RichardEdwards

RichardEdwards Updated 

I have sold the CAD against the Yen on a pull back to 82.10 - 82.30 with a stop loss at 83.00 an initial target of 79.00. Sentiment: The sentiment behind this trade is more focused towards CAD weakness than Yen strength due to Saudi Arabia and Russia only willing to freeze output at January levels and not cut. Iran has also stated that they are not willing to...

RichardEdwards Updated 

I have placed an order to short NZD/CAD @ 0.9240 which is the daily pivot point on Monday 15-02-2016. This is also in confluence with a 38.2 retracement on Friday's high to low. I will place a stop loss just above R1 @ 0.9330. My target will 0.9000 where I will look to close out half the position and let the rest ride to break even. SENTIMENT: The CFTC report...

RichardEdwards Updated 

I have entered short on the AUD/USD @ 0.7160. Stop @ 0.7250 Take Profit at 0.7000 and then 0.6850 if the outlook suggests further downside. The retracement could not close above the trend line and back in the triangle. Fundamentally the USD is still strong so as long as it can remain supported (after the FED's Dudley's dovish comments today) it may turn back...

RichardEdwards Updated 

I have entered long on the EUR/NZD @ 1.6905 with a stop loss @ 1.6680 on the daily break out of the descending trend line. At this moment I do not have a target except the last swing high of 1.8 but would consider exiting this trade when / if euro hit 1.400 against the dollar as there may be pressure on the euro at this price. Fundamentally I expect the EUR to...

RichardEdwards Updated 

I have placed an order for a break of the lower rising trend line at 0.6580 (10 pips below today's low of 0.6590) in anticipation that the NZD may weaken further against the USD. I am cautious to enter the trade early as the NFP tomorrow will dictate whether we have a break or bounce off. I am trying a new strategy to enter on the break and if price retraces back...

RichardEdwards Updated 

I have entered a short position in Pound / Aussie on the daily rejection and close below the declining trend line and previous support. This trade offers good risk reward at almost 4:1 with a stop above the previous days high. My longer term bias would be too the upside and I think this is just a correction and we could expect a further rise on the break of the...

RichardEdwards Updated 

I entered a short position at 0.9515 at a double top formation hoping that the price would return to test and break the trend line formed since 27th November 2015. It broke that price to test the upper trend line dating back to April 2015 so now I am waiting for a daily close below this trend line as confirmation the price may retrace. I entered this trade...

RichardEdwards

Basic analysis of a break out of the lower trend line. I have raised a sell order for the retest of the 119.30 area with a stop placed above today's high at 120.00. Long term target of the 111.00 area. If this position gets triggered then I will close if price closes the day back above the trend line it has broken. Fundamentally this trade is risky given the...

RichardEdwards Updated 

I am considering a long position if the pair break 0.6850 on the daily close. I will then set a buy order for a retest of 0.6850. Target at closest level of resistance 0.7300. I am going to place a tight stop at 0.6750 and also set an alert for a daily close back below 0.6850. This will give me a 1:4.5 risk reward. Fundamentally I think now that the rate hike is...

RichardEdwards Updated 

Considering a sell at the end of today's price action as it has tested and reject the trend line dating back to July 2013 that also coincides with a monthly resistance dating back to early 2015. Fundamentally I do not think the EUR has the power to break the trend line immediately so we may see a return to the 0.700 psychological level. Let me know your...

RichardEdwards Updated 

I am considering a possible sell for the AUD / JPY going into 2016 off the back of the latest BOJ rate decision and policy statement. Price has clearly broken the consolidation support from earlier in the year and may be retesting prices for a continuation of the down trend. I have selected 2 modest targets with 50% of trade closed on target 1, 40% of trade closed...

RichardEdwards Updated 

I am currently in a short position here that I entered at 1.3884 which is the upper support line of the correction that is potentially forming, I would be surprised if the dollar has the power to push through the 1.4 handle right away. I feel this pair may retrace to the trend line dating back to May 2015. From here I will watch this pair closely to see how it...

RichardEdwards

I am considering a long term buy at 1.4700. The price is within a large rising channel that may see the price return back up to the 1.7 region which is still pretty modest when the exchange rate between 2006 - 2008 was in the region of 2.100 dollars to the pound sterling. The exchange rate has never sustained anything below 1.4 so it seems to me that is may be a...