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Theforexportal

Potential LONG trade developing on GBP/AUDThe TDI on the DTF of GBPAUD is very interesting currently. For the last two weeks the volatility bands have narrowed and and we have a classic squeeze. Over Thursday and Friday the RSI line has crossed the signal line to the north. I'll be watching this pair closely as any sign of the volatility lines widening and the RSI pushing north could signal a major move north in this pair. But for now we wait. Trade idea. BUY above 1.6102 SELL below 1.6066
by theforexportal
GBPUSD could move sideway as BULLS come under technical pressureMixed picture for GBP/USD after a strong move north last week. News that Kristen Forbes, Monetary Policy Committee member, dissented at Thursday's MPC Statement and voted for a rate hike saw the GBP surge and the GBP finished up 240 pips up on the week. GBP BULLS will be encouraged that Friday closed higher than Thursday, suggesting that the impact of talk of a sterling future rate rise was still influencing traders. Price is now right up against the 100 sma on the DTF and the 200 sma on H4. If the BULLS can keep the price at the current level then we should see the GBP advance further but its likely we'll move sideways whilst overbought conditions unwind. Trade idea BUY if price rises above 1.24 SELL below 1.2323 for a move south but be ready to get LONG on a retrace.
by theforexportal
EURNZD in a strong BULL trendEURNZD has soared on the back of a hawkish ECB and a dovish RBNZ. With prices well above the 200 sma on the DTF this pair looks to be headed to major resistance at 1.5765. Studies are highly overbought with the RSI on the DTF reading 78 and TDI suggest we need to return to lower ground before the next leg north. Same advice as other EUR pairs as we await Draghi on Monday. Trading idea SELL on open if we stay below 1.55441 with a STOP above. Look to BUY on any decent pullbacks.
by theforexportal
EURCAD waiting for Draghi. SHORT for now.EURCAD has pushed impressively north and has broken through critical resistance of the 200 day sma on the DTF. With studies overbought, a retrace looks inevitable from these levels. As all EUR pairs, we await the outcome of ECB President Draghi's speech on Monday. Anything remotely hawkish or even anything not dovish could set the euro on the path for bigger gains once resistance has been broken. Trade idea Look to SELL this market in anticipation of a cooler from Draghi. STOP above recent highs at 1.4400.
Short
by theforexportal
EURJPY could be headed lowerEURJPY might give up some of its gains from last week as the surprise news that a ECB rate hike was being talked about shot this pair like all EUR pairs higher. We are now up against trend line resistance and H1 TDI is looking increasingly BEARISH. We are looking to SHORT this pair from these levels but the BULLISH structure remains in place so a LONG trade from lower down may present itself. Trade idea SELL at market with a STOP above 122.81 recent high if price stays under 122.81 No LONG trades from these levels.
Short
by theforexportal
EURGBP technically we should be headed lowerEURGBP is pushing deeper and deeper into a broad resistance band and the RSI is reading 69.58 just short of technically overbought. Above this resistance band sits the 76.4 Fibonacci at .8829 some 60+ pips away from current levels. Impossible to buy at these levels and even with the rumour mill turning on Friday with news of a potential future ECB rate hike its hard to see any direction for EUR/GBP other than down. Trade idea SHORT this market on the open. STOP above the Fib level at .8829.
Short
by theforexportal
EURUSD likely to push higher until WednesdayEURUSD headed lower last week on the open as I suggested and hit support at 1.0534 before bouncing impressively. The initial support I had targeted at 1.0572 gave way but the subsequent drop to 1.0534 set up a most productive LONG trade. This trade was greatly helped by the rumour of a potential rate hike from the ECB. Markets love rumours and EUR BULLS were all over this one. This isn't likely to happen anytime soon and it will be interesting to see how the ECB react and whether they will act to pour cold water on the rumour or otherwise. So EURUSD climb 160 pips on the news and several resistance lines were broken. Studies are now stretched and RSI is weakening on the DTF so we should be headed lower in the first part of the week. Wednesday is of course the big day and although the Federal Funds rate is almost certain to be raised 25bps to 1.00% the FOMC Statement and Economic Projections could hold the key to the EUR's direction. Trade idea (before Wednesday). Wait for a move back to 1.0635 level and see if support here holds. Go LONG if 1.0635 remains in tact. Under 1.0635 suggests a deeper pullback may be developing.
Long
by theforexportal
GBPCHF at the point of no return?GBPCHF finds itself at critical support. 1.2269 looks like the last line of defense for G/C BULLS and a break beneath this level could signal a deeper move south. The downtrend in place since the 22nd February continues though TDI studies are now stretched a look ready to move north. Much depends now on news next week so its difficult to say which way we're going though clearly th fundamentals are against all GBP LONG trades. This market is still BEARISH below 1.2366. Above 1.2366 will suggest a possible BULL relief rally. Trade idea. SELL under 1.2269 LONG if 1.2269 remains in tact after the first few hours of trading.
by theforexportal
GBPJPY shooting starGBPJPY's final candle for the week was a text book shooting star which usually suggests more downside to come. This chart is interesting as GBPJPY lies at the end of a clear flag formation but at the bottom of the flag the usually supportive 200 day moving average sits. The TDI on H4 and H1 are BEARISH so it will be a surprise if we don't head lower at the start of trading on Monday. News (as discussed under GBPUSD) will clearly influence direction. Above 140.58 turns the picture more BULLISH. Trade idea SELL initially down to 138.68 area and see if we bounce. Under 138.68 SELL down to 136.77 200 sma support on the DTF. BUY at 140.00 for a move to resistance at 140.88
Short
by theforexportal