If we look at price action last week, CHF weakness is quite obvious. Only the EUR failed to make any gains against it. Will this continue this week? Who knows but this made me take a look at CHF crosses for opportunities. CADCHF looks great and USDCHF as well. But would it not be better to pick a pair that has not gained a lot of ground already? Even though AUD was not the strongest currency last week, AUDCHF looks a good possibility to me.…Continue
"(...)The euro has peaked at 1.38 against the dollar for the year. First, October's very weak Eurozone inflation data has strongly increased the risk of the European Central Bank cutting interest rates. Second, the latest Federal Open Market Committee meeting did not rule out the Fed tapering asset purchases even as early as this year. America's economy will need to bounce back from last month's government shutdown for the Fed to start lowering its pace of quantitative easing. That would…Continue
Added by Daologic on November 3, 2013 at 5:55am — No Comments
Recommendations: SHORT positions around 1.3650 with 1.3472 & 1.3325 as next target.
Alternative scenario:The upside breakout of 1.3832 will call for a rebound to 1.4025/280.
Description:The EURUSD failed to hold its gains above the weekly resistance 1.3785 and printed a new resistance at the 1.3832 levels, support comes at the 1.3472, losing this level would open 1.3325 levels,below 1.3325 would target 1.3104 levels.On the…
EUR/USD had a terrible week, falling around 300 pips. Is the pair oversold, or does the fall in inflation justify an extension of the fall? The euro is now in the hands of ECB President Mario Draghi and the rate decision becomes even more important that normally. In addition, manufacturing and services PMIs, employment and industrial data will also move the common currency. Here is an outlook for these events among others, and an updated technical analysis for EUR/USD, now on much…Continue
Added by Yohay Elam on November 3, 2013 at 5:31am — No Comments
Recommendations: SHORT positions below 1.3870 with 1.3472 & 1.3104 as next target.
Alternative scenario:The upside breakout of 1.3870 will call for a rebound to 1.4025/375.
Description:Although the EURUSD broke above 1.3710 last month, but the pair failed to hold above the 1.3710 levels, the scenario suggests a big reversal might be on the way , support comes at the 1.3471 levels , losing this level on a monthly basis would…
"GBP/AUD’s 2013 rally might be over. The cross has battled back against the long-term bear trend this year, reaching the initial retracement resistance of the 2008/2013 drop by August. At this point though, monthly patterns of trade suggest that the rally is over.
A monthly “evening doji star” reversal has formed over the past three months—usually reliable signals of a trend change. It’s very early days in the process at the moment—considering these are monthly signals—but further…
"The risk of a correction in EUR/USD that we highlighted last week has been realized but the drop in the EUR has been more severe than we imagined. Support in the low 1.37s and mid 1.36s provided no such thing, in fact, leaving EUR/USD looking rather precariously poised just above 1.3450 through the close of the week (converging with rising channel support, currently 1.3430). Note that the slow stochastic oscillator is rolling down bearishly on the daily chart and bullish short-term trend…Continue
"A big, bearish “engulfing” pattern on the weekly candle EUR/JPY chart suggests the cross is struggling to sustain the rally that has been losing momentum for some time. The rising wedge-like pattern of trade over the past few weeks, the twin stumbles in the mid 135 area in the past couple of weeks and this week’s hefty fall in price suggest that, between EUR/USD and USD/JPY, the EUR may bear the brunt of any adjustment (higher) in the USD. Major trend support at 132.50 may come under…Continue
Added by Daologic on November 2, 2013 at 7:59am — No Comments
What Forex Target Traders See: We are currently sitting @ 1.3490 after the largest one week decline since the week that ended 7/6/2012. The pair is working a big downtrend now which could bottom out below 1.3200. We are looking for a shallow pullback around 1.3560-85 before a movement to the S5 @ 1.3457 then the 0.786 Fibo @ 1.3378. The average daily true range (ATR) for the pair currently is 81 pips.…Continue
Added by Scott Barkley on November 1, 2013 at 11:38pm — No Comments
EUR/USD continues suffering, and extends its losses. The main drivers for the big fall are the not-so-dovish rate statement in the US and more importantly, the deflation dread in the euro-zone. The ECB is now expected to act in order to combat falling prices and this weakens the euro. The action continues even though some European countries are on holiday. important events are due in the US at the wake of a new…Continue
Added by Yohay Elam on November 1, 2013 at 10:30am — No Comments
On Tuesday, I wrote an article saying that the Euro was too high at 1.38 against the US dollar. Many analysts disagreed with some spouting out 1.40 is inevitable. Don’t want to blow my own trumpet but I will, it is currently hovering just above 1.35 and looking like it is going to continue this sharp decline. However, 300 points off the level from Tuesday is quite a fall in such a short duration. FX markets are extremely volatile and when many positions are being traded…Continue
MARKET UPDATE 1.11.13
EUR/USD: Sell below 1.3560,TP1.3510/3483,SL1.3595,BOB 1.3603
GBP/USD: Sell Below 1.6035,TP1.5990/70, SL1.6040, BOB1.6050
GOLD: Buy above 1325,TP1333/36,SL1320,BOS1318
CL: Buy Above 96.50,TP96.85/97.10,SL96.10,BOS 96
USD/JPY: Buy above 97.85,TP98.25/,SL97.68,BOS,97.60
GBP Manufacturing PMI at 2.30pm, FOMC Member Bullard Speaks6.10pm US ISM Manufacturing PMI 7pm
BOB stands for break out buy and…
Last days to register for
The EURUSD maintained a strong bearish momentum yesterday , topped at the 1.3738 levels and bottomed at the 1.3574 levels, now pressure will be on the 1.3574 levels.The EURUSD will have to hold below the 1.3574 levels on a daily closing basis to push the market for further downside losses, If seen ,It will target the 1.3505 levels, a halt is suggested , but a breach will turn focus on the 1.3415 levels, further losses will aim the 1.3317 levels.
Alternatively, a failure to hold…
Recommendations: SHORT positions below 1.3740 with 1.3685 & 1.3650 as next targets.
Alternative scenario:The upside breakout of 1.3740 will call for a rebound to 1.3770/810 .
Description:As long as the pair trades below 1.3740, It will remain under negative pressure with risk towards the 1.3685 ahead of 1.3650 levels, below 1.3650 would open 1.3615 ahead of 1.3567 levels.On the upside , break of 1.3740 on hourly basis would only…
MARKET UPDATE 31.10.13
EUR/USD: Sell Below 1.3710, TP1.3675/60, SL1.3735, BOB1.3738
GBP/USD: Sell Below 1.6022, TP1.5985, SL1.6040, BOB1.6050
GOLD: Sell Below 1338,TP1330/27,SL1343,BOB1345
CL: Buy Above 96.35,TP96.80/95,SL95.95,BOS 95.90
USD/JPY: Buy above 98.25,TP98.50/73,SL97.95,BOS,97.90
BOJ Press Conference tentative, Unemployment Claims 5.30pm
BOB stands for break out buy and BOS stands for Break…Continue
Added by Carol Harmer on October 31, 2013 at 6:08am — No Comments
*** Intra-Daily Trading Strategy: BUY British Pound / US Dollar
Buy Target: 1.6046
Buy Stop: 1.6001
Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price.
(NOTE: Adjust Stop Loss Price according to your trading risk.)
Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING…Continue
Added by Martin Kay on October 31, 2013 at 4:13am — No Comments
1. Remember to place here you calls for USDCHF price for Friday November 1 - 2013 London Open at 7:00AM GMT or 8:00AM BST (British Summer Time).
2. Just place ONE forecast, example: USDCHF at 0.9105
3. All forecasts must be…Continue