GBPUSD analysis for the week of 30-April-2018 – testing the support

GBPUSD analysis for the week of 30-April-2018 – testing the support

GBPUSD has fallen for two consecutive weeks. The fall was rather drastic on Friday due to the weak GDP data from UK. We can see that this week’s action will be crucial for the direction of the pair. It could soon test the uptrend line that we have been observing for quite some time now. If the trendline is broken to the downside it could send the pair much lower. This could happen if the fundamentals from UK disappoints again in the coming week, and/or due to the strength of…

Read More

AUDUSD analysis – Weekly uptrend lines broken

AUDUSD analysis – Weekly uptrend lines broken

The trading week of 23-27 April 2018 has been significant for the AUDUSD pair. A major weekly uptrend line that has held since the late 2015 has been broken. It looks like there may be a pull back to test the trendline and then continue the move downwards. There is another support just below around 0.7500 area. If that is broken, the pair can unwind to the downside rather quickly. Trading preference At this moment the preference is to short the pair once the up trendline has been tested and…

Read More

USDCAD trading idea for the week of 23-April-2018

USDCAD trading idea for the week of 23-April-2018

This currency pair initially fell during the week but then found support around 1.25. This coincided with the interest rate announcement from Canada. Since then the pair has rallied for 3 consecutive days, and accelerated further due to the weak retail sales and CPI data from Canada on Friday. Those who think that Canadian Dollar will always rally when Crude oil price goes up, should realize that the fundamentals from the economy is also equally important. We are beginning to see the weakness in Canadian economy at the moment. It…

Read More

GBPUSD Trading idea for the week of 23-April-2018

GBPUSD Trading idea for the week of 23-April-2018

GBPUSD pair initially tried to rally, but rolled over and has fallen for 3 consecutive days beginning on Wednesday. This was due to the disappointing CPI data on Wednesday and the equally disappointing retail sales data on Thursday. The pair closed the week a handful of pips above 1.4000 level. This level could offer a bit of a support, but can easily break due to the weak fundamentals. Therefore it looks like if anything could provide support, it will be the up trendlines as shown below. Trading Preference We need…

Read More

AUDUSD trading idea for the week of 23-April-2018

AUDUSD trading idea for the week of 23-April-2018

Even though Australian Dollar initially tried to rally during the course of the week ended, it rolled over and fell below 0.77 handle. The beginning of the fall was due to the disappointing employment data from Australia. However, there is support to be found just below. There is a massive up-trend line that has held for quite some time. Trading idea for the coming week The up trendlines can offer strong support but can also unwind the pair to the downside significantly if it is broken. Therefore it is best…

Read More