The price of crude oil has recovered since the crash under $47. And after stabilizing just around $50, the price of the black gold opened the week with a weekend gap to the upside, reaching a high of $51.20. There are good reasons for this specific rise in prices. USD/CAD is already some 200 pips [...]
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GBPCAD kept making higher highs on the Daily chart. However, for the last 9/10 trading days the pair has been choppy. It seems that the pair might have to make some downward corrections on the Daily chart. This means the pair might offer some short entries on the H1 chart.
By looking at today’s price action, the pair would offer a short entry if it makes a breakout at yesterday’s lower low. Let us have a look at the H1 chart…
GBPCAD Trade Idea – 16th May 2017
The level of 1.75980 has been working as a resistance now, which was a strong level of support earlier. Now the price has to make a breakout at the level of 1.75600. After the breakout, the price should keep going down for 1 or 2 more H1 candles. Then, the price should come back to the breakout level again and produce an H1 reversal candle short entry.
Summary of the trade
Since the Daily trend here is bullish and the price has been on downward correction, so we must not take our short entry just after the breakout. We must wait for the confirmation. Yes, the price might keep going down after the breakout and never offer us the entry according to our trade setup. However, as a trader we have to make sure that we keep our patience and discipline with every single entry that we are about to take.
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: EURGBP Past Trade Idea – 15th May 2017
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EUR/USD is consolidating its significant gains under the 1.12 level. What’s next for the world’s most popular currency pair? Here is their view, courtesy of eFXnews: BTMU FX Strategy Research notes that EUR/USD has extended its rebound against the US dollar over the past week moving back in line with levels which persisted prior to [...]
The post EUR/USD: Underlying Trend Higher But Turning Neutral S/T; Where To Target? – BTMU appeared first on Forex Crunch.
Monthly Forex News Events that Might Affect EURUSD Volatility – June 2017
The fundamental forces have sent the EURUSD to new 2017 year highs. The risk over the French election has dissipated which gave the EUR/USD a relief rally. The EURUSD rallied to more than 6-month high in French election relief rally. The focus now is shifting towards Jun’s Fed interest rate decision. The market has become complacent in the Fed’s ability to gradually hike rates so that can also add fuel to the recent EURUSD rally through USD selling pressure.
June is set to be an interesting month with major risk events that can disrupt the EURUSD volatility. Seasonally speaking the Euro has a strong tendency to be kept in a very volatile range for the entire month. The seasonal pattern only gives us the tendency of a particular currency to exhibit a certain behavior at a certain time, so we have to carefully monitor the pattern and how the fundamental forces interact with the price action. 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
The month of June will bring several risk events that can be the catalyst for the EURUSD to exhibit higher volatility. Without a doubt, the main risk event will be the Fed interest rate decision. The Fed has left the door open for a June rate hike and failure to meet those expectations can cause some volatility in the markets. However, we need the fundamental to shift and current monetary policy stances to reinforce the higher EURUSD exchange rates.
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Weekly Forex News Events for EURUSD – 22nd to 26th May 2017
EURUSD finished the last week with a bullish tone. In fact, last week’s candle is a Bullish Engulfing candle, which has a lot to offer for the buyers in coming weeks. Let us now have a look at next week’s news events that might create volatility on EURUSD.
All day meeting is going to take place. Thus, sudden movements could take place at any time of the trading day. EURUSD traders should be careful with their intra-day position for this high impact event.
The pair could get extremely volatile before, after or during Draghi’s speech. Traders are advised to deal these hours with extra caution.
This is the newshour, which has to be dealt with extra care by the EURUSD traders next week. The pair might get extremely volatile during or just after this news hour.
As usual, this high impact news event could produce huge volatility, which creates many trading opportunities as well.
Two high impact news events to finish off the week, so EURUSD traders had better be watchful with these two news events.
The post Weekly Forex News Events for EURUSD – 22nd to 26th May 2017 appeared first on Advanced Forex Strategies.
AUDUSD Weekly Forex Forecast – 22nd to 26th May 2017
The AUDUSD has successfully managed to have the first positive weekly close in the last 5 weeks. We’re still trading below 0.7500 the big psychological number which is the obviously first major resistance level that can define whether or not we are in a new bullish trend or not. To the downside the first major support remains 0.7330 but, before that we have the 0.7425 intraday support level. The stochastic indicator is already in overbought territory, so expect more consolidation in the first hours of the new trading week before AUDUSD to try another attempt to break above 0.7500. Only a daily break and a close above 0.7500 should signal that a reversal is in place in which case we can expect a retest of 0.7600.
The Australian economic calendar will bring some minor risk events. On Monday the RBA Assist Gov Debelle is due to deliver a speech in Basel and on Thursday he will be speaking at the launch of the FX Global Code, in London. Donald Trump’s first foreign trip in the Middle East can produce some headlines that can be the source of some volatility in the market as well.
Previous AUDUSD Weekly Forex Forecast
The post AUDUSD Weekly Forex Forecast – 22nd to 26th May 2017 appeared first on Advanced Forex Strategies.
USDCAD Weekly Forex Forecast – 22nd to 26th May 2017
The USDCAD has broken outside of a two weeks range, which can signal a change in the direction of the trend. We’re still trading above the big psychological number 1.3500 but we really have a very weak close above it. Since the stochastic indicator is already in oversold territory we can expect a bounce from here so the stochastic indicator can reset. On the upside the first level of resistance only comes at 1.3550 and only a close above 1.3600 can signal that the recent sell-off was just a correction. To the downside the first level of support comes at 1.3400, however, we can also note as intraday support the 1.3470 level.
The Canadian economic calendar looks busy with big risk events scheduled on the docket. On Wednesday we have the BOC interest rate decision. The market consensus is that the BOC will keep its interest rate policy unchanged at record low of 0.5%. No rate hike is expected until 2018.
Previous USDCAD Weekly Forex Forecast
The post USDCAD Weekly Forex Forecast – 22nd to 26th May 2017 appeared first on Advanced Forex Strategies.
Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…
EURGBP had rather been choppy on the Daily chart. However, on the last Friday, the pair made a bullish move. On its way, the price broke an important level of resistance as well. If this level produces an H4 reversal candle, then buying EURGBP would get us some green pips. Let us have a look at the H1 chart of EURGBP…
EURGBP Trade Idea – 15th May 2017
When we trade on an ABC pattern, there is an anti trend to consider before taking an entry. The corrective wave often comes down to the confirmation level with a trend on smaller time frames. Most of the time, H4 reversal candle itself breaks that anti trend line. However, in some cases, the H4 reversal candle might not break the trend line of the anti trend. To be sure, about it, what we could flip over to 30M chart of the trade setup and draw the trend line of that anti trend.
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: EURGBP Past Trade Idea – 15th May 2017
The post EURGBP Past Trade Idea – 15th May 2017 appeared first on Advanced Forex Strategies.
