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Theforexportal

GBP possibly weakeningGBPUSD has 6 trading days been unable to break free of the channel it has found itself in. The support at 1.2780 is supporting the price but 1.29 looks out of reach from these levels. With RSI declining and H4 TDI very BEARISH, we could be about to see the BULLS give ground to the BEARS. Adding to the possibly BEARISH picture is the downward channel edge that price is struggling to break clear from. We will be looking to SELL this market under 1.2780.
Short
by theforexportal
1.0624 remains key to EURCHFWith the price of EUR/CHF just 30+ pips away from critical support, it remains to be seen if EUR/CHF can break out of its long established channel. Political turmoil and a flight to the CHF could bring pressure on this pair in the next few weeks and months but its more likely we'll continue drifting. We are SHORT this because of current political uncertainty and the threat Marine Le Pen putting in a strong showing in the forth coming French Elections. Although a Le Pen win can all but be ruled out a strong showing could be enough to hurt the EUR. All the risk is to the downside and we don't see a even a likely Macron victory bringing much relief.
Short
by theforexportal
SELL GBPAUDLast weeks weekly candle showed that GBP/AUD finished the week higher then when it started but any encouragement that this gives to GBP/AUD BULLS is misplaced as the price hit 1.6722 earlier in the week and now stands 200 pips lower. Technically the picture is extremely BEARISH on all key time frames and its hard to see how the G/A rallies from these levels. With price sinking back under the 200sma on the DTF and RSI heading down, a move back to 1.6380 looks inevitable. We wont know if this is a pullback or a more serious decline until support levels lower down are either broken or held.
Short
by theforexportal
GBPCHF looks to be weakeningThe last 3 days have seen 3 indecision doji candles suggesting the BULLS are running out of strength. As long as we remain above the 200 on the DTF we must assume we are still in an uptrend but with RSI weakening, a move back to support must be favourite. I'll be looking for a move down to 1.25 in the next trading week and see if support here holds. With political tensions increasing, a flight to the CHF seems likely so GBPCHF is likely to come under pressure. SELL down to 1.25 and see where we go if we move down there. If 1.25 fails then a move to 1.2430 is possible.
Short
by theforexportal
BULLISH structure remainsGBPCAD BULLISH structure remains intact as long as we stay above the H4 and DTF 200 SMA's. Fridays daily candle was a perfect indecision doji suggesting the BULLS and the BEARS had an equal share of the action on Friday and from a technical standpoint a move down to support at 1.6643 looks possible where we may see the BULLS move back into the market. Under 1.6618 changes the outlook to more BEARISH but for now BUY on dips as long as 1.6618 remains intact.
Long
by theforexportal
Gloomy outlook for GBPJPY BULLSWith key support at 136.75 broken and price now trading under the 200 sma on the Daily, more weakness in G/J is likely. The rising trendline shown, which comes in at 134.76 may offer support but this seems unlikely. Adding to the BEARISH technical picture are political tensions over North Korea and Syria/Russia which will lead to investors seeking out the safety of the YEN and the CHF. HArd to see any significant support under 135 so a break under this level opens up a deeper move down to 132.
Short
by theforexportal
GBPJPY poised for a move higher?136.65 has held up G/J BEARS and the falling trendline shown (red) is holding up the BULLS. On the Daily TF TDI (not shown) the price is becoming increasingly squeezed with just 14 points covering the volatility bands and the RSI, Market line and Signal line all held within this tight range. The RSI on the DTF is headed up indicating a general BULLISH look but the 200sma lies at 137.35 just 31 pips above the current price. Should price take out this level and hold above it on the H1 time frame this could signal a more decisive move north and a break of the squeeze north. If this happens a move up to next significant resistance at 139 area is possible
Long
by theforexportal
Where is USDCAD headed?From early 2011 to early 2016 USDCAD rose steadily. On hitting the .786 Fib level price swiftly retraced down to the .50 Fib and since then price has largely traveled sideways between the .50 Fib and the .618 Fib levels. This makes trying to work out where USD/CAD is headed very difficult if not impossible unless certain levels break. North of 1.36 would suggest USDCAD has resumed its uptrend and looking to retest 1.4660. Under 1.2972 would suggest we could see a move south. One possible trade idea would be to SELL at 1.3465-1.3480 area and look to BUY at 1.3330.
by theforexportal
AUDUSD at well-established support - will we bounce?The stiff resistance at .7732 area remains intact and whilst we remain under this level we should be looking to SHORT this pair. However from these levels (.7500) with RSI over sold and solid support beneath, AUD may attempt to recover. This looks quite an easy trade so if .7490 remains in tact and we see price move north we can look to BUY this pair from current levels with a STOP under .7490. Should, however, price slip below .7490 then look to SELL down to .73 area.
by theforexportal