The Fed convenes after raising rates last time and as Trump makes his dent in the Oval Office. What can we expect? Here is their view, courtesy of eFXnews: We expect the FOMC to keep the federal funds target unchanged at 0.50-0.75% at the conclusion of the 31 January –1 February meeting. The data on economic [...]
The post USD: Expect These Few Changes From The FOMC On Wed – Nomura appeared first on Forex Crunch.
The US dollar is on the back foot, with EUR/USD touching 108 and USD/JPY breaking support. Here is their view, courtesy of eFXnews: President Trump’s travel ban – and his associated decision to fire the acting Attorney General – dominates sentiment and remains good for Treasuries, the yen (and gold), but bad for bonds and [...]
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The CB Consumer Confidence misses expectations with a score of 11.8, less than 113 forecast. In addition, the previous number was downgraded from 113.7 to 113.3 points. This is still a high score but the winning streak is cut short. The US dollar was already sliding ahead of the publication, and this release sends EUR/UDS to [...]
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The Canadian economy grew by 0.4% in November, better than 0.3% expected and top of an upwards revision for October: a slide of 0.2% instead of -0.3% initially reported. USD/CAD fell to a new low of 1.3041. Can it make a move on the round 1.30 level? This is the next line. Canadian producer prices are [...]
The post Canadian GDP beats with 0.4% m/m – USD/CAD falls appeared first on Forex Crunch.
The euro-zone published its initial CPI estimate for January as well as its first GDP print for Q4 2016. Headline inflation was expected to rise to an annual level of 1.6% in January up from 1.1%, mostly the effect of oil prices. Core inflation carried expectations The unemployment rate was projected to remain unchanged at 9.8%. EUR/USD was relatively stable [...]
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GBPCHF had a huge bullish move on the H4 chart. However, the price seems to have broken the bullish Trend line. The pair now looks bearish. Let us have a look at the GBPCHF H4 chart….
GBPCHF Free Forex Trading Signals – 31st Jan 2017
The pair started having a bearish momentum from the level of 1.26400 and produced a huge bearish H4 candle from the level of 1.25350. Then, the price started having correction from the level of 1.24040. So far, the pair has produced two H4 corrective candles and the level of 124.520 has acted as the level of support.
If the level of support produces an H4 reversal candle, then we should look for a breakout at the level of 1.24040 to take short entry. The nearest strong level of support is at 1.23200. That is where we should set our Take profit. This means it gives us 1:2 risk and reward ratio.
Let us have a look at the summary of the trade
To understand reversal candle, one has to learn Japanese candlestick pattern. There are many reversal candles such as Inside bar, Engulfing bar, Doji, Pin bar. Once a trader understands these patterns and be able to integrate with Support/Resistance, then the idea of taking entries, exit get much easier. There are some excellent articles, videos on Japanese candlestick pattern on the Internet. Study with those and learn them well. If you still have anything else to know about Japanese candlestick pattern, feel free to contact with us. We will be glad to help you out.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPCHF Free Forex Trading Signals – 31st Jan 2017
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No surprises in the second-largest economy in the eurozone: a growth rate of 0.4% quarter over quarter in the final quarter of 2016. Also the year over year numbers did not come as a surprise. EUR/USD hugs the 0.4% level. France was expected to report a growth rate of 0.4% in Q4 2016, double the 0.2% rate [...]
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EUR/USD opened the week with a weekend gap to the upside, but this episode is already behind us. The reason for the rise was Trump’s Muslim ban. The executive order from the new president about banning entries from 7 Muslim countries caused chaos in US airports and resulted in a global crisis. However, as time passed [...]
The post EUR/USD makes a false breakdown amid weak German inflation, Trump trouble appeared first on Forex Crunch.
GBPJPY has been on a strong buy trend on the H4 chart. The pair has kept making higher highs. The price went up to the level of 144.690. Then, the pair produced some H4 corrective candles. The level of 143.850 seems to act as the support level. This is going to be the key level to take entries on GBPJPY as far as this signal is concerned. Let us have a look at the GBPJPY H4 chart..
GBPJPY Free Forex Trading Signals – 30th Jan 2017
See the price has been up trending from the level of 137.150. After reaching at the level of 144.690, there have been numbers of H4 corrective candle by obeying the support level of 143.850. If we get an engulfing H4 candle right at the support level, then, we should wait for an hourly break at the level of 144.690 to take buy entry.
Let us have a look at the summary of the trade
When we say, we take our entry “after a breakout”, it means if an hourly candle breaks the level, then we must wait for one more hourly candle to see if the break is held. This is how a break gets confirmed. We often see that an hourly candle breaks a level, then; the next hourly candle comes to check the breakout level with even more pressure. This either changes the momentum on lower time frame, or creates confusion among traders. Thus, there is no point of being in a hurry. Jump into a trade after a confirmed breakout.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Free Forex Trading Signals – 30th Jan 2017
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Donald Trump continues implementing his campaign promises, including those that seemed destined only for the campaign trail and not real policy ones. On Friday, he signed an executive order that bans entries to the US from 7 predominantly Muslim countries. Hours after Trump’s signature on the bottom line, entrants from these countries were detained and sometimes [...]
The post Trump Ban Downs Dollar – a buy opportunity? appeared first on Forex Crunch.
USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
Technical Outlook: USDCHF failed to validate the evolving head and shoulders pattern as price fell lower towards 1.0000. Still, the doji candlestick formed on Thursday and Friday signal initial signs of a short term retracement to the upside. Immediate resistance is seen at 1.0097 which could be tested in the near term, although there is a slight chance that USDCHF could slip towards 0.9934 before bouncing off this support level to test the resistance at 1.0097. Still, selling opportunities are likely to come by near the 1.0097 resistance. The Stochastics oscillator has printed a hidden bearish divergence with a lower low against higher low in price. Therefore, watch out for USDCHF to post a reversal around 0.9934.
Fundamental Outlook: Data from Switzerland this week will see the manufacturing PMI for January. Economists polled expect manufacturing PMI to rise to 56.1 from 56.0 previously. Later in the week, the retail sales figures are expected to show an increase of 0.5%, slower than the previous month’s 0.9%. The lack of any major data points from Switzerland will shift focus to the data from the U.S. starting Wednesday which will include the ISM manufacturing and non-manufacturing PMI and Friday’s payroll numbers.
Previous USDCHF Weely Forex Forecast
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USDJPY Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
Technical Outlook: USDJPY corrected towards 112.70 as expected and mentioned in last week’s analysis. Price action posted a strong reversal forming a double bottom near the support level at 112.70. A breakout above 115.355 will signal further upside in USDJPY towards 118.00 as the minimum upside on the double bottom bounce. Therefore, look to buy USDJPY above 115.35 on a potential retest to this level to establish support or on a minor dip. Ahead of the breakout above 115.35, look for USDJPY to post a minor correction towards 113.99 – 113.79 which makes for an ideal buying area with stops just below 112.70 targeting 115.35 and 118.00 offering a tight risk/reward set up.
Fundamental Outlook: Last week, data from Japan showed that inflation rose 0.1% in the month of January as forecasted by economists. This rather slow pace of inflation is likely to push the BoJ to turn more hawkish when it meets on Tuesday. No changes are expected from the Bank of Japan at this week’s meeting but expect some dovish statements to come from the central bank officials. USDJPY will also be influence by the U.S. economic data this week which will include the key FOMC meeting which could bring some volatility to the markets.
Previous USDJPY Weekly Forex Forecast
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EURUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
Technical Outlook: EURUSD closed below 1.0700 last week which signals the downside correction towards 1.0600 initially. The price action shows a bearish breakout from the rising wedge/triangle pattern with the final sessions on Friday showing a modest retest to the breakout level of the rising wedge pattern. As long as 1.0700 turns to resistance, EURUSD could remain biased to the downside as price will slide towards 1.0600 to establish support. The bearish divergence to the Stochastics, the median line breakout and the weekly doji close (after five weeks of straight gains) point to the downside in EURUSD this week.
Fundamental Outlook: The markets will be looking to a busy week from Wednesday as fresh economic reports are released for January. The manufacturing and services PMI figures will be coming out in the early part of the week and could give further insights into the economic performance from the Eurozone in the first month of the year. The Eurozone GDP figures will be released this week alongside flash inflation estimates for January. GDP is expected to rise 1.7% on an annualized basis in the region, but focus will be on inflation estimates which could see further increase in consumer prices. The Eurozone’s economic forecasts will also be coming out this week.
Previous EURUSD Weekly Forex Forecast
The post EURUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 appeared first on Advanced Forex Strategies.
AUDUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
The AUDUSD technical pattern is signaling a major reversal unfolding. We can spot a massive bearish divergence between the price and the stochastic indicator. For confirmation, we need a break below 0.7525 but more important a break and a daily close below the 0.7500 big psychological number. To the upside last week high 0.7600 should act as resistance.
The Chinese manufacturing activity is a proxy risk event that can drive up the AUDUSD volatility. On Wednesday, the NBS Manufacturing PMI is expected to inch lower to 51.2 while on Friday the Caixin Manufacturing PMI is also expected to come down from 51.9 to 51.7 signaling an economic slowdown in the world’s second largest economy which can negatively impact the AUD/USD.
The Australian Trade Balance which posted the first trade surplus in years is also scheduled to be release on Wednesday, but since much of it was attributed to the rise in commodity prices we can expect a down tick in Trade Balance which can be bearish for AUD/USD.
Previous AUDUSD Weekly Forex Forecast
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USDCAD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
Both the fundamental and technical suggest that the line of least resistance for the USDCAD remains to the upside. Last week’s sell-off structure still looks corrective in nature and as long as we trade above 1.3030 and more importantly above the 1.3000 big psychological number the bullish case should prevail.
The stochastic indicator suggests that the first day of the week should be slow until it reset itself. We don’t have much resistance to the upside until 1.3300 which is why we favor more the upside. The Canadian economic calendar will bring the GDP figures which will give traders more insights into how the Canadian economy performed during the last month of 2016. Based on the market consensus we should expect a pick up in the Canadian economy and see a 0.3% growth. The Fed interest rate decision is without a doubt the main risk event of the week. The market consensus only sees the Fed beginning raising rates from the second half of the year.
Previous USDCAD Weekly Forex Forecast
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The GBPUSD two-week rally has made a strong case for the bullish case and the prospects of a full-scale reversal or at least a deeper retracement. The weekly close above the 1.2500 big psychological number is indicative of more GBPUSD strength. However, we can still see a downside break and a retest of 1.2432 support level before more strength to be seen.
GBPUSD Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
The stochastic indicator has also turned down and is in oversold territory which suggest the current retracement has gone too far. To the upside, we have 1.2763 last week high which can act as resistance but more likely if challenged that level can give up quite easily given the recent GBPUSD strength.
The UK economic calendar looks busy as on Thursday we have the BOE interest rate decision. Despite the recent UK economic growth and no signs of a slowdown post-Brexit the BOE is unlikely to hike rates this year. The ongoing Brexit process will also be a big theme for GBPUSD volatility. Last week the UK government published a bill to start the UK exit from the EU which gives the Britain parliament only five days to debate the bill. Traders should pay closer attention any news on this subject as it can be the catalyst for some spikes in the GBP/USD exchange rate.
Previous GBPUSD Weekly Forex Forecast
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Monthly Forex News Events for EURUSD – Feb 2017
The first month of the new year has brought EURUSD to a new multi-year low which was quickly bought and since then EURUSD exchange rate has been positive. The lackluster December NFP report of only 156k new job added, coupled with extreme dollar bullish bets which acted as a contrarian catalyst has fueled the EURUSD recovery. On the other side of the FX spectrum, the ECB president Mario Draghi has softened his dovish tone which has helped the EURUSD recovery.
On the other hand, the Fed Chairwoman Janet Yellen has warned that a delay in the tightening cycle can hamper economic growth. It seems the Fed, at least for the time being, is still on track to gradually hike rates which is the reason why current EURUSD rally can be in jeopardy. Going forward, we’re going to analyze and disseminate the major news event in the upcoming month that can be the catalyst for higher EURUSD volatility.
“Don’t risk significant money in front of key reports, since that is gambling not trading.” Paul Tudor Jones
February 2017 seems a quiet month in terms of major risk events and other than the usual economic and Central Bank announcements there is nothing much to worried about. However, we need to pay closer attention to the Trump’s economic plans now that he is sworn in as the 45th US president. Each of his words will be measured on a different scale as those words, now can easily be turned into real action that can affect the economy and potentially strengthened the US Dollar.
The post Monthly Forex News Events for EURUSD – Feb 2017 appeared first on Advanced Forex Strategies.
Weekly Forex News Events for EURUSD – 30th Jan to 3rd Feb 2017
EURUSD had a quiet week. However, it will not be as quiet next week as it was in the last week. We are going to have a new month next week. Some high impact news events have been scheduled to take place. Thus, the pair might get volatile next week.
Let us have a look next week’s high impact news events.
This news event has a tendency to produce spike and wipe off intraday stop losses.
This is going to be a very volatile day. All of these news events can create huge volatility, but FOMC is the one that does it most. Traders should be very careful to take entries on EURUSD next week before these news events.
It normally is a massive news event. However, EURUSD has the tendency to go with the trend that is established from the previous day’s FOMC statement. Nevertheless, intra-day traders should avoid taking entries before this news event as well.
EURUSD traders wait for this day, which is the first Friday of a month. These 3 news events not only create volatility, but also determine the trend for the rest of a month. Impacts are always massive, thus intra-day traders have the option only to watch the market move on this day. This month’s forecast is 156K. Last month’s actual claim was 156K as well. This means one way or the other EURUSD pair is going to be very volatile on that day.
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Generally weak US data: the economy grew by 1.9%, below expectations. Adding fuel to the fire, a replenishing of inventories contributed 1% to GDP. A buildup in inventories during one quarter tends to result in a depletion in the following one. Durable goods orders are down 0.4%. Core orders are at 0.5% as expected and [...]
The post US GDP Q4 2016 misses with 1.9%, durables fall 0.4% – USD follows appeared first on Forex Crunch.
As we approach the end of the first month of 2017, the team at Citi examines EUR/USD and GBP/USD: Here is their view, courtesy of eFXnews: In the short run, we continue to expect EURUSD and GBPUSD to test major resistance levels, which is consistent with our roadmap from 1999, before turning again later. Looking [...]
The post EUR/USD: Monthly Close Key; GBP/USD: Reverse H&S Target – Citi appeared first on Forex Crunch.
Sales of new homes dropped by 10.4% to 536K in December, down from an upwards revised 598K in November. This is quite a significant miss. The CB Leading Index rose by 0.5% as predicted. The US dollar has been on the mend coming into the release. Will this plunge in new home sales change the picture? [...]
The post US new home sales miss with 536K – will the greenback comeback halt? appeared first on Forex Crunch.
The US dollar is making a comeback after the Trump Slump or Trump Dump. Fresh optimism about deregulation? Rising stocks? In any case, the US dollar is on the rise. US jobless claims were expected to rise back to 247K but actually jumped to 259K, worse than expected. Will this hurt the momentum of the greenback? The indicator [...]
The post EUR/USD slips below support as the USD reasserts itself appeared first on Forex Crunch.
The UK economy is defying the EU Referendum for the second time in a row, growing by 0.6% q/q and 2.2% y/y in Q4 2016. Both figures are 0.1% above early estimations. This kind of expansion is not steaming hot or inspiring but it is certainly solid and healthy. And, when taking the projected “Brexit cliff” [...]
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AUDCAD seems to have completed a bull run on the H4 chart. The price is trending lower and the strength of the trend looks strong to get the price more down. Let us have a look at the H4 chart of AUDCAD, and find out the trade signal to go short on the pair.
AUDCAD Free Forex Trading Signals – 26th Jan 2017
As we can see on the chart, the pair is coming down with strong momentum. Had a tiny correction and then came down again. The pair is having a long correction and the level of 0.99000 works as the resistance zone so far. If the pair produces an engulfing H4 candle right on the level then, the game of selling the pair is on. We then have to wait for a breakout at the level of 0.98650 and the confirmation to take short entry on the pair. Nearest strong support is at the level of 0.97400. This is where we should set our Take profit
Let us have a look at the summary of the trade
With many brokers, we pay spread again when we set our stop loss or take profit. When we buy in the market, our take profit will be hit once the price breaches the level of our take profit + spread. On the other hand, when we sell, our stop loss will be hit at the level of=Stop loss level- spread. It means we get hit bit early when we are selling a pair. Thus, we must make sure that we add the spread with our stop loss when we are selling, and minus the spread from take profit when we are buying.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: AUDCAD Free Forex Trading Signals – 26th Jan 2017
The post AUDCAD Free Forex Trading Signals – 26th Jan 2017 appeared first on Advanced Forex Strategies.
The Australian dollar suffered from the inflation report, which showed slow price rises. What’s next? Here is their view, courtesy of eFXnews: The Australian dollar has been one of the best-performing currencies at the start of this year lifting the AUD/USD rate from around the 0.7200-level at the end of last year back towards the [...]
The post AUD: Aussie Is No Longer Cheap; Neutral Signal Around Current Levels – BTMU appeared first on Forex Crunch.
The Canadian dollar managed to ride higher on the Keystone XL news, even if it may be too late. But things could change: Here is their view, courtesy of eFXnews: The correlation between the Canadian dollar and USD is at its highest since 2011. The case for divergence is strong. The Federal Reserve is two [...]
The post CAD: Here Is Why USD/CAD Still Has Significant Upside Potential – BofA Merrill appeared first on Forex Crunch.
We expect USD/JPY to rise to 120-125 yen (after a near-term correction to 110-115) as US fiscal policy boosts economic growth to 3-4% from late 2017 through 2018, and [...]
