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Theforexportal

BUY Samsung at market (866.50)Today South Korea's Constitutional Court removed President Park Geun-hye from office over a graft scandal involving the country's conglomerates. Park becomes South Korea's first democratically elected leader to be forced from office, capping months of paralysis and turmoil over a corruption scandal that also landed the head of the Samsung conglomerate in jail. (Reuturs source) So why buy Samsung? "The prospect of a new president in the first half of this year instead of prolonged uncertainty will buoy domestic demand as well as the markets" said Trinh Nguyen, senior economist at Natixis in Hong Kong. "The hope is that this will allow the country to have a new leader that can address long-standing challenges such as labor market reforms and escalated geopolitical tensions," he said. So a new brush for South Korea to sweep away uncertainty and corruption. This can only help the markets and South Korea's biggest company - we recommend BUYING Samsung.
LSIN:SMSNLong
by theforexportal
GBPUSD 13:30 deadline and a potential LONG tradeGBPUSD from a technical viewpoint looks poised for a significant rally and looked at in isolation there seems to be a clear LONG trade opportunity. Yesterdays daily candle was a doji reversal candle at the end of a 9 day down move and the Traders Dynamic Index (TDI) on H4 has seen the market base line gradually moving north from sub 31 to 33.4. The RSI has already crossed the signal line. However technical considerations are meaningless on NFP Friday and the promise of a rate hike next Wednesday. With the chance of a USD rate hike running at as close to 100% as possible, its interesting to see the USD has not significantly strengthened against all currencies in fact EURUSD at 1.0610 is trading higher than its week open. So how do we trade the NFP numbers and possibly more important the Average Hourly Earnings print? I believe market reaction may be mixed unless we get a stellar jobs number and a better than expected A.H.E. and I'm expecting a USD spike up but this may present a selling opportunity of the USD or a buying opportunity for GBP. A sustained move below 1.2133 will open the door for a deeper move lower but if after NFP Friday 1.2133 is intact then look to buy this pair.
by theforexportal
AUD/JPY could be heading lowerAUDJPY has a top heavy and hanging look and looks to be easing back down to support at 85.60 area. The 200sma on H4 lies 20 pips away from the current price and this looks a severe test for AUDJPY BULLS. Quite a lot of negative AUD sentiment around which will not help any LONG positions. Bit unclear at the moment this pair bit a drift under 85.15 would confirm the medium term SHORT bias. Trade idea. SELL under 85.15. Look to SHORT at 86.52. A break and hold above 86.52 may present a LONG opportunity
Short
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AUDCAD difficult to readAUDCAD has hit a weak resistance area and has turned south but with support coming in from the 200sma on H1 there's a fair chance we could move higher. Difficult chart this with TDI and RSI neutral and little in the way of solid support or resistance. A break above Friday's high opens the way for a move to test resistance at 1.0230 and WR1 resistance at 1.0260 above that. Under the 200 sma oh H1 at 1.0132 suggest the BEARS are in control. Trade idea BUY above 1.0700 SELL below 1.0132
by theforexportal
AUD/USD about to resume its BULL run?AUDUSD sold off aggressively on Thursday but recovered on Friday and put in a pinbar reversal candle. Quite a bit of negative AUD sentiment has halted the AUD's impressive rise from .7162 and multiple resistance at .7732 appears to be insurmountable for the time being. Monday and Tuesday see the release of AUD Retail Sales followed by the RBA Cash Rate and Statement. Its unlikely we'll see a hawkish statement but anything not as dovish as expected will boost the AUD. Conversely anything AUD negative will send all cross pairs considerably higher. Trade idea. Wait for news and see where we're headed. Look to SHORT under .7547 for a possible deep move south.
Long
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USD/CAD BEARS taking over?USDCAD moved over 340 pips last week but the BULLS look exhausted. The H4 chart is hanging in the air and with the RSI crossing over south and moving out of overbought, this pair looks certain to head south on the open. This is a key week for the USD with the ADP Non-Farm on Wednesday, Unemployment Claims on Thursday and the key Unemployment Rate, Average Hourly Earnings and the Non-Farm Employment Change on Friday. The immediate direction of the USD will be determined by the outcome of these prints so technical studies will be trumped by news this week. Trade ideas. SELL initially down to 1.32 under 1.3360. Look to BUY if USD news is favourable and prices are not overbought.
Short
by theforexportal
USD/JPY cooling down?USD/JPY made progress last week as more traders seemed to buy into the idea that March may see the first the promised Fed rate hikes. Having said that , once resistance at 114.36 was hit the BULLS left the market very rapidly. Its unclear what the market mood currently is, but from a technical viewpoint, a move down to 113.30 support looks favourite. 114.46 looks key. This major Fibonacci level has been extremely reliable in the past and has acted as a magnet for USD/JPY. Trade idea SELL this pair down to 113.30 initially if we move below 113.80 and see if the H1 200 sma holds the BEARS. Look to BUY above 114.36
Short
by theforexportal
EURAUD making a move to 1.4278?EURAUD has benefited from buoyant EUR sentiment and weakness in the AUD to move from support at 1.3654 to current levels at 1.3981. The DTF RSI is well set to move higher and TDI (Traders Dynamic Index) confirms this. However, like other EUR pairs H1 and H4 are overbought and prices looks stretched. Fridays move saw the price take and close above the 200 sma on H4 so as long as we stay above this level (1.3964) we could see price move higher after a period of consolidation. Trade idea. If we stay above the H4 200 sma and OB conditions ease then look to go LONG. SHORT on a move back under the 200 at 1.3955.
by theforexportal
EURCAD more room to the upside but heavily overboughtEURCAD has moved impressively off the 38.2 Fibonacci level at 1.3791 and has put in an impressive Marubozu candle with no wicks on Friday. This is a very strong BULLISH sign but that was last week and sentiment may have shifted over the weekend. Technically a run to 1.43576 is possible being the 200m sma on D1 but with H1 and H4 conditions heavily overbought its hard to recommend a LONG trade from these levels. We could see a consolidation period next week for this and other EUR pairs but a SHORT trade is possible if the EUR across the board weakens. Trade idea. SHORT if the EUR is weak across the board. No LONG trades from these OB levels.
by theforexportal
Strong BULLISH momentum from EUR/JPY but resistance is buildingEURJPY has moved impressively north from the recent low at 118.25 and signs there is more to come but its difficult to recommend a LONG trade from these levels with H1 overbought and TDI crossing south. The 38.2 Fibonacci level at 119.84 presented no barrier but we may need to see slide down to near this level before the uptrend continues. Below 118.25 and the 200 sma on D1 below it changes the picture more BEARISH. Trade idea. SELL down to 119.80 level and look for a LONG if price doesn't continue south.
by theforexportal
Each way bet where EUR/GBP is headedEURGBP lies just short of the falling trend line from October 2016 and lies on the well established horizontal resistance at .8636. Price has just nudged through the 100 sma but hasn't closed above it. This area is also WR2 resistance and with RSI on H4 overbought, EURGBP BULLS might find it hard going. I prefer to SHORT this market on signs of weakness on the open but I wouldn't be too confident. Trade idea. SELL if we head under .8600. Wait for a return to the 200sma on H4 or H1 to consider a LONG trade.
by theforexportal
EUR looks BULLISH short term but SELL on openKey 1.05 level has held and Friday saw the EUR put in a convincing recovery. Next target for EUR/USD BULLS will be the descending trend line shown. Its difficult to assess USD strength currently as the market seems to be aware of the imminent FEd rate hike but seems reluctant to act on it. So Monday may see this EUR rally fade if the USD BULLS get busy or we may see a move higher in EUR if the USD BULLS remain largely neutral. With price right up against WR1 resistance a move lower from these levels looks certain. The question is open as to where we go after we head south to ease overbought conditions. Trade idea. SELL the market to lower ground - possibly to 1.0572 where we may head back up.
Short
by theforexportal
Possible LONG GBP/NZD trade developingGBPNZD has broken and closed above the trend line shown. This trend line descends from 1.9049 back in July 2016. The immediate hurdle for GBP/NZD BULLS is the 1.7497 resistance level. A break of this level opens up a move to test the next resistance level at 1.7918. Under 1.7322/312 area opens the door for a move back to test support at 1.7159 Trade idea See if price holds up on open and go LONG for a move to 1.7673 SELL under 1.7312 for a move to 1.7159.
Long
by theforexportal
GBP looking to recover recover key 1.2346 levelGBP/USD remains in the lower third of the 23.6 to 0.00 Fibonacci level as it attempts to recover 1.2346 support that failed on Wednesday. A move below 1.2218 opens a possible retest of 1.1914. BEARISH fundamentally and only a move above 1.2706 shifts the trend to BULLISH. Very light GBP news week with just the Annual Budget Release Wednesday and Manufacturing Production on Friday. Trade recommendation. Look to BUY from the open if 1.2276 remains intact. SELL at 1.2334 support turned resistance SELL below 1.2218
by theforexportal
Declining DollarFollowing Trump's inauguration last Friday the BEARISH tone to the USD looks certain to remain and we've been SHORT SPX500 from 2264 in the belief that this market is overbought and due a correction. With the USD declining and the Dollar Index heading south, we are expecting more dollar weakness which should boost all USD pairs although not at the same rate. With dovish noises from the RBNZD , the New Zealand Dollar may not advance as much as the GBP so each counties fundamentals need to be factored in. We are SHORT USDOLLAR Index looking for a move down to test support at 1231. Under that opens a move down to the 200 day SMA at 1210 area. The US market open will be particularly interesting today.
FX:USDOLLARShort
by theforexportal