Tag: Forex

Analysts at Goldman Sachs offer key technical levels for trading the USD/CAD pair in the coming days.

“The next interim support is down at 1.30-1.2974; includes the April uptrend as well as a 1.618 extension target.

There are a few technical resistance levels down to 1.2890 but believe there is scope for a decline.

Consider selling into 1.3282 no higher than 1.3350. Confidence below 1.3206. Next in focus 1.3120. Scope to retrace between 1.30 and 1.2878.

Source

I have been trying to short the USD/CAD for several weeks because I too think there is more downside risks.

Forex Analysis Report 1-27-19…Will The USD/CAD Continue To Rise??? – Part

10,000 Foot View – 4 Hr Chart

Zooming In

What I like about this zone is its a level on level zone. Meaning as price left the zone it actually formed another zone as indicated by the yellow circle. Price has already reacted to this lower zone as indicated by the wick (pink zone) denoting sellers in the area.

Because price has been making higher highs and higher lows, this is a counter-trend trade. The trade set-up is offering at least a Reward to Risk ratio of 3:1.

10,000 Foot View – 4 Hr Chart

Zooming In

What I like about the zone is price left the zone, pulled back and barely penetrated the zone (green circle), then dropped more than 200 pips from the zone, denoting sellers right above. The white rectangle represents filled orders and if the trades works outs, price should be able to get to at least the orange arrow.

Price then returned and approached the zone very quickly. I happened to be in front of the computer, so I watched the price action before entering the trade. I was specifically looking for price to break down

Yesterday, I had a set-up on the NZD/JPY, my initial risk was 30 pips, but then I modified the limit entry and tried to be too cute by lowering the risk. Nevertheless to say, the trade would of been triggered based on my original zone.

Daily Chart (curve/range time frame) – daily candle above the 12 MA and momentum is to the upside.

4 Hr Chart (trend time frame) – the trend is up.

60 Min Chart (entry time frame) – nice pull back to the 1 hr demand zone.

Original Zone

Modified Zone

At this point, I’m

Several weeks ago, I talked about a trade set-up where I was looking to short the USD/CAD, but it never pulled back.

So, I identified another trade set-up on the 60 min time frame with the opportunity to jump on the short which I talked about in that same post.

Forex Analysis Report 1-10-19…Will The USD/CAD Continue To Rise??? – Part 2h

The USD/CAD broke below the 1.33 handle was went down more than 100 pips on Friday during the US forex session.

U.S. dollar went down ahead of this week’s FOMC meeting because the expectation is that the Feds aren’t going

This was a trade set-up I took after posting about the Aussie going lower two days ago.

Currency Analysis Report 1-22-19…Aussie Set To Go Lower

China is Australia’s largest trading partner in terms of both imports and exports and as a result, Australia is more affected by China’s economy than most countries. As China goes, the Australia currency, the Aussie goes.

Daily Chart (Entry Time Frame) – although not the best zone, one set-up was already missed when price entered and left the daily supply at this time there is no trade set-up.

So wait for a pull back to the

The last time I spoke about the Aussie was three weeks ago and at that time, there were no set-ups.

Currency Analysis Report 1-1-19…Aussie Sinks On China PMI Data

Source

But then the Apple forex flash crash happened.  Apple suffered its biggest single-day loss in 6 years and the stock closed the day at its lowest price level since July 2017 after cutting revenue guidance of $9 billion. 

The announcement occurred right at the beginning of the Forex trading day, the Japanese session, where there was no liquidity and where the algos put on sell programs.   As a result the price absorbed all

On Friday, I had a great set-up on the USD/JPY. Again, since I’m a forex swing trader, this new strategy will allow me to get into more trades. So, the set-up was the following:

Daily Chart (curve/range time frame) – daily candle in the middle of the curve, but price broke the recent pivot high (white dashed line).

4 Hr Chart (trend time frame) – the trend is up.

60 Min Chart (entry time frame) – the hammer candle (green circle around wick) indicated buy orders just below. But price never came back to my zone. The reason why I

Two years ago, England voted to leave the EU.  Today, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union.  The withdrawal agreement was rejected by 432 votes to 202. The 230 vote defeat is thought to be the largest in U.K. political history.  U.K. government now has just three working days to map out a new plan of action.

The more Brexit lingers, the probability decreases England will leave the EU.  Many think leaving the EU will hurt England.  A Bank of England report in late 2018 said leaving the EU would result in