Archive for the ‘Forex’ Category

FOREX and COMEX Market Updates

Posted: January 28, 2016 in Forex

GOLD
Gold markets although positive overall had a negative session on Wednesday. We are getting signals for an initial uptrend. A break above a recent high from yesterday is giving us the confidence to say that the market might reach the $1150 level. At present, the money is flowing into the market and with time it might go higher. We are currently looking for pullbacks to enter long positions. Given enough time, we believe that we will go much higher than that, and it appears that money is starting to flow into this market.
SILVER
Silver markets due to a support at the $14.40 level was able to turn an initial fall and form a Hammer. The bullish tendencies of a hammer suggest that the traders might take this market higher. A sound strategy for entering long positions would be to wait for the $14.60 level to be breached. Any pullback that occurs at this moment, should be overall supportive.
CRUDE OIL
Crude Oil prices climbed higher on Wednesday inspite of a larger than expected build in inventories. The 10-day Moving Average is currently showing a support in the vicinity of 30.17 level whereas a resistance level seems to be present near the downtrend line at the 34.25 level. The overall momentum seems to be negative whereas the MACD(Moving Average Convergence Divergence) is currently somewhat indecisive. The RSI(Relative Strength Index) too is indecisive. The present scenario seems to be made for short positions.
EUR/USD
The EUR/USD stepped up due to the announcement by the Federal Reserve that the federal rates would remain unchanged for the time being; however they did express their doubts on whether the inflation would reach their target goal. Although a degree of relaxation cold be scene but the overall scenario was not as dovish as expected. Hence, march can be expected to be a tough ride. The 10-day Moving Average acted as the support for the rate at 1.0870 whereas resistance is seen at 1.10.
GBP/USD
The GBP/USD has continued with its downtrend during the Trading session on Wednesday, as the bears seems to be holding the reigns of the overall market. Due to the downtrend, we would be looking to short the market on short term rallies and at breakouts below the bottom of the range for the day. Due to the expected Preliminary GDP numbers in the day and the strengthening US dollars, we are not taking any long positions for the time being.
AUD/USD
The AUD/USD climbed higher during the day on Wednesday, breaking above the most recent resistance. However, the 50% Fibonacci Retracement, level still posed a massive resistance in the later half of the trading session; hence we remain focused on short positions. Following that we have an uptrend line that we had previously breached which is in close proximity with the 61.8% Retracement level. Hence, we need to be extra cautious in choosing our positions. At the moment, the wise move will be to look for exhaustive candles in order to start selling again.
USD/JPY
The USD/JPY went up during the trading hours on Wednesday, crossing the 1118.50 level. We will believe the the market is all poised to climb up, if it breaks above the top of the range. The first stop of the ascend would be the 20.50 level. Our suggestion would be to buy supportive candles at lower levels.

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GOLD
Gold prices are facing resistance almost in the same as the January highs of 1,113 whereas a better than expected Chinese trade data gave a support near the 10-day Moving Average at 1,085. Gold prices climbed higher due to the US stocks moving lower and the investors running towards the yellow metal to take cover. MACD(Moving Average Convergence Divergence) indicator is suggesting positive momentum. Trading Signal Trial
SILVER
The Silver markets on Wednesday climbed up but were still within the same range which they have not left for some time. We have a resistance at $14.60 level, but with people rushing towards gold suddenly has brought massive buying buying pressure in gold. Hence, silver too might get some taste. we have hopes that the market might garner some short term gains in the immediate future. Any pullback from this level, might see a support at the $13.80 level.
Crude Oil
Crude Oil prices remained stationary and consolidated in the same range, despite of decline in inventories if heating oil and gasoline. We have a resistance in the vicinity of 10-day Moving Average at 33.86 and a support near the January low at 29.93. The Relative Strength Index(RSI) showed an oversold level. In any case, if we fall any more; the downward move would only gain speed whereas any upward rallies should be exploited.
GBPUSD
The GBP/USD pair took a dive on Wednesday under the negative market pressure. The pair somehow managed to form a hammer and gives some hope of a residual resilience left. Any type of rally initiating in this area has the potential to be exploited as a short position. Even a breach below the lows from the past few days would serve the same purpose. Long positions at the moment are not comfortable to enter at the moment.
EURUSD
The EUR/USD after having found a jumping base at 1.08 level had a roller coast ride on Wednesday moving to and fro for the entire duration. The majority negative sentiment that is prevalent at the moment is dense enough to keep us on the sidelines for the moment. For the time being, best move is to exploit short positions on short term rallies.
AUDUSD
The AUD/USD kept fluctuating around the 0.70 level which led to the pair slipping on Wednesday. The present scenario signals that it might go even lower. An up trend line was noticed to have been breached which can be considered to be a shift in the momentum and the rallies are also observed to be under selling pressure. Our expectations are around 0.65 level being reached given sufficient time.
USDJPY
The USD/JPY saw massive resistance at 118.50 level and dropped on Wednesday. The present scenario also suggest that the drop might continue. The main point of this pair is that ii is very sensitive to risk aversion and hence would see a large majority returning to sell US dollars.Long positions are only to be entered in case the 119 level is breached.

GOLD
Gold markets, once again to check the depths breaking below the $1090 level on Tuesday. We have a support at the $1080 level, which might be tested if it breaks the current level. Current scenario shows the US dollar to be relatively stronger than precious metals. Short positions would be our choice once we breach the$1080 level and a likely target might be $1060 level. Long positions are not to be entered without confirmation of sorts in the form of a supportive candle. Live Trial Signals
SILVER
Silver markets dipped again on Tuesday, breaching the $13.80 level.Due to a support below, we are sceptical there might a break in this fall in the near future. At present the comfortable move to take would be a short position. There happens to be resistance extending to the $14.00 level and we believe any attempt to rally might turn into consolidation. 
Crude Oil 
Crude Oil went on quite a ride on Tuesday, making a low of $29.93 per barrel which happens to be a two year low and later came back to $30.57 per barrel. Expectations are that the prices might recover to some extent in light of larger than expected draw as stated by the American Petroleum Institute. We see a resistance near the 10-day Moving Average at 34.60 level and the MACD(Moving Average Convergence Divergence) is signaling a negative momentum.
USDCAD is having potential to move upto the level of 1.5100 but the next trigger would be CRUDE OIL Prices (below $30, WTI/NYMEX)
Important FOREX Counters for 2016
GBPUSD
The GBP/USD pair dipped below on Tuesday, touching the depths around 1.45 level. At the moment, short positions are the ones that are more comfortable to enter in.Our suggestion would be to short any rally that shows signs of exhaustion below the 1.45 level. Due to the new low, it seems the current down trend might continue for the moment. Relatively it seems it US dollar will continue to strengthen.
EURUSD
The EUR/USD pair seemed to be in a hurry to reach the 1.08 level as it slipped on Tuesday. The present picture suggests it might check the 1.07 level which has a history of being quite a turbulent area.it seems the pair is going to attract more buyers in the immediate future, however the 1.08 level might have more supportive characteristics than being assumed.The present outlook does suggest the overall bearishness might prevail for some time.
AUDUSD
The AUD/USD pair went for a roller coast ride on Tuesday as it continued to fluctuate in the 0.70 level. The overwhelming fears of the gold markets falling and the softness in the Australian dollars is what has clouded this pair. Our interest in the short positions is due to a recent trend line breakout. Long positions at the moment are not comfortable to enter in.
USDJPY
The USD/JPY made an attempt to rally on Tuesday, however the sellers returned and formed a star like candle. This forces us to believe that the pair will continue to fall and we still have a chance of sellers returning after a short term rally. We might enter into long positions but only when we breach above the 119 level, which doesn’t look like it will happen in nearby future.

GOLD
Gold prices were affected negatively with the Fed’s LMCI (Labor Market Conditions Index)rising to 2.9 points in December.Gold markets had an inside day with the high being lower than prior days high and Low being higher than previous days low which is a signal of prevalent indecisiveness in the market. We have a support in the vicinity of the 10-day Moving Average at 1,080 and a Resistance at 1113 level.The MACD(Moving Average Convergence Divergence) is giving a positive Momentum. 3 Days Trial Signals
SILVER
Silver markets spent the Monday session in a volatile mood, mainly due to the associated effects of the $14 level. At this point, there is a possibility that we can rally from here. It appears we have sufficient selling pressure to prevent the market from falling.Capitalizing on that, we are currently looking to take advantage of signs of exhaustion in short term rallies. Consequently we are short term sellers.
Crude Oil
Crude Oil is currently diving to the depth reaching lows of $30.88 i.e.nearly 7% down.At present, it seems that the down trend that occurred till now might continue in the short term. With the crude oil inventories at 80-year high; demand seems to be taking the beating. The MACD(Moving Average Convergence Divergence) indicator is giving the momentum to be negative;hence signaling short positions.
GBPUSD
The GBP/USD made an attempt to rally during the Monday session; however, it turned back and formed a shooting star instead. The shooting star candle happens to be located immediately above the 1.45 level,hence we are refraining from short position at the moment. We will see a spurt in selling as we breach below the 1.45 level and that is what is keeping us on our toes. On the other hand, any move upwards and we would like to have a confirmation signal before we make any decision .
EURUSD
The EUR/USD pair had a hard time on Monday, falling initially on Monday and later taking a U-turn to rally at the time of market close. At present, it seems that it is going to be volatile in short term with majority movement being sideways. The present level of volatility in this market is not to be taken chance with and hence we are currently sitting on the sidelines.
AUDUSD
The AUD/USD on Monday formed a shooting star after an attempt to rally. The negativity of the shooting star is making us feel that the market might breakdown and that too significantly. At the moment, we are in the position to sell short term rallies due to the minor support that we see below. In the present market, long positions are not to be touched.
USDJPY
The USD/JPY on Monday closed with a shooting star after a failed attempt to rally. The move was a reflection to some degree of US stock markets which the pair is known to follow.the initial rally that we referred earlier was lost due to the sellers that stepped in later and took the market lower. Shooting star that we saw is a signal that the market is going to breakdown and if that happens, we might revisit the116 level.

Daily Forex Technical Analysis Report

Posted: December 24, 2015 in Forex

GBPUSD
The GBP/USD made a spike from the 1.48 zone on Wednesday. However, the resistive nature of $1.49 level has recently been quite frequently exhibited, hence we suspect the downtrend might continue for the moment. Currently we are looking to make profits through short positions. 1.50 level might be considered as a ceiling, hence our interest in Long positions will be stirred up only after that. 3 Days Free Trail Signals
EURUSD
The EUR/USD took a dip in light of stronger than expected U.S. New Home Sales report. The pair found a support in the vicinity of the 10-day Moving Average at 1.0920. We see a resistance at 1.1059, that also happens to be in the zone of December highs. Among the indicators, RSI(Relative Strength Index) happens to be in the neutral zone and MACD(Moving Average Convergence Divergence) also isn’t giving positive signals.
AUDUSD
The AUD/USD spent the entire session on Wednesday exhibiting pendulum motion as the 0.72 level seems to be a sticky one for the pair. Take a look at the 100-day Exponential Moving Average, it is essentially flat and hardly any defined trends happen to be there. For the moment, it is better to stay away from this pair due to the lack of volatility at present.
USDJPY
The USD/JPY pair had a lazy Wednesday as it continued with its stay in the 120.50 level. Any noise at this level is vibrated to the 118.50 level. At present, we are in search of a good opportunity to take a Long position and a supportive candle might give us the confidence that we lack at the moment. Any chances of a short position are below the 118.50 zone. However, it seems this might take a while before it occurs.

GBP/USD
Tuesday seemed to be ruled by volatility throughout the course of the day. The pair might have broken down,however 1.50 level below comes out to be supportive,hence our eagerness to start selling. The main game changer for the current period will be the impending FOMC Statement as it has the ability to change the market direction instantaneously. We are currently playing safe and wait for the market to make up its mind. The best thing to do at the moment is to simply wait. Get 3 Days Free Trial Signals
EUR/USD
The EUR/USD pair made a bearish candle in the 1.10 zone on Tuesday. The FOMC statement will be playing its part in this pair too, as it is the only way to get an idea what the Federal Reserve is planning to do next. Its best to calmly wait for the Fed decision and then decide what to do. Until the decision is released ,we expect high Volatility in the market.
AUD/USD
The AUD/USD pair finds support at 0.7150 level and we have hopes of a pull back from this level. Tuesday saw the pair drop as we continued with our search for opportunities. A prolong drop might see the pair touch the 0.70 level, but the possibility is stronger in case the lows of of the session are breached.Overall, the markets are going to be very volatile.
USD/JPY
The USD/JPY climbed up on Tuesday, due to the presence of buyers below. We are positive of touching the 124 level and with the FOMC statement on its way,the volatility might give us some additional thrust. Considering the 120 level as the “floor”, we might exploit the any pullback as a buying opportunity. A hawkish statement might even get us passed the 125 level and our confidence refrains us from taking any short positions.

DAILY FOREX TECHNICAL REPORT

Posted: December 4, 2015 in Forex

GBPUSD
The GBP/USD pair did a volt face on Thursday. It fell during the initial trading half of the day and then shot like an arrow through the 1.50 level.As the ending of the day approached near the the 1.52 level became fiercely resistive. The resistive nature of 1.52 level has forced us take a short position with an eye on a safe target of 1.50 whereas if it betrays us and breaks above the 1.53 level, the market should continue to go higher.
EURUSD
The European Central Bank(ECB) crushed all hopes lined with its stimulus and offered only disappointment which quickly resonated with the EUR/USD pair making a sudden take-off to the upside following its initial fall during the day. The launch in the later half of the day made the pair to enter into the bottom of the uptrend line that had previously made the ascending triangle.
All eyes now await the Nonfarm Payroll Friday, which can turn the tables around if we get a very strong jobs number. A confirmation from a resistive candle would then give us the confidence to enter into the short position.
AUDUSD
The AUD/USD fell during the initial half of the day but then turned around owing to the strength of the Australian dollar. Currently the resistive zone of 0.74 level is visible and also there’s impending volatility due to the awaited unemployment data. We are set to take a short position as soon as we cross the lowest point of the preceding days candle. With passage of time, the direction of markets intentions would become clear and we would be free to make an impulsive move higher or face a break down .
USDJPY
The disappointment that the European Central Bank(ECB) delivered echoed through the USD/JPY too resulting on the Euro gaining and Dollar falling,consequently the pair fell apart during the day on Thursday. This particular market is very sensitive to the jobs number, hence hoping if we get a decent number, we are to positive in seeing this market retrace its path back to the top of the triangle that is on the chart. Two supports one at 122 , and the 121 level are visible.