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Forex Signals

EUR/GBP Violates Descending Triangle Pattern – Sell Signal In Play! 

The EUR/GBP pair is trading with a bearish bias at a 0.8930 level, having violated the support level of 0.8940. The Euro seems to get weaker as the European countries have tightened measures to fight coronavirus after a brief relaxation over the Christmas and New Year period. They have re-imposed lockdowns, closed shops and offices, and introduced laws to make it easier for governments to impose further restrictions to battle the pandemic. 

The EUR/GBP pair is trading with a bearish bias at a 0.8930 level, having violated the support level of 0.8940. The Euro seems to get weaker as the European countries have tightened measures to fight coronavirus after a brief relaxation over the Christmas and New Year period. They have re-imposed lockdowns, closed shops and offices, and introduced laws to make it easier for governments to impose further restrictions to battle the pandemic. 

The EUR/GBP pair is trading with a bearish bias at a 0.8930 level, having violated the support level of 0.8940. The Euro seems to get weaker as the European countries have tightened measures to fight coronavirus after a brief relaxation over the Christmas and New Year period. They have re-imposed lockdowns, closed shops and offices, and introduced laws to make it easier for governments to impose further restrictions to battle the pandemic. 

These new lockdown measures across Europe to fight the second wave of coronavirus raised the fears of a double-dip recession in the Eurozone that added weight on the single currency Euro and capped further upside in the EUR/USD pair on Tuesday.

The Sterling is gaining strength as Bailey said that there were many issues with cutting interest rates below zero, and such a move could hurt banks. After these comments from Bailey, the British Pound gained traction and raised that ultimately pushed the EUR/GBP pair lower.

Meanwhile, The Deputy Governor of Bank of England, Ben Broadbent, said on Tuesday that Britain’s coronavirus pandemic was likely to have a limited long-run impact on inflation and has led to less short-term downward pressure on prices than might have been expected from the slump in headline economic output.

On the technical side, the EUR/GBP has violated the support level of 0.8940, and now it’s likely to extend the selling trend until it reaches 0.8873. The MACD and RSI are in support of selling; thus, we have entered the selling trade in the EUR/GBP pair. Here’s a trading plan…


Entry Price – Sell 0.89138

Stop Loss – 0.89538

Take Profit – 0.88738

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

EUR/USD Violates Ascending Triangle Pattern – Bullish Signal In Play! 

The EUR/USD bullish bias continues to dominate the market as it’s trading at 1.2225. On the higher side, the EUR/USD may target the 1.2250 level and 1.2282 resistance areas. The direct currency pair may find support at 1.2175, which is extended by a double top resistance, which now is working as a support. The MACD and RSI are supporting bullish bias along with the 50 periods EMA. We can expect a continuation of a bullish trend in the EUR/USD today.

The EUR/USD bullish bias continues to dominate the market as it’s trading at 1.2225. On the higher side, the EUR/USD may target the 1.2250 level and 1.2282 resistance areas. The direct currency pair may find support at 1.2175, which is extended by a double top resistance, which now is working as a support. The MACD and RSI are supporting bullish bias along with the 50 periods EMA. We can expect a continuation of a bullish trend in the EUR/USD today.

The EUR/USD bullish bias continues to dominate the market as it’s trading at 1.2225. On the higher side, the EUR/USD may target the 1.2250 level and 1.2282 resistance areas. The direct currency pair may find support at 1.2175, which is extended by a double top resistance, which now is working as a support. The MACD and RSI are supporting bullish bias along with the 50 periods EMA. We can expect a continuation of a bullish trend in the EUR/USD today.


Entry Price – Buy 1.22338

Stop Loss – 1.21938

Take Profit – 1.22738

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/JPY Downward Channel In-Play – Quick Update on Signal! 

The USD/JPY stopped its previous-day bearish bias and picked up some bids around the 104.80 level, mainly after the downbeat prints of Japan’s National Consumer Price Index (CPI) for August eventually undermined the Japanese yen currency and extended support to the currency pair. 

The USD/JPY stopped its previous-day bearish bias and picked up some bids around the 104.80 level, mainly after the downbeat prints of Japan’s National Consumer Price Index (CPI) for August eventually undermined the Japanese yen currency and extended support to the currency pair. 

The USD/JPY stopped its previous-day bearish bias and picked up some bids around the 104.80 level, mainly after the downbeat prints of Japan’s National Consumer Price Index (CPI) for August eventually undermined the Japanese yen currency and extended support to the currency pair. 

The currency pair dropped to the lowest since July 31, the previous day after the Bank of Japan (BOJ) upwardly revised the economic outlook. Thus, the currency pair failed to break its previous day thin trading range and still hovering below the 105.00 marks. Apart from this, the reason for the pair’s bearish bias could also be associated with the risk-off market sentiment, driven by the US-China tussle and Brexit concern, which tend to underpin the Japanese yen currency. 

Meanwhile, the broad-based U.S. dollar weakness, triggered by the disappointing U.S. employment data, could also be considered the key factor that kept the lid on any additional gains in the currency pair. Currently, the USD/JPY currency pair is currently trading at 104.81 and consolidating in the range between 104.67 – 104.88.

At the data front, Japan’s August month’s National CPI dropped below 0.6% forecast and 0.3% previous readouts to 0.2% YoY, it no news as the Asian major has historically been struggling with stagflation. 

Besides this, the risk sentiment favoring the pair’s sellers as S&P 500 Futures dropped by 0.10% intraday as Fed’s hint for another stress test for large banks and the U.K. scientist group’s push for another state lockdown. Furthermore, the worrisome headlines concerning the Brexit or the tension between the US-China, not to forget the rising coronavirus cases, weigh on the market trading sentiment.  

At the US-China front, the tensions between the United States and China picked up the further pace after the American Undersecretary for Economic Affairs Keith Krach’s scheduled visit to Taiwan. Moreover, the friction was further bolstered by China’s state media’s comments that directed warned the U.S. with the “use non-peaceful and other necessary means to solve the Taiwan question once and for all.  

Additionally, weighing the market trading sentiment could be the fears of rising COVID-19 cases in the U.S., Europe, and some of the notable Asian nations like India, which fueling fears that the economic recovery could be halt.

At the USD front, the broad-based U.S. dollar failed to stop its early-day losses and took the further offer on the day as doubts persist over the global economic recovery from disappointing U.S. employment data witnessed statement data. Apart from this, another rout in U.S. tech stocks also undermined the U.S. dollar. However, the U.S. dollar losses could be considered the key factor that kept the pressure on any additional gains in the USD/JPY pair. Whereas, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, dropped by 0.05% to 92.927 by 12:48 AM ET (5:48 AM GMT).

The employment data released on Thursday showed that initial jobless claims dropped slower than expected at the data front 860,000 claims were filed over the past week against the predicted 850,000.


Looking forward, the market traders will keep their eyes on the USD moves amid the lack of major data/events on the day. However, the U.S. Michigan Consumer Sentiment Index for September, which is expected 75 versus 74.1 prior, will likely help resolve near-term USD moves. 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.

Entry Price – Sell 104.651

Stop Loss – 105.051

Take Profit – 104.251

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/JPY Selling Bias Dominates – Quick Update on Signal! 

The USD/JPY closed at 105.730 after placing a high of 106.164 and a low of 105.547. The USD/JPY pair finally found some specific direction to follow and moved in the downward trend amid the broad-based U.S. dollar weakness. However, the improved risk sentiment around the market capped further downward movement in the currency pair.

The USD/JPY closed at 105.730 after placing a high of 106.164 and a low of 105.547. The USD/JPY pair finally found some specific direction to follow and moved in the downward trend amid the broad-based U.S. dollar weakness. However, the improved risk sentiment around the market capped further downward movement in the currency pair.

The USD/JPY closed at 105.730 after placing a high of 106.164 and a low of 105.547. The USD/JPY pair finally found some specific direction to follow and moved in the downward trend amid the broad-based U.S. dollar weakness. However, the improved risk sentiment around the market capped further downward movement in the currency pair.

The greenback came under selling pressure ahead of the U.S. Federal Reserve’s Open Market Committee’s meeting. The meeting is due to start on Tuesday and will conclude with the comments from Chairman Jerome Powell’s speech. The speech is expected to provide further decisions of the Federal Reserve related to average inflation targeting. The market participants are hoping that the Fed will remain dovish about its monetary policy on Wednesday.

The central bank seems to be satisfied with the interest rates being near-zero levels, and there will be no change in interest rates. However, the comments from Fed Chair related to further stimulus measures and monetary easing along with the inflation target will provide fresh clues about U.S. economic conditions. The U.S. dollar came under pressure as the House of Representatives have returned from summer break and the chances for the fifth round of stimulus measures to reach consensus have increased as talks would resume soon.

The weak U.S. dollar weighed heavily on the USD/JPY pair, and the pair dropped to 9 days the lowest level on Monday. Furthermore, the improved risk sentiment and the equity market also weighed heavily on the safe-haven Japanese Yen that provided some strength to the currency pair USD/JPY.

The U.S. equity rose on Monday after the Oxford University and AstraZeneca vaccine re-started its phase-3 trials and raised the hopes for economic recovery. The trials were paused due to some unexplained illness that was found in one of the participants last week. However, the trials were resumed and provided some strength to the USD/JPY pair.

Meanwhile, the statement by the World Health organization that in a single day, the record-high number of coronavirus cases were reported that raised fears for the resurgence of the coronavirus pandemic WHO reported that in the time of 24 hours, a record high of more than 307,000 cases was recorded globally which was the largest daily number since the pandemic started. This raised uncertainty in the market and supported the safe-haven Japanese yen that added further downward pressure on the USD/JPY pair.

On the data front, there was no release from the U.S. side, however, at 09:30 GMT, the Tertiary Industry Activity from Japan dropped to -0.5% in July from the forecasted 0.6% and weighed on the Japanese Yen. Whereas, at 09:33 GMT, the Revised Industrial Production from Japan in July rose to 8.7% from the forecasted 8.0% and supported the Japanese Yen that added further pressure on the USD/JPY pair on Tuesday.


The USD/JPY currency pair has dropped sharply amid increased safe-haven appeal and weakness in the U.S. dollar. The pair fell from 106 to 105.650 level, and now it’s facing resistance at 105.795 level. On the lower side, the USD/JPY pair may drop until 105.265.

Entry Price – Sell 105.574

Stop Loss – 105.974

Take Profit – 105.174

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

AUD/USD Violates Double Top – Brace for Buying Trade 

The AUD/USD currency pair failed to keep its Asian session bullish momentum and dropped below the 0.7270 level despite the welcome prints of second-tier Aussie data and weaker U.S. dollar. As we know, these factors initially gave support to the currency pair, but unfortunately, the currency pair failed to keep its bullish momentum into the European session. However, the reason for the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China, which leads to the decline in U.S. stock’s future. In turn, this undermined the perceived risk currency Australian dollar and contributed to the currency pair losses.

The AUD/USD currency pair failed to keep its Asian session bullish momentum and dropped below the 0.7270 level despite the welcome prints of second-tier Aussie data and weaker U.S. dollar. As we know, these factors initially gave support to the currency pair, but unfortunately, the currency pair failed to keep its bullish momentum into the European session. However, the reason for the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China, which leads to the decline in U.S. stock’s future. In turn, this undermined the perceived risk currency Australian dollar and contributed to the currency pair losses.

The AUD/USD currency pair failed to keep its Asian session bullish momentum and dropped below the 0.7270 level despite the welcome prints of second-tier Aussie data and weaker U.S. dollar. As we know, these factors initially gave support to the currency pair, but unfortunately, the currency pair failed to keep its bullish momentum into the European session. However, the reason for the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China, which leads to the decline in U.S. stock’s future. In turn, this undermined the perceived risk currency Australian dollar and contributed to the currency pair losses.

The U.S. stock futures failed to keep its Asian session positive tone and trimmed its previous gains, possibly due to the renewed conflict between the U.S. and China. On the contrary, the investors continued to cheer the hopes over a possible vaccine and treatment for the highly infectious coronavirus. These hopes came after the comments from Goldman Sachs that the Pfizer’s candidate vaccine could be approved as early as October. Also supporting the market tone was the news that Tokyo will ease its coronavirus (COVID-19)-led lockdown restrictions by one notch. This might help the currency pair to limit its deeper losses.

As in result, the broad-based U.S. dollar failed to gain any positive traction and edged lower on the day. Furthermore, the U.S. dollar losses could also be associated with the cautious sentiment ahead of the European Central Bank (ECB) meeting taking place later in the day. However, the U.S. dollar losses become the key factors that capped further downside momentum in the currency pair.

Moving ahead, the market traders will keep their eyes on the European Central Bank (ECB) decision and headlines from London for intermediate moves ahead of 16:30 GMT speech by BOC’s Macklem. Furthermore, the U.S. Initial Jobless Claims’ weekly release, which is expected 846K versus 881K prior, will also be key to watch. In the meantime, the USD moves and coronavirus headlines will also closely followed as they could play a key role in the currency pair.

The AUD/USD pair is trading slightly bullish in the wake of retracement at 0.7225 level. The AUD/USD pair may find immediate support around 0.7190 level, and violation of this level can open further room for selling until the 0.7139 level. On the higher side, the AUD/USD may find resistance at 0.7249 level, and above this, the next resistance can be found around 0.7301 level.



The AUD/USD pair is trading slightly bullish in the wake of retracement at 0.7225 level. The AUD/USD pair may find immediate support around 0.7190 level, and violation of this level can open further room for selling until the 0.7139 level. On the higher side, the AUD/USD may find resistance at 0.7249 level, and above this the next resistance can be found around 0.7301 level.

Entry Price – Buy 0.72957

Stop Loss – 0.72557

Take Profit – 0.73357

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/CAD Remains On Bullish Track – Quick Buy Trade!

The USD/CAD succeeded in extending its previous day winning streak and still taking bids around well above the 1.3100 level. However, the positive tone around the currency pair could be associated with the broad-based U.S. dollar on-going strength, backed by the Friday released upbeat U.S. jobless rate data and hopes of the U.S. stimulus. The U.S. dollar gains were also supported by the high safe-haven demand in the market.

The USD/CAD succeeded in extending its previous day winning streak and still taking bids around well above the 1.3100 level. However, the positive tone around the currency pair could be associated with the broad-based U.S. dollar on-going strength, backed by the Friday released upbeat U.S. jobless rate data and hopes of the U.S. stimulus. The U.S. dollar gains were also supported by the high safe-haven demand in the market.

The USD/CAD succeeded in extending its previous day winning streak and still taking bids around well above the 1.3100 level. However, the positive tone around the currency pair could be associated with the broad-based U.S. dollar on-going strength, backed by the Friday released upbeat U.S. jobless rate data and hopes of the U.S. stimulus. The U.S. dollar gains were also supported by the high safe-haven demand in the market.

On the other side of the ocean, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which tend to undermine the demand for the commodity-linked currency, the loonie, and contributed to the currency pair gains. Currently, the USD/CAD currency pair is currently trading at 1.3117 and consolidating in the range between 1.3084 – 1.3120.

Despite the hopes of the U.S. stimulus package and coronavirus vaccine, the market trading sentiment represents mixed signals as the confused performance of Asia-Pacific stocks and declines of the U.S. 10-year Treasury yields 0.70%, tend to highlight the risk-off mood. This, in turn, underpinned the U.S. dollar and extended some support to the currency pair.

However, the reason behind the risk-off market sentiment could be attributed to the intensified US-China tussle. Both nations are using very harsh words against each other. The latest headlines suggest that the U.S. is considering banning some or all products made with cotton from China’s Xinjiang province. This happened after Beijing’s visa restrictions over the American reporters. The gloomy headlines concerning the Brexit also weighed on the market trading sentiment, which eventually increased the market’s safe-haven demand.

At the data front, the headline Non-farm payrolls data for August missed expectations with +1371K. However, the unemployment rate dropped to 8.4%.vs 9.8% expected. In the meantime, the Average Hourly Earnings exceeded predictions, with +0.4% MoM in August vs. 0% expected.

At the USD front, the broad-based U.S. dollar has resumed its gaining streak since the beginning of this week and is supported by some heavy selling pressure around the European currencies. The concerns about rising US-China tensions increased the safe-haven demand in the market, which also helps the U.S. dollar as it safe-aven status. Thus, the gains in the U.S. dollar kept the currency pair higher. Whereas, the U.S. Dollar Index, which tracks the greenback against a basket of other currencies, rose by 0.13% to 93.168 by 9:53 PM ET (2:53 AM GMT).

The crude oil prices failed to stop its previous da losing streak and dropped further below the 39.00 marks. However, the reason for the bearish bias around the crude oil prices could be attributed to the renewed worries over the economic recovery after the U.S. reported fresh COVID-19 cases. Also weighing on the oil prices could be the reports that suggested the end of the peak driving season in the U.S. Thus, the declines in oil prices undermined demand for the commodity-linked currency the loonie and contributed to the currency pair gains.

Despite the combination of supporting factors, the buyers seemed to struggle to push the USD/CAD currency pair beyond a two-month-old descending trend channel. However, the traders avoided placing any strong bids ahead of the latest BoC monetary policy decision on Wednesday. The risk catalyst like geopolitics and the virus woes will be key to watch for the fresh direction, not to forget the Brexit.


The USD/CAD is trading with a bullish bias at 1.3156, having violated the resistance level of 1.3113. Recently, the closing of the bullish engulfing candle on the 2-hour timeframe is suggesting bullish bias; therefore, we have opened a buying trade in the USD/CAD pair. Check out the trading signal below.

Entry Price – Buy 1.31327
Stop Loss – 1.30927
Take Profit – 1.31727
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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AUD/USD Bullish Correction Completed – Brace for Selling! 

The AUD/USD failed to stop its previous session losing streak and dropped below 0.7300 level due to the broad-based U.S. dollar strength, buoyed by the Tuesday’s better-than-expected U.S. manufacturing data. Also weighing on the currency pair was the downbeat data from Australia and China. On the contrary, the market risk-on sentiment, supported by the vaccine hopes and hopes of further U.S. stimulus, becomes the key factor that helped the currency pair limit its deeper losses. 

The AUD/USD failed to stop its previous session losing streak and dropped below 0.7300 level due to the broad-based U.S. dollar strength, buoyed by the Tuesday’s better-than-expected U.S. manufacturing data. Also weighing on the currency pair was the downbeat data from Australia and China. On the contrary, the market risk-on sentiment, supported by the vaccine hopes and hopes of further U.S. stimulus, becomes the key factor that helped the currency pair limit its deeper losses. 

The AUD/USD failed to stop its previous session losing streak and dropped below 0.7300 level due to the broad-based U.S. dollar strength, buoyed by the Tuesday’s better-than-expected U.S. manufacturing data. Also weighing on the currency pair was the downbeat data from Australia and China. On the contrary, the market risk-on sentiment, supported by the vaccine hopes and hopes of further U.S. stimulus, becomes the key factor that helped the currency pair limit its deeper losses. 

At the press time, the AUD/USD is currently trading at 0.7302 and consolidating between 0.7297 and 0.7340. Moving on, the currency pair may find some support as the ongoing rally in the U.S. dollar seems to be short-lived as the doubts remain about the U.S. economic recovery amid the weaker than expected ADP report. Australia’s July month Trade Balance registered another fundamental disappointment for the Australian policymakers. Australia’s July month Trade Balance dropped below 5400M flash forecasts and 8202M prior to the data front. Details suggest that the Imports increased past-1.0% to 7.0% while Exports fell to -4.0% from +3.0% prior.

Across the ocean, China’s Caixin Services PMI rose to 54.00 versus 50.4 expected and 54.1 before August. The same push the composite PMI data to 55.1 versus 54.5 prior. As a result of mixed data from the Aussie and China, the AUD/USD currency pair extends its bearish trajectory for the 3rd-day in a row.

However, the reason for the risk-on market sentiment could be associated with the probabilities of further stimulus and hopes of the coronavirus (COVID-19) vaccine, which tends to underpin the perceived risk currency Australian dollar and helps the pair to limit its deeper losses. It is worth reporting that the AstraZeneca continues its final tests for the coronavirus vaccine. Meanwhile, around 76 rich countries, the global policymakers join to help for the vaccine developments and distribution.

On the contrary, the two biggest economies are at loggerheads after the latest headlines concerning additional sanctions on China diplomats by the U.S. Also fueling the tussle could be the reports suggests Beijing’s embassy in America criticized harshly by the U.S. However, these gloomy headlines could also be considered as the key factor that has been weighed on the Aussi pair.

Despite the risk-on market sentiment and downbeat U.S. data, the broad-based U.S. dollar flashing green on the day supported by Tuesday better-than-expected PMI data, which fueled the hopes of the U.S. economy. However, the U.S. dollar’s bullish bias could be short-lived as doubts remain about the U.S. economic recovery amid Wednesday weaker than expected ADP report. However, the gains in the U.S. dollar became the key factor that kept the currency pair lower. Whereas, the U.S. Dollar Index that measures the greenback against a bucket of 6-major currencies rose by 0.03% to 92.977.

Looking ahead, the market traders will keep their eyes on final German and Eurozone PMI readings, which is scheduled for release on the day. As well as, the Friday’s Nonfarm Payrolls (NFP) will also be key to watch. In the meantime, the updates surrounding the fresh Sino-US tussle, this time over the South China Sea, and the coronavirus (COVID-19) updates, could not lose their importance.


The AUD/USD is trading at 0.7317, having violated the double bottom support level of 0.7337 level. Closing of candles below this level may drive sharp selling until 0.7289 and even below this until 0.7275. Conversely, a bullish crossover of 0.7369 may drive intense buying until the 0.7385 level. Bearish bias may dominate today.

Entry Price – Sell 0.7296

Stop Loss – 0.7336

Take Profit – 0.7256

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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USD/CAD Bouncing Off Support – Downward Channel Pressures!

During Tuesday’s European trading session, the USD/CAD currency pair extended its early-day losses and dropped to the intra-day low below the mid-1.3000 level, mainly due to the broad-based U.S. dollar weakness. The U.S. dollar was down over bets on continuous low U.S. Rates. The U.S. Federal Reserve’s introduced a new policy framework on August 28, which fueled speculations that rates in the U.S. will continue to remain low. This, in turn, undermined the greenback and contributed to the currency pair losses.

During Tuesday’s European trading session, the USD/CAD currency pair extended its early-day losses and dropped to the intra-day low below the mid-1.3000 level, mainly due to the broad-based U.S. dollar weakness. The U.S. dollar was down over bets on continuous low U.S. Rates. The U.S. Federal Reserve’s introduced a new policy framework on August 28, which fueled speculations that rates in the U.S. will continue to remain low. This, in turn, undermined the greenback and contributed to the currency pair losses.

During Tuesday’s European trading session, the USD/CAD currency pair extended its early-day losses and dropped to the intra-day low below the mid-1.3000 level, mainly due to the broad-based U.S. dollar weakness. The U.S. dollar was down over bets on continuous low U.S. Rates. The U.S. Federal Reserve’s introduced a new policy framework on August 28, which fueled speculations that rates in the U.S. will continue to remain low. This, in turn, undermined the greenback and contributed to the currency pair losses.

The reason for the sharp declines in the currency pair could also be attributed to the mild gains in the crude oil prices, which underpinned the commodity-linked currency, the Loonie, and contributed to the currency pair’s declines. The USD/CAD currency pair is currently trading at 1.2999 and consolidating between 1.2993 – 1.3048.

Despite the US-China tussle, the global market risk sentiment remained well supported by optimism over a possible coronavirus vaccine. Besides this, the positive comments from the American Treasury Secretary Steve Mnuchin boosted the hopes of the U.S. stimulus package, which also exerted a positive impact on the trading sentiment and made the U.S. dollar unable to put any safe-haven bids.

At the USD front, the broad-based U.S. dollar remained depressed as the investors continue to sell U.S. dollars on the dovish Fed’s back. The Federal Reserve’s new policy structure keeps the doors open that interest rates in the U.S. will continue to remain low compared to other countries, which support the U.S. dollar under pressure. The losses in the U.S. dollar kept the currency pair lower. As a result, the U.S. dollar hit the 28-month low while declined to 91.99 despite the Dallas Fed Manufacturing Business Index growing beyond -3 to +11 in August. Whereas, the U.S. Dollar Index Futures that tracks the greenback against a bucket of other currencies dropped by 0.21% to 91.938 by 10:07 PM ET (3:07 AM GMT).

Moving forward, the market traders will keep their eyes on August’s U.S. manufacturing activity data, which is a schedule` to be released later in the day. The U.S. durable goods and employment data will also be key to watch. In the meantime, the updates surrounding the fresh Sino-US tussle, this time over the South China Sea, and the coronavirus (COVID-19) updates, could not lose their importance.


The USD/CAD is trading at 1.3009 level, having violated the support level of 1.3050 support level, which is now working as a resistance. On the lower side, the pair is likely to find support at 1.2975 level. The USD/CAD can drop further until the next support area of 1.2975 level. The MACD and RSI are also supporting selling, while 50 periods EMA also suggests a selling trend in the USD/CAD pair. Let’s consider selling below 1.3050 level today. Keep following Forex. Academy for quick trading signals. Good luck!

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Forex Signals

USD/JPY Heads for 61.8% Fibonacci Retracement 

During Monday’s European trading session, the USD/JPY currency pair extended its previous session gains. They remained closer to 106.00 level due to the risk-on market tone, backed by the enthusiasm over a potential vaccine and medicine for the extremely contagious coronavirus disease. As well as, the better-than-expected Chinese Manufacturing and Services PMI data also played its positive role in underpinning the market tone, which eventually weakened the demand for the safe-haven Japanese yen. The receding worries over the Japanese political scenario could also be another factor involved in currency pair losses. 

During Monday’s European trading session, the USD/JPY currency pair extended its previous session gains. They remained closer to 106.00 level due to the risk-on market tone, backed by the enthusiasm over a potential vaccine and medicine for the extremely contagious coronavirus disease. As well as, the better-than-expected Chinese Manufacturing and Services PMI data also played its positive role in underpinning the market tone, which eventually weakened the demand for the safe-haven Japanese yen. The receding worries over the Japanese political scenario could also be another factor involved in currency pair losses. 

During Monday’s European trading session, the USD/JPY currency pair extended its previous session gains. They remained closer to 106.00 level due to the risk-on market tone, backed by the enthusiasm over a potential vaccine and medicine for the extremely contagious coronavirus disease. As well as, the better-than-expected Chinese Manufacturing and Services PMI data also played its positive role in underpinning the market tone, which eventually weakened the demand for the safe-haven Japanese yen. The receding worries over the Japanese political scenario could also be another factor involved in currency pair losses. 

On the contrary, the broad-based U.S. dollar weakness, triggered by the risk-on market sentiment and downbeat prints of America’s Core PCE data, became the key factor that capped further upside momentum for the currency pair. In the meantime, the mixed Japan data was largely ignored by the currency pair bulls. At this moment, the USD/JPY currency pair is currently trading at 105.92 and consolidating in the range between 105.30 – 105.97.

At the data front, the preliminary Industrial Production climbed significantly past-1.2% forecast and 1.9% before print the 8.0% mark on MoM. Meanwhile, the annual figures were downbeat as 16.1% contraction against -15.7% expected. Moreover, Retail Sales fell 3.3% on MoM and 2.8% on YoY against 8.0% and 2.4% respective forecasts.

Apart from this, the reason for the upbeat market sentiment could be associated with the release of better-than-expected Chinese Manufacturing and Services PMI prints, which eventually raised hopes about the global recovery from the pandemic. However, the risk sentiment was further bolstered by the headlines that suggested a rush towards a vaccine. Besides this, the U.S. stimulus package’s probabilities also boosted the risk sentiment, which tends to weaken the safe-haven Japanese yen. The opposition Democratic Party voted in the favor to take a $1.3 trillion offer, which kept the market traders satisfied. On the contrary, the market trading sentiment relatively unaffected by the long-lasting US-China tussle. 

Also supporting the market risk-tone was Powell’s new monetary policy framework, which fueled expectations of an extended period of low-interest rates and weighed on the U.S. dollar.

As a result of the upbeat market sentiment, the broad-based U.S. dollar failed to gain any positive traction on the day. The losses could also be associated with the Fed Chair Jerome Powell’s dovish signals at the Jackson Hole Symposium. However, the losses in the U.S. dollar became the key factor that kept the currency pair’s gain limited. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies dropped by 0.09% to 92.293 on the day.

 

Looking ahead, the market traders will keep their eyes on the speech by Federal Reserve Governor Richard Clarida. Japan’s Final Manufacturing PMI will also be key to watch. In the meantime, the updates surrounding the fresh Sino-US tussle, this time over the South China Sea and the coronavirus (COVID-19) updates, could not lose their importance.


The USD/JPY is trading with a bullish bias at 106; it’s expected to trade higher until 50% and 61.8% Fibonacci retracement at 106.100 and 106.300 levels. The MACD is also a signaling buying trend in the USD/JPY pair. We have already closed the buying signal in green pips as the market is lacking volatility. Let’s brace to buy again over 105.740 level today. Good luck! 

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Forex Signals

Hard luck with GBP/USD Signal – Sudden Spike Hit Stop Loss! 

The GBP/USD managed to extend its early-day gains and drew some bids on the day essentially due to the broad-based U.S. dollar instability, triggered by the market upbeat trading sentiment. Besides this, the long-lasting deadlock surrounding the much-awaited U.S. fiscal stimulus also weighed on the safe-haven U.S. dollar and contributed to the currency pair gains. On the contrary, the long-term Brexit woes became the key factor that kept the lid on any additional gains in the currency pair. Also, the Brexit fears overshadowed British business houses’ optimism, as shown by the government data. At this particular time, the GBP/USD currency pair is currently trading at 1.3085 and consolidating in the range between 1.3054 – 1.3115.

The GBP/USD managed to extend its early-day gains and drew some bids on the day essentially due to the broad-based U.S. dollar instability, triggered by the market upbeat trading sentiment. Besides this, the long-lasting deadlock surrounding the much-awaited U.S. fiscal stimulus also weighed on the safe-haven U.S. dollar and contributed to the currency pair gains. On the contrary, the long-term Brexit woes became the key factor that kept the lid on any additional gains in the currency pair. Also, the Brexit fears overshadowed British business houses’ optimism, as shown by the government data. At this particular time, the GBP/USD currency pair is currently trading at 1.3085 and consolidating in the range between 1.3054 – 1.3115.

The GBP/USD managed to extend its early-day gains and drew some bids on the day essentially due to the broad-based U.S. dollar instability, triggered by the market upbeat trading sentiment. Besides this, the long-lasting deadlock surrounding the much-awaited U.S. fiscal stimulus also weighed on the safe-haven U.S. dollar and contributed to the currency pair gains. On the contrary, the long-term Brexit woes became the key factor that kept the lid on any additional gains in the currency pair. Also, the Brexit fears overshadowed British business houses’ optimism, as shown by the government data. At this particular time, the GBP/USD currency pair is currently trading at 1.3085 and consolidating in the range between 1.3054 – 1.3115.

The coronavirus vaccine hopes were supporting the market trading sentiment. The U.S. Food & Drug Administration (FDA) authorized the use of blood plasma from recovered patients as a treatment option, which eventually overshadowed the fears of rising coronavirus cases in Asia and Europe. Apart from this, the Moderna (NASDAQ: MRNA) ‘s press release on Monday, saying that the Cambridge, MA-based company is in “advanced exploratory discussions with the E.U. Commission to supply 80 million doses of mRNA-1273, Moderna’s vaccine candidate against COVID-19, as part of the European Commission’s goal to ensure early access to safe and effective COVID-19 vaccines for Europe.” 

At the US-China front, the latest remarks between the U.S. and Chinese trade representatives refreshing optimism surrounding the phase one trade deal. The Dragon Nation recently confirmed that the trade deal between the US-China remains intact. He further added that China and the U.S. had a constructive conversation on the trade agreement. As per the keywords, “China says both sides agreed to continue pushing forward implementation of phase 1 trade deal.” This, in turn, underpinned the market sentiment and sent the U.S. dollar down. Also, supporting the market trading sentiment could be the news that the virus cases in Florida and the U.K. are receding off-late.

On the other hand, the market did not give any major attention to the American health official’s warning to Trump administration’s rush for coronavirus (COVID-19) vaccine. It s worth reporting that Dr. Anthony Fauci, the head of the U.S. National Institute of Allergy and Infectious Diseases, told yesterday that rushing out vaccines could undermine trials of other promising candidates.

At the Brexit front, the fears of the no-deal Brexit were further fueled after the failure of the 7th round to reach any agreements by the European Union (E.U.) and the U.K.’s policymaker. Whereas, both parties EU-UK are alleged to each other for the failure. Thus these fears become the key factor that capped further upside in the currency pair. 

The losses in the U.S. dollar could also be attributed to the uptick in the U.S. stock futures. Whereas, the U.S. dollar index that tracks the greenback against a basket of other currencies dropped by 0.11% to 93.207 by 9:48 PM ET (2:48 AM GM


Moving ahead, the market traders will keep their eyes on the U.S. Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium, which is scheduled to open on Thursday. The U.S. August consumer confidence is due later in the day and will be key to watch. In the meantime, the USD moves and coronavirus headlines will also closely followed as they could play a key role in the gold run-up.

The GBP/USD pair is trading at 1.3138, holding right below a double top resistance level of 1.3144. We decided to take a selling trade below 1.3144 level, but unfortunately, the pair spiked sharply to test a high of 1.3170 level, which hit our stop loss. But right after hitting our stop loss, the Cable again reversed to trade below 1.3144. The GBP/USD is still holding below 1.3144, but the pair is forming bullish candles so that we may have a bullish trend continuation in the market. Let’s wait for a proper setup. Good luck! 

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Forex Signals

GBP/USD Signal Runs Against Us – Let’s Close Manually! 

Today in the early European trading hours, the GBP/USD currency pair failed to stop its previous session declining streak and took further offer below the 1.3100 level while represented 0.15% losses on the day mainly due broad-based U.S. dollar on-going strength. On the other hand, the reason behind the currency pair declines could also be associated with the coronavirus woes. The rising Brexit uncertainty also joined the on-going pessimism around the Cable and contributed to the currency pair losses. In the meantime, the reports that more than two years would be needed to reach pre-pandemic U.K. economy size also weighed on the Cable. At this particular time, the GBP/USD currency pair is currently trading at 1.3089 and consolidating in the range between 1.3064 – 1.3119.

Today in the early European trading hours, the GBP/USD currency pair failed to stop its previous session declining streak and took further offer below the 1.3100 level while represented 0.15% losses on the day mainly due broad-based U.S. dollar on-going strength. On the other hand, the reason behind the currency pair declines could also be associated with the coronavirus woes. The rising Brexit uncertainty also joined the on-going pessimism around the Cable and contributed to the currency pair losses. In the meantime, the reports that more than two years would be needed to reach pre-pandemic U.K. economy size also weighed on the Cable. At this particular time, the GBP/USD currency pair is currently trading at 1.3089 and consolidating in the range between 1.3064 – 1.3119.

Today in the early European trading hours, the GBP/USD currency pair failed to stop its previous session declining streak and took further offer below the 1.3100 level while represented 0.15% losses on the day mainly due broad-based U.S. dollar on-going strength. On the other hand, the reason behind the currency pair declines could also be associated with the coronavirus woes. The rising Brexit uncertainty also joined the on-going pessimism around the Cable and contributed to the currency pair losses. In the meantime, the reports that more than two years would be needed to reach pre-pandemic U.K. economy size also weighed on the Cable. At this particular time, the GBP/USD currency pair is currently trading at 1.3089 and consolidating in the range between 1.3064 – 1.3119.

At the Brexit front, the 7th-round of Brexit talks seemed to have collapsed without giving any clue over the tough issues like fisheries and a level playing. However, the reason could be associated with the latest disagreements over the U.K. truckers’ access to Europe. This, in turn, kept the traders cautious.

Also weighing on the quote could be the latest report that the U.K. economy will not fully recover from its on-going historic downturn for at least two years. Thus, there are little chances that the BOE will use negative interest rates to boost the upswing.

However, the downbeat trading sentiment could be attributed to the US-China, and Washington-Iran tussle. As per the latest report, the U.S. President Donald Trump urged to restore the U.N. sanctions on Iran. The Secretary of State Mike Pompeo also warned that the U.S. would hold Russia and China accountable if they even try to interfere in the Iran issue. 

Furthermore, the intensifying tensions between the U.S. and China also added a burden around the market trading sentiment. It is worth reporting that the U.S. President Donald Trump suspended the trade talks with China while White House Chief of Staff Mark Meadows confirmed that the trade talks would not happen soon. However, these lingering Sino-US tensions kept the equity market under pressure and gave the broad-based U.S. dollar a safe haven status.

As a result, the broad-based U.S. dollar flashed green and took the safe-haven bids on the day amid market risk-off sentiment. However, the U.S. dollar gains could also be associated with the U.S. Federal Reserve’s recent report, which pushed the U.S. Treasury yields higher and helped the U.S. dollar further.

Looking forward, the market traders will keep their eyes on the U.S. Jobless Claims, Philly Fed Manufacturing Survey, and the European Central Bank (ECB) policy meeting minutes, which will release later today. As well as, the headlines concerning the US COVID-19 aid package, virus figures, and Sino-American trade can also impact the pair’s movement.


We opened a sell signal in the GBP/USD pair as the pair broke below an upward trendline, which was supporting the pair at 1.3130 level. Closing of candles below this level was confirming the odds of selling bias in the market, but the pair started to reverse back before hitting our take profit. The recent bullish engulfing suggests bullish trend continuation, and it may lead to the GBP/USD prices until the 1.3135 resistance level. But until then, our signal won’t survive as our stop loss was 1.3124. Let’s close it manually now and wait for another trade setup. Good luck! 

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Forex Signals

GBP/JPY Breaks Upward Trendline – Quick Update on Trade Setup! 

The Japanese cross pair GBP/JPY is trading sharply bearish amid weaker GBP and firmer JPY. The safe-haven pair has already violated upward trendline support 139.490, and now the same level is working as a resistance. The GBP/JPY may gain support and bounce off soon. 

The Japanese cross pair GBP/JPY is trading sharply bearish amid weaker GBP and firmer JPY. The safe-haven pair has already violated upward trendline support 139.490, and now the same level is working as a resistance. The GBP/JPY may gain support and bounce off soon. 

The Japanese cross pair GBP/JPY is trading sharply bearish amid weaker GBP and firmer JPY. The safe-haven pair has already violated upward trendline support 139.490, and now the same level is working as a resistance. The GBP/JPY may gain support and bounce off soon. 

The GBP/JPY currency pair extended its previous session, losing streak, and dropped further below 139.078 marks, mainly due weakness in the GBP. The upbeat market sentiment, backed by the optimism over a potential vaccine for the highly infectious coronavirus, undermined the safe-haven Japanese yen and helped currency pair to limit its deeper losses. 

In the meantime, the downbeat preliminary readings of Japan’s second quarter (Q2) Gross Domestic Product (GDP) also undermined the safe-haven Japanese yen currency and became one of the major factors that capped further downside for the currency pair.  

Despite concerns about the ever-increasing coronavirus cases across the world and worsening US-China relations, the investors continued to cheer the optimism over a potential vaccine for the highly contagious coronavirus disease. Also, supporting factors could be the suspension of the US-China online meeting regarding the trade deal. It is worth mentioning that the meeting was initially scheduled for Saturday while the delay leaves the phase one deal intact, for the time being at least.

On the contrary, the fears of growing COVID-19 cases in the U.S., Australia, Japan, and some of the notable Asian nations like India continually fueled doubts about economic recovery. As per the latest report, France recorded more than 3,000 new cases for the second day while Australia’s state Victoria marked the highest death loss, which resulted in an extended state of emergency until September 13. As well as, Singapore also reported 86 cases on the weekend. At the same time, New Zealand imposed fresh lockdowns after recording increased cases of Covid-19. However, these gloomy updates kept challenging the market risk-on tone, which might weaken the safe-haven JPY and help limit losses for the major.

Apart from the virus woes, the long-lasting tussle between the world’s two largest economies remained on the cards as China’s ambassador to the U.S. recently gave warning against the U.S. move to send ships to the South China Sea, which could raise further tensions between both nations and harm the trade deal. Whereas, President Trump announced yesterday that TikTok should give its U.S. operations to another company within one-month, or it will be banned in the U.S. due to significant security threats. In return, China’s Foreign Ministry recently said on the day that it would firmly oppose to U.S. actions.


Technically, the GBP/JPY pair was gaining support at 138.950 level, and I was suspecting if the pair will be able to hit our take profit. Therefore, we decided to close our forex trading signal beforehand at 139.002, securing 34.7 pips as we opened it at 139.348. For now, the pair is staying at 139.07 level, and closing of candles above 138.925 is supporting selling bias in the pair. Good luck! 

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Forex Signals

USD/CAD Violates Descending Triangle Pattern – An Update on Signal! 

During Thursday’s European trading session, the USD/CAD currency pair failed to stop its Asian session from losing streak and dropped further below the mid-1.3200 level, mainly due to the U.S. dollar weakness triggered by gloomy U.S. economic outlook and lingering uncertainty over the U.S. stimulus package. 

During Thursday’s European trading session, the USD/CAD currency pair failed to stop its Asian session from losing streak and dropped further below the mid-1.3200 level, mainly due to the U.S. dollar weakness triggered by gloomy U.S. economic outlook and lingering uncertainty over the U.S. stimulus package. 

During Thursday’s European trading session, the USD/CAD currency pair failed to stop its Asian session from losing streak and dropped further below the mid-1.3200 level, mainly due to the U.S. dollar weakness triggered by gloomy U.S. economic outlook and lingering uncertainty over the U.S. stimulus package. 

On the other hand, the weaker oil prices due to the OPEC bearish fuel demand prediction, and US-China on-going war, undermined the commodity-linked currency the loonie which helped the currency pair to limit its deeper losses. Currently, the USD/CAD currency pair is currently trading at 1.3215 and consolidating in the range between 1.3209 – 1.3257.

Considering the on-going condition between the US-China, China’s Assistant Commerce Minister said he hopes the U.S. will create conditions for the implementation of the phase-1 trade deal. He further added that the COVID-19 and U.S. export control measures hurt Chinese purchases on U.S. goods and services. However, traders gave little attention to the above statement.

On the other hand, the on-going deadlock over additional stimulus measures to support the economic recovery from the coronavirus pandemic also weighed on the market risk sentiment.

This, in turn, the broad-based U.S. dollar failed to gain bullish momentum and reported losses on the day as the United States was still fighting the coronavirus. However, the weakness in the U.S. dollar kept the pair under pressure.

At the crude oil front, the WTI crude oil prices remain depressive around $42 levels as fears about the lower oil demand fueled after the OPEC said in its monthly report that the fuel demand will likely fall more than expected. This statement initially overshadowed the U.S. government data, which showed a decline in inventories and suggested that demand is recovering despite the coronavirus pandemic. However, the losses in the crude oil undermined the commodity-linked currency the loonie, which helped limit the pair’s deeper losses.

Looking forward, the market players will closely follow the release of the U.S. Initial Weekly Jobless Claims, which will affect the USD price dynamics and produce some meaningful direction for the currency pair. In the meantime, the traders will also keep their eyes on the news concerning the U.S./China. 


Technically, the USD/CAD has formed a descending triangle pattern that provided support at 1.3235 level, and it has now been violated. The USDCAD pair has violated the double bottom support area of 1.3235 level. Closing of candles below this level confirms a breakout; therefore, the odds of further selling below the 1.3235 level increase, and it can lead to USD/CAD prices until 1.3160. A slight bullish retracement could be seen until 1.3235 level before the pair continues trading lower. Check out the trade plan… 

Entry Price – Sell 1.32282
Stop Loss – 1.32682
Take Profit – 1.31882
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/CAD Fakesout Hitting Our Stop Loss – What’s Next?

During Tuesday’s early European trading session, the USD/CAD currency pair failed to stop its Asian session losing streak and dropped further below the 1.3400 level mainly due to the U.S. dollar weakness that was triggered by gloomy U.S. economic outlook and witnessed by the Job losses in the U.S. manufacturing sector. The weaker oil prices due to the continuous surge in COVID-19 cases, US-China on-going war, and OPEC Production Boosts undermined the commodity-linked currency the loonie, which helped the currency pair to limit its deeper losses. At this particular time, the USD/CAD is trading at 1.3384 and consolidating in the range between 1.3358 – 1.3405.

During Tuesday’s early European trading session, the USD/CAD currency pair failed to stop its Asian session losing streak and dropped further below the 1.3400 level mainly due to the U.S. dollar weakness that was triggered by gloomy U.S. economic outlook and witnessed by the Job losses in the U.S. manufacturing sector. The weaker oil prices due to the continuous surge in COVID-19 cases, US-China on-going war, and OPEC Production Boosts undermined the commodity-linked currency the loonie, which helped the currency pair to limit its deeper losses. At this particular time, the USD/CAD is trading at 1.3384 and consolidating in the range between 1.3358 – 1.3405.

During Tuesday’s early European trading session, the USD/CAD currency pair failed to stop its Asian session losing streak and dropped further below the 1.3400 level mainly due to the U.S. dollar weakness that was triggered by gloomy U.S. economic outlook and witnessed by the Job losses in the U.S. manufacturing sector. The weaker oil prices due to the continuous surge in COVID-19 cases, US-China on-going war, and OPEC Production Boosts undermined the commodity-linked currency the loonie, which helped the currency pair to limit its deeper losses. At this particular time, the USD/CAD is trading at 1.3384 and consolidating in the range between 1.3358 – 1.3405.

If talking about the U.S. virus condition, the United States crossed 4 million officially recorded Covid-19 cases and covered a significant part of that recorded in just the last 15 days, which eventually ruined hopes for a quick economic recovery.

Despite this, the U.S. President Donald Trump has decided to reopen the country and said in the White House press conference that the permanent lockdown was not a workable plan to fight COVID-19. He also gave hopes about the virus vaccine and said that the U.S. would have a vaccine by the end of the year. The risk-off market sentiment was faded away after this statement that leads to the losses in the USD/CAD pair.

At the USD front, the broad-based U.S. dollar failed to continue its bullish momentum that was supported by the earlier U.S. data. The U.S. dollar reported losses on the day as the United States was still fighting the coronavirus, and the economic recovery hopes were declined because of that. However, the weakness in the U.S. dollar kept the pair under pressure. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies was stood at % 93.498.

At the crude oil front, the WTI crude oil prices remain around $40 levels as concerns about the continuous surge in COVID-19 cases could halt fuel demand recovery. The increase in the Organization of the Petroleum Exporting Countries (OPEC) production made by Saudi Arabia also weighed on the oil prices. However, the crude oil losses undermined the commodity-linked currency the loonie, which helped limit deeper losses in the pair. Looking forward, the market players will closely follow the virus updates and U.S. fiscal news, which will entertain market players amid a light calendar.


On the hourly timeframe, the commodity currency pair violated the support level of 1.3380 level, which worked as a triple bottom. It was supposed to lead the USD/CAD prices further lower until 1.3335 level. But unfortunately, the breakout pattern turned out to be a fakeout pattern, and the pair reversed to trade at 1.3420. Right after testing the stop loss, the USD/CAD pair reversed again, this time in our favor, but our position is already closed at SL. For now, let’s wait a bit before taking another selling trade. Good luck!

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Forex Signals

USD/JPY Taking Mild Bids Despite Upbeat Tokyo CPI Data!

USD/JPY Taking Mild Bids Despite Upbeat Tokyo CPI Data!

USD/JPY Taking Mild Bids Despite Upbeat Tokyo CPI Data!

USD/JPY Taking Mild Bids Despite Upbeat Tokyo CPI Data!

The USD/JPY currency pair successfully extended its early-day mild bullish moves and took bids around the 106.00 level, mainly due to the positive Asian equities, backed by the fresh optimism about the reopening U.S. states. The upbeat data from China and Japan also added further strength to the positive market tone, which initially undermined the Japanese yen and contributed to the currency pair gains.

Besides, the broad-based U.S. dollar weakness in the wake of the gloomy U.S. economic outlook capped further upside in the currency pair. The Japanese yen was unaffected by the upbeat July month Tokyo Consumer Price Index (CPI) data across the pond. At this particular time, the USD/JPY is trading at 105.96 and consolidating in the range between 105.83 and 106.19.

At the data front, Tokyo Core CPI rose by 0.2% expected and previous with 0.4% while the CPI Energy crossed 0.5% market expectations, and 0.4% last readings and flashed 0.6% in July. Despite the upbeat data, the yen didn’t take any bid from it, possibly in the wake of U.S. President Donald Trump’s fresh optimism about economic reopening, which caused the equity market’s uptick.

Despite the rising number of cases, U.S. President Donald Trump has decided to reopen the country and said in the White House press conference that the permanent lockdown was not a workable plan to fight COVID-19. As well as, he also gave hopes about the virus vaccine while saying that “we will likely have a coronavirus vaccine far in advance of the end of the year.” This fresh optimism challenged the risk-off market sentiment. In turn, this supported the equity market, which undermined the safe-haven Japanese yen and contributed to the pair gains.

However, the market trading sentiment seemed rather unaffected by the uncertainties over the much-awaited fiscal package. The House Speaker Nancy Pelosi signaled that no deal was in sight during this week. As well as, the fresh warning by the World Health Organization (WHO) President Dr. Tedros Adhanom Ghebreyesus that “there may never be a “silver bullet” to kill the coronavirus (COVID-19)” also failed to weigh on the risk sentiment, at least for now, which gave support to the currency pair by weakening the Yen currency.

The broad-based U.S. dollar failed to maintain its early-day mild gains, supported by the earlier U.S. welcome data. The U.S. dollar reported losses on the day as the United States was still facing virus woes and struggled to control the spread of coronavirus, which eventually destroyed hopes for a quick economic recovery.

At the UK-Japan front, the Japanese Foreign Minister Motegi recently crossed wires and said in a statement on the day that he will visit the U.K. from Aug 5-7 to discuss bilateral free trade deal. This positive news gave some support to the local currency (Japanese Yen) and capped currency pair’s gains. The market players will carefully follow the virus updates and U.S. fiscal news, which will entertain market players amid a light calendar.


The USD/JPY trades with a bullish sentiment around 105.950 level, having completed 61.8% Fibonacci retracement at 106.063. The pair is forming a bearish engulfing candle below 106.406 level, which worked as a support for USD/JPY in now it’s working as a resistance. On the higher side, next USD/JPY may find resistance at 106.650, while support stays at 105.250. The MACD and RSI both are suggesting bullish bias in USD/JPY pair today. Check out a trading plan below…

Entry Price – Sell 105.906
Stop Loss – 106.306
Take Profit – 105.506
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