MJFxedge

MJFxedge

The AUDUSD held Tthe important level at 0.7000 last week, but there wasn't momentum buying and it finished the week near $0.7030. The RBA meets and is expected to ease policy, including a small rate cut and more bond-buying. 0.7080-$0.71 is now a zone of minor resistance and if volatility picks up risk is to go past 0.7150. On the other side if we break below...

MJFxedge

The COT data for Non Commercial(Large Speculators) saw an increase in JPY net positions, adding 8.6k in longs and 1.9k in shorts. it is an NFP week, election tensions and vaccine speculation could all be a mover this week. Watch closely what the price action is doing around 104.50 and 106.20

MJFxedge Updated 

I have taken long position

MJFxedge Updated 

Entered short position

MJFxedge Updated 

Entered in short position

MJFxedge

I have taken long position

MJFxedge

Month end fixing and USD weakness has helped GBPUSD to set fresh high for 2020. However, this week is packed with and NFP, Brexit and Covid news, all set to become big drivers of price movements in this pair. Often a fresh breakout is followed by few dilemmas: chase it or wait for a pullback? is it just a trap and therefore false breakout? So we look at the...

MJFxedge

USD weakness is a longer term view, due to Powell`s speech and lower rates for a longer time, but COT data have suggested that speculators net positions in EUR are at a record high, so risk reward ratio might be better if there is a short term pullback. As long as the price stays above 1.7775, it is supporting further move up. The break of high from a few days ago...

MJFxedge

Despite yen strength, the price of Gbpjpy is holding up. Depending on where it closes today and on Monday, we will have a better view of where is more likely the price to move next week. If it closes above 141, it is opening a new window of trading in a range of 141-145 (blue rectangle). Closing below 140 we are back to a red rectangle and a higher possibility of...

MJFxedge

To make EurJPY uptrend intact the price needs to stay above 124.40 and to be able to clear resistance around 126 level. Abe resignation might have shaken things a bit but as soon as there is a news about his replacement EurJpy should resume its move upward

MJFxedge

Abe's resignation and consequent yen strength across the board cleared all the USDJPY move up from the past seven sessions. Back at the starting point, important levels to watch are 105.00 and 104.40 where we will know better if this is just the kneejerk reaction to uncertainty about Japanese leadership or more fundamental move

MJFxedge

With dollar weakness and news packed next week, there will be an ample opportunity to get into some positions. Looking to either retest support near 1.3030, or make an upward move towards the trendline that will now act as resistance (1.3230) stay awhile at that level and resume the selling. It will all depend on sentiment and how market participants react to...

MJFxedge

After forming double top will wait for break and test of the uptrend trendline to short USDJPY. Of course before taking any positions will take into consideration current fundamental news and risk sentiment enviroment

MJFxedge

I am looking to sell EURJPY due too few confluence level piling up as resistance in what seems to be quite dull session

MJFxedge

USDCAD is trading near the swing high supported by decline in price of crude oil and overall dollar strenght. But if it fails to break and stay above resistance area I will be expecting sharp decline towards the previous low.

MJFxedge Updated 

RBNZ meeting on Thursday can provide trading opportunity despite no expected change in interested rates or policy. Recent data have been overall weaker then expected and it might trigger RBNZ to take more dovish stance in their statement.

MJFxedge

Playing on Risk off sentiment from previous week, will wait for the successful test of 23.6% Fib Level before entering short for target profit to 75.70 Will be closely watching geopolitical risks and this week`s macro data releases

MJFxedge

AUDUSD has tested and broke above supply area but whether it will be failed attempt and price go back below is left to be seen. On daily chart there is shooting star in forming. Next week the only news from Australia are Consumer inflation expectation and Consumer confidence as well as home sales data. So it all will depend on dollar strength across the board and...