Categories
Forex Signals

Ethereum on a Bullish Run – Ascending Triangle In Play!

Yesterday on Thursday, the ETH/USD pair had exhibited dramatic bullish momentum on the daily timeframe, which leads Ethereum prices to soar to 174.68 resistance level. With this, the ETH/USD pair formed an ascending triangle pattern, which can be seen on the daily chart, and it is extending substantial resistance around 174.68 along with support at 164.

The support level of 164 is extended bu the 50 periods EMA which is suggesting chances of a bullish trend continuation on the Ethereum while the MACD is also suggesting chances of a bullish trend continuation in the market.


The recent bullish engulfing candle on the daily chart, formed on Thursday, is supporting odds of bullish trend continuation, therefore, the idea will be to place a buy stop above 177.16 with a stop loss below 165.16 and take profit at 192.16.

Trading Plan Summary
Buy Stop: 177.16
Protective Stop: 165.16
Profit Target: 192.16
Risk/Reward Ratio: 1.25

Categories
Forex Signals

EURJPY Advances in an Ending Diagonal Pattern

Description

EURJPY, in its 2-hour chart, shows the completion of second bearish move corresponding to a wave ((b)) of Minute degree identified in black.

The short-term Elliott wave structure calls for the completion of a wave (c) labeled in blue, which corresponds to an Ending Diagonal pattern. At the same time, its internal sequence shows that the EURJPY cross moves in its fifth inner segment.

On the other hand, the expected weakness in the Japanese currency could be accompanied by the current risk-on sentiment in the stock market.

The next path after the bearish sequence completion, the cross should begin an upward sequence corresponding to wave ((c)) in black, which in our conservative scenario could reach the end of the second wave of Subminuette degree in green at level 117.942. 

The level that invalidates our bullish scenario locates at 116.247.

Chart

Trading Plan Summary

Categories
Forex Signals

Bitcoin: Entry on Consolidation.

Bitcoin had a sharp reversal movement early morning today. This movement is creating an engulfing candle in the daily chart. The hourly chart shows a  complex reversal formation followed by a large bullish candle which creates a morning star figure on strong volume.

The Next hourly candle pierces through the upper limit of the channel and also through the red descending trendline that marks the mid-term downward trend. The following candlesticks are creating a consolidating triangular structure that basically is a continuation signal.

The trade shows a 4:1 RR and the current momentum is bullish, therefore this is basically a trend-following trade.

Key levels of the trade:

  • Long entry level:7000
  • Stop-loss: 6,890
  • Take profit: 7,400

Risk:

  •     1 BTC: $110
  •  0.1 BTC: $11
  • 0.01 BTC:$1.1

Reward: About 4x the risk.

 

Categories
Forex Signals

NZDJPY Progress in a Potential Leading Diagonal Pattern

Description

The NZDJPY cross in its hourly chart illustrates the progress in a potential leading diagonal pattern. This Elliott wave formation calls for further upsides in the coming sessions.

According to Elliott wave theory, the leading diagonal is a five-wave formation subdivided in a 3-3-3-3-3 internal sequence, in where its five segments overlapped one each other tends to appear in a first wave.

Our bullish scenario considers the upside corresponding to its fifth wave of Minute degree identified in black, from the level 64.035, with a potential profit target at 65.830. The invalidation level locates at 63.184, which corresponds to the end of the second wave in black.

Chart

Trading Plan Summary

  • Entry Level: 64.035
  • Protective Stop: 63.184
  • Profit Target: 65.83
  • Risk/Reward Ratio: 2.39
  • Position Size: 0.01 lot per $1,000 in account.
Categories
Forex Signals

Gold Bullish Bias Continues to Dominate – Brace for a Buying Trade! 

Gold is on a bullish run as it’s the pricing has soared to 1,730 level in the wake of increased safe-haven appeal in the market. The U.S. government bond prices increased, pressing the benchmark 10-year U.S. Treasury yield down to 0.637% from 0.751% Tuesday.

On Thursday, the precious metal gold is trading with a strong bullish bias on the back of an increased number of COVID 19 cases around the globe. On the 4 hour chart, gold is trading within a bullish channel, which is supporting the XAU/USD prices above 1,709 level, and these are also providing resistance at 1,738 and 1,747 today.


The RSI and MACD are suggesting odds of bullish trend continuation, which is why we have entered a bullish trade around 1726 with a stop loss below 1726 and take profit of around 1739. 

Entry Price: Buy at 1726 

Take Profit 1739    

Stop Loss 1718    

Risk/Reward 1.63

Profit & Loss Per Standard Lot = -$‭800/ +$1300

Profit & Loss Per Micro Lot = -$‭80/ +$130

Categories
Forex Signals

USDCAD Short

This is a USD CAD short trade where the price action has formed a V shaped reversal and where a modest stop loss is incorporated to lower the risk.

Price action on the pair has topped out at 1.4135 recently, which was largely based on the oil price falling in recent days. However, price action may now be more focussed on the US Dollar which has topped out also on the DXY index at around 100.00 and looks for downward resumption during the US session today.

Instant execution short at around 1.4100

Stop loss 1.4160

Profit target 1.3973

Risk

Standard lot: $600

Mini lot: $60

Micro lot $6

Categories
Forex Signals

EUR/JPY Violates Descending Triangle Pattern – An Update on Signal! 

The EUR/JPY is trading with a bearish bias around 117.150, holding below strong support to become a resistance level of 117.350, which is extended by the descending triangle pattern.  

The COVID 19 updates are consistently impacting the exchange rate of the EUR/JPY pair. French Prime Minister Edouard Philippe said on Wednesday, healthcare staff in France’s most stricken regions by the new coronavirus would receive a bonus of 1,500 euros ($1,637). 

Alongside this, they will receive higher interest than normal for their extra hours, which is positive news for the Euro, but at the same time, it’s increasing cautions of traders about the future of the Eurozone. Eventually, this drives selling bais in the pair, as investors move their investments in the safe-haven currencies such as Japanese yen


Technically, the EUR/JPY is following a narrow range, which can extend selling bias until 116.450. On the 4 hour timeframe, EUR/JPY has violated the EUR/JPY support level of 117.350, and this can lead the pair towards an initial target level of 116.765 and 116.380. The MACD is holding below 0, suggesting bearish bias among traders. While the 50 periods, EMA continues to support the selling trend in the pair. 

Entry Price: Sell at 117.179    

Take Profit 116.479    

Stop Loss 117.779    

Risk/Reward 1.17

Profit & Loss Per Standard Lot = -$‭560.4/ +$653.8‬

Profit & Loss Per Micro Lot = -$‭56/ +$65.38

Categories
Forex Signals

Gold – Completed an Upward Sequence

Description

Gold, in its 2-hour chart, shows the completion of an upward five-wave sequence at $1,747.74 per ounce on Tuesday 14th.

The last bullish move corresponds to wave (v) of the Minuette degree labeled in blue. At the same time, we observe the thrust developed by the yellow metal as a false breakout. This movement warns us about the potential upward sequence completion.

On the other hand, we observe the bullish trendline in the fifth wave of Subminuette degree in green pierced. This bearish reaction gives us a second argument for the exhaustion of the bullish sequence.

In conclusion, we consider a sell-side position at $1,718 per ounce, with a potential bearish target at $1,673.64 per ounce. This level converges with the end of the third wave of Subminuette degree in green.

Our bearish scenario will be invalid if the yellow metal surges and closes above $1,753 per ounce.

Chart

Trading Plan Summary

Categories
Forex Signals

Bitcoin breaking the 6,800 Level

The setup

Bitcoin was retracing the two large downward candles made between the past Sunday and Monday. We see also that the descending red trendline, which traces the tops of the underlying downward trend acts as resistance to stop further advances of BTC. The price approached the upper edge of the descending channel and bounced back from the $7,000 key level. Since then, it is behaving weakly. Now the breakout below the 6,800 level shows the sellers are in control.

Key Trading levels

Risk:

  • 1 BTC = $100 risk
  • 0.1 BTC = $10 risk
  • 0.01 BTC = $1 risk

The reward is 2x the risk.

 

Categories
Forex Signals

Bullish Bias in Gold Continues to Dominate – Who’s up for a bullish Signal?

On Tuesday, the precious metal gold continues to trade higher around 1,730 area in the wake of increased safe-haven appeal driven by COVID 19. Furthermore, the early-day upbeat remarks from the U.S. Task Force Briefings, news from the U.K. also recommend the coronavirus (COVID-19) is near to its expected high’s. The same could negatively influence the gold’s safe-haven appeal that has lately fired the bullion to the highest since November 2012.

The U.S. President Donald Trump is showing a willingness to support the USA fight against the coronavirus (COVID-19), which eventually seems to help the risk-tone. This time, the Fed will elevate about $2.3 trillion to promote small and medium-sized companies, districts and workers harmed by the coronavirus break.

Apart from this, the recent recovery in the Asian equity and continued rise in the U.S. 10-year Treasury yields, which is currently near 0.773%, provided support to the oil prices recover. The better-than-expected Chinese trade data also give confidence to the oil buyers.


Technically, the XAU/USD has the potential to go long, which is why we have opened a buying signal at 1728.27 with a stop loss of around 1718.27 and take a profit of 1738.27. The bullish channel likely keeps the gold prices higher, while the RSI and MACD are suggesting a continuation of a bullish bias in the gold. On the higher side, gold has the potential to go after 1,743 level today.

Buying Price: 1728.27
Take Profit 1738.27
Stop Loss 1718.27
Risk/Reward 1
Profit & Loss Per Standard Lot = -$1000/ +$1000
Profit & Loss Per Micro Lot = -$100/ +$100

Categories
Forex Signals

AUD/USD Ascending Triangle Breaksout– Time to Go Long! 

The AUD/USD surged 1.1% to a three-week high of 0.6237 as positive news regarding COVID 19 from china is motivating investors fo buy Aussie. The AUD/USD currency pair instantly gained around 30-35 pips from daily lows and is currently placed in the neutral territory, around the 0.6230 regions as the market attention now turns to the U.S. macro releases.

During the U.S. session, the trader will keep their eyes on the release of initial weekly jobless claims, with March PPI figures could influence the USD price dynamics and provide some trends in Fx trading. The virus updates will be critical to watch for fresh directions. Therefore traders will keep their eyes on the COVID-19 clues for near-term direction. 


Technically, the AUD/USD has violated the resistance level of 0.6200, and the closing of candles above this level may drive bullish bias in the AUD/USD currency pair. On the 4 hour timeframe, the Aussie dollar has formed a bullish channel, while the AUD/USD 50 EMA also supports the bullish bias, which may lead its prices higher towards 0.6325 resistance level today. Considering this, we have entered a buying trade at 0.62473 with a stop loss of around 0.61773 and take profit at 0.62473.

Buying Price: 0.62473    

Take Profit  0.63173    

Stop Loss 0.61773    

Risk/Reward 1

Profit & Loss Per Standard Lot = -$700/ +$700

Profit & Loss Per Micro Lot = -$70/ +$70

Categories
Forex Signals

AUD/USD Violates Ascending Triangle – Let’s Enter on Retracement 

The AUD/USD pair is trading with a bullish bias on Wednesday, soaring from 0.6190 to 0.6220. Bullish bias in Aussie triggered over a better coronavirus scenario in China, especially after China lifted Wuhan city’s lockdown. Australia’s parliament passed an emergency A$130 billion stimulus package to combat the economy from the coronavirus pandemic, which is helping limit deeper declines and keep the pair above 0.6190 support.

All traders seem cautious due to the latest coronavirus situation and took bids in traditional safe-haven currency. This eventually helped the US dollar and turned out to be one of the key factors weighing on the perceived riskier currency the Aussie. Yesterday, the AUD/USD showed bearish bias, and the reason behind this decline in the Australian dollar was the fact that rating agency S&P reduced the outlook on the country’s AAA sovereign debt rating from stable to negative and expected the Australian economy to fall into a slowdown for the 1st-time since 30 years.

Looking forward, Wednesday’s release of the FOMC meeting minutes will be key to watch. The traders will keep their eyes on the COVID-19 clues for near-term direction. 

Technically, the AUD/USD has violated the resistance level of 0.6190, and the closing of candles above this level may drive bullish bias in the AUD/USD currency pair. Since the pair has entered the overbought zone, we may see it’s pricing showing a bearish retracement from 0.6225 level to 0.6190, and there we can open a bullish trade. 

On the 2 hour timeframe, the Aussie dollar has formed a bullish channel, while the AUD/USD 50 EMA also supports the bullish bias in the pair. Let’s place a buy limit at 0.61913 with a stop loss of around 0.61313 and take profit at 0.63023.

Buying Price: 0.61913

Take Profit  0.63023

Stop Loss 0.61313

Risk/Reward 1.85

Profit & Loss Per Standard Lot = -$600/ +$1110

Profit & Loss Per Micro Lot = -$60/ +$110

Categories
Forex Signals

USDJPY-Buy-stop

USDJPY Buy Stop Pending Order

The pair has been consolidating within a fairly tight range of only 70 pips on the 4-hour chart.  This period of consolidation is out of kilter with the number of fluctuations in price action we have seen over the last few weeks.  The safe-haven status of the yen currency is at risk due to the looming problems associated with the Coronavirus and the impact on the Japanese economy.

The Japanese government has stated that they are ready to declare a state of emergency in various provinces throughout Japan.  They have also indicated they are about to widen their stimulus package which will involve injecting trillions of yen into the economy.  This, coupled with the Japanese pension funds looking too heavily invest in other global funds, and various bond purchasing exercises, which will also involve millions of yen being injected to try and stimulate the Japanese economy and also to mitigate against the risk that the pandemic poses in Japan.

Therefore,  although this is a largely fundamental set up,  the downside in the pair looks to be stalling and where the previously mentioned measures by the Japanese government could cause weakness in the yen and therefore send this pair bid, at least to recent highs of around the 111.50 area, which will be our target.

Summary of the Trade
  • Order entry: Buy stop level at109.30
  • Stop-loss 108.50
  • Target 111.50
Risk:
Categories
Forex Signals

NZD/USD Breakout of Symmetric Triangle Pattern – Who’s Up to Go Long?

The NZD/USD currency pair is trading slightly bullish around 0.5990, having violated the symmetric triangle pattern, which is likely to drive the bullish trend in the pair. The New Zealand Dollars proceeded to outperform as risk appetite gained on expectation that the spread of the novel coronavirus in the United States and Europe could be reduced, though an outbreak in Japan worsened. 

President Donald Trump declared confidence on Sunday that the United States was witnessing a “leveling-off” of the coronavirus pressure in some significant spots, but some of his best medical advisors caught a more tempered outlook. Considering this, the demand for the U.S. dollar is getting hit, while investors seem to move their investments into other currencies such as Aussie and New Zealand dollars.


Well speaking about the technical side of the market, the NZDUSD has violated the symmetric triangle pattern, which was extending resistance around 0.5950, and the pair has closed candles outside this pattern. Violation of this pattern can trigger bullish bias in the NZD/USD pair above 0.5950, and it may lead to the NZD/USD currency pair towards the next resistance level of 0.6045 and 0.6065 while immediate support continues to stay at 0.5960. 

Buying Price: 0.59949    

Take Profit  0.60549        

Stop Loss 0.59449    

Risk/Reward 1.20

Profit & Loss Per Standard Lot = -$400/ +$500

Profit & Loss Per Micro Lot = -$40/ +$50

Categories
Forex Signals

Gold – Watchout the Upward Cycle Completion

Description

Gold, in its 2-hour chart, shows the exhaustion signals of the upward sequence developed by the yellow metal in five waves.

The ascending move belongs to a wave ((c)) of Minute degree labeled in black, and its internal subdivision in five waves looks complete after the price topped at $1,6783.6 per ounce on Monday 06th.

Watching inside of the fifth wave of Minuette degree identified in blue, we observe the five-wave subdivision and the ascending channel in where the price soared above the upper-line. This thrust leads us to foresee the exhaustion of the upward sequence and the potential declines for the following trading sessions.

A bearish position will activate if the price closes below the $1,647.7 per ounce. Our conservative bearish target locates at the end of wave iv of Subminuette degree labeled in green at $1,599.70 per ounce. The invalidation level of our bearish scenario is located at $1,675.7.

Chart

Trading Plan Summary

Categories
Forex Signals

USDGBP Breakout after Consolidation

Setup

The US Dollar is behaving weakly today, with the US Dollar Index (DXY) dropping by 0.71 percent. The GBP is behaving relatively strong against most off the other currencies, with the exception of the Australian Dollar.

The GBPUSD pair has been moving up in the 1H Chart, and, after a breakout of the previous highs of 1.23218, the price made a new high and retraced to the mid-Bollinger line. Then it made another engulfing candle that drove the price of the pair back to the 1.2352 high. We see a potential target at the highs made on April 02 for a Reward-to-Risk ratio of 1.72. Thus, We think we can profit with this long-side opportunity that follows the current bias of the market and with a nice reward ratio.

Trade Summary

  • Long Entry: 1.2349
  • Stop-Loss: 1.22841
  • Take-Profit: 1.24611

Risk levels:

The risk levels of this trade are shown below.

  • 1 Lot: 649 GBP (USD 800)
  • 1 mini-Lot: 64.9 or USD 80
  • 1 Micro-lot: 6.49 or USD

Position sizing

Based on the above risk levels, our recommendation is not to trade more than 1 percent of your current trading account. Thus, trade about one micro-lot for every $1,000 in your account.

 

 

Categories
Forex Signals

GBPJPY – Bullish Continuation Setup

Description

The GBPJPY cross in its 2-hour chart shows the sideways movement, which and the test of the psychological support at level-134. 

The consolidation above this level, and the absence of a reversal pattern, suggests the possibility of an upward movement which could drive the cross until 136.75 level.  

The level that invalidates our bullish scenario locates at 132.7

Chart

Trading Plan Summary

Categories
Forex Signals

EUR/CHF Descending Triangle Pattern – Time to Place a Sell Limit!  

The EUR/CHF is facing strong resistance around 1.05730, which is mostly extended by a downward trendline on the 4-hour timeframe. The 50 periods EMA is keeping the EUR/CHF pair around 1.0578. The Euro as a signal currency is still staying bearish in the wake of an increased number of COVID 19 cases around the globe.  

As per the coronavirus latest report, the cases rose by 3,677 in Germany when compared with Sunday’s 5,936 new infections, showing the 4th-straight drop in the daily rate. The death toll rose by 92.

On the other hand, the declines in the oil prices could be recovered during the day ahead mainly due to the risk recovery in the market, as the coronavirus cases are showing some sign of a slowdown in the US, Italy, and Spain slowing down over the weekend. 


The EUR/CHF continues to trade below a resistance level of 1.05750. Closing of candles below this level has the potential to lead the EUR/CHF prices further down towards the next support level of 1.05330. On the higher side, the bullish breakout of 1.0570 can lead the pair towards 1.0590. The RSI and Stochastic remain neutral, as its values are tossing in the bullish and bearish zone.

Sell Limit Price: Sell at 1.05741    

Take Profit  1.05241    

Stop Loss 1.06241

Risk/Reward 1.00

Profit & Loss Per Standard Lot = -$511/ +$511

Profit & Loss Per Micro Lot = -$51.1/ +$51.1

Categories
Forex Signals

Gold – Watch this Bearish Elliott Wave Setup

Description

The yellow metal runs in the fifth wave of Minuette degree labeled in blue, which belongs to a wave ((c)) of Minute degree identified in black.

The Elliott wave structure suggests that the precious metal could end its upward sequence soon. The thrust of the upper line of the ascending channel observed in the fifth wave should confirm the ending movement.

We foresee an upward movement until $1,648 level, from where the price could start a corrective move to $1,601.58 per ounce as a profit target level. The bearish scenario will be invalid if the price soars above $1,673.62 per ounce.

Chart

Trading Plan Summary

  • Entry Level: $1,648.23
  • Protective Stop: $1,673.62
  • Profit Target: $1,601.58
  • Risk/Reward Ratio: 1.8
  • Position Size: 0.01 lot per $1,000 in account.
Categories
Forex Signals

EUR/JPY’s Double Top Pattern – Is It Going to Help Sellers? 

The EUR/JPY is trading at 117.150, holding mostly below a strong resistance level of 117.350, which is extended by the double top pattern. On the 4 hour timeframe, EUR/JPY may find a hard time breaking above 117.350 resistance due to an increased level of uncertainty and safe-haven appeal in the market. Alongside, a series of weaker than expected services PMI figures from the Eurozone may weigh on the EUR/JPY currency pair.

Fundamentally, the EUR/JPY may face bearish pressure due to weakness in the single currency euro. The Markit Eurozone Composite Output Index reported its biggest ever monthly drop in March to place a survey’s historic low of 29.7. Well, the figure isn’t just below the previous month’s 51.6 figure, but it also missed the economist’s forecast of 31.6, which is likely to drive sharp selling in Euro. 


Technically, the EUR/JPY is following a narrow range, which is extending selling bias below 117.450 and bull 116.350. The MACD is still holding around 0, suggesting neutral bias among traders. While the 50 periods EMA continues to support the selling trend in the pair. Today, the bullish breakout of 107.450/650 level may lead the EUR/JPY prices towards 118.300 level. Conversely, a bearish breakout of 116.900 level can drive selling until 116 and 115. 

Entry Price: Sell at 116.801

Take Profit 115.801

Stop Loss 117.601

Risk/Reward 1.25

Profit & Loss Per Standard Lot = -$737/ +$921

Profit & Loss Per Micro Lot = -$73.7/ +$92.1 

Categories
Forex Signals

USDSEK- Consolidation

01 USDSEK Daily chart price consolidation 

The pair has been confined in consolidation in most of its time frames, including its daily range for over a week and the US Dollar has found high ground with the DXY up at almost 100.00 at the time of writing. We can see a record high for the pair on the daily chart and an aggressive reversal in price action.

With the Non Farm payrolls anticipating a huge hit on unemployment with a possible swing for March at -250K (where we know April’s will be in the millions) we should expect some reversal in Dollar prominence and therefore this pair should move back to the lower bound of its daily range.

In the run-up to the Non farm data release, we should expect some tightening in price action while the market looks for directional bias depending on the numbers. That said, with the knowledge that we are definitely not going to see the kind of growth in jobs that the USA has been used to and in fact a loss, we can be fairly safe in our expectation of a blip to the downside with the Dollar, at least in the interim. 

Target 9.8450

Stop loss 10.2850

Market entry

Risk:

Standard lot : $1500

Mini lot $150

 

Micro lot $15

Categories
Forex Signals

GBPAUD – Watchout this Ending Diagonal

Description

The GBPAUD cross in its hourly chart shows the progress of a corrective sequence that could correspond to a wave B in an exhaustion stage.

Once the cross reached its top at 2.08522, the price began a corrective structure. According to Elliott wave theory, the corrective sequence holds three segments. 

From the chart, we observe that the second wave corresponds to a zigzag pattern (5-3-5), from where the price action suggests that the second wave corresponds to an incomplete ending diagonal structure. 

The breakdown and close below the last pivot level at 2.04117 could be indicative of further declines, which could reach until 1.99169.

The level that invalidates our bearish scenario locates at 2.07199.

Chart

Trading Plan Summary

Categories
Forex Signals

USD/CHF Ascending Triangle Drives Price Action -Who’s Up for Signal?

During the U.S. session, the USD/CHF pair is exhibiting some dramatic bullish movement as it’s prices are trading at 0.9745. What’s more surprising is, the U.S. unemployment claims figures are even worse than economists had expected, despite this, the U.S. dollar is gaining bullish momentum.

According to the U.S. labor market report, the week ending March 28, the advance numbers for initial jobless claims surged dramatically to 6,648,000, exhibiting an increase of 3,341,000 from the previous week’s updated level. This signifies the highest level of seasonally adjusted initial jobless claims in history. The prior week’s level was updated up by 24,000 from 3,283,000 to 3,307,000.

Since most of the data was already expected, considering the increased number of COVID 19 cases in the United States due to which the U.S. and people of other countries around the globe are locked down at homes. Despite this number, the U.S. dollar is making a bullish move, perhaps, it’s the technical analysis which is driving the buying trend in the USD/CHF. 


On the 4 hour timeframe, the USD/CHF prices are holding around 0.9772, and bullish breakout of this level can extend buying until the next target level of 0.9856. Below this level, we can expect selling in the pair; in fact, I will try to capture the selling once the market reaches 0.9856. On the lower side, immediate support stays around 0.9606.

Entry Price: Buy at 0.97385

Take Profit 0.98185

Stop Loss 0.96585

Risk/Reward 1

Profit & Loss Per Standard Lot = -$800/ +$800

Profit & Loss Per Micro Lot = -$80/ +$80 

Categories
Forex Signals

Bear Continues its Domination

Chart EUR/JPY H1 Chart

EUR/JPY made a strong bearish move on the H1 chart yesterday. The chart shows that it made a breakout at yesterday’s lowest low today. As of writing, the last candle closed well above the breakout candle. A short entry is triggered at 116.370. The price may head towards the South and find its next support at around the level of 115.255 area.

Let us have a look at the trade summary

Entry: Sell at 116.370

Stop Loss: Above 117.640

Take Profit: 115.255

Categories
Forex Signals

EURUSD – Bullish Third Wave Setup

Description

The EURUSD pair, in its 2-hour chart, illustrates the price action developing a corrective process. The bearish advance suggests that currently, the common currency makes its second downward leg.

The second wave, labeled in black and its internal exhaustion signals, suggests that the euro could start its third wave soon.

A bullish position will activate if the price soars and closes above 1.0969. Our conservative scenario foresees a potential profit target at 1.1285. 

The bullish scenario will be invalid if the price closes at 1.0754.

Chart

Trading Plan Summary

  • Entry Level: 1.09694
  • Protective Stop: 1.07545
  • Profit Target: 1.12856
  • Risk/Reward Ratio: 1.47
  • Position Size: 0.01 lot per $1,000 in account.
Categories
Forex Signals

EUR/JPY Heading South to Examine Double Bottom – Buy Limit In Place 

The EUR/JPY is trading bearish, falling from 118.650 to 117 area in the wake of stronger Japanese yen and weaker Euro. On the fundamental’s front, most of the news is anti-Euro, and it’s likely to drive the selling trend in the Euro. 

The Italian administration is ramping up spending projects “significantly” to lessen the financial consequence of the coronavirus. The global central banks are on the move, so the Italian finance department is also pushing considering the death toll, which has now surpassed 12,000. 

At the same time, the headline Italy Manufacturing Purchasing Managers’ Index, which measures the progress in overall business conditions – dropped from 48.7 in February to 40.3 in March to indicate a decline in the health of the Italian manufacturing division for the eighteenth month running. 


On the technical front, the EUR/JPY currency pair is likely to find immediate support at 116.800, but it’s less likely to be held as the pair seems to fall further until 115.350 level. It’s the same level that supported the EUR/JPY pair back on March 9 and 12. Closing of the doji candle or bullish reversal candle will be an indication that investors are respecting this level and may drive buying sooner or later. 

Entry Price: Buy Limit at 116.307

Take Profit 117.307

Stop Loss 115.707

Risk/Reward 1.67

Profit & Loss Per Standard Lot = -$560/ +$934

Profit & Loss Per Micro Lot = -$56/ +$93.4

Categories
Forex Signals

GBPNZD Looking for Upward Incorporations

Description

The GBPNZD cross, in its hourly chart, shows the advance in a wave B of Minor degree labeled in green. From the upward sequence, we observe that the bullish corresponding to wave ((c)) of Minute degree identified in black, remains in progress.

The current non-directional movement suggests the possibility of a new limited retrace, which could reach the level 2.0803, from where the price could give us the opportunity of new bullish incorporation following the upward bias of wave ((c)).

A bullish position will activate if the price retraces and closes above 2.08035. Our potential target locates at 2.10615 from where the wave B could complete its three-wave structure. 

The level that invalidates our upward scenario locates at 2.07078.

Chart

Trading Plan Summary

Categories
Forex Signals

EUR/CHF Set to Test Major Resistance – Is It Good Time to Short? 

 

The EUR/CHF is trading at 1.05935 after testing the 61.8% Fibonacci support around 1.0570. Closing of candles above this level may drive buying in the market until 1.06060 and 1.06235 resistance areas. On the lower side, a bearish breakout of 1.0570 level can lead the EUR/CHF prices towards the next support level of 1.0530.

EUR currency may not find buyers due to intensifying recession fears. Moreover, the European Central Bank’s decision to launch a fresh EUR 750 billion worth of QE program could keep the EUR buyers quiet.


EUR/CHF- Daily Technical Levels

Support Resistance 

1.0563 1.0635

1.0527 1.0672

1.0455 1.0745

Pivot Point 1.06

Technically, EUR/CHF is keeping the bearish bias as the pair has closed a bearish engulfing candle below 1.0602 support become resistance area, and the MACD is also in the selling zone. Both support the sentiment that the pair has the potential to go after further lower towards 1.0560 soon. 

Entry Price: Sell at 1.05868

Take Profit 1.05468

Stop Loss 1.06268

Risk/Reward 1.00

Profit & Loss Per Standard Lot = -$410/ +$410

Profit & Loss Per Micro Lot = -$41/ +$41

Categories
Forex Signals

EURNZD – Watch this Breakdown

Description

The EURNZD cross in its 2-hour chart shows the progress as a triangle pattern. The corrective structure suggests the possibility of bearish continuation.

On the other hand, the RSI oscillator that moves near to level 40 makes us foresee that the bias remains in the bearish side. In consequence, a breakdown and close under the previous lows would confirm the sell setup.

A sell position will activate if the price breaks and closes below level 1.83023. In our conservative scenario, we expect a potential decline target at 1.78101. The level that invalidates our downward scenario locates at 1.85727.

Chart


Trading Plan Summary

Categories
Forex Signals

USDJPY – Expecting the Breakout

Description

The USDJPY pair currently develops a bearish corrective move of the bullish impulsive sequence that began on March 09th, at level 101.227 and found sellers at level 111.715.

Currently, the price action looks like found short-term support near level 107. The risk-on sentiment driven in the Monday trading session could boost the price until previous highs.

A bullish position will activate if the price breaks and closes above 108.29. Our conservative scenario foresees a potential target at 110.816. The level that invalidates our scenario is placed at 106.712.

Chart

Trading Plan Summary

Categories
Forex Signals

USDCAD to retest 1.4500 level

 

USDCAD 1 Hour Chart

The pair has been consolidating between 1.40 and 1.41 and has breached the upper resistance level. With oil prices further in the red today and with recent price action in USDCAD failing to reach the key 1.40 handle traders will be looking for a retest of the highs around 1.45 and maybe beyond.

This is a typical consolidation pattern that traders look for with at least two attempts for price to break out of the consolidation range.

Coupled with President Trump deciding not to put New York into lockdown which has given the US Dollar a small lift in the current session and adds to our theory that this set up should prevail and price action in the pair should continue to trend higher.

Key levels are:

 

  • Entry: 1.4140 Long position taken,
  • Stop Loss: 1.3995
  • Target: 1.4525

Risk:

Categories
Forex Signals Forex Videos

Free Signal Service! Forex Academy Are Putting Our Money Where Our Mouth Is!


Welcome to our Brand-new Live Signal Table!

 

In its effort to help traders learn while profiting from the Forex markets, Forex Academy is proud to offer its users our premium Live Signal table at an unbeatable price: 100 percent free!

The fact it is free to all who subscribed to our notification service does not mean ours is a C-quality service. We have a team of top traders who will continuously watch the market to deliver top-quality trade ideas for you. The resulting trades can be monitored live in our signals section, which will show you the current situation of live trades and the total pip count gained or lost by our traders.

 

 

Table guide

In the image, we can see the information provided:Date/time shows the Date and time when the trader created the signal. But that does not mean the signal is live. That will depend on the order type of the signal.

We can create several order types. These are shown in the Order Type column.

The different orders are the following:

Spot buy, Spot Sell: these two are market orders. In this case, the signal is live at the moment shown by the Date/Time column.

Buy Stop, Sell Stop: These are pending orders meaning the order is pending until the price reached the stop level. The price on a buy-stop order is placed above the current market level, whereas a Sell-Stop order is placed below the current market price. a Stop order is a usual way to capture a breakout.

Buy Limit, Sell Limit: These are also pending orders.  In this case, a limit order intends to capture an entry at a pullback of the price. That means a buy limit order is usually below the current price, and a sell limit is above the current price.

To recap: If the order is spot, the signal becomes live immediately. If the order is pending, it is, well, pending, and it will be live at the moment the stop or limit condition is fulfilled.

 

The Asset column tells the information of the currency pair

The Method column will link to the article explaining the trade idea, which will describe the technical details and main levels. We also will include the risk per lot, mini- and micro-lot, so you can adapt the position size to your current trading account balance.

Then the table shows the price entry, stop-loss, and take profit levels. This will completely define the trade.

The R/R  column is the Reward-to-risk ratio. This is a key metric for the long-term profitability of any system, and we like our signals to show ratios higher than one, preferably two or more. However, if the likelihood of the trade is high, we can present R/R of 1.

 

Price shows the current live price of the assets of the table. Closing Date/time will show the closing time of the trade. If the trade is closed, the price column will display its closing price. If the trade is still open, the field shows nothing.

The Pips column shows the total pips gained or lost.. If lost, the price box is red-colored. On assets with positive pips, the box is green-colored. The figures shown are updated in the current live trades. On closed trades, it shows the final pip count.

 

The Notifications

Our interested users can subscribe for notifications for free, as said earlier. The members of our subscription list will receive push notifications for the following events:

When a new signal is published

When a pending signal becomes live

When a stop-loss is hit, and the trade is closed

When the take-profit is hit, and the trade is closed

When we manually close the trade

 

How to subscribe

The subscription is quite simple. You don’t need to supply any information. Just click the notification bell located at the bottom right of the Signals page and you’re done. It will touch you every time there is a novelty in the Signals section, as mentioned earlier.

Do not doubt and subscribe!

Categories
Forex Signals

USD/JPY Bearish Price Action – Is It Heading for 107.450?

The USD/JPY has violated the horizontal support level of 108.300, which can ve seen on the 4-hour chart. Closing of candles below this level may extend selling bias until 107.450 as the demand for safe-haven assets remains solid. 

The Japanese yen is a safe-haven asset, whereas the market treat also greenback as a safe-haven currency during the time of crises. So, as in result, the dollar index rose sharply from 94.65 to 103.00 in the ten days to March 19. The crash in the equity markets triggered in the wake of margin calls and liquidity crises, forcing investors to seek safety in the U.S. dollar.

Consequently, the market sentiment remains weak, with the S&P 500 futures currently reporting over a 1% decline on the day. If the risk sentiment gets worsens, the U.S. dollar will be able to find haven bids again, allowing a bounce in USD/JPY. 

USD/JPY- Daily Technical Levels

Support Resistance 

108.73 110.37

108.14 111.44

106.5 113.08

Pivot Point 109.79

Technically, USD/JPY is keeping the bearish bias as the pair has closed a bearish engulfing candle at 108.200, and the MACD is also in the selling zone. Both support the sentiment that the pair has the potential to go after further lower towards 107.350. 


Entry Price: Sell at 107.984

Take Profit 106.734    

Stop Loss 109.034    

Risk/Reward 1.30

Profit & Loss Per Standard Lot = -$1000/ +$1300

Profit & Loss Per Micro Lot = -$100/ +$130

Categories
Forex Signals

Double Top for Cable

This is a Double top formation in the cable pair, where price action hit the key 1.2300 area on two occasions and where the UK Prime Minister Boris Johnson has tested positive for the Covid-19 virus. 

Traders will be looking for price action to move lower because of the double top and also because of the bad news regarding the Prime Minister, although his symptoms are said to be not serious and certainly we all wish him a speedy recovery and hope he remains in control of the United Kingdom 

This is also based on the fact that cable has rallied over 1000 pips recently to reach the high recent high of just over the 1.2300 handle, and where we will expect some profit-taking. Also taking into consideration the dollar index has come off its highs and is currently reversing some of its recent losses, and this would help us in a hypothesis where the cable pair should now move lower.

 

Risk::

 

Standard Lot $1200

 

Mini Lot $120

 

Micro Lot $12

Categories
Forex Signals

GBP/USD Breaks over Double Top Pattern – Buckle Up for Buying

The GBP/USD trades bullish around 1.2030 in the wake of less dovish than expected monetary policy decisions. The central bank left the interest rate unchanged at 0.10%. However, it has warned that the measure and term of the economic collapse arising from the coronavirus pandemic will be “wide and dramatic but should eventually prove short-lived.”

The BOE Monetary Policy Committee (MPC) fixes monetary policy to reach the 2% inflation mark and whereby advocates to support growth and employment. In that context, its challenge over recent weeks has been to return to the severe economic and financial disorder produced by the spread of Covid-19.


Technically, the GBP/USD pair has violated the double top resistance level of 1.1930 level on the 4-hour chart. Closing of candles above this confirms bullish breakout and opens up further room for buying until 38.2% Fibonacci resistance level of 1.2135. At the same time, the MACD is also staying in a bullish zone. Support can be found around the 1.1946 zones.

Entry Price: Buy at 1.20286
Take Profit 1.21686
Stop Loss 1.19086
Risk/Reward 1.17

Profit & Loss Per Standard Lot = -$1200/ +$1400
Profit & Loss Per Micro Lot = -$120/ +$140

Categories
Forex Signals

GBP/JPY to Gain Support Over Upward Trendline – Buying Limit!

The Japanese cross currency pair GBP/JPY has dropped to trade at 130.300 as investors are moving towards safe-haven assets such as gold and Japanese yen. At the same time, traders seem to cash out from Sterling, causing it to tumble to its lowest level on record versus the currencies of the United Kingdom’s major trading partners.

It seems like the effects of the coronavirus pandemic proceed to shred through markets. Besides this, the British Consumer Prices Index, which is also known as inflation, surged to 1.7% in the month of February 2020. Comparing it to the previous month, the CPI figure is down by 0.1% from 1.8% in January 2020, and it has also been weighing on the GBP/JPY.



Technically speaking, the GBP/JPY is likely to test the support level of 129.650, which is extended by a bullish trendline. At the same level, the 50 periods exponential moving average is also supporting the Japanese cross.

While the resistance becomes a support level holds around 129.120. So to be more secure, we are looking to place a buy limit at 130.330 with a stop loss below 129.750 and take a profit of around 131.850.

Buy Limit 130.335

Take Profit 131.875

Stop Loss 129.735

Risk/Reward 2.57

Profit & Loss Per Standard Lot = -$530/ +$1,380

Profit & Loss Per Micro Lot = -$53/ +$138

Categories
Forex Signals

USDCAD SHORT

This is a classic head and shoulders pattern where the neckline has been breached, and we expect the price to fall to our target line, which is a previous line of support.

Risk:

Standard Lot = £800

Mini Lot: $80

Micro Lot: $8

1 Hour Chart is used In This Trade.

The head and shoulders formation is a classic technical analysis pattern that professional Traders use in order to determine future price action.

In our setup, we have multi-year highs for this pair,  followed by a decline in price action to an area of support around the 1.4150  the key level, which will become our profit target.

Since pulled back from the original multi-year high around the one 1.4700 level, the price has consolidated into our head and shoulders formation, which consists of a left-hand peak and a pullback followed by a higher peak and a pullback and the third peak which again is lower than the second and similar to the first, where price action on each occasion pulls back to an area of support which is called a neckline.

When the neckline is breached, it confirms the setup, and that is where we have gone short. This offers a strong signal to traders that price action will continue down, at least to the previous area of support. And this is the hypothesis for our trade setup, where we have set in place a tight stop loss, just above the neckline, and where we have a generous win to lose ratio.

Categories
Forex Signals

USDCAD – Watch this Key Support

Description

The USDCAD pair in its hourly chart shows the test of the 1.4375 level as short-term support, the three-times touch realized on the current trading week makes us suspect that the Loonie could see more drops soon.

For the short-term, we expect a limited bounce to 1.4426 from where the price could find fresh sellers waiting to activate their short positions with a potential profit target at 1,4156.

On the other hand, the RSI oscillator that moves below level 40 gives us the clue of the bearish bias, which supports our sell-side outlook.

The invalidation level of our bearish scenario locates at 1.4559.

Chart

Trading Plan Summary

Categories
Forex Market Analysis Forex Signals

Upward Trendline Supports the EUR/USD – Who’s Up for Buying?

The EUR/USD is showing sideways trading in between the narrow trading range of 1.0885 – 1.0770. On the hourly chart, the EUR/USD has formed an upward channel, which is a key setup right now. If the EUR/USD manages to break below 1.0775 area, we may see further selling in the pair until the next support level of 1.0720. Conversely, the closing of candles above 1.0770 can drive a bullish trend until 1.0850 and even higher towards 1.0885. 

 

Looking at the leading indicators, the MACD mixed bias as the histograms are tossing above and below 0. However, the stronger economic figures from the Eurozone are somewhat supporting the EUR/USD pair. 

 

As per the recent reports from the European Union, the German business activity declined distinctly in March, mostly led by a record contraction in the country’s service sector. But traders understand that this slowdown in manufacturing data is mostly due to the increased number of coronavirus cases, and this will get better as soon as markets resume business activities. 


Considering this, we have opened a buying signal with the following specifications:

 

Entry Price 1.07915 

Stop Loss 1.07515 

Take Profit 1.08515

Risk & Reward Ratio: 1: 1.2

Profit & Loss Per Standard Lot = -$400/ +$600

Profit & Loss Per Micro Lot = -$40/ +$60

All the best ^Stay tuned for more updates! 

Categories
Forex Signals

Profit from our Brand-New Signals Section!

Dear members,

It is a great pleasure to present our new Signal Table section. In this section, a team of successful traders will be continuously observing the financial markets to put at your disposal trading signals of the highest quality.
Each signal will be waved to everyone subscribing to our notifications. In addition, each signal will show a link to a short article with the explanatory arguments, the levels of input, stop-loss. Take profit, and the risk per lot, mini-lot and micro-lot will also be included. We initially expect to deliver about 5-6 trading ideas per day for you to choose from.
The table will be refreshed almost live, so it will show the pips gained or lost on every trade, and also to total pip balance.
This is a great effort to bringing you the best possible trade ideas totally free of charge!
Access our free Signal Table section, and click the bell located at the bottom right of the table for notifications to your device.

Risk Management

Please note that the financial markets are risky, so be smart and start slow. Trade only the money you can afford to lose.
As we said, on each trade idea, we are going to show the risk levels per micro-, mini-lot, and lot. That is for you to help you with the management of your position size.
It is advisable not to trade in excess of 2 percent of your current balance. Let’s review with an example.
There, we see the following information:
EUR/USD Trading Signal

Entry Price:  1.07839
Stop Loss: 1.07439
Take Profit 1.08239

R/R Ratio 1:1

Risk of 1  Standard Lot: $400
Risk of 1 Mini Lot: $40
Risk of 1 Micro Lot: $4

Let’s assume a trader has a current trading balance of $1000. how much to trade to fulfill the 2 percent rule?

Two percent of $1000 is $20. Since the risk per Micro Lot is $4, the trader should trade no more than five micro-lots.

Drawdown

The max expected drawdown when risking 2 percent of your account on each trade can be up to 20 percent of your trading balance. If you think this is too much for you, please consider cutting your trade size in half for a max drawdown below ten percent.
We wish you all very successful trading!
Access our free Signal Table section, and click the bell located at the bottom right of the table for notifications to your device.
Categories
Forex Signals

Watch this Breakout Before to Buy

Description

The NZDUSD pair in its hourly chart shows a sideways sequence that reacted mostly bullish after dropped to 0.5468, the lowest level reached since April 2009.

This Tuesday, the stock markets began to show bounces signals despite the bearish opening observed on Monday trading session. The context seen makes us suspect an increase in the traders’ interest on the risk-on side. This scenario could lead to a boost to commodity currencies such as the New Zealand Dollar.

The breakout and close above the level 0.5878 make us foresee that the price could confirm an upward which could drive to the oceanic currency until 0.6186.

The level that invalidates our bullish scenario locates at 0.5655.

Chart

Trading Plan Summary

  • Entry Level: 0.5878
  • Protective Stop: 0.5655
  • Profit Target: 0.6186
Categories
Forex Market Analysis Forex Signals

AUDJPY Bounces from the Lowest Level Since 2009

The AUDJPY cross, in its hourly chart, shows the bounce reaction that the price made once the cross touched level 59.869 being the lowest level since early March 2009.

The bearish momentum accelerated aided by the plummetting of the global stock markets, worried by the COVID-19 impact, which pulled down the Australian Dollar and pushed up to the Japanese Yen.

The measure that was taken by the RBA at its last monetary policy meeting, in which it reduced the interest rate to 0.5%, prompted the Australian currency to rise and bounce off from the lows reached.

The pierce of the psychological support at level 60, drove the pair to jump more than 400 pips. At the same time, the RSI oscillator began to move above level 60, which makes us suspect that traders’ market sentiment is changing its bearish bias to bullish.

A bullish position will activate if AUDJPY rises and closes above 65.378. If this movement occurs, the cross could advance until level 70. Our protective stop locates at 62.44.

Finally, if the price action doesn’t confirm the bullish breakout, the bearish bias will continue driving the market sentiment.

Chart

Trading Plan Summary

  • Entry Level: 65.378
  • Protective Stop: 62.447
  • Profit Target: 70.007
Categories
Forex Market Analysis Forex Signals

USD/JPY Testing Lower Edge of Bullish Channel – Can We Expect Buying?

The USD/JPY currency pair traded bullish to hit the three-months high at 108.94 before declining to 108.40. As of writing, the USD/JPY currency pair is trading near the 108.40s and touches away from the 200-day Moving Average.

Brexit developments left a positive sentiment on the market, and the investors got encouragement from the progress between Turkey and Syria wherein the ceasefire was formed by the United States announced by the VP Pence in a press conference during the United States session.

However, third-quarter earnings statements were the main focus that raised the benchmarks, and subsequently, the Dow Jones Industrial Average, DJIA, ended with an increase of approximately 26 points, or 0.1%, near 27,028. Consequently, the safe-haven currency Japanese lost its haven appeal despite US September industrial production came worse than expected. The figure fell by -0.4%m/m against estimates of -0.2% while August was revised to +0.8%m/m from +0.6%m/m.

As for yields, the United States 2-year treasury yields increased from 1.58% to 1.64% due to the Brexit headlines then fell back to 1.60%. Markets are still expecting 20-basis-points of a rate cut at the 31 October meeting and a terminal rate of 1.24% against1.88% currently.

Japanese inflation data for September reported with the headline Consumer Price index in at 0.2% Year over Year (YoY) vs. the expected 0.2% & prior 0.3%.

  • Japan CPI (YoY) sep: 0.2% (est 0.2%, prev 0.3%).
  • Ex fresh food (YoY): 0.3% (est 0.3%, prev 0.5%).
  • Ex fresh food, energy (YoY): 0.5% (est 0.5%, prev 0.6%).

USD/JPY – Technical Analysis 

On the 4 hour chart, the USDJPY is trading bullish above 108.400, and above this, we can expect the USD/JPY to go after 108.900. It’s the bullish channel, which is keeping the safe-haven pair supported.

Daily Support and Resistance
S3 107.69
S2 108.18
S1 108.4
Pivot Point 108.67
R1 108.89
R2 109.16
R3 109.65

In the case of a bearish breakout, the USD/JPY pair can drop towards 108.000 level. Therefore, the traders may consider staying bullish over 108.400 and bearish below the same to capture quick 30/50 pips on either side.
All the best!

Categories
Forex Market Analysis Forex Signals

Gold Steady Below 50 EMA – Brace for a Breakout! 

Gold prices trade sideways in a narrow trading range of 1,495 – 1,490 as expectations of improvement in U.S-China trade discussions were moderated and ahead of a summit that will decide how Britain departs the European Union.

Technically, the precious metal gold is facing stiff resistance at 1,495. The 50 periods EMA and double top pattern are keeping the XAU/USD bearish below this level.



The formation of a series of Doji and Spinning Top candles is suggesting a weaker number of bulls in the market. Typically such pattern drives the bearish trends in the market.

The MACD and Stochastics are tossing in red and green territory, suggesting neutral bias among traders. Continuation of a bearish trend can trigger sell-off until 1,485.

Trade Setup 

Entry – Sell below 1,495

Take Profit – 1,484

Stop Loss – 1,498

All the best!

Categories
Forex Signals

Gold Surge Amid Boosted Haven Appeal – Trade War In Focus!

 Today in the early European session, the safe-haven metal prices slipped due to less expectation of the rate cut by the Federal Reserve. Earlier today, the U.S. Gold was down by 0.6% at $1,495.85 as Fed Rate Monitor Tool showed a high chance for a quarter-point rate cut when the Federal Reserve meets Oct. 28-29 at 69.5 percent, versus 72.7 percent on Monday and 78 percent on Friday. The lowered chances of easing by the Federal Reserve continued to hurt gold in post-settlement trade, sending it under the critical $1500 level.

As of writing this, the precious metal gold prices are surging in the wake of boosted safe-haven appeal amid the uncertainty. China-U.S. trade talks are expected to affect gold’s movement late this week when high-level negotiations between the two sides resume this Thursday.

Trade discussions are expected to manage the gold prices movement during this week when both high-level officials will do talks between the two sides’ resumes on Thursday.

At the Hong Kong front, the government of Hong Kong invoked a colonial-era emergency law to stop protesters wearing face masks. Due to this decision, further made the worst environment, which damage China’s banking facilities and retail outlets in the entire city.

Gold – Technical Analysis 

On the technical front, gold has for Doji pattern at 1,497 area, which has to extend support to gold since the morning while the RSI and MACD are shifting in the buy zone.  

   


Daily Support and Resistance

S3 1456.57

S2 1476.39

S1 1484.55

Pivot Point 1496.21

R1 1504.37

R2 1516.03

R3 1535.85

Three bullish candles on the 4-hour chart are signaling chances of a further bullish trend. Today, gold may find an immediate resistance level at 1,513 and support at 1,487 level. Consider staying bearish below the triple top level of 1,513 zones. 

All the best

Categories
Forex Market Analysis Forex Signals

Choppy Sessions in Gold – Brace for a Quick Breakout!

The safe-haven metal gold prices consolidate in the narrow range of $1,508.60 and $1,497 at the start of this week. The lack of volatility in the market was mostly due to the national holidays in China.  

However, the precious metal gold prices slipped later during the European session as the dollar rallied after a report stated China was unwilling to consent to a broad trade deal with Washington. The bullion traded in a tight range as investors adopted a wait-and-see strategy before U.S.-China discussions this week.

As we know, it was all about the United States employment data, which is disappointing, and jobless rate prints a low of 3.5% during September, from 3.7% in August. The United States and Chinese trades are ready to start again this week. However, the Sentiment regarding trade war negotiations is not right.

Looking ahead into the fundamentals, some other key events are under the spotlight, including Federal Reserve chairman Powell’s speech, the FOMC minutes, and the United States Consumer Prices Index.

On the technical side, the gold prices started a day with a Doji candlestick on the charts and having the prices ending above the $1500 psychological level again. 

The technical side of the market seems pretty clear as investor’s are consistently testing 1,497 support area. The violation of this level could extend the bearish trend until 1,492 and 1,487. 

At the same level, we got the 50 periods EMA, which is also extending support at 1,497 zones. 

The leading indicator, such as MACD and RSI, are holding staying in the neutral zone, suggesting indecision among traders today. 


Daily Support and Resistance

S3 1465.24

S2 1485.38

S1 1495.05

Pivot Point 1505.52

R1 1515.19

R2 1525.66

R3 1545.8

I would rather stay out of the market until we have clear direction about the market and clear path means either the bearish breakout of 1,497 or bullish candles closing above the same level.

Categories
Forex Market Analysis Forex Signals

Bullish Gold Heads for 61.8% Retracement – Weaker Dollar In Play! 

On Wednesday, the precious metal gold expanded after softer-than-expected U.S. economic figures which hiked concerns about global economic growth. Alongside this, it also raised chances of additional interest rate reductions, pushing traders towards the safe-haven metal.

The precious metal gold is still trading bullish adding 0.3% to trade at $1,483.6. Yesterday, gold slipped dramatically to place two months low at $1,458.50. However, the losses in gold were short-lived as it surged markedly as much as 1% during the late U.S. session.

The U.S. manufacturing activity dropped to a more than a decade low in September as imminent trade tautness pressures on exports. The vulnerable economic report raised global growth anxieties, leading global stock markets to a one-month low and boosting forecasts for further monetary policy easing by the U.S. Federal Reserve.

Gold – Technical Outlook

On the technical front, gold has formed a bullish engulfing candle at 1,480 area, which is suggesting strong bullish bias among traders. On the upper side, gold is likely to meet the 61.8% Fibonacci retracement level of 1,492, but that’s only possible if it manages to crossover the 50% Fibo level of 1,487. 



Gold – Daily Technical Levels

Support    Resistance 

1,463.06    1,491.28

1,446.99    1,503.43

1,418.77    1,531.65

Pivot Point 1,475.21

Gold traders can consider trading bullish above 1,475 level today as the immediate target is likely to be 1,488 and 1,495. Selling can be seen below 1,498 level today. 

All the best!  

 

Categories
Forex Market Analysis Forex Signals

Gold Loses Safe Haven, Can Triple Bottom Underpins? 

What’s happening on Gold?

On Monday, the yellow metal gold prices were headed distinctly lower, slipping beneath a psychologically vital level at $1,500 on the last trading day of a month as well as a quarter. 

Most of the bearish trend in gold is triggered by a more robust dollar and slight buying in the U.S. stocks and yields, pulling demand away from bullion market.

The U.S. President Donald Trump’s government is weighing delisting Chinese businesses from U.S. stock exchanges. Three specialists advised on the matter stated on Friday, in what would be a drastic intensification of U.S.-China trade tensions. 

This was supposed to drive a sharp buying in gold, but the subsequent news that the United States does not currently intend to prevent Chinese companies from entering on U.S. exchanges drove the risk-on sentiment in the market. 

Gold – Technical Outlook 

On the technical side, gold is trading at the triple bottom level of 1485, which is extending pretty solid support. The new candle has closed as a sort of hammer which may help drive bullish retracement in the gold. 

The leading indicator MACD is still forming bearish histograms, and its value stays at -14, suggesting a substantial bearish bias among traders.


The RSI and moving averages are still signaling bearish bias for gold, but may not see further selling until 1,485 gets violated. On the upperside, gold is likely to face resistance at 1,492 and 1,499. 

Gold – Technical Levels

Support Resistance 

1,486.94    1,507.06

1,476.88    1,517.12

1,456.76    1,537.24

Pivot Point 1,497

Let’s seep an eye on 1497 to stay bearish and 1484 to remain bullish in gold today. All the best! Let’s