Category: Forex Signals

Signals will list Live Trading Signals with Entry, Stop-loss, and Profit Targets (Future addition)

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Forex Signals

Oversold USD/JPY Braces for a Bullish Correction – Quick Update on Signal!

The USD/JPY pair was closed at 103.364 after placing a high of 103.758 and a low of 103.174. The USD/JPY pair was dropped to its lowest since 8th March. The U.S. dollar against the Japanese Yen on Friday dragged the pair to a fresh 8-months lowest level as the chances for Joe Biden to win the U.S. election increases. The USD/JPY pair followed the USD weakness throughout the week and reached the 103 level.

The USD/JPY pair was closed at 103.364 after placing a high of 103.758 and a low of 103.174. The USD/JPY pair was dropped to its lowest since 8th March. The U.S. dollar against the Japanese Yen on Friday dragged the pair to a fresh 8-months lowest level as the chances for Joe Biden to win the U.S. election increases. The USD/JPY pair followed the USD weakness throughout the week and reached the 103 level.

The USD/JPY pair was closed at 103.364 after placing a high of 103.758 and a low of 103.174. The USD/JPY pair was dropped to its lowest since 8th March. The U.S. dollar against the Japanese Yen on Friday dragged the pair to a fresh 8-months lowest level as the chances for Joe Biden to win the U.S. election increases. The USD/JPY pair followed the USD weakness throughout the week and reached the 103 level.

The investors have welcomed a Democrat government’s prospects with a split congress where Republicans can block initiatives to raise taxes or introduce tighter regulations with a risk rally that sent the safe-haven U.S. dollar to multi-month lows against its main rivals.

On the data front, at 04:30 GMT, the Average Cash Earning for the year came in as -0.9% against the forecasted -1.1% and supported the Japanese Yen and added further losses in the USD/JPY pair. The Household Spending for the year came in as -10.2% against the expected -10.5% and supported the Japanese Yen that added further weakness in the currency pair USD/JPY.

From the U.S. side, at 18:30 GMT, Average Hourly Earnings from the U.S. for October weakened to 0.1% from the anticipated 0.2% and weighed on the U.S. dollar added further losses in the USD/JPY pair. The Non-Farm Employment Change for October surged to 638K against the anticipated 595K and supported the U.S. dollar, and capped further losses in the USD/JPY pair. In October, the Unemployment Rate from the U.S. weakened to 6.9%from the anticipated 7.7% and supported the U.S. dollar. At 20:00 GMT, the Final Wholesale Inventories for September came in as 0.4% against the anticipated -0.1% and weighed on the U.S. dollar and dragged the pair USD?JPY to the multi-month lowest level.


The USD/JPY has violated the descending triangle pattern at 104.149 area, and on the lower side, it’s testing the support area of 103.270 level. Recently the closing of bullish engulfing patterns may drive an upward movement in the market. On the higher side, the USD/JPY can go after the next 103.850 mark. On the flip side, violation of the 103.215 level can extend selling until the 102.750 mark. The MACD is also showing oversold sentiment among investors; therefore, we should look for a bullish trade over 103.270 and selling below the 103.830 level today.

Entry Price – Buy 1912.42
Stop Loss – 1906.42
Take Profit – 1919.92
Risk to Reward – 1:1.25
Profit & Loss Per Standard Lot = -$600/ +$750
Profit & Loss Per Micro Lot = -$60/ +$75
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Forex Signals

AUD/USD Succeeded to Stop Its Overnight Losses – Combination Of Factors in Play! 

During Monday’s early Asian trading session, the AUD/USD currency pair succeeded to stop its overnight losing streak and caught some sharp bids around above mid-0.7200 level mainly due to the risk-on market sentiment, which tend to support the observed risk currency Australian dollar and offers to the currency pair gains. Therefore, Democratic candidate Joe Biden’s victory in the U.S. presidential elections was supported by the market trading bias. Aside from this, the market trading sentiment was further supported by Brexit’s confidence, which boosted the currency pair. Across the pond, the broad-based U.S. dollar selling bias, triggered by the marker risk-on sentiment, also played its major role in supporting the currency pair. 

During Monday’s early Asian trading session, the AUD/USD currency pair succeeded to stop its overnight losing streak and caught some sharp bids around above mid-0.7200 level mainly due to the risk-on market sentiment, which tend to support the observed risk currency Australian dollar and offers to the currency pair gains. Therefore, Democratic candidate Joe Biden’s victory in the U.S. presidential elections was supported by the market trading bias. Aside from this, the market trading sentiment was further supported by Brexit’s confidence, which boosted the currency pair. Across the pond, the broad-based U.S. dollar selling bias, triggered by the marker risk-on sentiment, also played its major role in supporting the currency pair. 

During Monday’s early Asian trading session, the AUD/USD currency pair succeeded to stop its overnight losing streak and caught some sharp bids around above mid-0.7200 level mainly due to the risk-on market sentiment, which tend to support the observed risk currency Australian dollar and offers to the currency pair gains. Therefore, Democratic candidate Joe Biden’s victory in the U.S. presidential elections was supported by the market trading bias. Aside from this, the market trading sentiment was further supported by Brexit’s confidence, which boosted the currency pair. Across the pond, the broad-based U.S. dollar selling bias, triggered by the marker risk-on sentiment, also played its major role in supporting the currency pair. 

Moreover, the U.S. dollar losses were further bolstered by the intensifying doubts over the U.S. economic recovery as U.S. total coronavirus cases surpass 10 million. On the contrary, the long-lasting coronavirus woes in the U.S. and Europe and Trump’s challenges to the election results keep challenging the upbeat market sentiment, which becomes the key factor that kept the lid on any additional gains in the currency pair. The AUD/USD is trading at 0.7269 and consolidating in the range between 0.7268 – 0.7290.

Despite the doubts over the global economic recovery from intensifying coronavirus (COVID-19) woes in the U.S. and Europe, the market trading sentiment ticked up to the 4-week high at the start of the week’s trading and remained supportive by the Democratic candidate Joe Biden’s victory in the U.S. presidential elections. Despite many lawsuits filed by the Trump administration against the result of the presidential election, the market traders still believe that the Republican member will not keep the White House leadership. Although, the optimism surrounding the Bidden victory was further bolstered after the JPMorgan Chief Executive Jamie Dimon said that “We must respect the results of the U.S. presidential election and, as we have with every election, honor the decision of the voters and support a peaceful transition of power.” However, this helped the market’s risk sentiment and undermined the U.S. dollar’s safe-haven demand.

Across the ocean, bullish sentiment around the equity market was further bolstered by the optimism concerning Brexit, which was recently triggered after the European Union’s (E.U.) Brexit negotiator Michel Barnier recently said that he is pleased to be back in London for Brexit talks.

On the contrary, the intensifying coronavirus woes in the U.S. and Europe and intensifying lockdowns restrictions in Europe keep challenging the upbeat market sentiment and become the key factor that kept the lid on any additional gains in the currency pair. As per the latest report, the coronavirus cases (COVID-19) have exceeded 50 million globally over the weekend. At the same time, the number of infections in Europe was registered approximately 300K in one day. At the U.S. front, the U.S. reported a record rise in coronavirus cases for a 4th-consecutive day with at least 131,420 new infections, bringing the country’s total count to around 9.91 million. Simultaneously, the number of deaths in the U.S. was more than 1,000 for a 5th-consecutive day. It is also worth mentioning that 242,230 people have died from the infection in the U.S., and 6,391,208 have recovered so far. Considering the current coronavirus condition in Europe, the major Europeans like Germany and France have imposed severe restrictions to try controlling the spread. 


Moving ahead, the market traders will keep their eyes on the U.S. economic calendar, which highlights updates on inflation and consumer confidence along with Thursday’s report on initial jobless claims. In the meantime, the Brexit trade talks’ updates could not lose their importance on the day.

The AUD/USD consolidates with bullish sentiment at the 0.7294 area, facing a solid resistance at the 0.7294 level extended by a triple top pattern. On the higher side, the upward breakout can drive the buying drift to the 0.7346 mark. Alongside this, the support extends to operate at the 0.7220 mark today. The MACD trades with a mixed bias; nevertheless, it can adapt bullish if AUD/USD runs to crossover 0.7295 mark. Good luck!

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Forex Signals

USD/CAD Breaking Underneath Double Bottom Support – Brace for Sell! 

The USD/CAD pair was closed at 1.30589 after placing a high of 1.30967 and a low of 1.30192. The USD/CAD fell to its lowest since 1st September on Friday before rising and posting gains for the day.

The USD/CAD pair was closed at 1.30589 after placing a high of 1.30967 and a low of 1.30192. The USD/CAD fell to its lowest since 1st September on Friday before rising and posting gains for the day.

The USD/CAD pair was closed at 1.30589 after placing a high of 1.30967 and a low of 1.30192. The USD/CAD fell to its lowest since 1st September on Friday before rising and posting gains for the day.

After posting sharp losses for the previous four days, the USD/CAD pair reversed and posted gains on Friday despite the broad-based US dollar weakness. The main driver of the USD/CAD pair on Friday was the Crude oil prices.

The WTI Crude Oil prices declined to $37.06 per barrel on Friday amid the rising number of lockdown restrictions from the European nations and other countries. The resurgence of the second wave of coronavirus forced governments to re-impose restrictions, raising concerns for oil prices.

As the previous lockdowns decreased the crude oil prices to its lowest level in history, the same fears emerged in the market after the second wave of virus escalated. These lingering fears kept the crude oil prices under pressure and weighed on commodity-linked Loonie that ultimately pushed the USD/CAD pair on the higher side.

On the data front, at 18:30 GMT, the Employment Change from Canada for October rose to 83.6K against the forecasted 59.0K and supported the Canadian dollar and capped further upside of the USD/CAD pair. The Unemployment Rate from Canada for October also declined to 8.9% from the forecasted 9.0% and supported the Canadian dollar. At 20:00 GMT, the Ivey PM for October from Canada declined to 54.2 against the projected 55.2 and weighed on the Canadian dollar and supported the USD/CAD pair’s gains on Friday.

From the US side, at 18:30 GMT, Average Hourly Earnings from the US for October fell to 0.1% from the predicted 0.2% and weighed on the US dollar and capped further gains in the USD/CAD pair. For October, the Non-Farm Employment Change rose to 638K against the predicted 595K and supported the US dollar and pushed the pair USD/CAD further on the upside. The Unemployment Rate from the US in October dropped to 6.9%from the predicted 7.7% and supported the US dollar. At 20:00 GMT, the Final Wholesale Inventories for September came in as 0.4% against the expected -0.1% and weighed on the US dollar.

Meanwhile, the US dollar was weak across the board due to the chances of Joe Biden’s victory in US elections on Friday as he was expected to deliver a larger stimulus package. However, the US dollar weakness only affected the pair in an early trading hour at the ending day of the week and failed to impact the USD/CAD pair’s prices in a late trading hour due to declining crude oil prices.


Daily Technical Levels

Support Resistance

1.2989 1.3142

1.2931 1.3237

1.2836 1.3295

Pivot point: 1.3084

The USD/CAD pair is trading with a selling bias below the 1.3007 area, having violated the support area of the 1.3025 level. On the lower side, the bearish breakout of the 1.3025 level can extend selling bias until the 1.29720 level. Continuation of a selling bias can help us capture a quick sell trade until the 1.2972 area. So far, the MACD and EMA are neutral as the market lacks volatility. But we can expect some price action during the European session. Let’s brace for it. Good luck! 

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Forex Signals

EURCAD Breakout Retest BUY

Flow Assessment

  • Price has reached a key H4 sellers area (pink line) so we anticipate down-flow to continue, however the sellers so far have not shown much strength relative to buyers, hence we anticipate intermediate buys

Location Assessment

  • Price is reacting at a key high volatility buyers area, where there are some signs that they are defending the level

Momentum Assessment

  • Price has had a SL hunt, where some sellers have been trapped. This gives us our entry trigger.
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Forex Signals

USDJPY Swing Failure BUY

Flow Assessment

  • Sellers have tried with high volatility to create a lower low and failed, suggesting that a higher price may be needed

Location Assessment

  • Next set of liquidity for H1 sellers (aqua line) are still higher up, thus giving space for the buys, especially after buyers have halted seller progress in this swing

Momentum Assessment

  • On M15, price has initiated an up-flow with higher high and higher low. We look to trade the buys after the 1st sign of a strong buyer
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Forex Signals

AUDCAD Breakout Retest BUY

Flow Assessment

  • Price is in a strong up-flow and the seller pullback is coming in with weaker volatility and strength

Location Assessment

  • We look to trade near the key buyer area, where there was a high volatility reaction previously

Momentum Assessment

  • Allow the sellers to try 1 more time since the sellers approached the key buyer area in a sharp way, but after signs of buyers holding the level even after the seller’s 2nd try, this is a sign for taking the buy
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Forex Signals

AUD/USD Bullish Channel Support Assie – Quick Update

The AUD/USD currency pair failed to extend its previous day bullish moves and took fresh offers near below the 0.7250 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in the U.S. and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. 

The AUD/USD currency pair failed to extend its previous day bullish moves and took fresh offers near below the 0.7250 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in the U.S. and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. 

AUD/USD Bullish Channel Support Assie – Quick Update

The AUD/USD currency pair failed to extend its previous day bullish moves and took fresh offers near below the 0.7250 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in the U.S. and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. 

However, the global risk sentiment was further pressured by the uncertainty surrounding the U.S. election, triggered by the rumors concerning the delay in U.S. election results until January. On the other hand, the broad-based U.S. dollar fresh strength, backed by the risk-off market sentiment, has also played its major role in undermining the currency pair. 

On the contrary, the currency pair’s losses were capped by the RBA’s monetary policy statement, in which the RBA explicitly calling out no further reduction in interest rates, which tend to underpin the Australian dollar and helps the currency pair to limit its deeper losses. At the moment, the AUD/USD currency pair is currently trading at 0.7255 and consolidating in the range between 0.7250 – 0.7285.

The market trading sentiment remains depressed during the early Asian trading session due to the second wave of coronavirus infections in the U.S. and the U.K. getting worse day by day. As per the latest report, there are 109,000 new COVID-19 cases from the U.S. so far. Thus, these figures marked the second day in a row with over 100,000 new cases after beating Wednesday’s daily record.

Additionally, the long-lasting inability to pass the U.S. fiscal package, as well as the jitters of the American presidential election also weighed on the risk sentiment, which eventually undermined the perceived riskier Australian dollar and contributed to the currency pair gains.

Despite Democratic candidate Joe Biden’s heavy role in the electoral votes, currently around 260 counts against 270 required, the U.S. election results still not showing any decision. However, the reason could be attributed to President Donald Trump’s lawsuits against multiple states. As per the latest report from Pennsylvania, Trump’s lead getting narrowed over the democratic rival Biden.

Despite this, the broad-based U.S. dollar succeeded in stopping its last session losses and took some fresh bids during Friday’s Asian session as investors started to prefer the safe-haven assets in the wake of the risk-off market sentiment. However, the U.S. dollar gains seem rather unaffected by the downbeat comments from the Fed Chair Jerome Powell. On the other hand, the U.S. dollar gains were also capped by the prevalent worries over the U.S. economic recovery amid the reappearance of coronavirus cases, which could be bad for both the U.S. and the global economy. However, the U.S. dollar gains become the key factor that kept the currency pair under pressure. Simultaneously, the U.S. Dollar Index that tracks the greenback against a basket of other currencies recovered to 92.698.

The Fed has performed as broadly expected, maintaining its benchmark interest rate at the 0%-0.25% range and its bond-buying program unchanged. In the meantime, he showed readiness to fulfill its pledge to support the U.S. economy, “promoting its maximum employment and price stability goals in times of the COVID-19 pandemic.

At home, the currency pair’s losses were capped by the RBA’s monetary policy statement, in which the RBA indicated for no further reduction in interest rates, which tend to underpin the Australian dollar and helps the currency pair to limit its deeper losses.

Moving ahead, the market traders will keep their eyes on the American employment numbers for October., USD price dynamics, and coronavirus headlines, which could give a fresh direction for the currency pair. In the meantime, the updates surrounding the U.S. elections could not lose their importance on the day.


Daily Support and Resistance

S1 0.6867

S2 0.7007

S3 0.7094

Pivot Point 0.7146

R1 0.7233

R2 0.7286

R3 0.7426

The AUD/USD traded distinctly bullish at the 0.7262 area, with a critical resistance of 0.7282 and 0.7335. In the daily chart, the AUD/USD has established a substantial buying candle, conferring substantial bullish sentiment among investors. While on the lower side, the support can be seen around the 0.7230 mark. Bullish sentiment rules the market. Good luck! 

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Forex Signals

USD/CAD Bearish Price Action Continues – Downward Channel In Play! 

The USD/CAD pair was closed at 1.30425 after placing a high of 1.31781 and a low of 1.30280. The USD/CAD pair dropped to its lowest since 1st September on the back of U.S. dollar weakness triggered by the expectations of Biden victory in the U.S. presidential elections.

The USD/CAD pair was closed at 1.30425 after placing a high of 1.31781 and a low of 1.30280. The USD/CAD pair dropped to its lowest since 1st September on the back of U.S. dollar weakness triggered by the expectations of Biden victory in the U.S. presidential elections.

The USD/CAD pair was closed at 1.30425 after placing a high of 1.31781 and a low of 1.30280. The USD/CAD pair dropped to its lowest since 1st September on the back of U.S. dollar weakness triggered by the expectations of Biden victory in the U.S. presidential elections.

The pair USD/CAD failed to capitalize its early daily gains and fell to its two months lowest level as the selling bias surrounding the U.S. dollar intensified. The greenback was weak due to the U.S. residential Election’s delayed outcome, where Democrat candidate Joe Biden was leading over the incumbent Donald Trump.

However, the final results are yet to announce as Donald Trump has already filed lawsuits against the counting of votes in key battleground states that added to the uncertainty and dampened prospects for a big stimulus package to aid the COVID-19 hit economy. It added further losses in the U.S. Treasury bond yields and contributed to the losses of the USD/JPY pair. Meanwhile, the USD/JPY pair’s downward momentum was cushioned on the back of fresh losses in crude oil prices that tend to undermine the commodity-linked Loonie. The weak Loonie then capped further losses in the USD/CAD pair on Thursday.

The crude oil prices are expected to decrease further in the coming days as the concerns about the renewed lockdown measures to curb the second wave of coronavirus infections were increasing.

On the data front, at 17: 30 GMT, the Challenger Job Cuts for the year came in as 60.4% in comparison to the previous 185.9% from the U.S. At 18:30 GMT, the Unemployment Claims for the last week surged to 751K against the projected 740K and weighed on the U.S. dollar, and added USD/CAD pair losses. The Prelim Nonfarm Productivity for the quarter surged to 4.9% against the projected 3.6% and weighed on the U.S. dollar.

At 18:32 GMT, the Prelim Unit Labor Costs for the quarter came in as -8.9% against the estimated -10.0% and supported the U.S. dollar.

Furthermore, the U.S. dollar was also weak across the board after releasing the Federal Reserve’s latest announcement to keep the interest rates and assets purchases on the same level. This selling bias in the U.S. dollar added further losses in the USD/CAD pair on Thursday.


Daily Technical Levels

Support Resistance

1.2989 1.3142

1.2931 1.3237

1.2836 1.3295

Pivot point: 1.3084

The USD/CAD is trading with a selling bias at the 1.3061 level, having an immediate resistance at 1.3097 along with support at the 1.3030 level. Violation of 1.3030 level can extend selling until 1.2970 level. The downward channel is also putting pressure on the downward trend; therefore, we should look for selling trades below the 1.3090 level today. Good luck! 

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Forex Signals

EURGBP Breakout Retest SELL

This is a position add to the existing EURGBP SELL trade here.

Flow Assessment

  • Structural down flow with LLs and LHs

Location Assessment

  • Price has come back to a critical level where previous volatile reactions happened around, making it a good area to look for sells

Momentum Assessment

  • Buyers suddenly shot up right into the key level with high volatility. But this is suspicious because the original buyers did not show this much strength or volatility.
  • This makes us suspect that it is a trap, specifically a liquidity and stop hunt to accumulate more sell orders, making it a fantastic entry trigger
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Forex Signals

EURAUD Bounces in a Demand Zone

Description

Description

Description

The EURAUD price reacted, developing an upward wide range candle during the overnight trading session when the price tested the bullish cycle’s demand zone. The cross began on September 16th when the price found fresh buyers at 1.61240 finished on October 20th when the cross found resistance at 1.68273.

Once the price found resistance, the cross started a bearish sequence as a corrective structure subdivided into a three-wave structural series, which looks in an exhaustion stage.

On the other hand, we recognize a consolidation formation between 1.61934 and 1.62494, corresponding to mid-September, where the cross found support during the Friday 06th overnight trading session.

In summary, the EURAUD cross could find fresh buyers in the zone between 1.62494 and 1.61934 from where the price could test the previous swing high located between 1.63533 and 1.63853.

Chart

Trading Plan Summary

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Forex Signals

EURGBP Swing Failure SELL

Flow Assessment

  • Price has reacted off a monthly sellers area and has been grinding down slowly.
  • The sellers have been maintaining market structure as there has been no higher high by the buyers.
  • The sellers have been making progress by making lower lows

Location Assessment

  • Price has reacted of a H1 sellers area
  • We are trading based on the buyers’ continued inability to make a higher high

Momentum Assessment

  • We waited for a 2nd attempt of buyers to see if they can push and make a higher high
  • When this 2nd attempt too failed; instead sellers made a lower high, this confirmed to us that the sellers are firmly in control, hence we can join them to trade down to the daily lows
  • In some cases, profit targets may be extended to the weekly lows
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Forex Signals

NZDCAD Breakout Retest BUY

Flow Assessment

  • Price has created a fresh higher high and the buy swings look strong and aggressive, suggesting bullish order flow

Location Assessment

  • Price has recently broken through and retested a major level at 0.88170, which has acted as a support and resistance for high volatility swings multiple times before
  • Hence, given our bullish bias, it is logical to look for buys at this key area

Momentum Assessment

  • Price retested the key 0.88170 level and showed sharp signs of rejection
  • Due to the high relevance of the level and the bullish bias, this is sufficient for us to take a buy
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USDJPY Breakout Retest SELL

Flow Assessment

  • There has been a very large trap on daily in terms of an SL hunt. The strong force of buyers would have enticed people on the wrong side of the market, providing lots of liquidity for sellers to build up positions at good, high prices to prepare for a big move

Location Assessment

  • Price has broken down below the weekly support, which is stale, having been tested 4 times already without any buy swing making even an equal high
  • This indicates that the weekly support is weak and is about to break

Momentum Assessment

  • The sellers have created a lower-low, showing that they are in control
  • We enter upon signs of rejection at the logical breakout retest area that coincides with the lower high.
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Forex Signals

AUD/USD Bounces off Support 0.7155 – Good time to go long?

The AUD/USD pair was closed at 0.71864 after placing a high of 0.72218 and a low of 0.70484. The pair AUD/USD rose to its highest since 12th October on Wednesday amid the U.S. political uncertainty after the election results seemed tighter than expected.

The AUD/USD pair was closed at 0.71864 after placing a high of 0.72218 and a low of 0.70484. The pair AUD/USD rose to its highest since 12th October on Wednesday amid the U.S. political uncertainty after the election results seemed tighter than expected.

The AUD/USD pair was closed at 0.71864 after placing a high of 0.72218 and a low of 0.70484. The pair AUD/USD rose to its highest since 12th October on Wednesday amid the U.S. political uncertainty after the election results seemed tighter than expected.

The AUD/USD pair first declined sharply on Wednesday amid the recent decision of RBA to cut its interest rates to 0.10% from the 0.25% and weighed on Aussie. The RBA also announced its plans to buy A$200 billion government bonds with maturities of around 5-10 years over the next six months.

However, the losses in AUD/USD pair were reversed, and the par started to post gains as the U.S. dollar started losing its gains in late trading session as the U.S. election results delayed and raised uncertainty. The markets started moving with the threats of lawsuits and recounting of votes that would go on for a couple of days and delay the final election results.

The declining U.S. dollar helped the AUD/USD pair to raise its prices and move in the upward direction on Wednesday. On the data front, at 02:30 GMT, the AIG Construction Index for October raised to 52.7 against the previous 45.2. At 05:30 GMT, the Retail Sales for September came in as -1.1% against the forecasted -1.5% and supported the Australian dollar that added strength to AUD/USD pair.

At 18:15 GMT, the ADP Non-Farm Employment Change for October plunged to 365K against the predictable 650K and weighed on the U.S. dollar that ultimately supports the AUD’s upward momentum/USD pair. At 18:30 GMT, the Trade Balance from the U.S. for October remained flat with the anticipations of -63.9B. 

At 19:45 GMT, the Final Services PMI for October rose to 56.9 from the estimated 56.0 and supported the U.S. dollar. At 20:00 GMT, the ISM Services PMI for October fell to 56.6 from the predictable 57.4 and weighed on the U.S. dollar that added further strength to AUD/USD pair.


Daily Technical Levels

Support Resistance

0.7066 0.7215

0.6972 0.7270

0.6917 0.7364

Pivot point: 0.7121

The AUD/USD continues trading sideways, facing immediate resistance at the 0.7160 level along with a support area of 0.7140. The bullish breakout of the 0.7190 level can extend the buying trend until the 0.7220 level. Conversely, the bearish breakout of the 0.7140 level can drive selling bias until 0.7060. Eyes stay on the U.S. elections outcome. Good luck! 

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Forex Signals

USD/CAD Testing Triple Bottom – Is It Good time to go Long? 

The USD/CAD pair was closed at 1.31332 after placing a high of 1.32991 and a low of 1.30953. The USD/CAD pair rose to a daily high of 1.3300 during the Asian session on Wednesday but reversed in the late session and converted gains into modest losses.

The USD/CAD pair was closed at 1.31332 after placing a high of 1.32991 and a low of 1.30953. The USD/CAD pair rose to a daily high of 1.3300 during the Asian session on Wednesday but reversed in the late session and converted gains into modest losses.

The USD/CAD pair was closed at 1.31332 after placing a high of 1.32991 and a low of 1.30953. The USD/CAD pair rose to a daily high of 1.3300 during the Asian session on Wednesday but reversed in the late session and converted gains into modest losses.

The US election results were expected to end with a blue wave and were weighing on the US dollar in previous days, but on Wednesday, the tables turned after the results were tightened. The hopes faded away that democrats will be controlling the Senate, and the expectations of divided government increased that started supporting the US dollar.

The strong US dollar pushed the USD/CAD pair higher; however, the market sentiment reversed after the specter of recounts, appeals to the Supreme Court, and lawsuits emerged and delayed the election results. These uncertainties weighed on market sentiment, and the pair USD/CAD reversed its direction and turned its gains into losses.

On the data front, at 18:30 GMT, the Trade Balance for September dropped to -3.3B against the expected -2.2B and weighed on the Canadian Dollar and supported the upward trend in the earlier session.

From the US side, at 18:15 GMT, the ADP Non-Farm Employment Change for October fell to 365K against the anticipated 650K and weighed on the US dollar and added in USD/CAD losses pair. 

At 18:30 GMT, the Trade Balance from the US for October remained flat at -63.9B. At 19:45 GMT, the Final Services PMI for October rose to 56.9 from the estimated 56.0 and supported the US dollar. At 20:00 GMT, the ISM Services PMI for October plunged to 56.6 from the projected 57.4 and weighed on the US dollar and supported the USD/CAD pair’s bearish trend.

On WTI crude oil front, the prices rose above $39 per barrel on Wednesday and gave strength to the commodity-linked Loonie that ultimately added pressure on the USD/CAD pair and declined its prices.


Daily Technical Levels

Support Resistance

1.3075 1.3209

1.3020 1.3290

1.2940 1.3344

Pivot point: 1.3155

The USD/CAD pair is trading with a neutral bias at the 1.3102 level, holding right below an immediate support area of 1.3100 level. It’s a triple bottom level. Therefore we can expect the Loonie pair to bounce off over this level to target the 1.3219 area. On the higher side, the USD/CAD may find support at the 1.3377 level. Let’s wait for a signal to enter a trade! 

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Forex Signals

Gold on a Bullish Run – Quick Update on Signal!


Entry Price – Buy 1912.42
Stop Loss – 1906.42
Take Profit – 1919.92
Risk to Reward – 1:1.25
Profit & Loss Per Standard Lot = -$600/ +$750
Profit & Loss Per Micro Lot = -$60/ +$75
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

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Forex Signals

NZDUSD Breakout Anticipation BUY

Flow Assessment

  • Price is in a daily range and showing a grind upwards with higher highs and higher lows
  • We anticipate price to get to the top of the daily range

Location Assessment

  • On the H4, price has been holding just before a historical seller’s area, supported by a strong buy push, suggesting a possible buildup area before the breakout to the upside

Momentum Assessment

  • A strong force of buyers showed themselves, breaking out of the mini-congestion from 0.6687 to 0.67100, suggesting the buyers are ready to move up
  • It is unlikely to be a trap because the origin of the buy swing push on the H4 is still very strong
Categories
Forex Signals

EURNZD Breakout Retest BUY

Location Assessment

  • Price has reacted at the higher low (HL) area which coincided with where there were previously sharp buyers in the L to HH swing in the first picture

Flow Assessment

  • On the H1, price is showing the first signs of bullish market structure, having made a higher high (HH) and signs of buyers defending a HL level
  • Hence we are interested to join the buyers

Momentum Assessment

  • Currently, price is at an area where previous sharp rejections have occurred by the sellers however we note 2 points:
    • Those seller reactions failed to achieve an equal low. The fact that the buyers defended a HL level shows that the sellers do not have much power at this area of 1.7532
    • On the M5, price is holding at this key level for the first time, not showing immediate sharp reactions. This indicates that a breakout to the upside is building up.
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Forex Signals

USD/CAD Extended Overnight Gains & Hit the Intra-Day – Elections In Play! 

Today in the Asian trading session, the USD/CAD currency pair managed to stop its three-day downtrend and witnessed some heavy buying around above mid-1.3200 level, mainly due to the broad-based U.S. dollar strength. However, the bullish sentiment around the U.S. dollar was being supported by President Donald Trump’s victory in Florida, which pushed the currency pair intraday high. 

Today in the Asian trading session, the USD/CAD currency pair managed to stop its three-day downtrend and witnessed some heavy buying around above mid-1.3200 level, mainly due to the broad-based U.S. dollar strength. However, the bullish sentiment around the U.S. dollar was being supported by President Donald Trump’s victory in Florida, which pushed the currency pair intraday high. 

Today in the Asian trading session, the USD/CAD currency pair managed to stop its three-day downtrend and witnessed some heavy buying around above mid-1.3200 level, mainly due to the broad-based U.S. dollar strength. However, the bullish sentiment around the U.S. dollar was being supported by President Donald Trump’s victory in Florida, which pushed the currency pair intraday high. 

On the contrary, the upticks in the oil prices, backed by the bigger-than-expected draw in the U.S. crude stockpiles, became the key factor that kept the lid on any additional crude gains oil prices. Moreover, the bullish sentiment around the crude oil prices was also supported by the reports suggesting that OPEC and its allies (OPEC+) maintaining current production restrictions, which tend to ease oversupply fears and contribute to oil prices. Currently, the USD/CAD currency pair is currently trading at 1.3234 and consolidating in the range between 1.3093 – 1.3278.

As we all know, the market risk sentiment has been flashing mixed signals since the day started amid U.S. election polls. However, the expectations of a blue wave in the U.S. Congress weakened quickly after President Donald Trump won Florida’s key battleground state. Conversely, the Arizona governor said that it was too early to call the state for Biden. As per Fox News, the tally on the electoral College now stands at 233 for both Joe Biden and Donald Trump, indicating that the race is tighter than expected.

At the USD front, the broad-based U.S. dollar managed to keep its gains throughout the day as the traders still cheering President Donald Trump’s victory in Florida. Put, the bid tone around the safe-haven greenback seems to have increased in response to betting markets having President Trump as the favorite to win elections. However, the U.S. dollar gains seem rather unaffected by the risk-on market sentiment. Thus, the gains in the U.S. dollar become the key factor that kept the currency pair higher. Meantime, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies rose to 93.898.

 At the crude oil front, the crude oil prices succeeded in gaining positive traction and surged to the $38.80 mark after a surprise draw of -8.01M, against 4.55M prior, in private inventory data published by the American Petroleum Institute (API) on Tuesday. This, in turn, boosted crude oil prices by over 3% overnight. Furthermore, the sentiment around crude oil was improved further after the reports concluded that the Organization of the Petroleum Exporting Countries (OPEC) and its allies maintained current production restrictions, which tend to ease oversupply fears and contribute to the oil prices. Thus, the rise in oil prices underpinned demand for the commodity-linked currency the loonie and became the major factor that capped the pair’s further gains.

In the absence of significant data/events on the day, the market traders will keep their eyes on the continuous drama surrounding the U.S. elections and updates about the U.S. stimulus package. 


Daily Support and Resistance

S1 1.2899

S2 1.3029

S3 1.3083

Pivot Point 1.3158

R1 1.3213

R2 1.3288

R3 1.3418

The USD/CAD is trading with a bullish bias at the 1.3278 level, having violated the immediate resistance level of 1.3223. it’s the same level extended by an upward channel, which got violated a couple of days ago. On the higher side, we can expect the USD/CAD pair to continue trading bullish until the 1.3323 level, as the MACD is also in support of the buying trend. The recent bullish engulfing is in support of buying; however, the election results may drive some volatility in the market. Let’s wait for a trading signal! 

Categories
Forex Signals

USDJPY Swing Failure SELL

Location Assessment

  • Price has reached the H4 seller’s area for the first time and the overall daily flow (purple line in picture) is downwards
  • This makes us interested for sells

Flow Assessment

  • The overall daily flow is downwards and importantly, the move back up to the H4 sellers area is coming in multiple pushes, indicating that this is not a fresh trend swing
  • Hence, we maintain our overall sell bias

Momentum Assessment

  • We wait for signs of sellers showing interest at the H4 seller area via evidence of lower highs (LHs)
  • To be able to have smaller SL and better risk-reward, we wait for more confirmation via 2LHs first, then enter the trade with SL above the last LH
  • For targets, we simply look at the equal low marked by the weekly support (in yellow)
Categories
Forex Signals

AUD/USD Reverse Overnight Bearish Moves – Eyes on 0.7206 Resistance! 

The AUD/USD currency pair succeeded to stop its overnight declining streak and drew some modest bids around above mid-0.7000 level mainly due to the risk-on market sentiment, which tends to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by upbeat activity data from the U.S., China, and Europe, which rekindled economic recovery hopes and underpinned the market risk-tone. 

The AUD/USD currency pair succeeded to stop its overnight declining streak and drew some modest bids around above mid-0.7000 level mainly due to the risk-on market sentiment, which tends to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by upbeat activity data from the U.S., China, and Europe, which rekindled economic recovery hopes and underpinned the market risk-tone. 

The AUD/USD currency pair succeeded to stop its overnight declining streak and drew some modest bids around above mid-0.7000 level mainly due to the risk-on market sentiment, which tends to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by upbeat activity data from the U.S., China, and Europe, which rekindled economic recovery hopes and underpinned the market risk-tone. 

Apart from this, the market trading sentiment was further bolstered by the updates suggesting continuous progress of Brexit talks between the U.K. and the European Union (E.U.), which extended further support to the currency pair. Across the pond, the broad-based U.S. dollar selling bias, triggered by the marker risk-on sentiment, also played its major role in supporting the currency pair. Moreover, the losses in the U.S. dollar was further bolstered by the intensifying doubts over the U.S. economic recovery ahead of the U.S. presidential elections. 

On the contrary, the long-lasting coronavirus woes globally, as well as delays in the U.S. covid stimulus, keep challenging the upbeat market sentiment, which becomes the key factor that kept the lid on any additional gains in the currency pair. In the meantime, the gains in the currency pair were further capped by the reports suggesting that the RBA is expected to cut the benchmark rate and announce more Q.E. At this time, the AUD/USD currency pair is currently trading at 0.7057 and consolidating in the range between 0.7044 – 0.7063.

Despite the concern about the second wave of coronavirus infections, which leads the lockdown measures, the market trading sentiment remained positive during the early Asian session amid positive developments surrounding the Brexit talks between the U.K. and the European Union (E.U.), which in turn, underpinned the perceived risk currency Australian dollar and contributed to the currency pair gains. 

Across the ocean, bullish sentiment around the equity market was further bolstered by the upbeat activity numbers from the U.S., China, and Europe, which rekindled economic recovery hopes and underpinned the market trading sentiment. As per the latest report, the ISM manufacturing index jumped to the highest in more than two years.

As in result, the S&P 500 futures succeeded to extend its overnight positive momentum and remain bullish on the day, which tends to undermine the demand for the safe-haven U.S. dollar and extended support to the currency pair. Despite the upbeat U.S. data, the broad-based U.S. dollar failed to erase its overnight losses and remained under pressure on the day mainly due to the marker risk-on tone. Apart from this, the resurgence of coronavirus keeps fueling the fears that the U.S. economic recovery could be halt, which also keeps the greenback under pressure. However, the losses in the U.S. dollar could be considered as the major factor that kept the currency pair higher. Meanwhile, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped to 93.977.

On the contrary, the intensifying coronavirus woes across the globe, as well as, intensifying lockdowns restrictions in Europe keep challenging the upbeat market sentiment and become the key factor that kept the lid on any additional gains in the currency pair. As per the latest report, Europe declared this weekend second lockdowns amid surging coronavirus cases. It is worth recalling that the market and industry professionals were not expecting renewed lockdowns for whole countries. Late last week, Austria announced a second lockdown until the end of November, including closing hotels for tourism, as well as restaurants except for takeaway and delivery. Apart from froths, the U.K., one of the largest economies in Europe, is also imposing lockdown restrictions while Belgium also returned to a nationwide lockdown. 

Elsewhere, the growing probabilities that the RBA will cut interest rates in November could also be considered as one of the key factors that kept the lid on any additional gains in the currency pair. It is worth recalling that the benchmark interest rate likely cut to 0.10% from 0.25%. 

In the absence of the major data/events on the day, the market traders will keep their eyes on the monetary policy meeting of the RBA and the U.S. presidential election for fresh directions. In the meantime, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch.


Daily Support and Resistance

S1 0.69

S2 0.6966

S3 0.7008

Pivot Point 0.7033

R1 0.7075

R2 0.71

R3 0.7166

The AUD/USD has traded sharply bullish amid weaker U.S. dollar, as the pair crossed over 0.7150 level. On the higher side, the AUD/USD pair may head further higher until the next resistance area of 0.7199 level. The MACD and RSI are extremely overbought, and however, we have to wait for bearish reversal candles ahead of opening a sell trade in Aussie. On the lower side, the Aussie can find support at 0.7150 and 0.7105 mark. Let’s wait for the U.S. elections before opening any further trades today. Good luck!  

Categories
Forex Signals

USD/CAD Heading for Triple Bottom Support – Brace for the Buying Signal!  

The USD/CAD pair was closed at 1.32158 after placing a high of 1.33702 and a low of 1.32153. The USD/CAD pair dropped on Monday after posting gains for three consecutive sessions. Despite the broad-based U.S. dollar strength, the USD/CAD pair fell on Monday and posted sharp losses on the back of the strength of the Canadian Dollar and rising crude oil prices.

The USD/CAD pair was closed at 1.32158 after placing a high of 1.33702 and a low of 1.32153. The USD/CAD pair dropped on Monday after posting gains for three consecutive sessions. Despite the broad-based U.S. dollar strength, the USD/CAD pair fell on Monday and posted sharp losses on the back of the strength of the Canadian Dollar and rising crude oil prices.

The USD/CAD pair was closed at 1.32158 after placing a high of 1.33702 and a low of 1.32153. The USD/CAD pair dropped on Monday after posting gains for three consecutive sessions. Despite the broad-based U.S. dollar strength, the USD/CAD pair fell on Monday and posted sharp losses on the back of the strength of the Canadian Dollar and rising crude oil prices.

The Loonie has been unaffected by the broad-based U.S. dollar strength on Monday as the WTI crude oil prices rebounded by 2% on the day and provided strength to the commodity-linked Loonie.

Furthermore, the risk sentiment was also improved in the market as the main equity indexes advanced on Monday, and oil prices also rose by $2 per barrel. The Chinese factory data also showed advancement along with the improved U.S. manufacturing activity offset the concerns about the coronavirus spread and supported the Canadian Dollar against the U.S. dollar and dragged the pair USD/CAD on the lower side.

On the data front, at 19:30 GMT, the Manufacturing PMI from Canada for October was declined to 55.5 from the previous month’s 56.0 and weighed on the Canadian Dollar that capped further losses in the USD/CAD pair.

Whereas, from the U.S. side, at 19:45 GMT, the Final Manufacturing PMI for October came in line with the projections of 53.4. At 20:00 GMT, the ISM Manufacturing PMI for October rose to 59.3 from the anticipated 55.6 and supported the U.S. dollar. The Construction Spending for September dropped to 0.3% from the estimated 1.0% and weighed on the U.S. dollar. The ISM Manufacturing Prices for October also surged to 65.6 against the anticipated 60.5 and supported the U.S. dollar. The positive U.S. macroeconomic data on Monday limited the additional losses in the USD/CAD pair.

The U.S. dollar came under fresh pressure ahead of the upcoming U.S. election as both candidates Joe Biden and Donald Trump have said that they would introduce the next round of U.S. stimulus after the elections. The fact that stimulus measures will be delivered regardless of who will win the election weighed on the U.S. dollar and added further losses in the USD/CAD pair on Monday.


Daily Technical Levels

Support Resistance

1.3334 1.3388

1.3297 1.3407

1.3279 1.3443

Pivot point: 1.3352

Technically, the USD/CAD fell sharply amid weakness in the U.S. dollar ahead of the U.S. elections. On the lower side, the USD/CAD is facing support at 1.3103 level, and closing of a candle over 1.3103 level can drive bullish movement in the USD/CAD pair. The MACD has entered the oversold zone; therefore, we may have an opportunity to go long over 1.3103 level today.

Entry Price – Buy Limit 1.3086

Stop Loss – 1.3046

Take Profit – 1.3126

Risk to Reward – 1:1

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368

Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

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Forex Signals

USD/CHF Set for Bearish Correction – U.S. Elections in Play!  

During Tuesday’s Early Asian trading session, the USD/CHF extended its overnight losses and remain depressed around just above the 0.9167 support level mainly due to the broad-based U.S. dollar weakness. However, the prevalent downtrend in the greenback is mainly tied to the upbeat activity numbers from the U.S., China, and Europe, which rekindled economic recovery hopes and kept market trading sentiment positive. Moreover, the political uncertainty in the U.S. also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.

During Tuesday’s Early Asian trading session, the USD/CHF extended its overnight losses and remain depressed around just above the 0.9167 support level mainly due to the broad-based U.S. dollar weakness. However, the prevalent downtrend in the greenback is mainly tied to the upbeat activity numbers from the U.S., China, and Europe, which rekindled economic recovery hopes and kept market trading sentiment positive. Moreover, the political uncertainty in the U.S. also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.

During Tuesday’s Early Asian trading session, the USD/CHF extended its overnight losses and remain depressed around just above the 0.9167 support level mainly due to the broad-based U.S. dollar weakness. However, the prevalent downtrend in the greenback is mainly tied to the upbeat activity numbers from the U.S., China, and Europe, which rekindled economic recovery hopes and kept market trading sentiment positive. Moreover, the political uncertainty in the U.S. also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.

Despite the intensified Sino-US tussle and coronavirus (COVID-19) woes, the market trading sentiment managed to stop its previous negative performance and started to gain some positive traction during the early Asian session on the day perhaps due to the upbeat activity numbers from the U.S., China, and Europe, which rekindled economic recovery hopes. Moreover, the market trading sentiment got an additional lift from the positive developments surrounding the Brexit talks between the U.K. and the European Union (E.U.), which in turn, provided an instant boost to the market trading sentiment and undermined the safe-haven assets including the safe-haven U.S. dollar.

Despite the upbeat U.S. data, the broad-based U.S. dollar remained depressed as the investors continue to sell U.S. dollars on the back of the upbeat market sentiment. Moreover, the losses in the U.S. dollar could also be associated with political uncertainty in the U.S. ahead of U.S. elections. However, the losses in the U.S. dollar could be considered as the major factor that kept the currency pair under pressure. Meanwhile, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped to 93.977 to 93.705.


Technically, the USD/CHF pair has entered the overbought zone at the 0.9204 level and below this, the market has initiated the retracement/correction in the USD/CHF pair. Therefore, we have opened a sell trade below 0.9200 area to target quick 40 pips—checkout out a trading plan below. 

Entry Price – Sell 0.91809

Stop Loss – 0.92209

Take Profit – 0.91409

Risk to Reward – 1:1

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368

Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

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Forex Signals

NZDUSD Swing Failure SELL

Categories
Forex Signals

AUD/CAD Symmetric Triangle Pattern in Play – Selling Trade Update!


Entry Price – Sell 0.93382
Stop Loss – 0.93782
Take Profit – 0.92982
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

Categories
Forex Signals

EUR/USD Regression Channel Continues to Drive Selling – Update on Signal! 

The EUR/USD pair was closed at 1.16445 after placing a high of 1.17041 and a low of 1.16398. The EUR/USD pair extended its losses for the 5th consecutive day on Friday and remained bearish throughout the day. The main driver behind the steepest fall in Euro currency this week was the market concerns about the rising number of coronavirus infections in Europe and the effects of the social distancing measures to curb them. 

The EUR/USD pair was closed at 1.16445 after placing a high of 1.17041 and a low of 1.16398. The EUR/USD pair extended its losses for the 5th consecutive day on Friday and remained bearish throughout the day. The main driver behind the steepest fall in Euro currency this week was the market concerns about the rising number of coronavirus infections in Europe and the effects of the social distancing measures to curb them. 

The EUR/USD pair was closed at 1.16445 after placing a high of 1.17041 and a low of 1.16398. The EUR/USD pair extended its losses for the 5th consecutive day on Friday and remained bearish throughout the day. The main driver behind the steepest fall in Euro currency this week was the market concerns about the rising number of coronavirus infections in Europe and the effects of the social distancing measures to curb them. 

The latest lockdown restrictions introduced by France and Germany and the tighter restrictions applied in Italy and Spain raised alarms about their impact on the fragile economic recovery and weighed on the single currency Euro that ultimately added pressure on EUR/USD pair. 

Furthermore, the European Central Bank hinted to unleash new stimulus measures in December to counteract the pandemic’s negative impact and weighed on the Euro currency that added further losses in EUR/USD pair on Friday.

Meanwhile, on the data front, at 11:30 GMT, the French Consumer Spending for September was dropped to -5.1% against the expected -1.5% and weighed on Euro. The French Flash GDP for the quarter raised to 18.2% against the expected 15.0% and supported Euro. At 12:00 GMT, German Retail Sales for September dropped to -2.2% from the forecasted -0.6% and weighed on Euro. At 12:45 GMT, the French Prelim CPI for October fell to -0.1% against the forecasted 0.0% and weighed on Euro. At 13:00 GMT, the Spanish Flash GDP for the quarter surged to 16.7% after placing a high of 13.5% and supported Euro. 

The Italian Monthly Unemployment Rate declined to 9.6% from the forecasted 10.1% and weighed on Euro. At 14:00 GMT, German Prelim GDP for the quarter raised to 8.2% from the forecasted 7.3% and supported Euro. The Italian Prelim GDP for the quarter also raised to 16.1% from the forecasted 11.1% and supported Euro. At 14:58 GMT, the Italian Prelim CPI for October remained flat with the expectations of 0.2%.

Support Resistance

1.1798 1.1789

1.1672 1.1834

1.1626 1.1870

Pivot point: 1.1753


The EUR/USD traded with a bearish bias, having dropped below the support area of 1.1653. At the moment, the EUR/USD is likely to face the resistance at the same level of 1.1653. On the higher side, a bullish crossover of 1.1653 increases the odds of continuing an upward trend, and it may lead the EUR/USD price towards 1.1700. Further bullish crossover of this area can lead the pair towards the 1.1758 level. Conversely, a bearish crossover of 1.1653 support level has opened additional room for selling until the 1.1613 area as a double bottom support area extends the level.  

Entry Price – Buy 1.1646

Stop Loss – 1.1686

Take Profit – 1.1606

Risk to Reward – 1:1.25

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368

Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

Categories
Forex Signals

USD/CAD Upward Channel to Support the pair – Brace for Buy Trade! 

The USD/CAD pair was closed at 1.33219 after placing a high of 1.33483 and a low of 1.32795. On Friday, the currency pair USD/CAD remained confined in a consolidated range throughout the day. The USD/CAD pair dropped in an earlier trading session on Friday amid the strong Canadian GDP and other economic data. However, the pair started falling in late session due to the declining crude oil prices on the day. Meanwhile, the US dollar was strong over the board ahead of the US Presidential elections and the strong macroeconomic data on the day.

The USD/CAD pair was closed at 1.33219 after placing a high of 1.33483 and a low of 1.32795. On Friday, the currency pair USD/CAD remained confined in a consolidated range throughout the day. The USD/CAD pair dropped in an earlier trading session on Friday amid the strong Canadian GDP and other economic data. However, the pair started falling in late session due to the declining crude oil prices on the day. Meanwhile, the US dollar was strong over the board ahead of the US Presidential elections and the strong macroeconomic data on the day.

The USD/CAD pair was closed at 1.33219 after placing a high of 1.33483 and a low of 1.32795. On Friday, the currency pair USD/CAD remained confined in a consolidated range throughout the day. The USD/CAD pair dropped in an earlier trading session on Friday amid the strong Canadian GDP and other economic data. However, the pair started falling in late session due to the declining crude oil prices on the day. Meanwhile, the US dollar was strong over the board ahead of the US Presidential elections and the strong macroeconomic data on the day.

On the data front, at 17:30 GMT, the Gross Domestic Product for August raised to 1.2% from the forecasted 0.9% and supported the Canadian dollar. The IPPI for September declined to -0.1% from the anticipated 0.1% and weighed on the Canadian dollar. The RMPI for September dropped to -2.2% from the forecasted 0.3% and weighed on the Canadian dollar.

The rise in Canadian dollar demand after the release of GDP started to lose its momentum on Friday after the investors realized that the economic growth in Canada would not persist for long as the coronavirus cases were spreading and hitting the economic growth recovery.

From the US side, at 17:30 GMT, the Core PCE Price Index for September came in line with the expectations of 0.2% from the US. Personal Spending from the US surged to 1.4% from the estimated 1.0% and supported the US dollar. The Employment Cost Index for the quarter remained the same at 0.5%. The Personal Income for September rose to 0.9% from the projected 0.3% and supported the US dollar. 

At 18:45 GMT, the Chicago PMI for October surged to 61.1 against the expected 58.2 and supported the US dollar. At 19:00 GMT, the Revised UoM Consumer Sentiment for October also advanced to 81.8 against the forecasted 81.2 and supported the US dollar. The Revised UoM Inflation Expectations for October came as 2.6% in comparison to September’s 2.7%.

Most of the macroeconomic figures from the US came in favor of the local currency that added strength in the USD/CAD pair on the day.

Furthermore, the gains were extended in the late session as the crude oil prices declined on Friday and remained low till $41.0 per day. The declining crude oil prices weighed on commodity-linked Loonie and forced the US dollar to move higher and push the USD/CAD pair. Another factor involved in the upward trend of the USD/CAD pair was the latest decision by the Federal Reserve on Friday to decrease the minimum limit of short-term and medium-term loans to $100,000 from the previous $250,000 to support the small & medium-sized businesses.


Daily Technical Levels

Support Resistance

1.3269 1.3385

1.3214 1.3446

1.3153 1.3501

Pivot point: 1.3330

The USD/CAD is trading with a selling bias falling from 1.3338 level to 1.3242 level, and it’s pretty much likely to drop further until the next support area of 1.3200 level. It’s the level that’s been extended by an upward trendline. The MACD histograms have also started forming below 0 supporting selling bias in the market. I will be looking to take a buy trade at this level of 1.3200 with a stop loss below the 1.3165 area and take profit level of 1.3340 mark. Good luck! 

Categories
Forex Signals

GBPUSD Swing Failure BUY

Categories
Forex Signals

AUD/USD Fails to Stop Previous Week Sharp Losses – Quick Intraday Outlook! 

During Monday’s early Asian trading hours, the AUD/USD currency pair failed to stop its previous week’s bearish moves and took further offers near well below the 0.7000 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. However, the global risk sentiment was further pressured by the fading hopes of additional U.S. fiscal stimulus. 

During Monday’s early Asian trading hours, the AUD/USD currency pair failed to stop its previous week’s bearish moves and took further offers near well below the 0.7000 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. However, the global risk sentiment was further pressured by the fading hopes of additional U.S. fiscal stimulus. 

During Monday’s early Asian trading hours, the AUD/USD currency pair failed to stop its previous week’s bearish moves and took further offers near well below the 0.7000 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. However, the global risk sentiment was further pressured by the fading hopes of additional U.S. fiscal stimulus. 

On the other hand, the broad-based U.S. dollar fresh strength, backed by the combination of factors, has also contributed to the currency pair losses. At the moment, the AUD/USD currency pair is currently trading at 0.7094 and consolidating in the range between 0.7093 – 0.7172.

The market trading sentiment continues to be depressed during the early Asian trading session as the condition of the second wave of coronavirus infections in Europe and the U.K. getting worse time by time. As per the latest report, the global coronavirus cases exceeded 500,000 last week with Europe crossing the bleak milestone of 10 million total infections. 

This, in turn, the major Europeans like Germany and France, are ready to enter partial one-month lockdowns in efforts to stop a growing second wave of the pandemic. Whereas, the U.K. is facing more than 20,000 new cases per day while a record rise of U.S. cases is killing up to 1,000 people a day. 

Additionally, the long-lasting inability to pass the U.S. fiscal package as well as the jitters ahead of the American presidential election also weighed on the risk sentiment, which eventually undermined the perceived riskier Australian dollar and contributed to the currency pair gains. In the meantime, the renewed concerns over worsening diplomatic tensions between the world’s two largest economies also placed a downside pressure on the market trading, which keeps the AUD/USD currency pair under pressure. 

The greenback succeeded to extend its last week gains and took some further bids during Monday’s Asian session as investors still prefer the safe-haven assets in the wake of risk-off market sentiment. However, the U.S. dollar gains seem rather unaffected by the intensifying political uncertainty ahead of the upcoming U.S. presidential election on November 3. However, the ongoing disappointment ahead of the key U.S. elections where the Democratic victory is widely anticipated might cap further upside momentum for the U.S. dollar. 

The reason for the losses in the currency pair could also be associated with the increased odds of an interest rate cut by the Reserve Bank of Australia in November. As per the latest report. The RBA is broadly expected to take down the benchmark interest rate to the record low of 0.10% from 0.25% currently. The reason could not only be the dovish comments from Governor Philip Lowe but downbeat minutes also favour the rate cut forecasts.

On the contrary, China’s official PMIs came in better than expected in October, which becomes the main factor that helps the currency pair to limit its deeper losses. At the data front, China’s official NBS Manufacturing and Non-Manufacturing PMIs for October flashed better than 51.3 and 52.1 respective forecasts to 51.4 and 56.2 respective figures. Moreover, the losses in the currency pair were also capped by the reports suggesting that the coronavirus conditions in Australia have started to ease, and Queensland is soothing border conditions.


Daily Support and Resistance

S1 0.6916

S2 0.6977

S3 0.7003

Pivot Point 0.7038

R1 0.7064

R2 0.7098

R3 0.7159

The AUD/USD has disrupted the double bottom support mark of 0.7011, and beneath this, the AUD/USD is expected to trade with a bearish sentiment today. On the downside, the AUD/USD may meet critical support at the levels of 0.6997 and 0.6974. In contrast, the AUD/USD may extend to a shift on the higher side on violation of 0.7024 mark to begin the Aussie price towards 0.7054 mark. Good luck! 

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Forex Signals

EURAUD Breakout Retest BUY

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Forex Signals

AUD/USD Choppy Session Continues – Brace for Breakout Signal! 

The AUD/USD pair was closed at 0.70309 after placing a high of 0.70757 and a low of 0.70021. The AUD/USD pair extended its previous daily losses on Thursday and dropped further below towards its lowest level since May 19th. The decline in the AUD/USD pair was understandable ahead of the next week’s massive risk events. The Reserve Bank of Australia and the US election on the same day. The currency pair started rushing towards the crucial support at the 0.700 handle due to the strength of the US dollar.

The AUD/USD pair was closed at 0.70309 after placing a high of 0.70757 and a low of 0.70021. The AUD/USD pair extended its previous daily losses on Thursday and dropped further below towards its lowest level since May 19th. The decline in the AUD/USD pair was understandable ahead of the next week’s massive risk events. The Reserve Bank of Australia and the US election on the same day. The currency pair started rushing towards the crucial support at the 0.700 handle due to the strength of the US dollar.

The AUD/USD pair was closed at 0.70309 after placing a high of 0.70757 and a low of 0.70021. The AUD/USD pair extended its previous daily losses on Thursday and dropped further below towards its lowest level since May 19th. The decline in the AUD/USD pair was understandable ahead of the next week’s massive risk events. The Reserve Bank of Australia and the US election on the same day. The currency pair started rushing towards the crucial support at the 0.700 handle due to the strength of the US dollar.

The US dollar was strong across the board ahead of the US Presidential election on November 3rd due to many factors including the latest uncertainty over the next round of US stimulus measures. The House Speaker Nancy Pelosi has weighed on market hopes for the successive CARES package by saying that the Trump administration would have to answer her on many critical issues before getting a consensus on the US stimulus package.

The investors that were waiting for elections to come next week and after that a stimulus measure will be passes, were disappointed after these comments and their hopes vanished that the same stalemate will continue even after the elections. These concerns weighed on market sentiment and dragged the AUD/USD pair on the downside.

On the data front, at 05:30 GMT, the Import Prices for the quarter dropped to -3.5% from the projected -2.1% and weighed on the Australian dollar and added in the losses of AUD/USD pair. The NAB Quarterly Business Confidence came in as -10 against the previous -15 in the third quarter.

From the US side, at 17:30 GMT, the Advanced GDP for the quarter rose to 33.1% from the forecasted 32.0% and supported the US dollar. The Unemployment Claims for the previous week fell to 751K from the projected 773K and supported the US dollar. At 17:32 GMT, the Advance GDP Price Index for the quarter surged to 3.6% from the forecasted 2.9% and supported the US dollar. At 19:00 GMT, the Pending Home Sales for September was chopped down to -2.2% from the anticipated 3.1% and weighed on the US dollar.

Most of the macroeconomic data from the US like GDP and Unemployment Claims came in better than expected and supported the US dollar that ultimately weighed on AUD/USD pair on Thursday.

Daily Technical levels

Support Resistance

0.7002 0.7122

0.6959 0.7201

0.6881 0.7243

Pivot point: 0.7080

The AUD/USD pair is trading with a bearish bias below 0.7047 level, the resistance level that’s extended downward trendline support area of 0.7047 level. Continuation of a selling trend in the AUD/USD pair may lead the AUD/USD price towards the support area of 0.7005, and below this, the AUD/USD pair may find next support around 0.6967. I will consider opening a selling trade below 0.7069 area today. Good luck! 

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Forex Signals

USD/CAD Choppy Session Continues – Brace for Breakout Signal! 

The USD/CAD pair was closed at 1.33195 after placing a high of 1.33896 and a low of 1.32777. On Thursday, the USD/CAD pair moved higher in the early trading session due to the rising demand for the U.S. dollar and declining crude oil prices on the day. However, the gains in USD/CAD failed to remain until the end of the day, and the pair lost all of its gains at the late trading session on Thursday and provided a flat movement for the session.

The USD/CAD pair was closed at 1.33195 after placing a high of 1.33896 and a low of 1.32777. On Thursday, the USD/CAD pair moved higher in the early trading session due to the rising demand for the U.S. dollar and declining crude oil prices on the day. However, the gains in USD/CAD failed to remain until the end of the day, and the pair lost all of its gains at the late trading session on Thursday and provided a flat movement for the session.

The USD/CAD pair was closed at 1.33195 after placing a high of 1.33896 and a low of 1.32777. On Thursday, the USD/CAD pair moved higher in the early trading session due to the rising demand for the U.S. dollar and declining crude oil prices on the day. However, the gains in USD/CAD failed to remain until the end of the day, and the pair lost all of its gains at the late trading session on Thursday and provided a flat movement for the session.

The USD/CAD pair closed its day at the same level it started its day with at 1.33195 on Thursday. The rise in the USD/CAD pair was due to the strength of the U.S. dollar onboard. The U.S. Dollar Index rose to 94 levels on Thursday to its highest level in a month and supported the upward momentum of the USD/CAD pair. The U.S. dollar was also strong as the House Speaker Nancy Pelosi killed the hopes that a U.S. stimulus package will be delivered after the U.S. elections. These uncertainties raised the risk sentiment and helped the risk perceived USD/CAD pair to rise on Thursday.

Furthermore, the heavy selling pressure surrounding the WTI crude oil prices provided a boost to USD/CAD prices in the early trading session. The concerns over the negative impact of the rising number of coronavirus cases globally have been causing an uneven recovery in energy demand. The increasing number of countries imposing restrictions raised concerns for energy demand and the WTI Crude oil prices suffered on Thursday and fell below the $35 level to $34.92 per barrel. The sharp decline in WTI crude oil prices weighed on commodity-linked Loonie and supported the upward momentum of the USD/CAD pair.

On the data front, from the U.S. side, at 17:30 GMT, the Advanced GDP for the quarter rose to 33.1% from the expected 32.0% and supported the U.S. dollar. The Unemployment Claims for the previous week declined to 751K from the estimated 773K and supported the U.S. dollar. At 17:32 GMT, the Advance GDP Price Index for the quarter rose to 3.6% from the projected 2.9% and supported the U.S. dollar. At 19:00 GMT, the Pending Home Sales for September fell to -2.2% from the anticipated 3.1% and weighed on the U.S. dollar.

The strong GDP and unemployment claim data from the US-supported US dollar and added strength to the USD/CAD pair on Thursday. While from the Canadian side, the Building Permits for September came in as 17.0% against August’s 1.4% and supported the Canadian dollar that kept the gains in the USD/CAD pair limited. The pair USD/CAD started losing all of its daily gains in late trading session as profit-taking started in the market. The USD/CAD pair rose to its one-month highest level but failed to remain there and dropped to give flat movement for Thursday.


Daily Technical levels

Support Resistance

1.3219 1.3377

1.3119 1.3435

1.3061 1.3535

Pivot point: 1.3277

The USD/CAD pair is trading choppy session within 1.3339 – 1.3300 as traders seem to wait for a solid reason to trigger a breakout. In any case, a bearish breakout of 1.3300 level can extend selling bias until 1.3240 level, and below this, the double bottom level is likely to provide next support at 1.3112. Conversely, the bullish breakout of 1.3340 level is likely to target the 1.3420 mark. The MACD and RSI are in support of bullish bias; however, the signal isn’t that strong yet. Let’s brace to trade the breakout pattern today. Good luck! 

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Forex Signals

USDCAD Swing Failure BUY

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Forex Signals

EURAUD Breakout Retest BUY

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Forex Signals

EURAUD Breakout Anticipation BUY

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Forex Signals

GBPUSD Breakout Retest SELL

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Forex Signals

AUD/USD Stop Its Overnight Sharp Losses – Brace for Correction! 

During Thursday’s early Asian trading hours, the AUD/USD currency pair failed to stop its overnight bearish moves and hit the intra-day low around well below 0.7050 level despite the hotter-than-expected Australian consumer inflation figures, which showed that Australia’s headline CPI increased 1.6% QoQ during the 3rd-quarter as against a 1.9% contraction in the previous quarter.

During Thursday’s early Asian trading hours, the AUD/USD currency pair failed to stop its overnight bearish moves and hit the intra-day low around well below 0.7050 level despite the hotter-than-expected Australian consumer inflation figures, which showed that Australia’s headline CPI increased 1.6% QoQ during the 3rd-quarter as against a 1.9% contraction in the previous quarter.

During Thursday’s early Asian trading hours, the AUD/USD currency pair failed to stop its overnight bearish moves and hit the intra-day low around well below 0.7050 level despite the hotter-than-expected Australian consumer inflation figures, which showed that Australia’s headline CPI increased 1.6% QoQ during the 3rd-quarter as against a 1.9% contraction in the previous quarter.

However, the bearish sentiment around the currency pair could be associated with the prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the UK, which exerted some additional pressure on the perceived riskier Aussie and dragged the currency pair below 0.7050 marks. The lack of progress in stimulus talks in the US adds a burden around the market trading sentiment. 

Across the pond, the increasing probabilities of an interest rate cut by the Reserve Bank of Australia in November also played its major role in undermining the Australian dollar. On the other hand, the broad-based US dollar fresh strength, backed by the risk-on market mood, turned out to be one of the key factors that kept the currency pair under pressure. At the moment, the AUD/USD currency pair is currently trading at 0.7044 and consolidating in the range between 0.7038 – 0.7157.

The market trading sentiment failed to stop its previous day bearish moves and remains depressed during the early Asian session as the condition of the second wave of coronavirus infections in Europe and the UK getting worse time by time, which suggests that the local lockdowns are not able to tame the pandemic, which in turn suggests fresh national activity restrictions. Apart from this, the prevalent fears of a no-deal Brexit and the long-lasting inability to pass the US fiscal package also weighed on the risk sentiment, which eventually undermined the perceived riskier Australian dollar and contributed to the currency pair gains. 

The reason for the market risk-off mood could also be associated with the on-going U-China tussle as the renewed concerns over worsening diplomatic tensions between the world’s two largest economies keeps exerted downside pressure on the market trading, which keeps the AUD/USD currency pair under pressure. 

This, in turn, the broad-based US dollar succeeded in extending its overnight gains and took some further bid during the early Asian session as investors still prefer the safe-haven assets in the wake of risk-off market sentiment. However, the US dollar gains seem rather unaffected by the intensifying political uncertainty ahead of the upcoming US presidential election on November 3. However, the incoming polls tend to suggest a clear-cut presidential victory for the Democrat candidate Joe Biden, which might cap further upside momentum for the US dollar. However, the US dollar gains become the key factor that kept the currency pair under pressure. The dollar index, which pits the dollar against a bucket of 6-major currencies, stood at 93.472.

On the contrary, the upbeat Australian consumer price index (CPI) inflation data released soon before press time becomes the key factor that helps the currency pair limit its deeper losses. It is worth recalling that Australia’s CPI increased by 1.6% quarter-on-quarter in the 3rd-quarter, surpassing the forecast of 1.5% after the second quarter’s 1.9% contraction. The annualized figure matched the estimate of 0.7%. In the meantime, the Reserve Bank of Australia’s (RBA) trimmed-mean CPI rose 0.4% quarter-on-quarter against expectations for 0.3% and -0.1% previously. The annualized trimmed measure came in at 1.2%. Looking forward, the market traders will keep their eyes on the USD moves amid the lack of major data/events on the day. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for the fresh direction.


Daily Support and Resistance

S1 0.7065

S2 0.7097

S3 0.711

Pivot Point 0.7129

R1 0.7143

R2 0.7161

R3 0.7193

The AUD/USD pair faces immediate support at the 0.7014 area, and closing of candles above this mark is anticipated to direct selling bis until the 0.7060, and above this, the next resistance stays at 0.7106 level. The violation of 0.7060 can help us capture quick buy trade in AUD/USD pair. Further on the lower side, the AUD/USD pair may plunge until 0.7014. Let’s look for selling below 0.7129 level today. Good luck! 

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Forex Signals

USD/CAD Extended Overnight Gaining Streak – Is It Time to go Short?

Today in the early Asian trading session, the USD/CAD currency pair extended its previous session bullish bias and hit the session high around above 1.3300 level. However, the bullish sentiment around the currency pair was being supported by a pickup in the U.S. dollar demand and the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar succeeded in gaining some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the safe-haven U.S. dollar. In addition to this, the long-lasting impasse over the next round of the U.S. fiscal stimulus measures added further burden on investors’ sentiment and benefitted the USD’s status as the global reserve currency. Across the pond, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which undermined the demand for the commodity-linked currency the loonie and contributed to the currency pair gains. As of writing, the USD/CAD currency pair is currently trading at 1.3320 and consolidating in the range between 1.3319 – 1.3326.

Today in the early Asian trading session, the USD/CAD currency pair extended its previous session bullish bias and hit the session high around above 1.3300 level. However, the bullish sentiment around the currency pair was being supported by a pickup in the U.S. dollar demand and the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar succeeded in gaining some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the safe-haven U.S. dollar. In addition to this, the long-lasting impasse over the next round of the U.S. fiscal stimulus measures added further burden on investors’ sentiment and benefitted the USD’s status as the global reserve currency. Across the pond, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which undermined the demand for the commodity-linked currency the loonie and contributed to the currency pair gains. As of writing, the USD/CAD currency pair is currently trading at 1.3320 and consolidating in the range between 1.3319 – 1.3326.

Today in the early Asian trading session, the USD/CAD currency pair extended its previous session bullish bias and hit the session high around above 1.3300 level. However, the bullish sentiment around the currency pair was being supported by a pickup in the U.S. dollar demand and the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar succeeded in gaining some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the safe-haven U.S. dollar. In addition to this, the long-lasting impasse over the next round of the U.S. fiscal stimulus measures added further burden on investors’ sentiment and benefitted the USD’s status as the global reserve currency. Across the pond, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which undermined the demand for the commodity-linked currency the loonie and contributed to the currency pair gains. As of writing, the USD/CAD currency pair is currently trading at 1.3320 and consolidating in the range between 1.3319 – 1.3326.

As we all know that the market trading sentiment remains depressed during the Asian trading session as the concern about the second wave of coronavirus infections, the lockdown measures to control the outbreak in several countries, which kept the global risk sentiment under pressure. Thus, the ever-increasing cases of coronavirus across the globe, destroying hopes of any V-shaped economic recovery. This, in turn, urged investors to invest their money into safe-haven assets.

Additionally, the lack of clarity over the much-awaited coronavirus (COVID-19) stimulus bill also keeps the investors cautious. In the meantime, the U.S. political uncertainty also exerted downside pressure on the market trading sentiment. Besides, the long-lasting tussle between the world’s two largest economies also played its major role in undermining the market trading sentiment. This, in turn, boosted the U.S. dollar and was seen as a key factor that kept the currency pair higher.

This, in turn, the broad-based U.S. dollar succeeded in extending its early-day gains and remained well bid on the day as investors turned to the safe-haven in the wake of risk-off market sentiment. However, the greenback gains could be temporary due to the worries that the economic recovery in the U.S. could be stopped because of the reappearance of coronavirus cases. Besides this, the U.S. dollar gains were further boosted by a lack of progress toward a U.S. stimulus package, which puts traders in a cautious mood. However, the gains in the U.S. dollar kept the currency pair higher. The dollar index, which pits the dollar against a bucket of 6-major currencies, stood at 93.472.

Across the pond, the crude oil prices failed to stop its previous-day losing streak and witnessed some dramatic declines around below the $37.00 mark. However, the reason for the bearish bias around the crude oil prices could be attributed to the ever-increasing COVID-19 worries, which raised fears of renewed lockdown measures and depressed hopes for a swift recovery in the fuel demand. Across the pond, the declines in the crude oil prices were further bolstered after the surprisingly large U.S. crude stockpile build for last week reported by the government, which ultimately strengthened fears about depleting demand for fuel amid the worsening global coronavirus pandemic. Thus, the declines in crude oil prices undermined demand for the commodity-linked currency the loonie and contributed to the currency pair gains. 

Looking forward, the market traders will keep their eyes on the USD moves amid the lack of major data/events on the day. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for the fresh direction.


Daily Support and Resistance

S1 1.3066

S2 1.312

S3 1.3153

Pivot Point 1.3175

R1 1.3208

R2 1.323

R3 1.3285

Entry Price – Sell 1.32895

Stop Loss – 1.33295

Take Profit – 1.32395

Risk to Reward – 1:1

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

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

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Forex Signals

EURNZD Moves in an Expanding Triangle

Description

The EURNZD cross in its 2-hour range illustrates the advance in a broadening triangle pattern, from where the price action looks testing the baseline of the expanding formation. This test suggests the probability of a new upward movement, which should develop in the coming trading sessions.

From the chart, we distinguish the baseline test by the third time. Furthermore, the baseline’s piercing suggests that the current bearish move could be in an exhaustion stage. This price action context indicates the potential bullish reversal in the EURNZD cross.

The current zone’s long-side positioning could drive the price toward the level 1.76 level as the next potential intraday profit target. The invalidation level of our bullish scenario locates below 1.74895.

An alternative scenario considers the bullish reversal’s extension toward the last significative swing of the current bearish leg that locates at 1.77702, where the price could find the next resistance.

Chart

Trading Plan Summary

  • Entry Level: 1.75295
  • Protective Stop: 1.74895
  • Profit Target: 1.75895
  • Risk/Reward Ratio: 1.50
  • Position Size: 0.01 lot per $1,000 in trading account.

 

Check out the latest trading signals on the Forex Academy App for your mobile phone from the Android and iOS App Store.

 

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Forex Signals

USD/JPY Takes Dip Amid Downward Channel – Brace for Selling! 

During the Europen session, the USD/JPY continues trading lower amid a downward channel at 102.298 level. The USD/JPY pair moved in a bearish direction and posted big losses on Tuesday. The USD/JPY pair was down on Tuesday amid the broad-based U.S. dollar weakness along with the rising risk-averse market sentiment on the back of fresh tensions between the U.S. and China. The safe-haven appeal was also supported by the rising number of coronavirus cases and lockdowns that drove the stock market on the downside and weighed on the USD/JPY pair as well.

During the Europen session, the USD/JPY continues trading lower amid a downward channel at 102.298 level. The USD/JPY pair moved in a bearish direction and posted big losses on Tuesday. The USD/JPY pair was down on Tuesday amid the broad-based U.S. dollar weakness along with the rising risk-averse market sentiment on the back of fresh tensions between the U.S. and China. The safe-haven appeal was also supported by the rising number of coronavirus cases and lockdowns that drove the stock market on the downside and weighed on the USD/JPY pair as well.

During the Europen session, the USD/JPY continues trading lower amid a downward channel at 102.298 level. The USD/JPY pair moved in a bearish direction and posted big losses on Tuesday. The USD/JPY pair was down on Tuesday amid the broad-based U.S. dollar weakness along with the rising risk-averse market sentiment on the back of fresh tensions between the U.S. and China. The safe-haven appeal was also supported by the rising number of coronavirus cases and lockdowns that drove the stock market on the downside and weighed on the USD/JPY pair as well.

The U.S. Dollar Index that measures the value of the greenback against the basket of six currencies dropped by 0.3% to 92.8 level on Tuesday that weighed on the U.S. dollar and dragged the USD/JPY pair prices.

On the coronavirus front, the United States, Russia, France, Italy, Netherland, Spain, and many other nations across the globe set a new record for the number of daily coronavirus cases. The U.S. reported more than 74,300 new cases in a single day, France reported more than 52,000 daily cases over the weekend. The global record for the infections was recorded as 43.4 million on Tuesday by the Johns Hopkins University.

The rising number of coronavirus cases urged governments to re-impose lockdown measures to curb the virus’s spread. These lockdowns in a situation where economies were still under recovery phase from the previous lockdown effects raised a high appeal for the safe-haven market sentiment in the market. The risk-averse sentiment supported the safe-haven Japanese Yen that ultimately weighed on the USD/JPY pair on Tuesday.

Meanwhile, on the data front, at 09:59 GMT, the BOJ Core CPI for the year dropped to -0.1% from the forecasted 0.0% and weighed on the Japanese Yen that failed to reverse the negative movement of the USD/JPY pair. At 18:00 GMT, August’s Housing Price Index rose to 1.5% from the anticipated 0.7% and supported the U.S. dollar. The S&P/CS Composite-20 HPI for the year also advanced to 5.2% from the projected 4.2% and supported the U.S. dollar. At 18:59 GMT, the Richmond Manufacturing Index for October raised to 29 against the expected 18 and supported the U.S. dollar but failed to impress investors; thus, the USD/JPY pair continued moving in the downward momentum on Tuesday.

However, at 19:00 GMT, the C.B. Consumer Confidence for October was dropped to 100.9 from the anticipated 102.1 and weighed on the U.S. dollar that added further pressure on the USD/JPY pair. The U.S. dollar failed to cheer the positive macroeconomic data on Tuesday because of the stalled talks for the next round of the U.S. stimulus package. The stalemate between the White House and the House of Representative Speaker Nancy Pelosi over the U.S. stimulus aid package’s size led to delayed talks till November 3rd election results and weighed on the U.S. dollar.

The USD/JPY continues to extend its bearish momentum as the pair trades at the 104.298 level. On the 4 hour timeframe, the USD/JPY has formed a downward channel that’s driving bearish movement in the market, and it may support the pair around 104.300 and 104.007 area. Conversely, the continuation of an upward movement is likely to drive the buying trend until the 104.778 level. Check out the sell setup below…


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Forex Signals

USD/CAD Continues Trading Bullish – Upward Channel In Play! 

The USD/CAD pair was closed at 1.31832 after placing a high of 1.32119 and a low of 1.31420. The USD/CAD pair reversed its previous day move and fell on Tuesday to post losses. The USD/CAD pair dropped on Tuesday amid the broad-based US dollar weakness and the rising crude oil prices. However, the USD/CAD pair’s losses were recovered in the late American session after the release of American macroeconomic data and ahead of the Bank of Canada’s interest rate decision.

The USD/CAD pair was closed at 1.31832 after placing a high of 1.32119 and a low of 1.31420. The USD/CAD pair reversed its previous day move and fell on Tuesday to post losses. The USD/CAD pair dropped on Tuesday amid the broad-based US dollar weakness and the rising crude oil prices. However, the USD/CAD pair’s losses were recovered in the late American session after the release of American macroeconomic data and ahead of the Bank of Canada’s interest rate decision.

The USD/CAD pair was closed at 1.31832 after placing a high of 1.32119 and a low of 1.31420. The USD/CAD pair reversed its previous day move and fell on Tuesday to post losses. The USD/CAD pair dropped on Tuesday amid the broad-based US dollar weakness and the rising crude oil prices. However, the USD/CAD pair’s losses were recovered in the late American session after the release of American macroeconomic data and ahead of the Bank of Canada’s interest rate decision.

The USD/CAD pair failed to capitalize on the previous session’s strong positive move of around 100 pipis and started moving in the downward direction as the US dollar was weak across the board. The US Dollar Index fell to 92.8 level by 0.3% on Tuesday and weighed on the greenback that ultimately exerted pressure on the USD/CAD pair.

The US dollar was also weak because of the US political environment where chances of a blue wave in the upcoming US Presidential elections that will be held on November 3rd, were increasing as the national polls suggested.

Meanwhile, the US also reported 74,300 new coronavirus cases in a single day that also raised bars for fresh lockdowns. These depressing situations kept weighing on the US dollar that was already under pressure due to the stalled talks over the next round of the US stimulus package. As the coronavirus cases were increasing day by day and the governments were forced to impose restrictions again, economic recovery concerns raised even more as the government funding had dried up, and the talks for further measures have stalled till elections. These concerns kept the market sentiment under pressure, and the USD/CAD pair suffered due to it.

However, on the data front, at 18:00 GMT, the Housing Price Index for August from the US was raised to 1.5% from the expected 0.7% and supported the US dollar. The S&P/CS Composite-20 HPI for the year also advanced to 5.2% from the projected 4.2% and supported the US dollar. At 18:59 GMT, the Richmond Manufacturing Index for October surged to 29 against the expected 18 and supported the US dollar that recovered its earlier losses in the USD/CAD pair.

However, at 19:00 GMT, the CB Consumer Confidence for October was dropped to 100.9 from the projected 102.1 and weighed on the US dollar that added further pressure on the USD/CAD pair. The USD/CAD pair reversed its movement after the US economic data release amid the US dollar started to pick its demand as durable goods orders had recovered to their pre-pandemic levels, which was an encouraging sign.

Meanwhile, the WTI crude oil prices raised above the $39 level on Tuesday and gave strength to commodity-linked Loonie that ultimately added pressure on the USD/CAD prices and added further in the losses of pair on the day. Investors will keep a close eye on the Bank of Canada on Wednesday when the central bank will hold its monetary policy meeting. The interest rates are currently at the 0.25% level slashed in March and have not been changed until then. The rate statement could impact USD/CAD prices tomorrow as investors will be interested in the view of BoC related to the health of the economy. 


Entry Price – Buy 1.31941

Stop Loss – 1.31541

Take Profit – 1.32441

Risk to Reward – 1:1.25

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

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Forex Signals

EURCAD Swing Failure BUY

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Forex Signals

GBP/AUD Trend Pullback

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Forex Signals

AUD/CAD Breaking Below Upward Channel – Is there a Sell Trade?

The USD/CAD extended its previous session bullish bias and hit the session high around above 0.9416 level. However, the bullish sentiment around the currency pair was being supported by a modest pickup in the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar managed to gain some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the greenback. 

The USD/CAD extended its previous session bullish bias and hit the session high around above 0.9416 level. However, the bullish sentiment around the currency pair was being supported by a modest pickup in the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar managed to gain some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the greenback. 

The USD/CAD extended its previous session bullish bias and hit the session high around above 0.9416 level. However, the bullish sentiment around the currency pair was being supported by a modest pickup in the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar managed to gain some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the greenback. 

In addition to this, the long-lasting impasse over the next round of the U.S. fiscal stimulus measures added further burden on investors’ sentiment and benefitted the USD’s status as the global reserve currency. Across the pond, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which undermined the demand for the commodity-linked currency the loonie and contributed to the currency pair gains. As of writing, the AUD/CAD currency pair is currently trading at 0.9396 and consolidating in the range between 0.9416 – 9330.

Despite the optimism over a potential treatment/vaccine for the highly infectious virus, the market risk sentiment remains depressive with Wall Street hugging the sellers and S&P 500 Futures flashing losses amid a combination of factors. Be it the worrisome headlines concerning Brexit or the tension between the US-China, not to forget the coronavirus issues, the market trading sentiment has been flashing red since the week started, which ultimately keeps the safe-haven assets supportive on the day. 

At the coronavirus front, the prevalent worries over the resurgence of the coronavirus pandemic raised fears of global economic recovery, which keeps the market trading sentiment under pressure. The coronavirus COVID-19 cases continue to climb in Europe, U.K., and the U.S. As per the latest report, the U.S. has witnessed its highest ever number of new COVID-19 cases over the weekend, while France is also reporting new case records and Spain announced a state of emergency. As in result, the imposition of stricter lockdown measures to stop the second wave of COVID-19 cases, along with receding hopes for a pre-election fiscal deal also weighed on market trading sentiment.

This, in turn, the broad-based U.S. dollar succeeded to extend its early-day gains and remained well bid on the day as investors turned to the safe-haven in the wake of risk-off market sentiment. However, the gains in the greenback could be temporary due to the worries that the economic recovery in the U.S. could be stopped because of the reappearance of coronavirus cases. Besides this, the gains in the U.S. dollar were further boosted by a lack of progress toward a U.S. stimulus package, which puts traders in a cautious mood. However, the gains in the U.S. dollar kept the currency pair higher. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies rose to 93.028.

Across the pond, the crude oil prices failed to stop its last week losing streak and remained depressed around below the $38.50 mark. However, the reason for the bearish bias around the crude oil prices could be attributed to the ever-increasing COVID-19 worries, which raised fears of renewed lockdown measures and depressed hopes for a swift recovery in the fuel demand. Across the pond, the anticipation of a rise in Libyan crude supply also played its major role in undermining crude oil. 


Entry Price – Sell 0.9389

Stop Loss – 0.9429

Take Profit – 0.9329

Risk to Reward – 1:1

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

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Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

 

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Forex Signals

EUR/JPY Breaking Below Intra-day Support – Brace for Selling!


Entry Price – Sell 123.855

Stop Loss – 124.255

Take Profit – 123.455

Risk to Reward – 1:1

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

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Forex Signals

AUD/USD Breaking Below Upward Channel – Is there a Sell Trade?

The AUD/USD pair was closed at 0.71185 after placing a high of 0.71461 and a low of 0.71025. The AUD/USD pair fell on Monday and gave a bearish candle for the day. The AUD/USD pair struggled to find a direction throughout Monday however it pared to its losses amid the broad-based US dollar strength in late American hours. The risk-averse market sentiment after the rising number of coronavirus cases across the globe and the deadlock over the US stimulus package caused a surge in the greenback due to its safe-haven status.

The AUD/USD pair was closed at 0.71185 after placing a high of 0.71461 and a low of 0.71025. The AUD/USD pair fell on Monday and gave a bearish candle for the day. The AUD/USD pair struggled to find a direction throughout Monday however it pared to its losses amid the broad-based US dollar strength in late American hours. The risk-averse market sentiment after the rising number of coronavirus cases across the globe and the deadlock over the US stimulus package caused a surge in the greenback due to its safe-haven status.

The AUD/USD pair was closed at 0.71185 after placing a high of 0.71461 and a low of 0.71025. The AUD/USD pair fell on Monday and gave a bearish candle for the day. The AUD/USD pair struggled to find a direction throughout Monday however it pared to its losses amid the broad-based US dollar strength in late American hours. The risk-averse market sentiment after the rising number of coronavirus cases across the globe and the deadlock over the US stimulus package caused a surge in the greenback due to its safe-haven status.

The US Dollar Index was up by 0.30% to above 93 levels on Monday that ultimately weighed on AUD/USD pair. The US dollar was gaining on the back of increasing cases of coronavirus from Europe and other nations. Europe was hit hardest by the second wave of coronavirus as most European nations started re-imposing restrictions to curb the effects of the coronavirus crisis.

France reported more than 50,000 cases in a single day over the weekend and introduced a nationwide curfew. Spain also introduces a curfew for six months on Monday along with Italy. The rising number of countries introducing restrictive measures to control the damage of coronavirus raised questions on the economic recovery as the economies were still struggling through the previous effects of lockdowns.

These rising uncertainties increased the appeal for safe-haven that ultimately diminished the risk sentiment in the market and weighed on riskier Aussie that dragged the AUD/USD pair on the downside. On the data front, at 19:00 GMT, the US economic docket released the New Home Sales that dropped to 959K from the expected 1025K and weighed on US dollar that capped further losses in AUD/USD pair on Monday.

The Australian Dollar was also under pressure because of the last week’s latest decision of the Reserve Bank of Australia (RBA) to cut its cash rate to 0.1%, the lowest in history. The bank decided to cut its interest rates to the lowest level as the country was struggling to fight the coronavirus crisis impact on its economy. The strength of Aussie and the local economic downturn after Victoria’s lockdown pushed RBA to cut its cash rates to 0.1%.

As the Australian Dollar was already under pressure, the strength of the US dollar along with the dampened risk sentiment in the market weighed on AUD.USD pair on Monday and dragged its prices below 0.72000 level.

Daily Technical Levels

Support Resistance

0.7118 0.7145

0.7103 0.7157

0.7091 0.7171

Pivot point: 0.7130

The AUD/USD is trading with a selling bias at the 0.7120 level, facing an immediate resistance around the 0.7149 area. Below 0.7149, we may see AUD/USD pair to drop until the next support area of 0.7105 as the MACD and EMA are in support of selling. Checkout a trading plan below… 

Entry Price – Sell 0.71293

Stop Loss – 0.71693

Take Profit – 0.70893

Risk to Reward – 1:1

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

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

Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.

iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368

Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US

 

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Forex Signals

EURGBP Could Start a New Rally

Description

Description

Description

The EURGBP cross, in its 4-hour chart, exposes an incomplete corrective structure that completed its wave B. The completion of the wave B of Minor degree suggests a new rally corresponding to the advance of wave C of Minor degree labeled in green.

From the EURGBP chart, we distinguish that the upper degree’s corrective formation subdivided into a three-wave sequence and labeled in a Minor degree and marked in green is incomplete. It could develop its third segment corresponding to wave C, which follows a five-wave internal structure.

On the other hand, the wave B internal structure unveils the double-three corrective pattern. According to the Elliott wave theory, the double-three formation follows a 3-3-3 internal sequence and looks labeled as ((w))-((x)-((y)) of Minute degree identified in black.

In summary, the completion of the double-three pattern of Minute degree that belongs to wave B of Minor degree labeled should give way to the upward advance of wave C identified in green. This wave structure could strike at least to level 0.92. However, the price action could lead the price toward the end of wave A at 0.92916.

The short-term bullish scenario suggests the positioning on the long-side looking for a potential target from the current zone, or better, with a potential profit target at 0.9191. The invalidation level locates below level 0.9041.

Chart

Trading Plan Summary

  • Entry Level:0.91012
  • Protective Stop:0.90412
  • Profit Target: 0.91912
  • Risk/Reward Ratio: 1.50
  • Position Size: 0.01 lot per $1,000 in trading account.

 

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EURCAD Breakout Retest SELL

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Forex Signals

AUDJPY Breakout Retest BUY

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Forex Signals

USD/CAD Bullish Channel Breakout – Potential Buying Trade! 

The USD/CAD pair was closed at 1.31379 after placing a high of 1.31771 and a low of 131235. The USD/CAD pair remained flat throughout the day as it ended its day at the same level it started its day at 1.31378.

The USD/CAD pair was closed at 1.31379 after placing a high of 1.31771 and a low of 131235. The USD/CAD pair remained flat throughout the day as it ended its day at the same level it started its day at 1.31378.

The USD/CAD pair was closed at 1.31379 after placing a high of 1.31771 and a low of 131235. The USD/CAD pair remained flat throughout the day as it ended its day at the same level it started its day at 1.31378.

The on-again-off-again talks for the US stimulus package between Republicans and Democrats confused the traders and caused a flat movement in the USD/CAD pair on Thursday. The House of Representative Speaker Nancy Pelosi and the US Treasury Secretary Steven Mnuchin held talks on Thursday, but the prospect of a deal before elections were dimmed.

If a deal was reached tomorrow, the stimulus package will still not be implemented until after the election. For US President Trump who has pushed for a larger stimulus, it will be good news, but for Republicans senators who have their election campaigns to worry about, it will be bad news. A massive stimulus spending package before elections will not win many votes among conservative voters. Given this situation, the hopes for a stimulus measure package before elections faded away and raised bars for the US dollar that pushed the pair USD/CAD on the upside.

On the data front, the macroeconomic releases from the US on Thursday were also in favor of the US dollar. At 17:30 GMT, the Unemployment Claims from the US reduced to 787K from the anticipated 860K and supported the US dollar. While at 19:00 GMT, the CB Leading Index dropped to 0.7% from 0.8%of expectations and weighed on the US dollar. The Existing Home Sales from the US also raised to 6.45M from the expected 6.20M and supported the US dollar.

The US dollar was even stronger from the macroeconomic data release and pushed the USD/CAD pair even higher to 1.31771 level on Thursday. Whereas, the USD/CAD pair failed to remain on the bullish side as the crude oil prices rose on Thursday.

The rise in WTI crude oil prices above the $41 level gave strength to commodity-linked Loonie that ultimately weighed on USD/CAD pair, and the pair started to lose its early daily gains and ended its day on the same level it started its day with and the pair gave flat movement for the day.


Daily Technical Levels

Support Resistance

1.3110 1.3167

1.3087 1.3201

1.3052 1.3224

Pivot point: 1.3144

The USD/CAD is trading with a bullish bias, especially after violating the upward channel that was enlarging resistance at 1.3203 level. On the lower side, the USD/CAD may find next support at 1.3203 area, and violation of this mark can drive the Loonie price towards the next support mark of 1.3172. The MACD is in a buying zone; therefore, we should look for a buying trade over 1.3203 level. Good luck!