theforexportal

theforexportal

Since 19th March 2020 when the price hit .5462 , the New Zealand Dollar has pushed impressively higher largely on the back of dollar weakness and currently stands at .6575. Price has even pushed through the strong historical resistance at .6581 but the move looks ever more unconvincing and having now reached the green upper flag which has held the price, the big...

theforexportal

Always got to be wary going LONG on the GBP in the current economic climate but from a technical standpoint GBP/AUD looks a reasonable LONG trade from these levels now supported by 2 key trend lines. The channel shown that GBPAUD has been trading in for the last 2 weeks has finally been breached and price could now be supported by the top the channel and the...

theforexportal

The blue line on this GBPAUD chart at 1.8050 marks the edge of the abyss. This area has been tested 3 times previously this June but is a historical area of support and resistance. Where we go from here the markets will decide but a break south could see a large move down for GBPAUD with little support below for the next 500 pips. There's little joy for GBP BULLS...

theforexportal

NZD/USD is one of my favourite SHORT trades even though it has a unhappy knack of refusing to fall despite all the signs to the contrary. Last week saw the pair push further north on 3 occasions and make new highs but with the 38.2 poised to exert downward pressure and the price at the top of a well defined channel. I can see this pair retreating to lower ground...

theforexportal

Following dovish remarks coming out of the RBNZ (Reserve Bank of New Zealand) and the MMAR Indicator that I use (Madrid Moving Average Ribbon) turning distinctly BEARISH , a SELL NZD/USD is on the horizon. A look at the MMAR on the H1 chart sees an ever tightening squeeze of the MA's and this will lead to a break out either north or south. From the look of the...

theforexportal

Since the beginning of May the BEARS have been in complete control of GBPCAD and we've seen the price move from 1.7708 to 1.7024. I always spend Saturday morning looking at the weekly charts for all my trading pairs and I notice that GBP/CAD has put in a nice long-legged doji indecision candle which hints at a potential reversal. Its true that the Monthly chart...

theforexportal

NZDUSD BULLISH run since the start of the week may possibly come to an end as it hits DailyR1 resistance and the well-defined trend line from mid April. RSI readings are not overbought so the BULLS may be able to push higher but they will be coming increasingly BEARISH pressure from SELLERS. If we have some candles closing under the 5m 200 sma I'll get SHORT on...

theforexportal

My BCOUSD LONG trade that I posted some back () has reached its first target and I'm holding until we reach the next line of resistance at 34.46. There's a huge area of space above this level so it will be interesting to see if price can break through this resistance and push further north. I can see no reason why it shouldn't so let's see what happens over the...

theforexportal

For the last 12 hourly candles the BEARS have pushed down the price of GBP/CAD but have failed to push the price lower than 1.7020. My experience tells me that continuous price action like this is very weakening for the BEARS as the BULLS stand their ground and don't attempt to drive the price north until they think the BEARS are spent. I believe we have reached...

theforexportal

Over the last 5 weeks EUR/CHF has hit 1.0507, 1.0508 and 1.0503 (current price as of weekend 16/5/2020). It seems likely that this support line will eventually crumble and once it does there's little support for 200+ pips. I poised with SELL STOP order placed at 1.0499 ready for what seems an inevitable break. We may see another bounce before that but I expect it...

theforexportal

Since early April EUR/GBP has been stuck in a 200 pip channel. Currently price is pushing the upper line of the channel and this week we saw WR1 pivot taken out and price reaching WR2. RSI readings on all time frames are over 60 other than D1 (58) and M15 is reading 70. The Daily R1 pivot is at .8873 which is 10 pips from where we are now. GBP is generally...

theforexportal

USDCAD is weakening having hit WR1 resistance 18 bars ago (18 hours). The BULLS have tried mightily to push the price higher but a series of doji indecision candles is confirming or perhaps suggesting the BEARS are about to take control. The price is nicely held under the 5m 200ema and the charts look ever BEARISH. Jump on board and ride this train down to 1.4000...

theforexportal

GBP/CAD has been battered down by the BEARS as have all GBP pairs for the last 6 weeks. GBP/USD is hovering around WS1 support and GBP/CAD is entering an area of strong support. This area which extends from current market price(1.7190) down to WS1 at 1.7111 is now a key area for GBP/CAD. If all this support fails then expect a stong move south from the BEARS down...

theforexportal

Since the end of March, EURGBP has been locked in a 180 pip range flag. We've just seen the top of this flag rejected and with WR1 pivot in this area it seems unlikely that we'll see price move higher any time soon. I'm in SHORt at the top of the flag at .8800 with a 20 pip STOP. We should see a move down to the bottom of the flag now at .8700 area. If this level...

theforexportal

GBPAUD has resisted the BULLS since the 8th May and there has been no new low since that date. It appears the BEARS may be giving up so I'm in LONG with a STOP under the lows at 1.8923. Target is unclear but 1.9200 should be the first port of call.

theforexportal

AUD/USD is held in an interesting wedge formation that dates back to the 9th of March. Its likely the price will squeezed between the boundaries of the flag/triangle/pennant for several sessions to come. Once price breaks free it should set the direction of AUD/USD for some time. One to watch.

theforexportal

NZD/USD have been locked in a titanic battle for control of this chart for the last 8 hours or so. Technically we should break south to relieve overbought conditions on H1 timeframe but with the key Non-Farm Payrolls and Unemployment Rate out of the USA due at 13:30 GMT, this pair ain't goin' nowhere for 3 hours. The risk it has to be said is that the numbers...

theforexportal

With GBPUSD pushing north strongly , this position has a chance with a small risk. The GBP has been battered all day across all pairs and there are signs of BEARISH exhaustion. Worth a LONG trade at these levels with a 29 pip STOP. Always tricky trying to anticipate a reversal but my specialist indicator is showing this trade as having a good risk/reward ratio so...