EURCHF has seen a parabolic move upwards for the most part of last week. However, it is now facing resistance on the daily timeframe. We can see that the pair has formed a hanging man pattern. It will be a big hurdle to break above the daily resistance. A break below the tail of the hanging man could send the pair looking for the key area of support again. Fundamental Analysis Last week on Thursday, German and french manufacturing data as well as German PPI figures missed their expectation. Overall…
Read MoreMonth: April 2019
EURUSD Trading Idea for the week of 6-April-2019
Last week EURUSD went back and forth in a rather tight range. We are currently just above the support level of 1.1200. Trading Preference – Inverse Head & Shoulder The preference is to buy the pair at this level, based on the strong support level and we can also see Inverse Head & Shoulder pattern as shown on the chart. If the price breaks below 1.1150, it is a very bearish scenario though. So keep caution trading this pair. Disclaimer: Our analysis and forecasts given on this website are just…
Read MoreAUDJPY Trading idea for the week of 8-April-2019
AUDJPY has been in an overall uptrend for the past two weeks. However the currency pair has now reached a massive resistance zone and closed on Friday to form a shooting star on the daily time frame. Trading preference We can look at 4-Hour time frame and look to sell when the rising wedge has been broken. Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice. Recommended forex brokers
Read MoreUSDCHF Trading Idea for the week of 06 April 2019
After a big downward move earlier, USDCHF has been consolidating in an upward channel. This is usually termed as a bear flag. Trading preference The price is currently staying around the upper bound of the consolidation channel. This is often a good area to sell for a short term trade, the lower line of the channel being the target. However, we can also see a bigger longer term move, as bear flags when broken, can move down much lower. The case is also made stronger when we look at the…
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