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GBPCAD - Looking for Shorts After GDP Data!UK leadership hopefuls launch campaigns to take control of Brexit today. Initial news due around 17.00 CET. Boris Johnson is the main candidate and he is pro-Brexit. GBP is being pressured because of this, since no EU-Government wants to see a no-deal Brexit. At the same time, Canadian data was extremely strong and we like the odds of further weakness in GBPCAD today. UK GDP is due in around 1H, and we also suspect it will be worse. Sell on worse data, or after a pullback to resistance.
Short
by Sam_Eder
EA Stock Analysis: Intraday Timeframe Chart PatternConclusion for today’s EA stock analysis: A close above ~102.38 implies higher prices in EA (Electronic Arts Inc.) Intraday timefame chart of EA is examined in this analysis using a 6 hour candlestick chart. The main consideration and focus is the tentative bullish price channel that is highlighted on the chart. Ellipses on the chart indicate pivots used to draw the channel with a price low of 90.25 (on June 04, 2019) establishing the most recent price level for the channel. Immediate resistance and price level that presents a challenge for the price of EA is between 102.38 (upper boundary of resistance) and 99.15 (lower boundary of resistance). Price successfully closing above 102.38 implies higher prices in EA (Electronic Arts) and the expected target of the bullish price swing is the upper boundary of the current channel at ~ 126.93. Less conservative strategies to initiating a long (buy) position(s) would seek to enter a trade prior to the upper boundary (102.38) giving way and stop losses ideally should be placed just below the lower boundary of the bullish channel at ~89.65. Conservative strategies on the other hand to enter a long (order) can be carried out on a breakout above 102.38.
NASDAQ:EALong
by Coin_Analyst
XAUUSD Analysis: Bullish Move On the Horizon?Conclusion for today’s XAUUSD technical analysis: Price closing above ~1345 confirms a bullish break for the XAUUSD. The Daily timeframe covers over 4 years of price action with the main focus for today’s XAUUSD analysis focused around the symmetrical triangle chart pattern that has been established since July of 2016. The aforementioned pattern came after a selloff in XAUUSD and therefore presents sideways price action that suggests a change in trend. Moreover the minimum requirement for an Elliott wave contracting triangle (3-3-3-3-3) has also been satisfied which further argues for higher prices in the XAUUSD. A breakout (confirmation) above the upper boundary of the falling wedge (diagonal) pattern that lasted just over 3 months implies bullish strength. This was accompanied also by price successfully testing its 200 Day Moving average and maintaining its current upward slope. The width of the triangle is also indicated on the chart and can be used for projection to determine the minimum expectation for taking profit.
FOREXCOM:XAUUSD
by Coin_Analyst
2
EURNZD - Sell on Intraday Pullbacks!The Euro has held up recently due to the US Dollar weakness. However, ECB Villeroy said Europe was facing great economic uncertainties, with trade tension the biggest threat to growth. On the data front, Eurozone CPI was softer than expected. At the same time, Kiwi did receive a bit of support after the RBNZ Assistant Governor said rates would remain 'broadly' around current levels. Tomorrow's ECB meeting is forecast to be on the dovish side. We expect more weakness in EurNzd going forward. Prefer intraday pullbacks towards 0.7000 to get aboard.
Short
by Sam_Eder
AUDCAD Analysis: Intraday Timeframe Chart PatternThe 1 hour timeframe of the AUDCAD is presented with a closer look at the most recent chart pattern development and price action. Price action from May 22, 2019 to current date is captured using a rising wedge (diagonal) chart pattern (ideally bearish). Besides, price closing outside of the chart pattern provides confirmation that lower prices can be expected in the AUDCAD. The use of Fibonacci lines enables the likely area of support to be determined in order to understand the potential or tendencies for the current uptrend. The 38.2%, 50% and 61.8% Fibonacci price levels are the key levels of interest and as a last resort, 76.8% Fibonacci price level (not shown here). Lack of support at the 61.8% price level (i.e. 0.92784) implies an increase in bearish strength in the AUDCAD and an expectation for a close below the May 22, 2019 price low of ~0.92035. On the other hand, consolidation at any of the price levels mentioned above implies a retracement of the bullish price swing from May 2 and therefore bullish upside and resumption of uptrend. In the case of a retracement of the current uptrend, the most conservative way to buy the AUDCAD (or go long) involves buying on a breakout above ~0.93972.
by Coin_Analyst