RhythmFX

RhythmFX Updated 

USD/CAD trade ideas on Monday 6 September 2021 London session Buy entry 1.2540-50 Stop level 1.2520 Target level 1.2560-1.2570 Note: I like to see price hits the target around US session..

RhythmFX

Gold targets 1785

RhythmFX

We outlined in the previous post stating that there is scope of corrective moves in gold that not happened as expected. In today's move, the price action for us looks like it is overshooting, and our analyses suggest that gold is likely to correct. Gold hits its key resistance levels at 1195 area (near 1200 handle). Trade ideas: Entry at market price S/L:...

RhythmFX

The news out cited that the bond auction demand is strong that led to US dollar corrections as the reason in tonight's move. Technical reasons on short NZD/USD: 1. The daily chart shown above shows that the price action hits the upper bound of uptrend flag patterns (parallel to USD/CAD) 2. The 200 SMA also acts as resistance cluster of NZD/USD. Trade...

RhythmFX

The news out cited that the bond auction demand is strong that led to US dollar corrections as the reason in tonight's move. Technical reasons on long USD/CAD: 1. The daily chart shown above shows that the price action hits the lower bound of uptrend flag patterns. 2. The 200 SMA also acts as support cluster of USD/CAD (MA 200 not shown on chart above). Trade...

RhythmFX

As we highlighted yesterday that we wanted to see a confirmation of breakout or reversals in AUD/USD, and the price action today suggests that AUD/USD confirms the uptrend. Note: We are buying the dips on AUD/USD with stops at the support levels at 0.7330 to target 0.7420 in short term trading.

RhythmFX

We previously mentioned the technical reasons in AUD/USD as follows: 1. The market is currently hovering at 0.7350 area (the downtrend channel resistance is seen in the chart) 2. The confluence of resistance lies in 4H chart (200 SMA and 61.8% fib.retracements) at 0.7350 area Note that tomorrow asian fx sessions will deliver the AUD retail sales data and China...

RhythmFX

The reasons on shorting EUR/USD could be found in the previous posts. Trade idea: Shorting EUR/USD at current market price at 1.054 S/L: 1.0570 T/P: 1.0455 Risk:Reward: >1:2

RhythmFX

Technical: 1. Gold has been in steady uptrend channels for 9 trading days, but the recent price action overlapping the upside channel suggests that the correction is due. In addition, the 2 times rejection shown on chart also add to our short-term bearish bias. 2. The room of corrective moves in gold is seen to touch 1660 - 1665 area. Trade ideas: We generate...

RhythmFX

Techincal: 1. The chart shows that the price action keeps pressured below 200SMA in 4H chart, and the first week of Asian session shows resilience of EUR vs GBP and commodity currencies. 2. The price structure looks like, it is in the process of consolidation. The break above or a retest toward 1.0600 handle seems unlikely as it had 2 times rejected as shown in...

RhythmFX

Technical : 1.The market hit the bearish channels seen in 4H chart alongside with 200SMA in 4H chart acting as key resistance at 0.7360 area. 2. Price structure is likely to be forming a gartley (AB = CD) kinds of corrective moves as the 1H chart shows. Fundamental: 1. Reserve Bank of Australia still wants to see the AUD price lower stating in its latest RBA...