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NZDUSD - Still Expecting Bullish Pressure As we all can see, NZDUSD had allowed the bears into the neighborhood which is OK because it's been respecting a channel for some time now. If you are in a buy dealing with drawdown, there could still be hope. Price has retraced but HASN'T broken and closed below structure. Still hoping for the Bulls to take over and take price to highest level of resistance before the drop again. On the other hand, NFP NEWS is tomorrow morning 8:30 EST. Gotta keep that in mind when thinking of placing trades due to high volatility in the market. *This is just my personal opinion. This is not any financial advice as I am NO financial advisor.*
Long
by Rhoward29
1
USD remains strong!As we mentioned in yesterday's analysis, we saw an important day for the USD. After Jerome Powell's speech, the dollar rose everywhere. Did we expect it? See our latest analysis: AUDUSD EURGBP USDJPY Now the NFP data is coming! We expect to see a continuation of EURUSD to 1.1917! The resistance zone is 1.1996-1.2020. And the minimum stop is over 1.2055! If you have questions about how to trade this or that situation, contact us! To support us, please like and comment
Short
by ForexTrendline
4
Pound continues to driftThe British pound is almost unchanged for a third straight day. Currently, GDP/USD is trading at 1.3964, up 0.07% on the day. The British pound is in tranquil waters this week, after the currency slid 1.5% late last week. The catalyst for the steep drop was the sharp jump in US Treasury bonds, which boosted the US dollar. However, with US Treasuries retreating, the dollar's rally has run out of steam, and GBP/USD has been trading slightly below the 1.40 level for most of the week. The UK services sector has been hard-hit by the Covid-19 pandemic, and health restrictions and the national lockdown have resulted in contraction in Services PMI for the past four months. Still, the PMI showed strong improvement in February, rising from 39.5 to 49.5 index points. This shows a degree of stability has returned to the services sector, which is just a tad below the 50-level, which separates contraction from expansion. The lockdown has resulted in pent-up consumer demand, and with the government slowly opening up the UK economy, we can expect the services sector to rise into expansion territory later in the year. Over in the US, the ADP Employment report was surprisingly weak, with a weak gain of 117 thousand. This was much lower than the previous release of 174 thousand and nowhere near the forecast of 203 thousand. The big question for investors is whether the weak ADP reading will be followed on Friday, when the official nonfarm payrolls report is released. The forecast stands at 185 thousand, and a significantly lower release could weigh on the US dollar. There is resistance just above the 1.40 level, at 1.4005. The next resistance line is at 1.4050 The first level of support is at 1.3954. Below, we find support at 1.3814. This is followed by the rising wedge at 1.3785
by OANDA
Low risk, high reward long opportunity pending on Gold Good day Tradingview, Great possibility on XAUUSD , minimal risk, major reward - However, do remember, patience is a virtue. As we approach NFP week, it's advised to be cautious as we would want to only go long after our desired, further push down, to 1690.00 and possibly even to the greater 1650.00 region. Additionally, fundamentals are required to tally with our technical analysis . In which case we'd seek buy limit orders, should those prices fail to reach - we would opt for market execution based on bullish confirmations and HL's. Resulting in placing of buy stops above between 1700.00 - 1750.00, and executing on pull backs all the way to the upside. Bullish flag confirmation resting on a monthly support and demand zone ticks the boxes - Essentially, we're just awaiting fundamentals to fall into place. Consider this trade opportunity a marathon , not a sprint . I foresee a buy bias for the future. Gold, as well as crypto will be continue to act as safe havens in these trying times of the Global economy. Updates to follow.
OANDA:XAUUSDLong
by rushnft
1
What to do around Major Economic News?Generally, price action traders believe that price discounts every factor that may influence a security's price. But you should Not Ignore Major (High Impact) Economic News Announcements like: Interest Rate decisions, Non-Farm Payroll, FOMC, Crude Oil inventories, and so on... REASON: - If you did take a trade in line with the result of the economic news release you stand to make a lot more money in a very short period of time. - But if your trade direction was against the news, you can walk away with all your profits wiped out or even a loss, and the loss can be huge because markets can move so fast during that period that your stop loss might not get triggered; so you end up losing much more of what you intended to lose. WHAT TO DO? As per my trading plan, I check the news calendar every Monday, and before the news release, I follow the table as per the picture above. Always think in terms of Risk vs Reward. For example: I always target (+2R) double the stop loss size and let's say my trade is floating around +1.8R If the news was in my favor, I would earn that extra +0.2R But if the news was against my trade direction, I would lose the 1.8R In this particular example Risk (losing 1.8R) >>> Reward (earning extra 0.2R) so I close the trade before the news release and book that +1.8R All Strategies Are Good; If Managed Properly! ~Rich
COINBASE:BTCUSDEducation
by TheSignalyst
113
XAUUSD TO 1790Following the recovery of the Dollar index ( DXY ), XAUUSD has been following the inverse trend and dropping. It has made its first impulse move downside, currently in wave 2 which is the correction phase and now it is bouncing from the resistance zone indicating the corrections done and wave 3 to the downside is now about to begin. DXY is also creating an inverse Head & Shoulders pattern indicating another upwards move towards the $94 resistance. I will be cashing into this move alongside my Account Management investors.
OANDA:XAUUSDShort
by BA_Investments
6
USDCAD Conflicting CluesLast Friday we had unemployment figures from both Canada and the US. Below were the results. USA - Average Hourly Earnings (YoY): 5.4% USA - Nonfarm Payrolls: 49K USA - Unemployment Rate: 6.3% CAD - Employment Change: -212.8K CAD - Unemployment Rate: 9.4% Here you can see the US reported their unemployment rate at 6.3% signaling a nice improvement, following a not so nice NFP report with only 49k new jobs. On the other ide of this pair, Canada reported a much higher Unemployment figure at 9.4%. The initial reaction with USDCAD was bullish but then as the trading session progressed this pair continued getting weaker. Some key drivers heading into this week include: Earnings, Stimulus, Core CPI (Wednesday) US Federal Budget d (Wednesday) Fed Monetary Policy Report (Thursday) and perhaps some further CAD strength if Oil Continues it's bullish path towards $60. As we know, certainty surrounding additional stimulus supports a stronger equity market and thus drives the TVC:DXY lower. On a technical basis, the pair is indicating some strange behavioral patterns such as the convergence seen here on the daily chart. RSI did manage to close below 50 heading into Friday's close. A close below 50 does indicate that we could be heading lower but if you take a closer look how the 50 level behaved with this pair, you'll many instances when that may have been a misleading clue.. Needless to say, holding below 50 is taken into minor consideration, but we should also monitor the next 2 major fib levels such as the 50% and 61.8% illustrated on the chart. Key clues regarding the direction of this pair should include keeping a close tabs on the TVC:DXY TVC:SPX TVC:NDX TVC:VIX and of course overall market sentiment. Trading Recommendations == keep bullish trading activities light with this pair considering we may still see some further bearish downside == keep shorts limited as well considering there very well could be some upside towards 1.30 ------------------------- Please don't forget to FOLLOW, LIKE, and COMMENT ... If you like my analysis:) Trade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
by Michael_Harding
1
DXY could FALL again!Hey tradomaniacs, DXY (US-DOLLAR-INDEX) broke out of its trendchannel and could continue to fall if it braks the current support-zone 👉 Non-Farm-Payrolls almost as good as expected, but overall not as good as priced in. I did a lot of research due to the current correlations in the market. You might remember that I said that we will reach a point where the market is going to price in that the FED won`t continue with its current dovish monetary policy anymore, or at least, can`t increase their volume of certain liquidity-packages. The market would begin to "bet" against the central banks as they did back in the days and price in less liquidity and so in the future higher interest-rates when the economy recovers faster than expected. Now a worse NFP-Result could put these bettings agaisnt FED under pressure!
TVC:DXYShort
by Trading2ez
3
Gold Longs / Charts flipped Calling longs ahead of NFP tomorrow. Pretty controversial for the retail industry, but my mind works different... And I have a diff edge in this market. Don't trust me? Im I a crazy as* mf ? Maybe ... But if you want to win im urging you to go long... IF you want to get wacked keep selling your trend based on your shitty mainstream information. Anyways good Luck. Hold into the prev year highs if you want but you need some strong balls to do that, im doing it... as my profile says im a investor not a retail day trader. Lets make the bag babyyyy
FX:XAUUSDLong
by tropicalinvestor
Will USDCAD rise?Today is an important day for both USD and CAD. Employment data from Canada and the USA are published at the same time. This leads to greater fluctuations. Technically, USDCAD broke the downward trend in which it was and started raising H1. This week we saw a sideways movement, and the break outside it will determine the future direction. The probable scenario is to see a new rise to 1.2937. And with more movement and momentum, the next level is 1.3067. The options for entering a trade are risky at the moment or wait for a break with the moment of the news! The idea breaks down when the previous bottom breaks! If you have questions about how to trade this or another situation, contact us! To support us, like and comment!
Long
by ForexTrendline
1
Potential Sniper Shot off the 1.29 Handle - USDCADCurrently I'm bullish but I'll be bearish off the 1.29 handle. This morning we had fairly decent ADP figures from the US in at +174k. Typically on a monthly basis the ADP provides a leading clue as to what we might expect with the following NFP figures. My guess is that Non-Farm on Friday will come in hot and could add some strength to the greenback. I don't think the dollar will remain strong for too long though if we do in fact get some strength following the report. For that reason, I'm placing pending sell limit orders off the 1.29 area in an attempt to snipe the intra-day top. ------------------------- Please don't forget to FOLLOW, LIKE, and COMMENT ... If you like my analysis:) Trade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
Long
by Michael_Harding
The Top 5 Fundamental Currency DriversThe goal of this article is to understand what really moves the markets. 1. Central Bank Decisions These organizations manage the countries monetary system and policy. They control the countries money supply and operate through specific mandates. Stable inflation is a common mandate applicable to the majority of central banks. Interest rates are a crucial tool used by them to reach their mandates. Changes in interest rates have a tremendous impact on the Forex markets. Rate decisions from central banks can cause lots of volatility. They’re also great opportunities for making money. For this reason, interest rates should be something all Forex traders monitor. Good to start here as a beginner in fundamentals. 2. Economic News Releases News releases like: GDP Gross Domestic Product CPI Consumer Price Index Employment Data like average earnings, NFP, and unemployment Rate could have a huge impact on interest rate decisions and traders always have expectations on these releases if it differs from it market reacts. 3. Geopolitical Events Politicians are an important part of the market moves. Investors seek stable economies, also tax decisions and fiscal policy decisions are drivers of the market. 4. Natural Disasters Things like earthquakes or tsunamis can negatively affect a country’s economy. 5. Intermarket Movements Equities Bonds and Commodities are all connected to each other so one spike in an asset class could lead to moves in the other asset classes too. Things like risk aversion and risk appetite are a daily play on the markets because the risk is a great factor of daily currency moves. Safe haven bids are bonds Japanese yen and Swiss franc in a market crash these assets have money inflows. Hope you enjoyed this small article for more information visit my website vitezabraham.com. Have a Nice day! Vitez
Education
by Vitezabraham
USDCAD: Break Hook and Go after NFP!Couldn't resist not analyzing this setup! Here it is for educational purposes. Never chase a breakout - Wait for pullbacks to get a more attractive reward-to-risk for your setup. The trade went like this: 1. CAD labor market numbers strong vs USD labor market numbers weak (13:30 London time) 2. Breakdown on strong selling volume 3. Pullback to important 1.2850 level 4. Liquidity returns on high-volume weak bullish candle (chance for institutional traders to buy CAD at discount price, i.e. short USDCAD . They drain liquidity until the price reaches the 50%-61.8% zone. Yes, it's manipulation.) 5. Now we have a classic "break hook and go" setup with a profit target at the 1.272 Fib extension (reward-to-risk 9:1 if aggressive) Great trade to close the week!
by MujkanovicFX