at 1.0260...
AUDUSD sold off aggressively on Thursday but recovered on Friday and put in a pinbar reversal candle. Quite a bit of negative AUD sentiment has halted the AUD's impressive rise from .7162 and multiple resistance at .7732 appears to be insurmountable for the time being. Monday and Tuesday see the release of AUD Retail Sales followed by the RBA Cash Rate and...
USDCHF was not one of the many USD pairs that did well last week in fact it finished just 5 pips higher than it started although its range was 140 pips. This doji week suggest indecision so its fair to say the price could go either way but this pair seems to have run out of steam and Friday put in a strong BEAR candle so I'm BEARISH. A move down to retest parity...
USDCAD moved over 340 pips last week but the BULLS look exhausted. The H4 chart is hanging in the air and with the RSI crossing over south and moving out of overbought, this pair looks certain to head south on the open. This is a key week for the USD with the ADP Non-Farm on Wednesday, Unemployment Claims on Thursday and the key Unemployment Rate, Average Hourly...
USD/JPY made progress last week as more traders seemed to buy into the idea that March may see the first the promised Fed rate hikes. Having said that , once resistance at 114.36 was hit the BULLS left the market very rapidly. Its unclear what the market mood currently is, but from a technical viewpoint, a move down to 113.30 support looks favourite. 114.46 looks...
EURAUD has benefited from buoyant EUR sentiment and weakness in the AUD to move from support at 1.3654 to current levels at 1.3981. The DTF RSI is well set to move higher and TDI (Traders Dynamic Index) confirms this. However, like other EUR pairs H1 and H4 are overbought and prices looks stretched. Fridays move saw the price take and close above the 200 sma on H4...
EURCAD has moved impressively off the 38.2 Fibonacci level at 1.3791 and has put in an impressive Marubozu candle with no wicks on Friday. This is a very strong BULLISH sign but that was last week and sentiment may have shifted over the weekend. Technically a run to 1.43576 is possible being the 200m sma on D1 but with H1 and H4 conditions heavily overbought its...
The EURCHF rallied strongly on Friday and as long as 1.0624 holds price is likely to drift sideways as it has for the last few weeks. A break above 1.0747 would suggest a stronger move north is possible but this is not a pair that presents many good trading opportunites. Trade idea. SHORT on a close below 1.0624. LONG trade possible above 1.0748
EURJPY has moved impressively north from the recent low at 118.25 and signs there is more to come but its difficult to recommend a LONG trade from these levels with H1 overbought and TDI crossing south. The 38.2 Fibonacci level at 119.84 presented no barrier but we may need to see slide down to near this level before the uptrend continues. Below 118.25 and the 200...