The EURUSD pair broke out to the upside during the session on Wednesday and cleared the 1.10 level. Expected to be 1%, the announcement actually was 0.2 %, and that of course is a massive miss. Ultimately, the US economy continues to be the focus and as a result traders anticipated that the Federal Reserve would release a very dovish statement later in the day.
The GBPUSD pair broke higher during the course of the session on Wednesday, slamming into the 1.55 level. As this area offers a bit of resistance we can see a pull back in the market. Quite frankly it’s not until we get above the 1.5550 level that were comfortable the market continues to climb. At that point time it becomes a “buy only” type of market in our opinion. However, if we get a resistant candle right at the 1.55 level again, we would be willing to sell their as we think a pullback would be imminent.
The AUDUSD pair initially went much higher during the course of the day on Wednesday, but pullback to form a shooting star. With this, it looks as if the market is ready to go lower, and we of course can be sellers on a break of the bottom of that candle. We believe the market should then head to the 0.79 level, and perhaps even lower than that. We do not see potential in buying this market, at least not until we get above the 0.82 level, something that’s going to take a bit of strength.
The NZDUSD pair tried to rally during the course of the day on Wednesday, but failed again at the 0.7750 level. By doing so, it ended up forming a shooting star, which of course is very bearish. Because of this, we believe that the market is ready to pull back down towards the 0.75 level, over the next several sessions. We feel that the market will be very volatile. We believe that the New Zealand dollar will continue to suffer at the hands of an erratic and very confused market.
Forex Technical Analysis and Signals 30 AprilPosted: April 30, 2015 in Forex
Tags: currency signals, forex signals, Forex Trading Tips, Profitable Trading Signals, Trading Advices