US-DOLLAR
Our GBP Hedge position. We are hedging GBP with this position, refer to GBPCHF post. Great risk reward on both trades.
Resistance retest- USDJPYFew days ago we posted an idea of that pair. Now, price is testing the level that was broken yesterday. Dollar is showing a rejection in that level, so we can expect a new bearish scenario.
Check my USDJPY idea-->
XAUUSD - End of retest?XAUUSD recently broke out of its long term bearish trend violating the trend resistance. Today XAU has been falling strong. However, this could be over since its currently sitting at the price of the broken trend resistance which is now acting as support.
This could be a great long entry.
Safe and Successful Trading!
Range setup- USDJPYPair is in a consolidation range. We must expect solid breakout and retest of it to go short to the next level support (108,50-108 aprox). On the other hand, if price breaks above the resistance level, we can expect new bullish scenario testing the next maximum levels.
US Dollar Bounce & What It Means For Gold!Hey Traders, I am seeing a new Macro Trend Beginning on US Dollar Index 0.08%. If you are not sure what my conditions are for a trend reversal, Please check out my recent tutorial on
"How to read structure (Charts) Tutorial. Charts 1-5" (Linked Below In related ideas). I think the dollar is setting up for a small bounce here and this may cause a pullback in the metals. I do think the dollar will most likely remain in its daily downtrend and Gold -0.13%will remain in its daily Uptrend but this is a good opportunity for a short term long position in the Dollar index 0.01%. Price has broke and close above its previous high twice followed by a nice pullback giving us a good entry. I will be looking for two targets on this trade. If target 1 is reached, I will be looking to roll stops up to my entry price to lock In profits.
Entry- 12207.00
Target 1- 12240.00
Target 2-12272.00
DXY Market Report- Strategist Virginia TElphee. June 6/5-6/9/17Currency Strategy Report - 6/19/17-6/3/17
Logistic Wealth Management LLC.
Strategist: Tanner Elphee
DXY - ended the week of 6/2 on a very bearish note breaking the 96.80 level of support Friday and closing below at 96.67. Our bias points to a lower USD in coming weeks
While it’s tempting to believe the dollar my fall lower at the open Monday. What we are interested in is a test of old support to see if it is now resistance. May that be the case, serious consideration should be given to a risk off strategy, short USD positions. XXX/USD pairs will climb and USD/XXX pairs should struggle in a risk off environment.
Likely - USD kills time at current levels either testing resistance and confirming the downside or closing higher in neutral territory noted last week above 96.80.
Unlikely - USD falls throughout the week finding support around 96.00.
Favorable - USD pushes higher to favorable levels around 98.98ish. Specific entries targeted in these conditions.
Upcoming News
Monday 6/5 The tone is set by GDP PMI at 4:30 am. Then proceeded by USD ISM Non-manufacturing PMI at 10am.
Tuesday 6/6-AUD Cash rate and bank statement released at 12:30 am (night). Rates are not expected to change from current 1.50% however a rate increase would be positive for AUD, henceforth bad for USD. A rate decrease would weaken AUD and strengthen USD. To close the evening AUD releases GDP at 9:30 pm. Estimates are coming in weak for the GDP report, it’s to be noted that expectations were beaten on the last release. Actual is greater than forecast is good for AUD.
Wednesday 6/7- Crude oil inventories release at 10:30 am Inventory is expected to be negative for the week. 9:30 pm AUD trade balance is expected to be up, indicating expansion and AUD growth. 2.00 level expected. China trade balance is tentative and expected to release anytime Wed. and is anticipated to be above 3.0 which adds fuel to bearish USD.
Thursday 6/8 – GBP will be hosting parliamentary elections which is expected to shift from conservative to a more liberal stance, especially after recent terrorist attacks. If the liberals win the GBP is expected to trade higher. A conservative victory will send the sterling lower. Read up on it here. Election results would be expected by end of day, which will be by lunch time USD. But who really knows when the results will be public in current conditions By 7:45 am EUR will report their open market operations ‘bid rate’ which is expected unchanged at 0. ECB has a press conference planned at 8:30 am along with the release of USD Unemployment expected at 240. Above expectations will be bad for USD. Below expectation signifies growth in jobs and will be positive for USD.
Friday 6/9- 4:30 GBP Manufacturing production. Ending the week with CAD employment number which aren’t expected to change.
S&P 500 and major indexes – Currently at all time high levels. Indexes are anticipated to keep traveling higher with a lower USD. Theory dictates when a currency is cheap, so is that countries exports. Cheaper currency creates more export which helps the stock market. Buying considered around 2350-2317 in the unlikely event of a buying opportunity (parliament elections?).
CL – Appears to be in a bearish trend but unconfirmed by the weekly. Expected to range between 50 and 45. Below 45 and we will be watching for a test of old support.
The following majors are credible for trades.
Long– EURUSD, GBPUSD, CHFJPY
Short- USDJPY, USDCHF.
Lastly, note AUDUSD is in a very odd place. It should be trending up with all other XXXUSD majors however it can barely hold the infamous level of .74. Big moves expected out of AUD this week with pending news. The charts tell us we should breach below .74 in the coming weeks. USD correlation tells us we are due for some upside. Too bad the monthly/weekly aren’t better looking.
Happy Trading! Disclaimer:Trade at your own risk!
EURUSD is under pressureThe pair is under pressure at main 1.128 resistance. The local uptrend is broken and retested. i think bears'll get control next weak.
SL 1.13
TP1 1.11500
TP2 1.09700
Good luck!
Looking for a new impulse- EURUSDEuro has been in a correction movement the last days. Now seems is looking for a new impulse to 1,14 level. Waiting for a pullback or breakout to open a long position.
Flag setup-USDJPYPrice has broken the bullish trend creating a flag pattern. We are expecting a few pullback to see a new bearish impulse wich should broke the next maximum level.
