EURUSD is approaching our first support at 1.1187 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong bounce to our major resistance at 1.1283 (horizontal overlap resistance, 38.2% Fibonacci retracement) might occur.
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading...
HSI is approaching our first resistance at 30013.9 (horizontal pullback resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 29261.6 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support).
Stochastic (89,5,3) is also approaching...
GBPUSD is approaching our first resistance at 7.02551 where we might see a corresponding drop to our first support level. Stochastic is approaching resistance as well.
NZDUSD is approaching our first support at 0.6744 (long term ascending support line, horizontal swing low support, 50% Fibonacci retracement , 100% Fibonacci extension ) where a strong bounce might occur above this level to our major resistance at 0.6866 (horizontal overlap resistance, 61.8% Fibonacci retracement ).
Stochastic is also approaching support.
NZDUSD is approaching our first support at 0.6720 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing low support) where a strong bounce might occur above this level to our major resistance at 0.6829 (61.8% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance).
Stochastic is also approaching support where we might see...
NZDUSD is approaching our first support at 0.6720 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing low support) where a strong bounce might occur above this level to our major resistance at 0.6829 (61.8% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance).
Stochastic is also approaching support where we might see...
XAUUSD is approaching its resistance at 1307.84 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 1297.82 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
Trade set up
‘Buy long’ on daily open with caution as current price closes above the 10day EMA with stops below the recent daily close or those with higher risk appetite, a close below the 10day EMA.
Target levels of 64.30 followed by the 50% retracement of the previous major move around $68.30 and looking to add to our position as price make a new higher-high...
Trade set up - We are waiting on a daily close above $1.1345 before entering long. If price breaks through this level, we see significant potential for a strong upward move towards our target price of $1.1491, our stop to be set at $1.1256.
Why we like this trade - Based on our technical analysis the pair is presenting a variety of reasons to have this trade...
Let the market force the trade, wait for a break of the current range and ride gold into the December highs.
There are obviously many considerations we should assess when trading any market. But, two that stand out when trading gold, especially when it's strongly trending, are:
1) Whether gold is going up/down in other G10 currencies, and not just USDs
2) ...
Trade setup - Price is telling us the market has reduced the worse-case scenario hedges, and we still like GBP longs from here. We like GBP too versus the EUR and CHF, but most of the flow remains in GBPUSD. The preference for cable is to stay long into 1.2990/1.3000, with stops below 1.2820, which as we can see is the downtrend drawn from the September high, as...
Why we like the trade - Gold is consolidating following its break above a multi-month channel line and formed a strong uptrend since the August low. The congestion is now taking shape in a consolidation pennant, most visible on the four-hour and daily time frame. A breakout to the topside and a test of $1300 level will evolve quickly, perhaps even going on to...
Trade set up - That daily chart shows a set-up that is remarkably similar to price action seen through November 2017. Where, after a sell-off and reversal, price consolidated in a triangle pattern. In both cases, we can see stochastic momentum making a series of lower highs, and should price now find sellers off trend resistance the first target is ¥112.25, where...
Trade set up - Enter on a daily close above the 10 day EMA with stops below the previous weekly low of 58.35 and a short-term price target of 70.00 - 71.00, looking to add to the position once broken above the downtrend channel.
Why we like this trade - Technically speaking, price looks to have found some support around the Feb 2017 high after the recent 33%...
Trade set up - Waiting for a pullback in the pair and confirmation of support before entering long, as this enables us to manage risk in a better way. However, aggressive traders can look at longs at the current market price. Stops set at $1235 and a take profit at $1262.
Why we like this trade - We've had gold on 'high-watch' for some time now and given the...
Trade setup - While sterling volatility had been widely expected to rise as the Brexit clock ticked down, we are happy to remain bearish on the pair in the short-term. We are looking for a short entry at 1.7380, with a stop just above the previous major high at 1.7490. With the Brexit vote likely to fail and the range of outcomes from here so diverse we target...
Trade Set Up – We would be looking to enter on a daily close above 5780 with stops confirmed once entered, and a target level of 5980-6000.
Why we like this trade – Whilst history is no guarantee of future price action it is important to note that a correlation in a Dec move over the past 10 years has yielded an average of +2.74%, all of which starts from the...
Trade set up
Tactically buyers of NZDUSD can position to enter a buy trade either after a closing break of resistance 0.6883 (16 November high), or after a retracement and retest of the top of the bullish flag pattern around 0.6790. A break out of the flag pattern has given us the confidence to trade this from the long side. We are targeting 0.7100 in weeks,...
