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Gold to continue in the upward move?Gold - 24h expiry Price action continues to trade around the all-time highs. Trading volume is increasing. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. 20 4hour EMA is at 2068.3. Preferred trade is to buy on dips. There is no clear indication that the upward move is coming to an end. We look to Buy at 2067.5 (stop at 2053.5) Our profit targets will be 2102.5 and 2112.5 Resistance: 2076.8 / 2088.5 / 2100.0 Support: 2065.0 / 2058.3 / 2050.0 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:XAUUSDLong
by OANDA
Cad/Jpy bounce backTrade Idea for CADJPY Bias: Very Bullish Overall Score: 9 Commitment of Traders (COT) Bias: 3 Institutional traders are showing a robust bullish sentiment towards CADJPY, indicating a forecast of continued upside. Retail Sentiment: 1 Retail traders appear to be bearish on CADJPY. Given the tendency for retail traders to often be on the losing side, their bearish sentiment serves as a contrarian bullish signal for us, supporting our bullish view. Seasonality: 1 Current seasonal trends favor a bullish momentum for CADJPY. Trend Reading: 2 CADJPY is on an upward trajectory, further underscoring the bullish momentum. GDP Growth: -1 A slight negative in GDP growth, but the dominant bullish indicators more than compensate for this. Inflation: 2 Inflation metrics are aligning favorably, adding to the bullish outlook. Unemployment: 0 Unemployment figures are neutral and do not sway our primary bullish perspective. Interest Rates: 1 Interest rate dynamics are pointing to CADJPY strength. Additional Factor: Increasing Oil Prices Canada's role as a major oil exporter means rising oil prices often buoy the CAD. This backdrop solidifies our bullish stance on CADJPY. Conclusion: With a mix of strong bullish indicators, particularly the COT bias, retail sentiment (considered contrarily), trend direction, and rising oil prices, CADJPY appears poised for bullish movement. LIKE and FOLLOW to stay updated for more ideas like this
Long
by Elite_Forex
EURAUD continues to hold back the bears.EURAUD - 24h expiry Price action has continued to trend strongly lower and has stalled at the previous support near 1.6150. Price action looks to be forming a bottom. Further upside is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.6225 will confirm the bullish momentum. We look to Buy at 1.6190 (stop at 1.6154) Our profit targets will be 1.6280 and 1.6300 Resistance: 1.6250 / 1.6285 / 1.6300 Support: 1.6200 / 1.6175 / 1.6150 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
WTI to find buyers at market?WTICOUSD - 24h expiry Previous resistance level of 75.34 broken. Intraday, and we are between bespoke support and resistance 73.51-77.10. The sequence for trading is higher highs and lows. There is scope for mild selling at the open but losses should be limited. The medium term bias remains bullish. We look to Buy at 75.00 (stop at 74.20) Our profit targets will be 77.00 and 77.40 Resistance: 76.14 / 77.10 / 77.75 Support: 74.95 / 73.51 / 72.41 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:WTICOUSDLong
by OANDA
EURUSD - RSI Divergence with Bullish BreakoutDaily timeframe, PA broke above 2 levels of resistance last week and now looks to stall out with RSI providing information on lack of bullish momentum. For now, I'm waiting to see my small green line on the chart get tested where I have an alert. Will PA break back below support which was previous resistance and will we test the 50% pullback area (small green line) to then add to the bullish continuation? Time will tell, for now I just need PA to test the small green line for my next assessment on what to do or how to trade this. That's it - That's all Trade Safe
by Michael_Harding
EURGBP - Long AoL (Areas of Interest)Considering the fact that this pair is trading above the 200 SMA on both the daily and 4 hour timeframes, I'm looking for buy entry areas in this ascending channel formation. On the chart I pointed out several areas which basically are along the ascending trendlines. If at any point I receive an alert of price action tagging one of these trendlines, I'll look for a potential long entry. Now of course I can't expect to always be right and hopefully this isn't one of those setups where I'm wrong, so for that reason if PA decides to break and hold below the lowest ascending TL, I'll exit and book my loss. That's it - That's all Merry Christmas!
Long
by Michael_Harding
EURCAD - Revised Trade PlanEURCAD continues to trade within a wedge formation. I'm waiting for either wedge support or resistance to break. I have my alerts set for when this will happen. Upon receiving one of the alerts, I'll then look for an entry point. I'm not one to jump in on trade the moment we get a breakout. I've learnt my lessons the hard way many times in the past with that approach. So rather than entering on the breakout, I'll get my alert notification and then will look for a pullback roughly around a 50% retracement of the bullish and bearish impulse. I tried to illustrate this idea on the chart. Now obviously I'm not expecting price-action to move exactly as illustrated but what I chalked up is a rough idea of what I'm expecting to happen. Hope this all makes sense and is easy to understand. That's it - That's all Trade Safe
by Michael_Harding
EURAUD - Trade PlanFAIL TO PLAN - PLAN TO FAIL So this trade plan is fairly simple. Rules to Follow 1. First and foremost, we need a break and hold above the descending trendline 2. Second, if or once we get the bullish breakout, we need price-action to pull back approx 50% of the bullish breakout impulse. This setup doesn't need a full pullback to support, which is currently triangle descending resistance. 3. Enter a small enough lot size to allow an additional equal or slightly larger lot to be executed again on the long side if price-action happens to go against the trade by 100 pips. On the chart, I left a comment in yellow showing where I plan to add a second long entry. If all out fails and price action breaks above the descending trendline and then decides to close back below this trendline that I'm referring to, I'll exit the trade and book a loss. That's it - That's all Trade Safe!
Long
by Michael_Harding
EURCAD - Waiting for Wedge BreakoutTaking a look at the 4h chart, price-action remains confined in a wedge formation. RSI is suggesting we might get a bullish breakout as this is now the third signal of a break above 50 in this current wedge. The 50% Fib Retracement level is also something important to note as the most recent large impulse was an impulse to the upside. See chart below. I do believe that we might push higher but of course, something significant needs to happen first for price-action to break out of this wedge.
Long
by Michael_Harding
USDCAD - Bullish Divergence Heading into PCETaking a look at the 1 hour timeframe, we have some clear bullish divergence with RSI and price-action. Whenever we get a setup like this, price-action does tend to bottom out and is likely to push higher. The question now is "Will PCE come in better than expected?" As of right now, the economic calendar forecasts for weaker than previous figures. This may leave room for a surprise to the upside and thus in fact bottom out USDCAD at least on the 1 hour timeframe.
Long
by Michael_Harding
USDCHF price action remains negative.USDCHF - Intraday Yesterday's Marabuzo is located at 0.8594. There is no clear indication that the downward move is coming to an end. The lack of interest is a concern for bulls. We are trading at oversold extremes. We look for a temporary move higher. We look to Sell at 0.8594 (stop at 0.8620) Our profit targets will be 0.8529 and 0.8514 Resistance: 0.8580 / 0.8610 / 0.8630 Support: 0.8557 / 0.8540 / 0.8520 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Short
by OANDA
GBPJPY remains mixed and volatile.GBPJPY - 24h expiry A Doji style candle has been posted from the base. Price action looks to be forming a bottom. We are trading at overbought extremes. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. Further upside is expected although we prefer to buy into dips close to the 180.65 level. We look to Buy at 180.65 (stop at 179.85) Our profit targets will be 182.65 and 183.05 Resistance: 182.10 / 183.35 / 184.60 Support: 178.00 / 175.15 / 173.60 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA