[FOREX TIP] GBPJPY Free Forex Trading Signals – 27th Feb 2017

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:

• Sell Stop Order: 139.000
• Stop Loss Level: 139.650
• Take Profit Target: 137.430

At the time of choosing a chart to take entry, we need to consider things such as

1. Is there a Double top or Double bottom
2. Is the price moving towards the direction with less confusion (little spikes).
3. Does the chart look (price action) a clear one? It must not look messy.

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

The post GBPJPY Free Forex Trading Signals – 27th Feb 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX NEWS] USD: Still Cloudy; Countdown To Clarity – BofA Merrill

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 [...]

The post USD: Still Cloudy; Countdown To Clarity – BofA Merrill appeared first on Forex Crunch.

via Forex Crunch

[FOREX TIP] Monthly Forex News Events for EURUSD – March 2017

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.

“Don’t risk significant money in front of key reports, since that is gambling not trading.”
-Paul Tudor Jones

March 2017 EURUSD Risk Events

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.

• Thursday, March 9, 2017 – First major risk event of the month is the ECB Governing Council meeting, followed by the interest rate announcement. The ECB has shown little appetite to curb their stimulus package and it’s very unlikely to see big monetary policy changes ahead of general elections in the three of the biggest EU economies.
• Friday, March 10, 2017 – The Non-Farm Payrolls Report is one of the most awaited figures especially for Forex traders. The NFP figures will be used as a barometer for the interest rate expectation which in turn can fuel bigger volatility than expected. The unemployment rate saw an uptick from 4.7% up to 4.8%, but the US added more jobs than expected during the first month of the year. The 224k new jobs add optimism to market participants and this puts the risk to the downside for the US dollar as anything less than 200k NGP figures can jeopardize the possibility of a March rate hike.
• Wednesday, March 15, 2015 – The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces its interest rate decision. Fed Chairwoman Janet Yellen has said that the next interest rate hike will be “at our upcoming meetings” which basically leaves the door open for a March rate hike, but at the same time this also weighs negatively on the dollar in case the Fed doesn’t deliver on its promises.
• Wednesday, March 15, 2015 – The Dutch general elections will be the source of a lot of anxiety in the markets. Based on the latest polls the far right Freedom Party lead by Geert Wilders is set to become the prime minister of the Netherlands. This is an anti-EU party that seeks to withdraw the Netherlands from the 28-nation bloc, which is negative for the EURUSD exchange rate.
• Friday, March 17-18, 2017 – The Meeting of G20 finance ministers and central bank governors from 17 to 18 March 2017 in Germany. Steve Mnuchin was sworn in as the new US Treasury secretary and he will be attending the G20 meeting. Mnuchin stance on trade and currency wars will be the focal point, particularly if we take into consideration Trump’s protectionist language.
• Wednesday, March 22, 2017 – We have the ECB Governing Council meeting, which can be the catalyst for some volatility. Greece’s debt crisis will also be the focus of the ECB council and the market expectation that the EU officials will reach a deal by the end of March.
• Thursday, March 23, 2017 – Fed Chairwoman Janet Yellen is due to speak at the Federal Reserve System Community Development Research Conference. Her remarks for sure will have an echo in the markets and traders need to pay close attention to her speech.
• Friday, March 24, 2017 – The US Core Durable Goods orders have disappointed the market in the past months, but the drop is mainly because of a reduction in demand from the Pentagon. Based on the market consensus we can expect a flat reading of 0.5%.
• Thursday, March 30, 2017 – The final US GDP figures for the last quarter of 2016 are scheduled to be released. The preliminary figures have been revised upwards from 3.3% up to 3.5% which undershoot expectation. The market expectation is for a flat reading butt usually the final figures tend to have less impact on the currency exchange rate.

The post Monthly Forex News Events for EURUSD – March 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] AUDUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

 

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

AUDUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish

 

The post AUDUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] USDCAD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

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

USDCAD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish

The post USDCAD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] GBPUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

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

GBPUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish

The post GBPUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] Weekly Forex News Events for EURUSD – 27th Feb to 3rd Mar 2017

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.

Monday-27^th February-13.30 GMT

• Core durable goods orders m/m

This news event usually produces huge spikes on the Intra-day time frames.

Tuesday-28^th February-13.30 GMT

• Prelim GDP q/q

This one can possibly produce volatility and often sweeps away stop losses if they are set on Intraday time frames.

Tuesday-28^th February-15.00 GMT

• CB Consumer confidence

This news event does not produce huge spikes, but can make the pair be volatile enough.

Wednesday-1^st March-15.00 GMT

• ISM Manufacturing PMI

This news event often produces huge volatility on EURUSD.

Wednesday-1^st March-15.30 GMT

• Crude oil inventories

This news event is directly related to oil. Thus, it is related to XAUUSD. This often leads EURUSD to get volatile.

Thursday-2^nd March-13.30 GMT

• Unemployment claims

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.

Friday-3^rd March-15.00 GMT

• ISM Manufacturing PMI

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.

 

 

The post Weekly Forex News Events for EURUSD – 27th Feb to 3rd Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies

[FOREX TIP] USDCHF Weekly Forex Forecast – 27th Feb to 3rd Mar 2017

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

USDCHF Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish

The post USDCHF Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies