EURGBP
Sell 50% @ Market (0.8430)
Sell 50% @ 0.8470
SL @ 0.8505
TP @ 0.8300
As with Tuesday’s order to sell the cross, the charts still look heavy, so really just jumping back in to reinstate the previous short position.
If, as I suspect, we are building a head and shoulders (daily chart above), we are either about to see a big move higher in Cable or a...
Sell EURUSD @ 1.0580
SL @ 1.0635
TP @ 1.0470
Trade Description: The Euro still looks heavy and although the hourly charts suggest the chance of a minor recovery, selling into rallies for an eventual break of 1.0520/25 support seems to be a plan, looking to take profit ahead of the next major support level; the Jan 3rd low at 1.0453, which ties in with the Fibo...
This trade idea is only good for entry purposes until 5.00 pm NY time today
Sell EURGBP
50% @ 0.8550
50% @ 0.8580
SL: 100% @ 0.8635
TP : 100% @ 0.8435
With the BOE Meeting and the QIR report due today in the UK, not to mention the first chance for the UK market to trade, following yesterday's vote granting the government the power to invoke Article 50 in...
Trade Parameters:
Currently sitting right on the 100 SDMA, we are currently close to decent resistance, with 1.0825 being the 50% pivot of the move from 1.1299/1.0340, but with the 4 hour/daily indicators looking to align higher, it appears that we should take advantage of any short term weakness to buy the dips, looking for a break above 1.0820/25 to where the...
Trade Parameters:
UsdChf remains firmly within its downtrend, and the momentum indicators seem to point to even lower levels ahead.
Allowing for a bounce back to parity+, the plan seems to be to sell 50% at market (0.9955) and a further 50% at 1.0020
Sell USDCHF : 50% @ 0.9955 (market) & 50% @ 1.0020
SL @ 1.0055 - 100%
TP @ 0.9860 - 100%
Rather than sell...
Trade Parameters:
While the 4 hour charts hint at further short term weakness, the dailies remain constructive, so leaving some room on the downside to buy a dip does appear to be the plan.
The 100 DMA and Daily Cloud base, both currently at around 1.2485 but falling fast (chart below), the rising daily Tenkan (1.2465) and the minor rising trend support...
EURAUD: 1.4630. The cross has bounced well off last week’s 1.4563 low and the bullish divergence on the daily charts suggests now that we could have a bit more upside progress ahead of us, possibly reaching the 200 DMA/Descending trend resistance at 1.4865, although this seems a bit of a stretch at this point. Interim resistance levels will be seen at around...
GBPAUD: 1.8000. Gbp/Aud made it up to 1.8242 last week, but remained well below the 100 DMA at 1.8320 and the SHS neckline at 1.8380 before reversing sharply to keep the SHS formation intact, where the long term target is at around 1.7300. Below the strong rising trend support right here at 1.8000, the interim targets now appear to be at 1.7931 (23 April low) and...
The DXY, having broken briefly below the 79.00/10 support, in making a quick spike low at 78.90 during Mario Draghi’s press conference on Thursday, has turned sharply higher to finish back above the 200 WMA (79.63) that has recently been acting as a pivot and now looks as though it could be in or further gains ahead.
We have yet to recover 80.00 though and...
The Dollar Index (DXY), having made a false break to the to topside at the end of last week, has reversed aggressively and is now back below the 200 WMA (79.73) and appears set to test the recent low at 79.26. There is decent support there and again at 79.00-10. However a break of this would head quickly to 78.85 and then to the double bottom at 78.60, below which...
