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…
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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…
Read MoreEURUSD inverse head & shoulder pattern on H4
EURUSD staged a massive rally last week and has closed the week above 1.1600 level. This upward movement has been largely due to USD weakness rather than EURO strength. We can see an interesting pattern on the 4-hour time frame. It is an inverse head & shoulder pattern. This is a very bullish sign for the pair, especially when there are signs that USD may further weaken. Trading preference The preference is to buy the pair, especially if it can break above 1.1630 level (Friday high). Recommended forex brokers
Read MoreXAUUSD forms a bullish harami 27-Aug-2018
A bullish harami has formed on the weekly chart of price of Gold. This is a bullish sign. Gold closed the week above the important level of 1200. The market has bounced from this area previously. We can also see that this move has broken the up trendline on 4-hour charts. Trading preference It is possible that Gold is getting ready to rally as USD is expected to weaken. If you are entering on the H4 chart, it is a good idea to see if there is a retest of…
Read MoreAUDUSD trading idea for the week of 27-August-2018
During the week of 19 August 2018, we saw that Australian Dollar rallied initially but fell vigorously due to political uncertainty in Australia. As the situation has been solved, so has Australian Dollar recovered on Friday. Even with all the trouble, AUDUSD did not fall below the tail of the previous week’s hammer. Fundamentals Analysis After Fed Chair Powell speech on Friday, US Dollar weakened, Gold has shown signs of beginning to rally. This is bullish for the Australian Dollar. At this point, the tariff warn between USA and China…
Read MoreAUDUSD trading idea for the week of 14-May-2018
AUDUSD fell during the first three days of the last week but found support underneath the 0.7500 important support area. It then rallied back and formed a long hammer for the week. This hammer has been preceded by a hammer from the previous week as well. This could mean that the pair can now go and re-rest the up trend line that has been broker the previous week. Trading Preference The preference at this moment is to buy the pair as we can also anticipate a corrective move of USD…
Read MoreGBPUSD 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…
Read MoreAUDUSD 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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