Monday, January 30, 2017

EUR/USD posted small gains in the European session

EUR/USD posted small gains in the European session but retracted. The pair has posted slight losses in European trade
•1.0616 is providing support
• 1.0708 is fluid. Currently, it is a weak resistance line
Further levels in both directions:
•Below: 1.0616, 1.0506 and 1.0414
•Above: 1.0708, 1.0873, 1.0985 and 1.1114
•Current range: 1.0616 to 1.0708
EUR/USD ratio starts the week little changed from the Friday session. Currently, short positions have a slight majority (53%), indicative of trader bias towards EUR/USD reversing directions and moving higher.
EUR/USD has edged lower in the Monday session. Currently, the pair is trading just below the 1.07 level. On the release front, Germany releases Preliminary CPI later in the day, with the estimate standing at -0.5%. In the US, today’s key event is Pending Home Sales, with the indicator expected to rebound with a strong gain of 1.6%. On Tuesday, German releases retail sales and the Eurozone will publish GDP and CPI reports. Mario Draghi will deliver remarks at a joint conference of the ECB and European Commission. In the US, we’ll get a look at CB Consumer Confidence.

EUR/JPY Chart

Summary : Target Level : 121.135
Target Period :
3 days

Analysis :
Rising Wedge identified at 30-Jan-05:00 2017 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 121.1350 within the next 3 days.

Resistance Levels :
( B ) 123.313Last resistance turning point of Rising Wedge.

Support Levels
( A ) 121.135Last support turning point of Rising Wedge.


Chart date range :
09-Jan-17:00 GMT-> 30-Jan-09:00 GMT
Data interval : 4 hour
RSI:34 Candles
MA:34 Candles

Thursday, January 26, 2017

USD/JPY Chart

Summary : Target Level : 112.529
Target Period :
2 days

Analysis :
Descending Triangle identified at 26-Jan-01:00 2017 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 112.5290 within the next 2 days.

Supporting Indicators :
Downward sloping Moving Average

Resistance Levels :
( B ) 113.8835Last resistance turning point of Descending Triangle.

Support Levels
( A ) 112.529Last support turning point of Descending Triangle.


Chart date range :
10-Jan-01:00 GMT-> 26-Jan-09:00 GMT
Data interval : 4 hour
RSI:34 Candles
MA:34 Candles

Monday, January 23, 2017

ETF Securities says its exchange-traded funds that invest in gold

GMT ETF Securities says its exchange-traded funds that invest in gold attracted inflows of $65.4 million last week, the most money in 16 weeks. The company attributes the increased demand to a weaker U.S. dollar and investor appetite for assets that offer a hedge against inflation. U.S. inflation last week breached 2% for the first since 2014. At the same time, ETF reported record inflows of money into products betting against the currencies of commodity-based economies, such as Australia and Norway, citing concern about the potential for an economic slowdown in China and a reversal in oil prices.

Tuesday, January 17, 2017

GBP/USD Chart

Summary : Target Level : 1.2317
Target Period :
3 days

Analysis :
Channel Down identified at 17-Jan-05:00 2017 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.2317 within the next 3 days.

Resistance Levels :
( B ) 1.2317Last resistance turning point of Channel Down.

Support Levels
( A ) 1.199Last support turning point of Channel Down.


Chart date range :
27-Dec-21:00 GMT-> 17-Jan-09:00 GMT
Data interval : 4 hour
RSI:34 Candles
MA:34 Candles

Monday, January 16, 2017

EUR/USD Chart

Summary : Target Level : 1.0454
Target Period :
3 days

Analysis :
Channel Up identified at 16-Jan-05:00 2017 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.0454 within the next 3 days.

Resistance Levels :
( B ) 1.0685Last resistance turning point of Channel Up.

Support Levels
( A ) 1.0454Last support turning point of Channel Up.


Chart date range :
22-Dec-13:00 GMT-> 16-Jan-09:00 GMT
Data interval : 4 hour
RSI:34 Candles
MA:34 Candles

Thursday, January 12, 2017

EUR/USD has edged higher in the Thursday session

EUR/USD has edged higher in the Thursday session, pushing above the 1.06 line. Currently, the pair is trading at 1.0640. On the release front, it’s a busy day in Europe and the US. Eurozone Industrial Production sparkled with a gain of 1.5%, well above the forecast of 0.5%. Later in the day, the ECB will publish the minutes of its December policy meeting. In the US, today’s highlight is unemployment claims, with the indicator expected to rise to 266 thousand. We’ll also hear from two FOMC members – Charles Evans and Patrick Harker. Friday promises to be busy, with the US releasing retail sales and consumer confidence reports•EUR/USD was flat in the Asian session and has posted slight gains in European trade
•1.0616 is providing weak support
•1.0708 is the next resistance level
Further levels in both directions:
•Below: 1.0616, 1.0506, 1.0414 and 1.0287
•Above: 1.0708, 1.0873 and 1.0985
•Current range: 1.0616 to 1.0708
EUR/USD ratio is unchanged in the Thursday session. Currently, long and short positions are almost evenly split, indicative of a lack of trader bias as to what direction EUR/USD will take next.

EUR/CHF

Summary : Target Level : 1.0747
Target Period :
3 days

Analysis :
Triangle identified at 12-Jan-05:00 2017 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.0747 within the next 3 days.

Supporting Indicators :
Upward sloping Moving Average

Resistance Levels :
( B ) 1.0747Last resistance turning point of Triangle.

Support Levels
( A ) 1.0705Last support turning point of Triangle.


Chart date range :
20-Dec-17:00 GMT-> 12-Jan-09:00 GMT
Data interval : 4 hour
RSI:34 Candles
MA:34 Candles

Friday, January 6, 2017

USD/JPY has posted slight gains on Friday

USD/JPY has posted slight gains on Friday, as the pair trades at the 116 line. On the economic front, there are no Japanese releases to wrap up the week. In the US, the spotlight is on employment numbers, with three key events – Nonfarm Payrolls, Average Hourly Earnings and Unemployment Rate. Traders should be prepared for possible volatility in the currency markets in the North American session.•USD/JPY posted gains in the Asian session. In European trade, the pair posted gains but has retracted
•115.88 is a weak support
•116.88 is  the next resistance line
•Current range: 115.88 to 116.88
Further levels in both directions:
•Below: 115.88, 114.83 and 113.80
• Above: 116.88, 118.05, 118.85 and 119.83
USD/JPY ratio is unchanged in the Friday session. Currently, short positions have a majority (54%), indicative of slight trader bias towards USD/JPY continuing to move to lower ground.

Thursday, January 5, 2017

Canadian dollar has paused on Thursday

The Canadian dollar has paused on Thursday, following sharp gains in the Wednesday session. Early in North American trade, USD/CAD is trading at the 1.33 line. It’s a busy day on the release front. Canadian RMPI, which measures inflation in the manufacturing sector, came in at -1.5%, better than the forecast of -2.0%. In the US, ADP Nonfarm Employment Change disappointed with a reading of 153 thousand, well off the forecast of 171 thousand. There was better news from unemployment claims, which dropped to a 7-week low at 235 thousand. Later in the day, the US releases ISM Non-Manufacturing PMI. Employment numbers will be in the spotlight on Friday, led by US Nonfarm Payrolls and Canadian Employment Change.
The US dollar retreated ahead of the Federal Reserve minutes on Wednesday and the Canadian currency took full advantage, gaining close to one percent. USD/CAD has dropped to a low of 1.3254 on Thursday, its lowest level since December 14. The Canadian dollar slumped in the last two weeks of 2016, but has rebounded. With Canada and the US releasing key employment numbers on Friday, we could see some volatility from USD/CAD.

Wednesday, January 4, 2017

Trading the professional way

Trading the professional way really involves common sense.  We should buy stock on sale and sell it when it becomes expensive, not the other way around
When you trade you must fire on all cylinders; you must access and activate your resources, strengths and mental weapons in the psychological warfare which is trading.  The trading trenches are not a place to vacillate and equivocate; you must be willing to demonstrate your ability to focus on what matters most in the trade.  You must be willing to plan your trade and trade your plan with complete follow-through of all of your rules.

Monday, January 2, 2017

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USD/JPY has recorded gains on Friday

USD/JPY has recorded gains on Friday, erasing the losses which marked the Thursday session. Currently, USD/JPY is trading at the 117 line. There are no Japanese releases on the schedule. In the US, the sole event is Chicago PMI, with the markets expecting the indicator to dip to 56.5 points.
The yen moved higher on Thursday, courtesy of an optimistic report from the Bank of Japan. The bank’s Summary of Opinion, which was modestly upbeat, comes on the heels of last week’s rate statement, where the BoJ held rates at -0.10%. The summary noted that the economy is showing “moderate recovery”, boosted by stronger exports and steady consumer consumption. The report gave a thumbs up to the economy, stating that growth was expected to remain strong. Despite the optimistic tone of the BoJ, this week’s key consumer indicators pointed to persistent weakness in inflation and spending. Household Spending declined 1.5%, marking a ninth straight decline. The markets had predicted a small gain of 0.2%. The Japanese economy continues to grapple with deflation, as underscored by Tokyo Core CPI. The key indicator came in at -0.6%, weaker than the estimate of -0.4%. The BoJ continues to cling to its inflation target of 2.0%, but this goal is unlikely to be realized anytime soon. At the same time, the Japanese yen is down sharply, losing 11% since November 1. If the US economy continues to heat up in 2017, we could see the Fed step in with further rate hikes, which would likely push the yen to lower levels.