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What ProAct Forex Target Traders See: We are currently sitting @ 1.3867 looking to finish a 3rd wave to the top. A couple of different scenarios: 1: a bounce on the former pennant line and a move to the 1. 270 Fibo @ 1.4004 area) 2: An a-b-c correction to the trend line @ 1.3780 area would set up a nice wave to the same target . The average daily true range (ATR) for the pair currently is 72 pips.
Added by Scott Barkley on March 8, 2014 at 1:00pm — No Comments
An important aspect of successful trading is the concept of creating boundaries and rules to help present the market to yourself. There is no exact correct way to do this but I will share my general view of this using a current EY chart to demonstrate.
First off , define a trend, theres many ways to do this,…Continue
USDCHF: With USDCHF giving back its earlier gains for the week to close lower marginally lower the past week, more decline is likely in the week. This is with a lot of caution. Support comes in at the 0.8700 level, its psycho level. Below here will set the stage for further weakness towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, resistance…
Added by fxtech on March 8, 2014 at 1:07pm — No Comments
The daily time frame of the AUD vs JPY has closed on Friday creating a gravestone doji at the resistance level between 94.090 and 94.457. This candlestick is a representation of supply and demand being equal as price opened and closed near the low of the day. What is significant is how high price moved up but the bears overpowered the bulls and pushed the price nearly 90 pips down from the upper resistance zone…Continue
I have sold NZD/USD @8453 few minutes ago after it was rejected at the top of the horizontal channel. The channel is formed in an eight (8) hour chart. Price was in ranging mode with massive accumulation process (just…Continue
GBPUSD - Trade Recommendation
Added by Omkar Godbole on March 7, 2014 at 9:30am — No Comments
ANZ - "· Declining resistance (off 2008’s 1.6040 high), which capped EUR/USD at 1.3885-90 in December, is being breached (1.3820-25 this week).
· A weekly close above 1.3825 (confirmed above 1.3895) should trigger a range flip to 1.4150 if not a broader measured target of 1.4420.
· Despite breaking declining resistance, broad patterns since 2008 are considered corrective with strong resistance likely at 1.4420-50.
· A close below 1.3820 would reduce near term upside…Continue
Added by Francesc Riverola on March 7, 2014 at 10:54am — No Comments
US Non Farm Payrolls data impact on markets - Scenario Analysis
Today is a big day for the markets; the US NFP report will be released later at 13:30GMT. The expectations are 151K. Number above it will send the USD higher and EUR would reverse from resistance while figure around 130K or even lower with be ca catalyst for EURUSD move above 1.3900.
Technically speaking we still don’t know if EURUSD is now at the top of wave D that is part of a triangle or if pair will continue straight up. However, short-term charting suggests a reversal down…
Added by Gregor Horvat on March 7, 2014 at 9:24am — No Comments
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LONG EUR above 1.3830 SL 1.3815 TP 1.3870-1.3890-1.3910-1.3925
SHORT EUR below 1.3925 SL 1.3950 TP…Continue
The EURUSD maintained a strong bullish momentum yesterday , printed support at 1.3720 levels . This development leaves the pair targeting the 1.4000 levels where a breach will turn focus on the 1.4120 levels , further out will aim the 1.4280 levels.
On the downside , minor support comes at 1.3832 levels , stability above this level will build strong pressure on the 1.4000 levels, losing the 1.3832 levels would open 1.3775 next , below 1.3775 will look for main support at the…Continue
As shown on the 4 hour chart below , the EURUSD pair is trapped inside a triangle , with potential break to the upside , note that the pair was rejected from the key support 1.3693 with bullish divergence , resistance comes at 1.3750 levels , break of 1.3750 will have large bullish implication and should recapture the 1.3825 levels , a breach is very likely , If seen , the first assumed target at 1.3900 levels will be reached .
On the downside , support comes at the 1.3693 levels ,…Continue
EUR/USD: Buy above 1.3735, TP 1.3780, SL 1.3700, BOS 1.3675
(Dollar index is locked between a triangle, drop is expected. SMA 100 and 200 are indicating bullish trend for EUR, but today factory data is important)
GBP/USD:Buy Above 1.6702,TP1.6740,SL1.6672,BOS1.6662
GOLD: Sell Below 1337,TP 1328,SL1342,BOB1343
CL: Buy Above 100.84,TP101.35,SL100.50,BOS 101.40
USD/Jpy:Sell Below 102.75, TP 102.40, SL103, BOB103.10
Today Important News:GBP…
EUR has tested 1.3700 support yesterday, but couldn't progress over 1.3750, finally closed the day close to 1.3730. Worse US data din't not affect the price at all, market completely ignored that and all eyes are on the ECB for today. If we are not able to progress over 1.3770 today, the pair will become under a heavy selling pressure with targets around 1.3600 and maybe below.Only above 1.3770 we shall try to reach 1.3825-30 which has rejected the price several times. If that is broken too…Continue
The pound-dollar pushed higher today as the market rejected dynamic support and now looks poised to make another run higher as the uptrend regains momentum. With the NFP news announcement on Friday we expect to see a lot of volatility on this pair into the end of this week - the most likely scenario remains an upside advance.…Continue
Recommendations: LONG positions above 1.3693 with 1.3750 & 1.3775 as next targets.
Alternative scenario:The downside breakout of 1.3693 will call for a slide to 1.3660/1.3625.
Description: Intraday outlook in EURUSD remains on the upside as long as levels 1.3720/1.3693 hold on hourly basis, break of 1.3775 on hourly basis is needed to resume the upside offensive, If seen It will target the 1.3800/1.3830 levels , further out…Continue
EUR/USD: Sell Below 1.3740, TP 1.3710/1.3695, SL 1.3775, Buy stop 1.3780
(dollar index is strongley supported near80.10 and eur usd SMA Analysis are indicating a bearish trend)
GBP/USD: Sell Below 1.6695,TP1.6630,SL1.6725,BOB1.6705
GOLD: Buy Above 1333,TP 1343/45,SL1330,BOS1328
CL: sell below 103.50,TP103.10/102.75,SL103.90,BOB 104
USD/Jpy:Sell Below 102.45, TP 101.90, SL102.50, BOB101.55
Added by Usman Ali on March 5, 2014 at 7:42am — No Comments
Added by Carol Harmer on March 5, 2014 at 7:34am — No Comments
No respite for Japan and Sell Yen in long term, my opinion on BOJ Economists' comments
Added by Omkar Godbole on March 5, 2014 at 7:04am — No Comments
EUR is still consolidating below 1.3770. All are waiting for the next move from the ECB. Closing today below 1.3730 will make bulls' situation even more complex. Traders still avoid going SHORT and are very careful. Today more of the same can be expected with testing 1.3700 and 1.3770, which are the support and resistance levels. We have to wait for the ECB next move to see a breaking out of this range.
GOLD bounced back by the Weekly resistance 1354 and tested 1331 support area. For…Continue
Added by Vladimir Mihaylov on March 5, 2014 at 6:10am — No Comments