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forexTrdr GBPUSD - MORNING STAR & BULLISH HARAMI AHEAD OF GDP Morning traders,
We have a British pound versus US dollar trade setup ahead of UK GDP at 9:30 (BST) where consensus is pointing to 1.8%. Should we see a beat then we would be looking for British pound to trade to mid 1.31 area before pulling back lower within the descending channel we have highlighted in our trading view chart.
The GDP data lines up with positive signals on the technical front with the pair trading around support levels at 1.30. On the candle pattern front we have had a bullish harami and morning star pattern forming in the past couple of days pointing to a bullish move higher. Additionally we have added stochastic to the chart showing that we are turning up from oversold status.
The caveat to this trade is should there be a very poor GDP number then its best to close out the trade early, we however are hopeful for a beat in line with what we have consistently seen with the UK data coming in higher than economists predict.
Comments and feedback are always appreciated from anyone in the trading community
Good luck trading
from the Team at forexTrdr
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forexTrdr EURJPY TURNING OVER TARGETING 121Afternoon traders,
Monday afternoon and we are looking at the 130 pip run up in Euro versus Japanese Yen since early morning Friday taking this pair up to resistance around 122.4 area where the pair are running out of steam and turning over on stochastic indicators.
Our trading view chart highlights the relevant support and resistance levels for this pair which have been on a descending trend since early March which we are looking for it to carry on and believe the current market level is just the latest in the series of lower highs.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr #SundaySetups- XAUUSD - GOLD FINGER BEATEN AGAIN?Afternoon traders,
We hope you are enjoying the long bank holiday weekend with both UK and US markets closed on Monday we would expect a slow start to the trading week with Monday being somewhat non-existent in terms of volumes and volatility. For this weeks SundaySetups we have taken a look at Gold versus US dollar.
On our trading view 4 hourly chart you can see a clear descending trend from the short lived highs of early February at 1344 with a series of 4 lower highs down to the current range supported by 1268 area on the downside and capped by resistance around 1290 on the upside.
What we are highlighting here in our chart is that should the current trend continue we should see a short term move down to 1270 area before a potential retest of 1290 and then a break lower down to supports around 1245 to 1250.
The market however has been extremely volatile over the past two weeks with risk sentiment extremely indecisive due to US and China trade talks having gone from expectations of a deal to be completed in a week to both sides increasing rhetoric in an escalating war of tariffs. Stocks have spent the last two weeks being down 1% one day only to pop back up another 1% the next day. All of this making markets extremely difficult to trade and suggesting it is best to trade short ranges in a defensive manner rather than medium term swing trades.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Metatrader and most broker platforms.
Good luck trading
from the Team at forexTrdr
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forexTrdr EURJPY - SHORT THEN LONG ON DIVERGENCE BREAKOUT COMINGMorning traders,
Looking at Euro versus Japanese Yen and stochastic divergence forming to suggest we are looking at a move lower withing the channel then a break out higher over the coming trading sessions. As per our trading view chart we have higher highs forming on stochastic with lower highs on pricing. When this occurs it tends to point to a breakout higher in pricing over medium term but with a pull back first.
We are going to play the short down here within the range then look to get long to catch the breakout. We can play this with a tight stop loss should price break out earlier than the pattern would suggest and look to switch directions should that happen.
Comments and feedback are always appreciated from anyone in the trading community
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr GBPAUD - HEAD SHOULDERS, KANGAROOS & TEAMorning traders,
Looking at British pound versus Aussie dollar here where we see the right shoulder forming on a potential head and shoulder pattern which points to British pound dropping lower in value versus Aussie dollar.
On our trading view chart we have highlighted the break higher yesterday and overnight failed to breach a prior high of 1.8669 in late April and has since turned lower forming multiple hourly candles below.
Despite even more negative rhetoric from Trump on China overnight British pound failed to hit the prior highs of 1.90 or the resistance level mentioned at 1.8669. This adds as a confirmation of our view that this pair will turn lower down to 1.85 area and potentially lower.
As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch for more trades.
Comments and feedback are always appreciated from anyone in the trading community
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr USDCHF -OVERSOLD FINALLY PLAYING OUT? 3.5x RISK REWARD
Morning traders,
We have been watching US dollar versus Swiss Franc for sometime and even been burned on a prior short as the pair has continued to trade deeper and deeper into overbought territory over the past couple of weeks. But the market appears to be finally turning lower with the past 5 days trading sideways to lower as volumes have dried up and the move higher has ran out of steam.
We can see this turning lower from the high represented clearly on RSI and stochastics with a crossover and turn lower. Additionally given the recent high we are able to trade this pair on a high risk reward (3.5x) should we be correct with a stop loss set just above the previous high
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr Gold- DESCENDING TREND, 3X LOWER HI + OVERBOUGHTGood morning traders,
Looking at gold versus US dolllar here after the weekend news of Trump looking to escalate trade tensions with China, completely against what the business media had been suggesting last week of a deal being finalised this week. Fake news it appears! Needless to say markets were risk off and gold has spiked back up to resistance levels around 1282-1285 where it has steadied.
On our trading view chart we have highlighted a descending trendline forming on the upper wicks from three spikes forming a series of lower highs. Unusually for us we have provided a secondary chart down at the bottom of our trading view chart to show hourly moves which show the market has met resistance around 1283 area today and is currently pulling back slightly from that region. This is in line with a trend forming on RSI and an overbought status on stochastics.
This week looks like it could be a challenging week driven by Trump China headlines so we will be looking to keep our lot sizes low playing risk close to home. If the trade plays out as we expect we would be looking at levels around 1272 to take profits giving us a 2.4 risk/reward.
As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch for more trades.
Comments and feedback are always appreciated from anyone in the trading community
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr AUDUSD- LETS MOVE HIGHER ON CHINA OPTIMISMMorning traders,
Lots of activity overnight with US central bank meeting and CNBC reporting that US and China trade deal may be announced next week helping Aussie dollar find support overnight after collapsing lower post US Fed meeting where they stepped back from the idea of an interest rate cut. On the back of the meeting Aussie Dollar fell from 0.7056 down to 0.7008 from where it found support to slowly trend higher overnight.
We are looking to see a move higher in Aussie dollar from this area after a series of higher lows from last weeks 0.6988 level. Additionally as per our trading view chart the pair has also found support on Marchs low. On top of this price action and the recent trend of trading from 0.70 up to 0.72 area we can look to RSI and Stochastic analysis where in both we can see a turn up from oversold levels.
As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Metatrader and most broker platforms.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr EURUSD - EURO LOOKING TO MOVE BACK INTO UPPER RANGE?Morning traders,
Looking at the setup on Euro versus US dollar after the pair sold back down to support around 1.12 area as per our trading view chart. Stochastics and support are the main drivers behind our view that the pair is likely to head higher back to 1.125 area before trading around resistance at 1.1260 then potentially breaking higher towards 1.13.
Stochastics as per our tradingview chart is down in oversold territory and at levels we saw last Wednesday when we printed the recent low. Hence we have the same level of Stochastics but a lower low thus pointing to the pair trading higher from here. RSI is also finding support around the mid point.
We called last weeks bounce perfectly- looking to do the same again this week (see attached trade idea on trading view)
As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Metatrader and most broker platforms.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr USDCAD- CLEAN SIMPLE BOUNCE FROM EXTREME OVERSOLDMorning traders
On what is likely to be a slow day with Japan still out for golden holidays and most of continental Europe out for May day holidays those that are in the market are in a holding pattern for tonight's US central bank meeting. Speaking of which anyone looking to trade USD is advised to ensure their stop losses are well managed and set at appropriate levels just before the event to limit any downside or losses.
With that being said we are looking at a long on US dollar versus Canadian dollar driven by multiple technicals pointing to a likely turn up higher from current levels. The pair sold off overnight down to support levels around 1.34 where it has steadied any selling volumes have subsided. This also coincides with RSI trading around 30 which points to an oversold nature and stochastics crossing over and ticking up from an extreme oversold basis.
As above the caveat with what looks to be a great setup on our tradingview chart for a move back to 1.3450 and potentially 1.35 is the US central bank meeting later tonight.
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr EURUSD- MAGA GDP OUT THE WAY LETS BOUNCE Afternoon traders,
US GDP smashing estimates yet again with a 3.2% growth versus expectations for 2.3% but this pair, Euro versus US dollar failed to trade (and hold) near yesterdays lows giving us confirmation that a near term bottom is in for the time being and that Euro is likely to head higher from here.
US GDP is a high impact event and for all traders it is something you want to avoid setting any new USD trades in the other prior to it unless you have high conviction and multiple indicators to back it up. Now that GDP is confirmed we are able to enter the market with a clearer view on what this pair is likely to do.
As per our trading view chart RSI is extremely oversold and the market appeared to find a bottom on a close level around 1.1125-1.1130 from which we have at least one candle bouncing higher from- the lower wick on the prior 4 hour candle.
We are looking to play a combination of profit taking into the weekend on shorts on Euro Dollar and looking to play the oversold nature of this pair.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr SundaySetups GOLD - TO RESIST OR TO SUPPORT
Good afternoon traders,
As part of our #SundaySetups we are taking a look at gold and its recent wild ride from 1350 area all the way back to the high 1270s. Looking at our trading view chart we have tried to cut out the noise, zoom out to the daily charts and highlight the support line that Gold has found at the 1275 area. Gold traded sideways for the large majority of last week before breaking higher to test resistance around 1287 closing at the top of the candle daily range suggesting we may see a break higher into next week.
Mondays trading will be key for gold, a move higher breaking through both price resistance at 1287 area and the RSI declining trendline we have highlighted would lead to a retest of the descending trend line around 1298 before a likely pull back and a fall back into the higher lows pattern and closing the week at a similar price to Fridays close. Both the volume on Fridays move higher and the stochastics crossover and turn up higher from last weeks oversold nature add weight to the potential retest of resistant around 1298-1299.
Quick clean technical analysis that hopefully everyone can follow.
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr SundaySetups GBP- WANT A CUPPA OF GREAT BRITISH POUNDGood afternoon traders,
As part of our #SundaySetups we are taking a look at the good old British Pound versus the Aussie Dollar. Unlike our gold setup we are sticking to our 4 hour favoured time frame and highlighting the formation of a Cup pattern on our trading view chart and potential break out higher for the pound.
So looking at our chart we started last week in a consolidation pattern with many market participants out for Easter holidays, by Wednesday we had a strong break out higher after inflation data from Australia and since then we have had a lower higher lower lows pattern forming. The key part of this however is that we had a bounce and close above support around 1.8315 then a close higher on the daily and weekly. Now since 8th of April we have started to form a Cup pattern, a U shaped pattern forming over the 2 week pattern with periods of consolidation and closing with a strong break higher followed by a series of lower highs and lower lows forming the handle part of a cup. When cup patterns form the handle part is followed by a breakout higher- in this case we would be looking for a retest of upper resistance around 1.8460 to 1.85 providing upside of 150 pips.
Secondly on RSI front we have been able to close above 50 since last Monday and maintaining this into early part of next week gives further confidence to the idea that the pair are due to break higher towards that 1.85 resistance area. However we would look for confirmation of this both on RSI front and stochastic crossover and turning higher before pulling the trigger on a long.
As everyone is well aware British pound is dominated by political headlines around Brexit and a (never ending story of) potential leadership change within the Conservative party so capital at risk has to be reduced to account for a higher risk of the unknown.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr EURNOK- NOK THAT PAIR BACK DOWN FROM EXTREME LEVELSMorning traders,
This morning we have had the Swedish central bank come out and delay interest rate rises with market now pricing no rise until early 2020 (from mid 2019). This has had a secondary effect on the Norwegian Krona leading to a 700 pips drop versus the Euro. We are looking to capitalise on this move into extreme overbought territory and looking for a pull back into the previous trading range of 9.55 to 9.60.
The spike bounced off of resistance levels dating back to early 2019 and forming a descending trendline from previous high levels in April and early February as shown in our Trading View charts.
Simple clean trade on event driven news.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr AUDNZD - SHORT INTO AUSSIE INFLATION DATAGood afternoon traders,
Looking to position ahead of tonights Australian inflation data which we expect to come in below expectations of 1.5% (yoy) in a similar manner to the recent New Zealand data. Given the data driven nature of this trade we are trading with a tight stop loss just above the previous candle wick high on 17th April.
Backing the entry of this trade is the long standing resistance around 1.07 that the market had turned lower from in the past few trading sessions in line with a declining buying volume which can be noted in our trading view chart work. We have taken a daily chart to highlight the turn over in stochastics as we look for the pair to head lower to 106 and potentially down to low 105 area should Aussie inflation disappoint overnight.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr EURAUD- SHORT POST CPI SPIKEMorning traders,
Looking at a short setup on Euro versus Australian dollar after last nights inflation data out of Australia coming in at 1.3% versus 1.5% expectation leading to a 140 pip spike higher in this pair. The miss on inflation suggests, in simple terms, points to slowing growth and creates a lower expectation of the Australian central bank raising interest rates. In fact there is growing expectations that they may instead need to cut interest rates due to a slowing economy and a housing market that is extremely overheated.
Back to the technicals on this pair, so the spike of 140 pips has taken the pair up to a resistance level that dates back to early March. The spike itself was on very low volumes when compared to recent trading and as such was not able to break through resistance and is currently 40 pips off the headline spike. Unsurprisingly the move shows as over valued on every technical indicator. We are looking to take advantage of a pull back from these highs with expectation that the bulk of the move back lower will occur overnight during the Sydney trading session.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr USDCAD - TRIPLE TOPS IN TIME TO RETRACEGood afternoon traders,
Looking at an interesting setup in US dollar versus Canadian dollar with a triple top forming around 1.34 with a third attempt to trade above that level failing and pointing to a pull back lower for the pair. More recently we just had slightly weaker than expected Manufacturing data from Canada which failed to give any real boost to US dollar suggesting we may have ran out of steam at this resistance level.
That view is confirmed when we take a look at various other technical indicators including volumes, bollinger bands, rsi and, as per our trading view chart for this pair- the stochastic data also turning over and pointing to the pair heading lower.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr AUDUSD - RANGE RANGE BABYGood morning traders,
Today we are starting with a look at Aussie dollar and US dollar.
After positive Chinese growth data came out overnight- GDP and industrial production both beating estimates- Aussie dollar spiked up to the 0.72 area where it has previously found strong resistance both from the psychological aspect of a round number and this area coinciding with the 200 day moving average.
The pair have been trading in a 2 point range since mid January from low 0.72 to low 0.70 area. After the Chinese data Aussie Dollar US dollar are at the top of the range and looking close to overbought on RSI and stretched on Bollinger band technicals.
Tonight Australia has various employment data due, all of which will be highly watched by the market due to increased speculation that the central bank may look to cut interest rates. A disappointing number and we would expect this pair to retreat back to 0.71 area overnight.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr NZDUSD- DO KIWIS BOUNCE? ASKING A FRIENDGood afternoon traders,
Looking at a severely oversold New Zealand dollar versus US dollar on multiple time frames. Most appealing to us is the daily timeframe but almost all time frames confirm the oversold nature of this pair after the recent inflation print disappointed. 0.1% versus 0.3% expectation. This led for the New Zealand dollar breaching key levels around low 0.67.
The market appears to have a found support around levels dating back to January both on the headline number and on the subsequent short lived bounce after it. Now we currently see the pair in extreme oversold status on RSI and bollinger band analysis highlighted in our tradingview chart.
The bounce we are looking for may not start to trend until the New Zealand session begins overnight but we are looking for a sustained bounce into next week take New Zealand dollar back towards mid 67s.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr EURJPY- CANDLESTICKS LIGHT UP THE WAY FORWARDGood morning traders,
Looking to change up our recent technical analysis examples this time with a clean trade on Euro versus Japanese Yen. The beat on Chinese gdp and Industrial production gave a risk on tone overnight leading to Yen weakening but also, for this pair, an Evening Star candle forming on the daily over the 15th and 16th. Evening star are early indicators of a future bearish trend forming.
This coincides with Bearish Harami pattern forming on the 4 hourly on Friday as suggesting that the pair is due to correct lower. Other technical indicators also line up such as Ichimoku cloud (trading significantly above it), RSI, stochatsics and long running resistance levels to the upside.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
forexTrdr EURGBP - ASCENDING CHANNEL + OVERSOLD Morning traders,
Easy to read pattern on our Euro British Pound trading view chart with an ascending channel showing both support and resistance on multiple occasions since the start of August. We are looking to enter a long here for the Euro to strengthen up towards 0.933 area and potentially break out above depending on Brexit headlines at the time of meeting resistance. Our stop loss has been set just below the support line we have highlighted. Should the pair drop below that support level then the trade is nullified and the pattern is no longer relevant.
We entered at this area due to the overnight bounce in British Pound and this pair looking oversold on stochatsics.
Short and simple
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms.
If you want a free 30 day trial of our signals please get in touch.
Good luck trading
from the Team at forexTrdr
forexTrdr AUDUSD - CHANNEL VISION Afternoon traders
With the ECB press conference now complete the market is now cleaner to enter other trades. In this case we are looking to get long Aussie Dollar versus US dollar after the pair have settled in oversold levels at support price of 0.6970 area. As per our chart work on trading view we have an ascending channel which is allowing us to set up for a great risk reward trade with stop loss just below the rising support and an upside potential towards 0.712 area as per our predicted bar chart work.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms. Or if you want a free one month signals trial with us please get in touch.
Good luck trading
from the Team at forexTrdr
