While a hawkish Fed boosts the USD higher, one currency stands out against this storm, and that is the Australian dollar, holding its ground and not retreating. The Aussie has two good reasons to rise. The economy grew by 1.1%, in Q4 2016, much stronger than 0.8% expected. It is also a big bounce from [...]
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GBPCAD has been bullish today as well. We predicted that the pair would go towards the North yesterday. The pair did move as we had predicted. The way the price has been on the consolidation today, it seems that the pair might make another move towards the North. This time it would be a bigger move than the yesterday’s move. Let us have a look at the H4 chart of GBPCAD.
GBPCAD Free Forex Trading Signals – 1st March 2017
The pair made a huge Double bottom and produced 2 consecutive Daily bullish candles. Yesterday’s bullish move found the resistance at 1.64985. Then, the price has been on consolidation. The level of 1.64500 seems to be the support here since the price did find its resistance on its last bearish move. If the level of 1.64500 produces an H4 reversal candle and then we get an Hourly breakout at 1.64985, then taking long entries on GBPCAD would be the best option as far as the H4 chart is concerned.
Let us have a look at the summary of the trade
We saw the first move of a trend on GBPCAD yesterday. That offered us 1:1 risk and reward ratio. Today, I am anticipating its 2nd move. This is going to offer us 1:2 risk and reward ratio. This attracts more traders to take entries on a pair. I strongly believe if we get that reversal candle and the breakout, then the price would not have to struggle to reach at our Take profit level.
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: GBPCAD Free Forex Trading Signals – 1st March 2017
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The US dollar is on the rise, with EUR/USD back at the 1.05 handle, USD/JPY around 113.50 and GBP/USD under 1.24. This was no quiet Asian session. The main event during the session was President Trump’s highly anticipated speech to Congress, but the Federal Reserve stole the show. In particular, New York Fed President Bill Dudley, [...]
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President Trump gave a much anticipated address to a joint session of Congress. The speech was tilted heavily towards nationalism. But what are the market implications? Here is their view, courtesy of eFXnews: Markets have been hungry for more details surrounding President Trump’s legislative plans, but his speech to a joint session of Congress didn’t provide [...]
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The Conference Board’s measure of consumer confidence beat expectations for February and reached a high of 114.8 points. This is a leap of 3 points from an upwards revised 111.8 number in January. The underlying components regarding the current conditions (133.4 points), as well as expectations (102.4), are also up. Nevertheless, the US dollar does not count it [...]
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The upbeat durable goods orders for December did not help. US GDP was left unchanged at 1.9%. Consumer spending is up to 3% and the PCE and the deflator are moving up, so there are some silver linings. The goods trade deficit widens to $69 billion. The US dollar is falling with EUR/USD topping 1.06. [...]
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Ahead of his highly anticipated speech in front of a joint session of Congress, President Donald Trump gave an interview in his friendly media outlet, Fox News. Trump talks about income coming from a “revved up” economy that will pay for his planned defense expenditure. Yesterday he talked about having to make cuts in order to pay [...]
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Speaking to the parliamentary committee last week at the inflation report hearings, the Bank of England Governor, Mark Carney defended the central bank’s monetary policy. He said that the central bank would not hesitate to change monetary policy if it was appropriate. The comments suggested that the central bank continues to remain on the sidelines [...]
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GBPCAD has been in a range on the H4 chart. However, the pair seems to be bullish after producing some good-looking bullish H4 candles. Now, the price is having correction on the H4 chart. If we get a breakout towards the North, then buying the pair should get us some green pips with excellent risk and reward ratio. Let us have a look at the H4 chart of GBPCAD.
GBPCAD Free Forex Trading Signals – 28th Feb 2017
As we can see that, the pair has produced 2 consecutive H4 bullish candles from 1.62500. This has been a strong level of support. The price went up to 1.64075 and then produced an H4 Doji candle. The next candle has been a solid bearish one though. I assume that 1.63770 might come into play and act as a level of support. If we get an H4 reversal candle at that level, then an Hourly breakout at 1.64075, we might as well buy the pair by setting our target at 1.64800. If we get an H4 breakout instead that will be even better.
Let us have a look at the summary of the trade
Many brokers charge higher spread on pairs such as GBPCAD, EURNZD, GBPAUD since they are not heavily traded pairs . Traders get charged almost 3 times spread for these pairs than the usual pairs such as EURUSD, GBPUSD, USDCAD. We need to make sure that the pair we choose to take entry they have low spread. At the end of the day, spread is counted when we calculate our risk and reward ratio. However, not all the brokers do the same. Some brokers offer lucrative spread on those less traded pairs. We just need to know be aware of it before selecting a broker.
These things we have to consider every time before choosing a pair to take entry.
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: GBPCAD Free Forex Trading Signals – 28th Feb 2017
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Ahead of President Donald Trump’s planned speech to congress tomorrow, some general ideas have been coming out regarding fiscal policy. And they are not in line with market hopes about boosting the economy. The US dollar is under pressure, sliding across the board, but well within known ranges. Does it have room for further, bigger falls? Here are three key points [...]
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Headline durable goods orders rose by 1.8% in January, better than 1.6% expected, but the rest looks much worse. Core orders dropped by 0.2% against a projected rise of 0.5%. The upwards revision for December, from 0.5% to 0.9%, was quite unhelpful. In addition, the ex defence and ex-air spending fell by 0.4%, also against [...]
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The British pound has the Monday blues, dipping under 1.24 as worries over Brexit weigh. The low so far has been 1.2390. The swing low of 1.2350 is the next level of support, followed only by 1.2250. The British House of Commons easily passed the Brexit Bill, but not everything is going so smoothly ahead of the self-imposed end-of-March [...]
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GBPJPY has been bearish as far as the H4 chart is concerned. The pair has produced some good-looking bearish candles. This shows that the sellers are eager to sell the pair. As things stand with GBPJPY, the price has enough room to go towards the South.
GBPJPY Free Forex Trading Signals – 27th Feb 2017
As we can see that, the pair produced a Double top at 141.650. Then, those 5 consecutive H4 bearish candles drove the price down to 139.000. This level seems to act as the first level of support. If the price produces some corrective candles here and the level of 139.650 acts as a level of resistance, then sellers are going to wait for a breakout at 139.000 to go short again on GBPJPY.
Ideally, we should wait for an H4 Engulfing candle breaching the breakout level (139.000) with little spike. However, even if we get an hourly break after having an H4 reversal, that should be good enough to take short entry on the pair.
Here is the summary of the trade:
At the time of choosing a chart to take entry, we need to consider things such as
If you have a look at other pairs that are related to GBP, almost all the pairs look good to offer entries. However, according to my calculation GBPJPY looks the best. It has produced a Double top; the price is moving towards the South with huge command and so far, the chart looks as clean as it can get.
These things we have to consider every time before choosing a pair to take entry.
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 – 27th Feb 2017
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Markets have gone sideways and the dollar has been mixed. Will we get some clarity? Here is their view, courtesy of eFXnews: USD bulls had plenty to chew on, with several Fed speakers during the week, FOMC Minutes and comments from Treasury Secretary Mnuchin. The Minutes kept a March hike on the table, but also highlighted [...]
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Monthly Forex News Events for EURUSD – March 2017 – the coming Dutch election might cause some jitters in EURUSD
The first two trading months of the year has seen the EURUSD almost unchanged. During the first month of the year interest rate speculation and extreme dollar bullish bets have acted as a contrarian indicator which sent the EUR/USD retesting the December high. However, February brought a different story as the EURUSD rally was lacking any fundamental backing we saw a gradual pullback erasing all the previous gains.
March is set to be an interesting month because we have a strong seasonal pattern that can produce a major EUR/USD swing low. Cycle wise the greenback has the tendency to find a top around mid-March. As of yet, we don’t know what the catalyst for a top in the dollar might be, however, we can make a educated guess and anticipate the Fed to disappoint the markets for not delivering a rate hike. Going forward, we’re going to analyze and disseminate the major news event for the upcoming month that can be the catalyst for higher EURUSD volatility.
March will bring several risk events that can be the catalyst for trend developments. Both the Fed and the ECB are scheduled to release their interest rate and monetary policy decisions. There has been a tremendous build-up behind the Fed interest rate expectation which suggests that the risks remain stuck to the downside for the dollar. The Grexit remains a fundamental theme that can blow out at any time and can be the catalysts for higher volatility.
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AUDUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
The AUDUSD continued trading inside a very frustrating range. Normally, as long as we move between the February upward channel we should expect more consolidation, but we’re running out of time and sooner rather than later we should see a breakout. Last week high 0.7740 should now act as resistance, but to the downside, we really need a decisive break below the lower border of the upward channel 0.7640 level. Based on the stochastic indicator we can also note a build-up in bearish momentum.
The Australian economic calendar looks mild and doesn’t have much to offer us in terms of risk events other than the GDP figures. Recent comments from the RBA Governor Lowe suggest that the economic growth has slowed down below the RBA’s target of around 2.5% – 3% which can add fuel to our bearish case.
Previous AUDUSD Weekly Forex Forecast
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USDCAD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
The USDCAD technical pattern is quite complicated. Over the last three weeks of price activity, USDCAD has been moving in a tight range between 1.3030 support level and 1.3200 resistance levels. In the short term, the stochastic indicator is suggesting a bullish divergence that suggests a reversal but long-term trend still remains bearish. The Australian dollar and the Canadian dollar are both commodity currencies and they tend to move together so if the AUDUSD will break to the downside than more likely USDCAD will be supported.
A break above the 1.3200 resistance level will confirm our view, however, we still expect any rallies to be quickly sold off and see more range activity. The Canadian economic calendar is full with high-risk events. On Wednesday we have the BOC interest rate decision and the market consensus is for no changes in the BOC’s monetary policy as they are expected to hold rates steady. On Thursday we have the Canadian GDP figures which are expected to inch lower from 0.4% down to 0.3%. Canada’s GDP growth rate can be under pressure due to Trump’s economic policies which in turn can hurt the exchange rates.
Previous USDCAD Weekly Forex Forecast
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GBPUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
The GBPUSD has broken above the big psychological number 1.2500 but we got a very weak weekly close below this support level. This indecisiveness suggests that we can expect more range activity in the week ahead. The first intraday support level comes in at 1.2400 level followed by 1.2300 from which levels we can see an upside reaction. However, an early break and close above 1.2500 can suggest that we’re ready to continue moving to the upside without the need to retest 1.2400. The stochastic indicator is also making higher lows indicating a build-up in bullish momentum. Any GBPUSD rally should find resistance at 1.2670 followed by February high.
The UK economic calendar will bring the Manufacturing PMI figures which based on the market consensus we should see a downtick in the manufacturing activity from 55.9 down to 55.7 however, it still remains close to 30-months high. Tuesday we have the US preliminary GDP figures and the market consensus is for a higher reading of 2.1% growth up from 1.9%. On the last day of the week, the Fed Chairwomen Yellen is due to speak about the US economic outlook at the Executives Club of Chicago which can be the catalyst for some volatility.
Previous GBPUSD Weekly Forex Forecast
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Weekly Forex News Events for EURUSD – 27th Feb to 3rd Mar 2017
EURUSD finished the last week with bearish tone. Next week there are number of news events that might create volatility on the pair. Let us now have a look at those news events and their possible impact on EURUSD.
This news event usually produces huge spikes on the Intra-day time frames.
This one can possibly produce volatility and often sweeps away stop losses if they are set on Intraday time frames.
This news event does not produce huge spikes, but can make the pair be volatile enough.
This news event often produces huge volatility on EURUSD.
This news event is directly related to oil. Thus, it is related to XAUUSD. This often leads EURUSD to get volatile.
This is going to be the most volatile news event in the next week. Thus, traders should be careful with their opened positions that are taken on the Intra-day time frames. This week’s forecast is 245K. Last week’s claim was 244K. Both numbers are adjacent. Thus, if the original claim is less than the forecast, then we might see a huge volatility, which might set a trend for couple of days.
This news event is going to be the last high impact news event in the next week. However, timing of the news event does not have that much of impact. Nevertheless, if you are an Intraday traders, then you might as well want to come out with your entries before this news event.
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USDCHF Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
Technical Outlook: USDCHF rallied back to 1.0100 last week but the price action is starting to look convincing to the downside with the movement coming in within the broadening wedge pattern. As long as price doesn’t breakout above the highs of 1.0140, USDCHF could be looking weaker as prices will target 0.9934 support level followed by a steeper decline towards 0.9683. As a result, the technical outlook is in favor of a bearish U.S. dollar against the Swiss franc.
Fundamental Outlook: It is going to be a busy week for the Swiss franc as a lot of economic data and central bank policy maker speeches are lined up over the week. Firstly, the Switzerland National Bank’s board member Zurbrugg will be speaking on Monday. The SNB has maintained its dovish views on the Swiss franc, calling it overvalued in a bid to push down the exchange rate. Watch for any similar rhetoric coming out on Monday. In terms of economic data, Swiss GDP figures for the fourth quarter will be due on Thursday. Data is expected to show a 0.4% increase on a quarterly basis, following a flat third quarter. This could be positive if confirmed and has the potential to upside surprise. Later in the day, Swiss retail sales figures are also due, but economists polled expected to see a 2% decline in the headline print.
Previous USDCHF Weekly Forex Forecast
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USDJPY Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
Technical Outlook: USDJPY slipped back into the support level at 112.50 – 112.00 region. With the Stochastics on the 4-hour chart also in the oversold level, we can anticipate a modest bounce to the upside. Resistance remains strong at 114.00. Tactical long positions could be taken off the current level, targeting 114.00 and also positioning for the long term towards 118.00 as there is a potential for an inverse head and shoulders pattern that could be taking shape. Watch out for the neckline support near 115.26 – 114.72 where a breakout above this level could mean further gains in store. In terms of risk, the long position would be invalidated on a close below 111.50.
Fundamental Outlook: Data from Japan this week wil linclude the CPI figures which is expected to show another month of disappointing headline numbers from the region. Japan’s retail sales due on Monday is expected to show a 1.0% increase, expanding from the 0.7% increase seen previously. Manufacturing PMI numbers are also expected this week and data is expected to show a modest improvement from 53.5 to 53.6. For the most part USDJPY will be focusing on the developments from the U.S. which will see the Fed Chairwoman, Janet Yellen speaking on Friday among other FOMC members. The speeches will be important as it comes two weeks before the March FOMC meeting and could offer clues on the prospects of a rate hike.
Previous USDJPY Weekly Forex Forecast
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EURUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
Technical Outlook: EURUSD has posted declines for three consecutive weeks so far with price action hovering near the 50% mark at 1.0584 from the lows of 1.0340 from 03 January and the highs of 1.0828 from 02 February. On the 4-hour chart, EURUSD is seen consolidating within a potential descending wedge pattern. Watch for EURUSD to dip towards 1.0520 where support could be established. A reversal here could signal a bounce back to the upside towards 1.0600 followed by 1.0670.
Fundamental Outlook: Data from the Eurozone this week will see manufacturing PMI numbers for the month of February. Last week, flash figures showed that manufacturing sector maintained its bullish pace of expansion, which if confirmed this week will see the recovery in the Eurozone continue to push along. This week will also see the release of the flash inflation figures but no changes are expected with headline inflation expected to remain at 1.8% and core CPI at 0.9%, unchanged from the previous month. However, U.S. data will also be key for the EURUSD this week as U.S. President Trump will be speaking on Tuesday, addressing the U.S. Congress. Traders are expecting to hear the President discuss about the proposed tax reforms and infrastructure spending.
Previous EURUSD Weekly Forex Forecast
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France is going to the polls in the Spring, and opinion polls are taking their toll on the euro. What currencies should we trade? Here is their view, courtesy of eFXnews: We have been doggedly bearish on the dollar since the start of the year, but we have been avoiding buying the euro for concerns that the [...]
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The Ichimoku Kinko Hyo and Chande Momentum Oscillator strategy is a trend following system that looks to capture the small variations in price, but always trading in the direction of the predominant trend. On the one hand, the Ichimoku Kinko Hyo is a trend following indicator based on pure price action so gives it a higher rate of accuracy. And on the other hand the Chande momentum oscillator as its name suggest is a momentum oscillator. Combining both these strategy make this a long name… so we are going to shorten it and occasionally might reference this strategy as the Ichimoku Chande Strategy.
You can have as many indicators as you like on your screen, but unless you understand the basis of price movement, those indicators will continue to give you a false sense of security at the wrong time. In this regard, the direction and length of the trend need to be considered for higher probability outcomes.
Ichimoku Kinko Hyu and Chande Momentum Oscillator Strategy
High probability trades occur when we trade in the direction of the trend, for which we use the Ichimoku Kinko Hyo indicator, and when we wait for momentum exhaustion like overbought/oversold conditions, for which we use the Chande momentum oscillator.
Ichimoku Kinko Hyo Indicator Settings
For this strategy, we’re only going to use the Kijun Sen line to determine the trend direction and time the market. The Kijun Sen is designed to determine the short-term trends and is the highest and lowest price over the past 26 periods divided by 2. Usually, if we’re trading above the Kijun Sen line, we’re in a bullish trend and conversely, if we’re trading below the Kijun Sen line we’re in a bearish trend. The preferred settings for the Kijun Sen line are the default settings. The default setting of the Kijun Sen line is 2 periods which is ideal for spotting short-term trends.
The Chande momentum oscillator was designed by calculating the difference between the sum of all recent gains and the sum of all recent losses, then divided the result by the sum of all price movement over a specified period of time. The Chande momentum oscillator like any other momentum indicator is designed to measure the rate of change in closing prices for currency pairs and it’s often used to spot overbought/oversold conditions and turning points in the market.
Chande Momentum Oscillator Settings
The preferred settings for the Chande momentum oscillator are the default settings. The default setting of the Chande momentum oscillator is 9 periods which is ideal for trading short-term overbought/oversold conditions.
The preferred currency pair to implement this strategy is the AUDUSD while the preferred time frame is the 1h time frame. If the price is trading above the Kijun Sen line, we’re only looking to BUY once the Chande momentum oscillator hits a reading above the 20 level. If the price is trading below the Kijun Sen line, we’re only looking to SELL once the Chande momentum oscillator hits a reading below the -20 level. We use a fixed take profit order of 20 pips and our protective stop loss is placed at 3 days low/high.
In Figure 1 we have the 1h AUDUSD chart and a short trading opportunity is highlighted. We can note the high degree of predictability in these short trade opportunities. Once the market starts trading below the Kijun Sen line defining a bearish trend, every time the Chande momentum oscillator got extreme and our short trade order got triggered the market never looked back. The premise behind the Ichimoku Kinko Hyo and Chande momentum oscillator strategy is that once a trend is put in motion the probabilities are in favor of that to continue until it reverses.
Entering into Short Positions with the Ichimoku Chande Strategy
In Figure 2 we have the 1h AUDUSD chart and a long trading opportunity is highlighted. The strength of the Ichimoku Kinko Hyo and Chande momentum oscillator strategy is that once a trend has developed it will try to keep you on the right side of the market for as long as possible. In Figure 2 we can note that once the price dropped below the Kijun Sen line no trade was triggered because not all of the requirements to enter a trade are fulfilled.
Trading Long Positions with the Ichimoku Chande Strategy
Another practical way to use the Chande Momentum Oscillator is to use it as a Momentum indicator and trade breakouts. For example, if you’re in a downtrend you should be selling if the Chande momentum oscillator posts a reading below -20 and we are trading below the Kijun Sen line. Conversely, you should be buying if the Chande momentum oscillator posts a reading above 20 and we are trading above the Kijun Sen line.
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After the upbeat FOMC meeting minutes failed to boost the greenback, a second wave of selling is seen in the following US session. The release of the weekly jobles claims seems to serve as an excuse or the trigger for a bit more of selling off. Weekly unemployment claims stood on 244K, very marginally worse than [...]
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EUR/USD is getting used to a lower range, around 1.05. Can it fall even further? Here is the view from TD: Here is their view, courtesy of eFXnews: In Europe, the focus remains on the French elections. Indeed, the EUR is largely ignoring the pickup in Feb PMIs given the news that Le Pen continues to inch [...]
The post EUR: Staying Tactically Short For Next 2 Month Targeting A Retest Of 1.0340 – TD appeared first on Forex Crunch.
USDCHF has been bullish this week on the H4 chart. The pair has kept making higher highs. As things stand with the pair, there is still some room for the price to head towards the north. Let us have a look at the H4 chart and find out how we take our long entry on USDCHF…
USDCHF Free Forex Trading Signals – 23rd Feb 2017
As we can see that the pair went up to 1.01386. Then, it has started having consolidation. The level of 1.00980 has been acting as a flip over support level here. If the price produces an H4 reversal candle here and then an H1 candle makes a breakout at 1.01386, then buying USDCHF might be the best option for traders. If an H4 engulfing candle makes the breakout that will be even better.
Let us have a look at the summary of the trade
The risk and reward ratio is 1:1 here. It is not that lucrative since our usual risk and reward ratio is 1:2 or 1:3. However, since the price is trending towards the north, so winning percentage of this kind of trade setup is very high. There is a saying “Hit it when it is hot”. It is a hot setup since this is the last wave of the trend to be completed. Another thing we have to remember here, once the price goes up to our take profit level, there is a high chance that the price would start having corrections. Thus, it is better to come out with our entire positions.
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: USDCHF Free Forex Trading Signals – 23rd Feb 2017
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The Federal Reserve opens the door to rate hike in March by saying it can happen “fairly soon”. This is data-dependent and not a commitment. Nevertheless, the members of the FOMC are relatively positive. The document joins public appearances by Fed officials such as Harker and Powell which say that March is on the cards outright. Nevertheless, the [...]
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The US dollar is reasserting itself. What’s next? The team at BNP Paribas sees big levels. Here is their view, courtesy of eFXnews: BNP Paribas has made some adjustments to its G10 FX forecasts in tandem with its economics team’s quarterly forecast revision process. “The most significant change to our economic forecasts this quarter is [...]
The post EUR/USD: En-Route To Parity; USD/JPY En-Route To 128 – BNPP appeared first on Forex Crunch.
After having a bullish journey, XAUUSD took a long time to consolidate on the H4 chart. XAUUSD or Gold has just produced an H4 Engulfing candle from an important level. As things stand with XAUUSD, it is getting ready to offer short entries for the sellers. Let us have a look at the XAUUSD H4 chart…
XAUUSD Free Forex Trading Signals – 21st Feb 2017
As we can see, 1243.20 has been working as a strong level of resistance. In fact, it has produced two Double tops. Moreover, it has produced an Engulfing H4 candle and the price is now trying to break 1233.25. This is the Support of the last Double top. If the price breaks this level, then the price might come down to 1202.00. There is another strong level of support though at 1222.00.
Let us have a look at the trade summary
This trade is going to take long time to reach at the target. Thus, traders have to be very patient with the entry. There is a huge support level in between. Thus, there is a chance that the price might consolidate at that level. If you are not used to taking such entries, then take the entry with smaller lot than your usual lot. There will be many opportunities to manage the trade as well. However, this could work the other way round for less experienced traders. They often over manage trades and come out less profit. Let us not do this, but be with the trade as long as we can if things are in the favor of our positions. There is a saying “Cut your losses short, but let your profits run”.
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: XAUUSD Free Forex Trading Signals – 21st Feb 2017
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FOMC member Harker talked about the option of raising rates in March. He joins a growing chorus of Federal Reserve officials that do not rule a Spring hike, with some supporting this option with a full throat. Fed Chair Janet Yellen did not really provide a clear hint about March but left the door open. She talked about [...]
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The Canadian dollar is looking for a direction. Here is the view from CIBC: Here is their view, courtesy of eFXnews: The Canadian economy’s been looking a bit brighter recently. But are markets too optimistic about a BoC rate hike? Hiring has been strong, but somehow hours worked have actually declined. The trade balance looks [...]
The post CAD: Are Markets Wearing Rose Colored Glasses? Where To Target USD/CAD? – CIBC appeared first on Forex Crunch.
EURJPY has been bearish on the H4 chart. The pair made an Engulfing H4 candle from 121.000 and came down up to 119.700. As things stand with the pair, the price is going to head towards the South. Let us have a look at the H4 chart.
EURJPY Free Forex Trading Signals – 20th Feb 2017
As we can see on the chart, the price has started having corrections from 119.700. We have had 3 corrective H4 candles so far. 120.175 could come into play and be the level of resistance. This was a Support level earlier and the price has reacted to this level at the time of breakout as well. Now we should wait for an H4 reversal candle at 120.175. If there is a breakout at 119.700, then we might as well sell the pair. If things go according to this calculation, then we could set our take profit at 118.885 and stop loss at 120.175. This gives us a risk and reward ratio of 1:1.
Summary of the trade
It is important that we eye on the trades that have more reward over the risk. Typically, 1:2 is a good risk and reward ratio. However, there are trade setups that come with 1:1 risk and reward ratio and they come very often. In my opinion, if the price action of a chart looks good, then we could trade on 1:1 risk and reward ratio as well. They normally hit the target quickly, so they offer us better winning ratio. It is all about knowing the chart and trend. Study Forex hard, and get more practice; you will learn all of these equations.
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: EURJPY Free Forex Trading Signals – 20th Feb 2017
The post EURJPY Free Forex Trading Signals – 20th Feb 2017 appeared first on Advanced Forex Strategies.
AUDUSD Weekly Forex Forecast – 20th to 24th Feb 2017
The AUDUSD technical pattern has moved from consolidation into a very tight range zone. But small ranges are always followed by price expansion and the tighter the range the more aggressive the break will be. The stochastic indicator and the AUDUSD price have moved in the opposite directions over the past two weeks creating a massive bearish divergence that warns a reversal is the most probable outcome.
To the upside 0.7696 should act as resistance while the first major level of support comes in at 0.7600. A break below the support level will see a momentum acceleration to the downside and open the door for a much deeper correction.
We have a soft Australian economic calendar that doesn’t have any major risk event that can disrupt the volatility, except the speech held by the RBA Governor Lowe. On Thursday Governor Lowe is due to speak at the Australia-Canada Economic Leadership Forum, in Sydney and on Friday we have Governor Lowe is due to testify before the House of Representatives Standing Committee on Economics, in Sydney.
Previous AUDUSD Weekly Forex Forecast
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USDCAD Weekly Forex Forecast – 20th to 24th Feb 2017
The USDCAD is having a hard time breaking below the big psychological number 1.3000 which indicates more ranging activity as long as we trade between 1.3030 support and 1.3212 resistance levels. Once any of these two levels are broken we can expect some trend developments, but until then the most probable scenario is for a rally and a retest of 1.3200 that should quickly fade and see USDCAD returning back inside its price range.
We can note a bullish divergence between the USDCAD price and the stochastic indicator which is why we favor more upside in the short-term. However, a daily break above 1.3212 will open up the door for a retest of the 1.3385 swing high. We have a low level of activity in terms of risk events that can disrupt the USDCAD volatility. Friday, however, traders need to pay attention to the Canadian CPI inflation figures which based on the market expectation are expected to jump higher from -0.2% to 0.3%. The jump in inflation expectation is due to the rise in price in the energy sector.
Previous USDCAD Weekly Forex Forecast
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GBPUSD Weekly Forex Forecast – 20th to 24th Feb 2017
The GBPUSD weekly close below the big psychological number 1.2500 indicates more bearish pressure in the short to medium-term. However, a daily break and close above 1.2500 can signal a shift in the sentiment and can make the bearish case less likely to unfold. To the downside, the first level of support comes in at 1.2300 followed by 1.2200 which can produce a reaction to the upside. We can note on the stochastic indicator a build-up in bearish momentum which is one of the reasons why we favor more the downside as long as we trade above 1.2500.
The UK economic calendar doesn’t have much to offer us in terms of risk events. The only notable economic data are the second estimate of the UK GDP for the last quarter of 2016. The preliminary figures beat expectation as the UK economy grew 0.6% and based on the market consensus we should expect a flat reading. Wednesday we also have the FOMC Meeting Minutes which will provide in-depth insights into the latest FOMC meeting. This is crucial for the interest rate expectations as it will clear the view of whether or not a March interest rate hike is on the table.
Previous GBPUSD Weekly Forex Forecast
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USDCHF Weekly Forex Forecast – 20th to 24th Feb 2017
Technical Outlook: USDCHF has beeen range bound within 1.0060 and 0.9934 with no directional bias being established. This indicates that the sideways range will sooner or later breakout to establish the trend. For the moment, it is evident that resistance at 1.0100 – 1.0060 has been firm enough to pin down prices, meaning that there is increasing likelihood of a decline to the downside. Watch for support at 0.9934 which could be tested in the near term. A break down below this support could mean further declines in USDCHF towards 0.9683. Alternately, to the upside, only a break out above 1.0100 will signal any further gains in store.
Fundamental Outlook: The Swiss franc turned stronger last week on a broad based risk aversion sentiment that hit the markets mid-week which eventually led to a flat close for USDCHF. The week ahead is quiet as far as the Swiss markets are concerned. Data points over the week include trade balance figures which is expected to show an increase of 3.03 billion, up from 2.72 billion. This came on increase of 3.8% exports while imports increased 4.1% or about 1.2% in real terms. The surplus of the trade balance is expected to rise in January as well. In the U.S., with the exception of the FOMC meeting minutes, it is a quiet week which could see most of the flows in USDCHF shape based on investors outlook.
Previous USDCHF Weekly Forex Forecast
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USDJPY Weekly Forex Forecast – 20th to 24th Feb 2017
Technical Outlook: USDJPY’s attempt to break out above 114.00 resistance failed mid-way as price quickly posted a reversal. We expect further declines to push USDJPY to test 112.50 support and could potentially see USDJPY consolidate within the support zone of 112.50 – 112.00 region. However, the falling trend line is likely to offer dynamic support which could keeep USDJPY range bound within 1114.00 and 112.50. In the near term, look for a bounce off 112.50 level for a retest back to 113.50. Expect to see further gains or declines only on a breakout above 114.00 resistance or 112.50 support..
Fundamental Outlook: A slow week from Japan, focus turns to the flash manufacturing PMI figures for February. Manufacturing PMI data being released by Markit this week is expected to show a moderation in the sector with the index forecast to fall to 52.1 from 52.7. Later in the week, the Japan all-industry activity is expected to show a 0.2% decline on a month over month basis. However, the major part of the week will see focus on how investor sentiment will shape out especially with the U.S. Federal Reserve releasing the FOMC meeting minutes during the week. With rising interest rates expectations alongside a mixed investor sentiment, the Japanese yen could see some volatility.
Previous USDJPY Weekly Forex Forecast
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EURUSD Weekly Forex Forecast – 20th to 24th Feb 2017
Technical Outlook: EURUSD attempted to rally off 1.0520 but the bounce was short-lived as prices quickly reversed back lower to a few pips above 1.0600 support. We expect to see further declines towards 1.0600, with th 4-hour Stochastics showing a hidden bearish divergence on the charts. Watch for the previous low established at 1.0520, which if breaks could trigger further downside in prices. To the upside, if support is formed at 1.0600, then long positions are recommended in EURUSD targeting 1.6980 and 1.0820 initially. The daily chart time frame has formed an inside bar and also points to a potential breakout in the near term.
Fundamental Outlook: Data from the Eurozone will see the release of flash manufacturing and services PMI over the week. Data for the most part is expected to show a continued upward trend in both the sectors which could reinforce expectations of stronger growth continuation in the first quarter in the region. Besides, the flash data, the final inflation figures from the Eurozone is expected to confirm that consumer prices rose 1.8% on the headline and 0.9% on the core. The data is unlikely to move the markets much, but a positive upside surprise, especially on core inflation could see some bullishness in the euro.
Previous EURUSD Weekly Forex Forecast
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Weekly Forex News Events for EURUSD – 20th to 24th Feb 2017
EURUSD finished the last week slightly bearish, but with huge rejection from the South. There were number of news events last week, but none of them created real trend. As usual, they did produce long spikes as far as intra-day trading is concerned. That made EURUSD traders have a tough time to take entries last week.
Let us now have a look at the next week’s news events that might create volatility on EURUSD.
This is going to be the first high impact news event next week, and it is a big one. I would not be surprised if EURUSD be quiet before this news event and start moving after this. Traders must be careful with their Intra-day entries before next week’s FOMC meeting minutes. I assume this news event’s impact could stay for 4/5 trading days.
This the second high impact news event in coming week. This week’s forecast is 239K. Last week’s actual claim was 239K as well. Last 3 weeks Unemployment claims data has been good for the USD. This time the forecast number is a tight one. Thus, the pair might get volatile if the number of actual claims comes bigger than the forecast. Traders should be cautious with their intra-day entries before this event next week.
This one is going to be the last high impact news event in coming week for EURUSD. This one does not always create solid trend, but long spikes. A dangerous news event for the Intra-day traders since it sweeps away stop losses of short time frames.As we can see, there are only 3 high impact news events next week. Thus, EURUSD traders have to pay special attention to these news events. Among them, the FOMC meeting minutes has to be dealt with very cautiously.
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The pound has been trading sideways, awaiting Brexit and the economic verdict. What’s next? Here is their view, courtesy of eFXnews: We still see potential for further GBP weakness in the near term as the triggering of Article 50 moves closer. We target EUR/GBP at 0.87 in 1-3M but stress that the risk is skewed [...]
The post GBP: Hard Brexit Moving Closer: Time-Line & Targets – Danske appeared first on Forex Crunch.
A big bulk of US data was released and all the data looks good. Will this allow the US dollar to recover? Yesterday we have seen excellent retail sales and rising inflation send the greenback higher but this was very short-lived. The US dollar was on the back foot ahead of the publication and is indeed [...]
The post Big bulk of US data is all good – will the USD recover? appeared first on Forex Crunch.
EUR/USD is battling the 1.0650 level but this battle is not over. The pair bounced off low support yesterday when positive US data came out and continued moving higher, trading in nice ranges. The US dollar is showing weakness across the board. Janet Yellen’s upbeat comments and the strong retail sales and inflation figures were helpful [...]
The post EUR/USD tackles high resistance as USD sell-off extends, ECB minutes released appeared first on Forex Crunch.
Yellen pushed the greenback higher and so did the data. Initially. The strength did not last too long. What’s next? Here is their view, courtesy of eFXnews: Today’s siren song in currency markets is of upcoming Fed hikes, with many investors being lured into bullish dollar positions. Admittedly, the dollar has bounced on yesterday’s hawkish [...]
The post USD: After Fed Yellen’s Testimony: Staying Bearish And Looking To Sell Rallies – Nomura appeared first on Forex Crunch.
NZDUSD was bearish last week. However, the level of 0.71500 has been proven to be a good level of support. The pair produced an H4 Engulfing candle as well as a Double bottom. We have had 3 consecutive H4 bullish candles from the Double bottom level. All of these equations suggest that the pair is more likely to take its next journey towards the North. Let us have a look at the 4H chart…
NZDUSD Free Forex Trading Signals – 16th Feb 2017
See that massive H4 Engulfing candle. The price then continued making higher highs. However, the level of 0.72420 has come to play as a level of resistance. There is a good chance that the price might come back to 0.72100 and makes it a support level. If we then get an H4 Engulfing candle from 0.72100 breaking 0.72420, then buying NZDUSD should get us some green pips. The level of 0.72950 has the potential to be the next resistance level.
Let us have a look at the summary of the trade…
“Do I have to use indicators?” this question is often asked by the Forex traders. Indicators can be handy to some extent. However, the color Forex market changes in a minute. Thus, most of the indicators run behind the market data. Nevertheless, many successful Forex traders trade depending on the indicators. As far as price action trading is concerned, if a trader understands Price action trading, he or she does not need to use indicator.
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: NZDUSD Free Forex Trading Signals – 16th Feb 2017
The post NZDUSD Free Forex Trading Signals – 16th Feb 2017 appeared first on Advanced Forex Strategies.
