USDCHF tests key daily resistanceUSDCHF is now trading at trendline and horizontal resistance after the midterm uptrend. The pair appears bullish around this area so we will wait to see a rejection of this level before looking for short entries.
Currencytrading
NZDSGD: Long opportunity within a 1M Channel Down.The pair has been trading within a 1M Channel Down (RSI = 35.152, MACD = -0.017, Highs/Lows = -0.0297) since January 2017. Currently it is closer to the Lower Low zone and since through-out this downtrend it has always made contact with the 1W MA50, we are expecting a rise towards at least 0.9000.
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NZDCAD at trendline supportNZDCAD has sold off to trendline support and indicators show an oversold market. We are looking for potential short term counter-trend positions on price action confirmation.
NZDUSD: Much Indecision
hey traders,
nzdusd is standing on a 6 years low on a weekly.
recent false breakout of a previous structure low on a daily leaves us clues
that bearish pressure is exhausted.
currently, the market is started to contract within a symmetrical triangle formation
- a clear indication of high indecision.
though according to a common rule, we trade such triangle, waiting for a breakout and the side of breakout does not matter,
I will trade only in case of a bullish breakout following my observations of weekly and daily charts.
target levels will be 0.6345 and 0.6395
stop goes below the last higher low of a triangle.
*if you like this idea, please, like it and leave a comment! thanks :)
EURCHF (EURO / SWISS FRANC) - BUYYes there is buy opportunity in EURCHF.
EURCHF is in down trend and over bought situation. You can see it in stochastic indicator as well. This is gives us a one confirmation to go for buy option. And there is a strong support in 1.08369 and we can see that there is an inverted candle where end of the chart and that also in over sold area, and its on a real good support. so if you consider those all there is a buy opportunity in EURCHF.
Special note: We can call this trade as a countertrend trade, kind of a swing trading strategy. Coz trend will reverse from this place for certain period and keep continue the major trend. Trade at your own risk and this analysis not based on fundamentals.
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USDCAD: Short Trade With Confirmation
USDCAD: Short Trade With Confirmation
very peculiar trading setup on USDCAD .
on 4H the market has recently touched a falling resistance of a descending triangle
and we see a row of multiple rejections.
on 1H we see a double top formation and for confirmation, we only need to wait for
a bearish violation of minor support beneath it to short the pair.
T1 - 1.325
T2 - 1.324
AUDCAD finds support at the bottom of daily rangeAUDCAD has tested horizontal and trend line support around 0.89500 and displayed bullish price action on the shorter term suggesting the trend will hold. The market remains oversold in the longer term. We expect a break of 0.89800 before an extension higher.
What Next for BITCOIN?So what next for Bitcoin. The chart has been stuck in a descending triangle pattern from June of this year, posting lower highs and equal lows. It appeared to be only a matter of time before a break to the downside. After a significant break during yesterdays session, sellers could begin to pick up. Looking at the chart a pullback to support followed by further downside appears to be the logical position at this time. And targets? Levels in question now lie around 7423 as next support so we are expecting further downside yet to come!
EURCHF shows divergence at key supportEURCHF has weakened and is now testing key support. As we look on the 1hr time frame RSI shows divergence and there is a clear stochastic cross in oversold conditions. We are now expecting buyers to take over.
AUDNZD posts double topAUDNZD has posted a double top on the 1 hr time frame and posted lower highs and lower lows. After a pull back to resistance and double top neckline, we are now expecting a continuation in downside momentum .
CADJPY returns to upper boundary of trend channelCADJPY remains in a daily, falling trend channel and after a bounce off the top currently sits mid range. We are still forecasting a return to lower levels so we have entered short from the top of 1hr channel. RSI is overbought and Stochastic suggests market momentum is diminishing.
EURNZD posts double top at key resistanceEURNZD has posted a double top at key resistance an shown bearish price action. We have entered a short position after a re-test of the weekends gap.
EURCAD set to continue downtrend EURCAD continues to trade within its 4hr downtrend. On the shorter term timeframe the pair has posted a bearish head and shoulders pattern with short term lower highs and lows. We are now expecting a return to the lower boundary of the 4hr trend.
AUDCAD posts double bottomAUDCAD has posted a double bottom on the 4hr time frame and has since posted a higher higher and higher low off of these levels showing momentum is changing. RSI and Stochastic remain oversold. We are now looking for long opportunities.
Bitcoin and other cryptocurrencies on WednesdayIn 10 years since the most well-known cryptocurrency came to existence, the digital currency market revolutionized the understanding of currencies. Bitcoin, as well as Ethereum, Litecoin, and others, significantly affected the traditional financial institutions. People from all over the world are using digital currencies even for everyday tasks. Everything has its advantages and disadvantages, the digital currencies are not an exception.
The popularity made them more vulnerable to market instability. It means that every time the price of Bitcoin falls, this news affects the mood of the cryptocurrency owners . However, is typical situation for Digital as well as fiat currencies. However, there is no need to start selling Bitcoin’s as the price most likely will become higher in several days or even hours.
The good news for people who are willing to invest in the cryptocurrency came from Argentina. Huobi Group made the decision to open the digital currency exchange in the country. It is important to mention that Singapore based crypto and blockchain company Huobi Group will offer its service in Argentina. The CEO of Huobi Argentina Carlos Banfi stated that Argentina has a huge potential when it comes to the cryptocurrencies.
The Huobi Group continues to expand as before announcing this decision, it obtained license in Thailand. This happened in July when it received permission to operate a fully-regulated digital currency exchange. Huobi Thailand will become operational in the third quarter of this year.
Cryptocurrencies on September 18Digital currency news
Bitcoin is the biggest digital currency in terms of market capitalization. It means that crypto investors and analysts pay more attention to this cryptocurrency. Bitcoin experienced problems for the last couple of days. Bitcoin’s price is $10,128.
Litecoin’s price is $76.06
Ethereum strengthened its position after surpassing the $200 level. At the moment, Ethereum’s price is $211.
Indian lawmakers and digital currenciesIndia has the second-largest population in the world with more than 1 billion citizens. India also has one of the largest in the world. It means that the country has a huge potential when it comes to digital currencies. It is worth mentioning that India established itself as one of the world’s best technology hubs. All of the reason mentioned above creates favorable conditions for cryptocurrencies.
Nevertheless, one issue can derail the plans of local as well as international investors to develop the digital currency market in India. Governmental and private organizations have different ideas about crypto regulations. The lack of proper regulations is often cited as a serious drawback of the digital currencies. Governments around the globe are trying to find the solution which will satisfy all sides. This is a huge issue, and no one should expect that it will become obsolete any time soon.
The Indian government is not an exception. However, the draft legislation can seriously affect Indian companies and individuals. This law will make the Indian markets less attractive to the crypto owners. According to the draft, legislation person can receive a 10-year prison sentence for crypto mining. Other illegal activities included in the list are buying or selling cryptocurrencies and other activities associated with the digital currencies.
As mentioned above this law will practically criminalize this emerging market. Nischal Shetty is the CEO of the cryptocurrency exchange WazirX. He said more than 5 million Indians own digital currencies. It means that all of them will have to get rid of their assets. Indian lawmakers should reject this law as it will jeopardize the freedom of millions of its citizens.
Digital currencies on September 17Indian lawmakers and Bitcoin
Bitcoin was unable to hold the momentum, and its price fell to $10.100. There is a chance that the price of Bitcoin may even fall below $10,000.
Ethereum, on the contrary, is on the rise. Its price is $197.86. It means that it is very close to surpassing the $200. If it is going to break the resistance level price may even reach $205 or more.
Last but not least is the news connected with another digital currency which is the Litecoin. At the moment Litecoin’s price is more than $72, more precisely $72.69.
It is in the interests of the Indian government to develop the digital currency market. The price of Bitcoin remains above $10,000 on Tuesday.
GBPDKK: Sell opportunity for the medium term.The pair has been rising aggressively (1D RSI = 64.189) since early August and the Double Bottom formation on the 8.0000 1M Support. It is approaching the 1W Resistance (8.5000) but the 1D MA200 (orange line) is already applying selling pressure, similarly to what it did on September 2017 after the last rebound on the 1M SUpport.
With 1W still neutral (RSI = 52.606, ADX = 43.327, MACD = -0.040, Highs/Lows = 0.08030) we expect this Resistance to hold on the medium term and trade sideways within that and the 8.2570 1D Support.
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EURUSD rejects downward trend resistanceEURUSD moved higher yesterday after the ECB press conference and has tested key downward trend line. On the 4hr time frame we have seen a key rejection of this level. With a bearish stochastic cross in a overbought market, this presents a good selling opportunity.
EURGBP to break key 0.89 supportEURGBP has posted a lower high and lower low on the daily time frame and has tested key support at 0.89. The bounce of this level was very unconvincing and has returned back to support. Technical indicators suggest the bullish price action has lost momentum and confirmed in the previous bounce that buyers are running out. We will be awaiting a break and re-test before looking for short entries.
CADJPY presents a short opportunity from trendline resistanceCADJPY has pulled back to trendline resistance and technical indicators suggest an overbought market losing momentum. After a period of consolidation we are now expecting a move to the lower trend boundary.
EUR/USD - 1 Hr - Weakness!I published my analysis on this pair yesterday. It looks to be going my direction... Order was placed!
More EUR/USD weakness!!The EUR/USD was rejected big, 2 days in a row. Lots of selling pressure. Obviously, this was due to the strong US market on Thursday and Germany getting closer and closer to a recession.
I may look for an entry tomorrow at open, if the 4 hour or 1 hour charts look promising. Or, I might wait to see if the low can be broken, then wait for it to fall to that green demand zone and enter a counter play. We shall see!!
USDCRC pair is set for a recoveryAfter testing the bottom of the wedge around 562.5 colones it makes total sense that it will get started in its recovery.
One year ago around August 20th the level was about the same, this has been a common pattern to end the year. The reason behind this has to do with a increase in purchases and more money flooding the economy as the year ends. Many company owners that pay in USD need to get more USD in order to pay their employees. The government also makes the loan payments from international lenders and that also pushes the price up. The fiscal year ends in September and that is also part of why there is more money in the government hands and so the pressure to buy USD is higher. I do not really think the price will go any where lower than this and so its the perfect time to get myself some cheap
USD to make some payments for the end of the year.
