Yemi_Fx1 | SELL OPPORTUNITY ON NZDCADLooking at OANDA:NZDCAD from the 4HTF we see how price tested the zone at 0.83780 , Price approach it In a corrective manner showing the low momentum in bulls power.
The zone at price 0.83780 holds, resulting to a double Top pattern.
And at 0.83573 also we can see how price react to it, moving out of this area with high momentum.
Currently the pair is building up for a continuation move as we can see it's forming a pattern to move downward.
Having this in mind I will be preparing myself to enter at the top of the flag pattern provided there's an entry signal.
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Forexmarket
Forex preview: NFP, Powell’s testimony, and BoC and ECB decisionThe key events for the week are concentrated mainly between Wednesday and Friday.
In the United States, the focus will be on January jobs data and speeches by Federal Reserve officials. The most important of the bunch is of course Federal Reserve Chair Powell two-day testimony in Congress on monetary policy starting Wednesday. Traders will look for cues regarding the future trajectory of monetary policy, with special attention paid to the Q&A session following Powell's opening remarks.
Friday will bring the release of Non-Farm Payroll (NFP) data, with expectations of a 188,000 job increase in February. This would be a significant drop from the 353,000 jobs added in January. JOLTs job openings are anticipated to fall to 8.9 million in January after two consecutive months of increases (Wednesday).
In Canada, the Bank of Canada is anticipated to maintain interest rates unchanged for the fifth consecutive time on Thursday.
In Europe, the European Central Bank (ECB) is expected to keep rates unchanged on Thursday. ECB members continue to advocate for a patient stance, with the consensus being to wait for Q1 2024 wage data before considering a rate cut in June, aligning with current market expectations.
In the United Kingdom, all eyes will be on Finance Minister Jeremy Hunt's pre-election budget on Wednesday, which is expected to include tax cuts, which according to the guardian “... runs the risk of getting an adverse reaction from the markets which would snuff out what is still a lukewarm and tentative economic recovery.”
USDCAD BUY | Day Trading AnalysisHello Traders, here is the full analysis.
The completed correction, hint at the continuation of growth. GOOD LUCK! Great BUY opportunity USDCAD
I still did my best and this is the most likely count for me at the moment.
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CADJPY SELL | Day Trading AnalysisHello Traders, here is the full analysis.
I think we can soon see more fall from this range! GOOD LUCK! Great SELL opportunity CADJPY
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DXY DROP?? = Massive RUN UP on xxxUSD! READ. DXY recently had its massive rally to the UPSIDE which imo is a CORRECTIVE MOVE. We are expecting DXY to make its first LEG down this week or have its FULL DROP next week.
How does this information about US DOLLAR help?
IF USD goes DOWN, xxxUSD rallies UP. It is important you understand the US DOLLAR before engaging in any xxxUISD pair.
How do we FRAME the trade setup?
IF DXY pulls back up to the yellow zone first, we will be looking to BUY LONGS on xxxUSD pairs.
BUT IF,
DXY drops from our current price down to the PMH (If you have my indictors you should already see the PMH level on your chart.) we will be looking to SELL xxxUSD last LEG instead and that would mean, DXY has met up with the required volume needed to make a new HIGH.
That will be our PLAY.
Gbpusd surely Fall down read the caption Gbpusd surely Fall down
The UK fell into recession in the second half of last year after GDP figures for the fourth quarter showed a steeper contraction than expected.
While a recession was expected ahead of the release, the fourth quarter number was slightly worse despite December performing better than anticipated.
The UK has been flirting with recession for some time but despite the inevitable headlines, today’s data doesn’t change much. The economy isn’t growing,
GBPUSD 200pips DROP INCOMING. GRAB A SEAT.As DXY (US DOLLARS) continue to rise, we expect xxxUSD to have some SELL off and that includes GPBUSD as well. right now we expect, GBPUSD to SELL all the way down to the PREVIOUS LOW about 200pips drop from where we are right now.
#1 - We expect price to drop from here with SL close to the AUTOMATED KEY ZONE ahead.
#2 - We expect GBPUSD to push a little then have the massive sell off, SL will be ABOVE the key zone ahead.
TARGET - We are looking at first two AT THE DOUBLE BOTTOM.
SELL TRADE SETUP ON AUDUSDHey Traders,
Check this analysis out on AUDUSD. The pair had been ranging for quite some time before it broke below the support, followed by an actual smooth pullback.
Provided that the price remains below the support, I will look for a nice short trade.
Keep a close tab on this one.
USDCAD BUY | Day Trading AnalysisHello Traders, here is the full analysis.
The completed correction, recovery and formation of a pre-breakout set-up hint at the continuation of growth. GOOD LUCK! Great BUY opportunity USDCAD
I still did my best and this is the most likely count for me at the moment.
Support the idea with like and follow my profile TO SEE MORE.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝
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Learn What is FOREX Market. Trading Volumes & Market Participant
Forex - foreign exchange market, is a location where international currencies are bought and sold by economic participants at various exchange rates.
Forex market is the biggest market in the world, reaching on average 6 trillion dollars trading volumes daily.
Forex market is a vital element for a global economy because it provides capital exchanges between the countries.
The main market participants of forex market are central banks, commercial banks, commercial companies, hedge funds and investors.
🕰In order to grasp how big is that market, take a look what is happening on that just in 60 seconds:
📎Total transactions value reaches 3.52 billion US dollars.
📎 1.15 billion dollars of spot transactions.
📎 1.65 billion dollar of exchange swaps.
📎 Total transactions value involving USD reaches 3 billion US dollars.
📎 Total transactions value involving EURO reaches 1.1 billion US dollars.
📎 Just one single EUR/USD pair accumulates 812 million US dollars transactions value.
It is hard to imagine how such big amounts are rolling with such a frequency and how insignificant are the orders of individual traders.
#USDCHF → Movement in the descending channelIn time h2, it is moving in a downward channel, which is located in the support zone, which, if confirmed, can continue to correct until the golden zone of the previous wave after retesting the ceiling of the channel.
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EURUSD - IN ANTICIPATION OF A POSITIVE PCE REPORT (TARGET 1.081)The upcoming release of the Core PCE Price Index, a key inflation metric closely monitored by the Fed, is scheduled for 13:30 GMT. Despite not anticipating major surprises due to its inclusion in the recent GDP report, investors will closely examine this data along with December's Personal Spending and Personal Income figures for deeper economic insights. While positive outcomes in spending and income could bolster the USD, disappointing results might signal weakening consumption, potentially impacting the USD's immediate performance.
The previous retail sales data was extremely bullish. Retail Sales and Personal Consumption Expenditures (PCE) often show a positive correlation, both reflecting consumer spending trends. While Retail Sales focus on goods, PCE covers a broader range including services. Both indicators are influenced by similar economic factors like employment rates and consumer confidence, making them crucial for understanding economic health. However, their scope differs, with PCE providing a more comprehensive view of total consumer spending. Traders should monitor these metrics for insights into consumer behaviour and overall economic conditions.
Based on these macro assumptions I'll explore the bullish outcome for the dollar:
What is on the chart? (Follow the steps)
1) We have our first accumulation structure which was followed by a breakout and also a market structure shift. This accumulation was fuelled by a 4H FVG.
2) When paired with the Ichimoku Kinko Hyo indicator you'll notice more downside confirmations such as a break of both the daily Kijun and Tenkan, a Tenkan/Kijun crossover and a Kumo twist. Thirdly the weekly Tenkan was broken and retested. These are all major signals.
3) We're currently still range bound with the daily 0.786 level as support that was perfectly respected. This level is strengthened by the daily Kumo.
4) I am relying on the 4 Hour order block as the final resistance before the potential positive PCE data release which would be final blow. Price should continue its downfall towards sellside liquidity.
Here are some extra charts to strengthen the bias:
As usual, happy trading and have great day!! :)
GBP USD buy trade activatedAs you can see in my chart - this is a simple trade using wyckoff schematics.
1H is my main TF of analysis (intra day trade)
after that I go to 45-30-15 min and look for shift in market structure. I found out accumulation in this 15minTF and then I wait for IC creation + validity/ proof.
I set my pending order with an RR of 1:8 Using distribution schematics in higher TF.
Please check the chart for more information :)
Pending order activated and it took half day to reach the target.
#GBPAUDIt is fluctuating in the trading area of the lower time range, which can continue its movement with a pullback to the support area up to the ceiling of the trading range area. In one-hour and two-hour time, with the breaking of the current trading range area, it can continue its upward path up to the 1.90 area.