RichardEdwards

RichardEdwards

Have entered long at market @ 1.9929 on the dovish RBNZ meeting. Although the pound is fundamentally weak it keeps finding strength. I think this trade is a bit of a lower conviction as it is nearer the 2.0000 handle which will likely see a bounce. NZ experienced a fresh COVID case yesterday so that may turn into more. I think I need to keep stops tight on this...

RichardEdwards

Break below trend line to suggest uptrend has ended. Trade may play back inline with fundamental bias of weak pound and strong Aussie dollar supported by high beta status.

RichardEdwards

Have taken a long position on Forex Source guidance. Risk on will help position.

RichardEdwards

Entered long on this one given that the USD is currently weakened due to lack of progress with relief package, the Kiwi is supported on latest employment data, market seems risk on and price has broken out of consolidation area. Target recent highs and stop below latest swing low.

RichardEdwards

Have shorted this pair on the recent pull back with the bias that the USD still has some downside. Will average into this position at the other two key zones. Price has shown a bit of a rejection at current levels and the USD seems to have lost its recent safe haven appeal. This trade hedges against my recently opened AUD/JPY position. If the market moves risk on...

RichardEdwards

Have decided to go long on the recent sell off back to support zone, trend line, and the 75.00 handle. Price showed some rejection from the area. I believe we are still in a bull market with buying some waiting for right catalysts.

RichardEdwards

PMI readings for the eurozone have come in above 50.0 and slightly better than expectation. Downside to this position is that the Yen is currently strong in a risk off market. Will average into the position by adding another micro lot at 123.00. A clean break below trend line will invalidate trade. I don’t expect it to come into much profit today but if we get...

RichardEdwards

Have gone short on a GBP pull back. Mostly banking on a week pound with comments today from the Telegraph saying that the UK is close to abandoning hopes of a post Brexit EU trade deal. CAD CPI also printed a positive reading of 0.8% above the 0.4% expectation. Market mood also seems positive with the high beta’s performing well. Shortly after opening the...

RichardEdwards

After the Eurozone agreed on a relief fund and with positive risk sentiment due to virus vaccine updates I went long on this pair.

RichardEdwards

Taken a long position on the EUR/GBP leading into the ECB monetary policy meeting on the hope that it will be positive. Have put a tight stop but may re-enter again at a lower level. Stop has been placed at yesterdays high and a little consolidation area today. Pound seems to be coming under a bit of pressure despite decent enough jobs report. May be that people...

RichardEdwards

Looking at a possible short now the trend line has been broken that has been support since June 2016. I will enter the trade on a pull back to the 0.84450. This could be a long term short down to 0.8000. With a stop at 0.84550 this gives around a 4:1 risk reward ratio. If the trade plays out then intraday shorts can also be taken along the way when correlated...

RichardEdwards

I have opened a position on the GBP/USD @ 1.4400 with another order to open at 1.4330 with an upside target of 1.500 and a stop loss at 1.4200. Sentiment: This is a risky trade given the uncertainty of a Brexit but I think this pair is in a deep retracement. I have opted to open the trade after the last FOMC meeting and dot plot only suggesting 2 hikes this...

RichardEdwards

I have placed a long position in the AUD/NZD pair with the current economic data suggesting that the RBA are likely to hold rates and the RBNZ are expected to cut again this year. Sentiment: CPI from Australian remains strong and in target for the RBA. There has also been successive strong data prints with the latest employment data which missed on the headline...

RichardEdwards Updated 

I entered short the NZD against the CAD 0.9050 with a stop at 0.9080 and a target at 0.8880. Sentiment: The CAD remains supported with the WTI rising to highs of $38. Canada has also seen some strong data which will likely keep it supported going into this weeks rate statement. On the other hand, the Kiwi has seen some poor flow of data released which will...

RichardEdwards Updated 

I have placed a sell order @ 1.0915 with a stop loss at 1.1000 and a medium term target of 1.0600. Sentiment: After todays Eurozone flash CPI Core CPI missed estimates at -0.2% and 0.7% respectively the Euro remained under pressure. This is likely to remain the case until the next ECB policy meeting on March 10th 2016 especially with the positive PCE reading...

RichardEdwards Updated 

I have bought the USD/CAD pair @ 1.3400 with an initial stop @ 1.3100 and a target of 1.4500 although I will close the trade on a daily close below 1.4000. Sentiment: The trade has been opened more on the longer term fundamentals than the shorter term sentiment given that the Fed are expected to hike this year and there is no Oil recover set in stone. Sentiment...

RichardEdwards Updated 

I will be looking at selling the Euro against the yen on a pull back to 126.00 with a stop loss at 126.80 and a target at 125.20 with a second longer term target at 120.00 Technical: The pair sold off today breaking lows last seen over 12 months ago. The price hasn't broken the support zone yet but I anticipate it will due to the...

RichardEdwards Updated 

I have placed a short order on EUR/AUD @ 1.5270 with a stop loss 1.5370 and a target of 1.5000. Sentiment: The sentiment around the EUR remains bearish given the possibility for more QE or other action at the next ECB meeting in 2 weeks. AUD is proving very resilient to poor data, with the poor employment report last week and the poor forecast for future...