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USDCAD BREAKING LOWERUSDCAD has been the chart to watch lately as CAD strength wiped the floor with other currencies of recent. Combing this with the USD weakness and the stabilising Oil price, USDCAD has been in focus for us. Price is currently sitting at the key level of 1.3300 after breaking out of a key supporting trendline. The moving averages on the daily timeframe look to be turning bearish and if price re-test the supporting trendline as resistance we can look for shorting opportunities in line with the strength and weakness of the currencies.
Short
by BlueberryMarkets
EURUSD BREAK HIGHEREURUSD again has headed towards the minor resistance of the wedge pattern as the USD continues to move lower. We expect USD downside despite the good data recently due to the recent FOMC member speeches. The majority of the FOMC is trying to put the brakes on which they continue to hike interest rates. The market has taken this negatively giving the major currency pairs a boost with EURUSD, in particular, heading towards the key highs of 1.1500. If price can break and close above the key highs we should expect price to continue higher.
Long
by BlueberryMarkets
USD DOWNSIDE EXPECTEDIn this video update, we discuss the recent move on the DXY as we have seen the index break out of a key range between 97.50 and 96.20. With the decline in the Bond market, it begs the question, will the USD follow suit? Typically, when the 10 and 30 yr US bonds decline the USD follows over time and those markets have dropped significantly through December. If the USD does breakdown further we expect the support zone of 94.00 to be the overall target of the move lower.
TVC:DXYShort
by BlueberryMarkets
WHY WE ARE SEEING LARGE MOVES IN THE SAFE HAVEN CURRENCYIn this video update, we take a look at USDJPY as overnight APPL revealed their Q1 data which showed a potential slowdown in the Chinese economy. This caused investors to move their money from risk on to risk off with JPY and Gold benefiting from the poor data. Looking at the technicals price has bounced from the support of 105.20 however the move has been exaggerated due to low liquidity and we could see prices re-test this support again.
Short
by BlueberryMarkets
WTI DOWNTREND CONTINUATIONWTI OIL could see further downside despite the current USD fall. Price is currently sitting below the $50.00, resistance and if price re-traces back to this area and prints bearish price action we can look for further short opportunities. Looking at the fibonacci retracement tool we can see the 38.2 highlights a zone in line with the resistance where price could continue to fall from. Seasonally OIL is short and typically bottoms out through the middle of January.
OANDA:WTICOUSDShort
by BlueberryMarkets
1
WHY WE ARE BEARISH USDWe have been looking for USD weakness for a while now due to the current situation in the Bond Market. There was risk to the upside however if the FOMC were hawkish the USD could have spiked further. But despite them mentioning gradual rate hikes, they were focused on data and monitoring inflation which is under the current 2% targets. This has seen the USD fall today and if price breaks and closes below the previous lows will be looking for USD weakness to continue.
TVC:DXYShort
by BlueberryMarkets
YO-YO DAY FOR THE USDWe have been speaking about this all week as it will be the most important rate announcement before the end of 2018. FOMC today will hike interest rates by 0.25% but the key will be in the statement and press conference after. If they plan to gradually increase interest as Trump is suggesting oddly enough, then the dollar has room to the upside. A break and close above the key resistance of 97.70 will be ideal to look for long opportunities. If they plan to gradually reduce the rate in which they hike rates the USD could fall in line with the Bond market and a break below the lows of 96.20 will be ideal for further shorting opportunities. Very rarely do we sit on the sidelines with trading analysis but this is one that could go either way...
TVC:DXY
by BlueberryMarkets
GBPUSD UPDATE AHEAD OF FOMCGBPUSD has been a chart of interest for a while and downside looks likely when taking price action into consideration only. However, with the FOMC interest rate decision tonight this chart could look very different by the end of the day. If the FED disappoint and look to slow down the rate in which they continue to hike interest rates we could see GBP back above the key 1.2700 resistance. If the FED plan to continue hiking interest rates then the USD will see significant upside leading to a break of the trendline support and GBPUSD heading down to the key support level.
by BlueberryMarkets
WHAT WE NEED TO SEE NEXT FROM THE USDIn this video, we discuss what we need to see from the USD going into the FOMC meeting tomorrow. We are expected to see a hike of 0.25% which typically does see investment into the currency. However, we feel the FOMC may disappoint with the statement on future rate hikes. If this happens we need to see the USD break below the trendline support and zone support of 96.30. If we do see a break and close below we will be looking for short opportunities on the USD.
TVC:DXYShort
by BlueberryMarkets
GOLD HIGHER IF FOMC DISAPPOINTGOLD seasonally moves higher throughout December and if the FOMC disappoint after hiking rates on Wednesday we could see prices rally in line with the seasonal move. Price is currently sitting at previous structure highs and 20EMA where we could see a further impulse leg. The market may be subdued until the announcement so patience will be required here. Looking at the lower timeframes if the 4hr timeframe can push higher and form higher highs in line with the daily timeframe we have the opportunity for a better risk to reward profile.
OANDA:XAUUSDLong
by BlueberryMarkets
GBPUSD UPDATE. EU SAYS NO TO RE-NEGOTIATIONThe GBPUSD caught a bid over the last couple of days as PM May won a no-confidence vote within her own constituency and was on her way to meet with EU leaders to re-negotiate the current Brexit deal. However, the EU had other ideas and later came out after meeting with PM May saying that she offered nothing new and that they will not re-negotiate the current deal. This has led to traders re-igniting the selling pressure on GBP as we suggested in our previous GBP post. Expect further downside here with the support of 1.2350 likely to be next targets.
Short
by BlueberryMarkets