GBPUSD Trading idea for the week of 7-May-2018

GBPUSD Trading idea for the week of 7-May-2018

GBPUSD has fallen rather significantly for three consecutive weeks, and we can see that an important uptrend has been broken. This is a very important development for this pair. Week economic data from UK has contributed to this, in addition to the strength of US Dollar. Trading Preference Preference is to sell the pair. It is possible that the pair can bounce up and test the trend line before the continuation of the move to the downside. However, break below last week’s low can also be a good opportunity to…

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AUDUSD trading idea for the week of 7-May-2018

AUDUSD trading idea for the week of 7-May-2018

AUDUSD traded around 0.7500 which is an important area of support. At times the dips went as low as 0.74725. However the break below the support was not sustained and hence the pair bounced back above 0.7500. When we look at the weekly chart, this has been translated into a hammer. Trading preference The hammer is bullish sign, therefore it is possible that the pair can go to test the uptrend line before continuing its fall towards support and even below after that. The preference of trading at this point…

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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…

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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…

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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…

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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…

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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…

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AUDUSD Trading idea for the week of 02-April-2018

AUDUSD Trading idea for the week of 02-April-2018

We can see that AUDUSD pair has formed a bearish doji candle on the weekly charts. However, we can also see that the pair is nearby and almost bouncing from the support provided by a strong weekly and daily uptrend line. It is possible that the pair could go lower looking for a solid support from the uptrend line. This could coincide around 0.7600 area. A strong bounce from there could be a good buying opportunity. If 0.7600 area does not hold, 0.7500 could provide support. Trading preference A daily…

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AUDUSD trading idea for the week of 15-Jan-2018

AUDUSD trading idea for the week of 15-Jan-2018

When we look at the weekly charts we can see that AUDUSD has rallied for 5 consecutive weeks. It has now run into resistance around 0.79000. Therefore there is a possible pull back before continuing to the upside. If you want to trade the retrachment to the downside, it is a good idea to use a lower time frame. Let us have a look at H4. Trading Preference It is a good idea to wait for the price to break to the downside of the current up channel on 4-hour…

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AUDJPY Forecast for the week of 11-Dec-2017

AUDJPY Forecast for the week of 11-Dec-2017

AUDJPY moved back and forth during the course of the last trading week. The weekly candle is a mixed candle which more-or-less showed lack of direction last week. Therefore we can look at shorter time frame to analyse this market. Fundamental Analysis The pair rallied on Friday which seems to be a result of the upward move of USDJPY. Positive retail sales data helped Australian Dollar last week, while Quarterly and Yearly GDP figures missed the expectation. Overall fundamentals are not bad for the Australian Dollar. The Feds are also…

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