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GBPNZD - Potential Perfect StormTaking a look at RSI on the 1 hour timeframe, it's obvious we are getting some bearish divergence after a strong week long rally. This strong bullish price action was attributed to the RBNZ interest rate decesion last week where interest rates were left unchanges at 5.50% However, later today we get the latest CPI data from New Zealand followed by UK's CPI data a few hours later. Could this be a potential perfect storm where New Zealand will show a surprise to the upside followed by a surprise to the downside with the UK? If that happens, I would expect this ascending support trendline to break opening the doors for a reversal. Time will tell but early clues are beginning to develop on the 1 hour timeframe with RSI. That's it - That's all Trade Safe.
Short
by Michael_Harding
XAUUSD - Top Down AnalysisStarting with the weekly timeframe price action is currently testing the 50% retracement level from last week's swing high. This is known a common pivot point. Taking a look at the daily chart below, price action remains elevated above the 2350 psychological support level. RSI also holds strong above 50. Lastly on the 4 hour timeframe, the technical backdrop is similar to the daily. == Fundamental Overview == Markets are pricing in a 77% probability of a rate cut by the Fed in September, per the FedWatch Tool from the CME Group. We anticipate another cut by December. The headline Nonfarm Payrolls (NFP) climbed by 206,000 in June, surpassing the market forecast for a 190,000 gain; but, April and May readings were dramatically lowered down by a combined 111,000. This resulted in a disappointing US labor market data on Friday, which confirmed a Fed rate decrease in September. As anticipated, average hourly earnings increased 3.9% annually, reaching a record low since the second quarter of 2021. The US dollar and the yield on Treasury bonds could suffer as a result of Fed Chair Powell's remarks, which could support dovish Fed forecasts and push the price of gold to all-time highs beyond $2,400. Powell testifies before the Senate Banking Committee for two days, starting later on Tuesday and concluding on Wednesday before the House Financial Services Committee. In addition, a number of other Fed policymakers are probably going to speak on Tuesday, which may influence gold price movement in the midst of a US schedule devoid of data. Fears over China's gold demand and profit-taking caused the price of gold to fall on Monday. After gold failed at the $2,400 mark, traders turned to profit-taking, and some moved ahead of Powell's testimony and this week's US inflation data. China possessed 72.80 million troy ounces of gold at the end of June, according to figures released by the People's Bank of China (PBOC) on Sunday. This amount remained constant from the end of May. The PBOC did not add gold to its reserves for the second consecutive month.
OANDA:XAUUSDLong
by Michael_Harding
Trade Plan for BTCUSDThis trade plan consists of 2 possible entries First entry begins now on the long side at 61,897 SL: 60,768 TP: 64,407 This is a 1:3 Risk to Reward Setup Now if we end up getting stopped out, I'll look to enter again on the long side at the 60,000 support handle with a stop loss below the lowest point onscreen and the target remaining at 64,407. Something to consider: If stopped out on first entry, double up on the second entry. Important Notes: To mitigrate risk, best to place an alert at the 60,000 handle rather than placing a pending buy limit order. This will allow us to monitor momentum to ensure the 60,000 area will remain supported.
BITSTAMP:BTCUSDLong
by Michael_Harding
1
Learn Your EDGE - Trust Your EDGEYou can learn a methodology trust the methodology and be consistent. This weekly planning session is based on the H4 Indices, the idea is to do another major basket analysis after Tuesday trading. This analysis examined the AUD/USD, GBP/USD, USDJPY & USDCAD. H4 Indices Portfolio Selection BULLISH: AUD, JPY, GBP, CAD, NZD BEARISH: USD, EUR, ------------------------- BUY PAIRS: AUDUSD, GBPUSD, NZDUSD SELL PAIRS: EURAUD, USDCAD, USDJPY
by Charts247TradingAcademy
What's Next for Bitcoin?Taking a look at the daily timeframe, price action continues to trend lower in the bearish channel. In the event we get another daily candle that closes below the last, I would expect to see further downward momentum towards 55,000, and then 52,000. Stochastics is overbought and RSI is holding below 50. These are 2 additional technical confirmations that this pair is likely to trend lower. This week we also have Core CPI data on Wednesday. If we get a strong report, we may see a crypto selloff as the dollar will likely strengthen.
BITSTAMP:BTCUSDShort
by Michael_Harding
🔆 Trade Plan for GRT (The Graph) 🔆🔍 Analysis: Support Found: GRT has potentially found support at $0.333, signaling a possible reversal. Entry Consideration: Entry at $0.333 provides an opportunity to capitalize on the anticipated reversal, with a clear support level identified. Take Profit: Targeting the next areas of resistance at $0.419 or $0.485 to capture potential gains as GRT moves higher. Risk Management: Implementing a stop-loss at $0.3190 helps mitigate downside risk and protect the trade from adverse price movements. 💼 Trade Plan: Entry Strategy: Enter the trade at $0.333, acknowledging the support level and potential for reversal. Profit Taking: Consider taking profits at the next resistance areas of $0.419 or $0.485, adapting to market conditions and price action. Risk Management: Utilize the stop-loss at $0.3190 to manage risk and safeguard against unexpected price fluctuations.
Long
by Richtv_official
How to Trade EURUSDThe daily chart shows bearish continuation following the pullback of the 61.8% level from early March. On screen I have two bearish targets. The first one around the 1.0650 where we may find support from the descending trendline. My final bearish target is currently set at the 1.05 handle where we had support back in October of last year. == How to trade this pair == 1. Wait for bullish pullbacks to scale short positions with small lots relative to your equity and aim to hold with a trailing stop. 2. If you decide to go long with this pair, I would only seek small targets.
Short
by Michael_Harding
📉📈 PYTH Support and Potential Upside! 🚀💹 📊 Analysis: Support Zone: PYTH is compressing down to $0.905, indicating a support zone. Building Up: Signs of building up are observed in this support area. Laddering In: Consider laddering into positions at this level. Next Support: If $0.905 fails, next support likely at $0.80. 📈 Trade Plan: Entry: Initiate a trade around $0.905. Take Profit: Target set at $1.10 for potential upside. Stop Loss: Place just below $0.78 to manage risk. 🌟 Note: Stay vigilant for any shifts in market dynamics and adjust strategies accordingly! 🌐🚀 #PYTH #Support #TradePlan 📊📈
PYTH:PYTHUSDLong
by Richtv_official
Gaps and How Markets Move In Contraction and ExpansionThere are several ways to trade gaps but first, there should be a solid understanding of what Gaps are and how they show up. Markets aren't that hard to read if we have some simple ways to see them that adhere to the principles of movement. All markets move in contraction and expansion. A Gap is the sudden supply/demand imbalance that comes out of the contraction and shows up as the expansion. These expansions can even be used to measure how far the next expansion will go. Start with a simple bar chart and erase everything else off the chart. Look and simply see the dense areas of contraction (Range). Then see the expansion (Gap), followed by another contraction. Look for same-size contractions and expansion and you will start to see how organized price flow can be. It's no different than swings in that minor contractions and expansions make up the major contractions and expansions. Shane
Editors' picks
NASDAQ:KTOSEducation
by ShaneBlankenship
19
EURUSD - Likely to ConsolidateTo start the week, this pair continues to consolidate above the 1.08 handle amid mixed market sentiment from last week. On the 15 min timeframe I placed two areas of interest (aoi) with horizontal lines. Should price action reach either of those lines within the next 2 trading sessions, I'll take look to see if there's a low risk trade. Continued talks of lowering interest rates this year could weigh on the US dollar. This Friday is a holiday, (Good Friday) however we do have the month's end PCE report which may cause this pair to continue it's sideways motion.
by Michael_Harding