GBPUSD at Resistance

Resistance at this level seems to be holding up as price turns south after touching it.

GBPUSD H4

AUDUSD Bounce Coming Up

Those who waiting for a bounce in AUDUSD, wait might finally be over. 

A big support area is coming up at 0.9575/85 - just 50 pips away from current price. On last Thursday, price bounced from .09590/95 area.

I went long at current price 0.9630 and will buy on dips towards 0.9575.

AUDUSD Daily

GOLD Big Support Coming

GOLD Daily

The area around 1320 which held during last fall, should be big support now. Looking back on daily charts, I found that this level gave a good bounce previously. 

Although fundamentals has changed but there might be options related buying around that level. 

I plan to go long on touch of that level and will keep on building position till 1300 level. 

USDCAD Long Trade

USDCAD H4

Recent USD strength should continue - thats what some analysts are predicting. In a time when Gold is losing its shine, USD should be the favourable currency. 

Coming to USDCAD, I see a long trade opportunity coming up after break of daily trendline. Looks like price will pullback towards the trendline and then will bounce from there. And thats where I plan to go long as well. 

AUDUSD Bounce a Short Opportunity

AUDUSD Daily

The recent decline in AUD is mainly caused by the fundamentals. And many analysts are predicting AUD to fall to 0.9/85 before any stability. And after falling to that level, it will consolidate till some fundamental improves. 

Mixing the above view along with technicals, there comes a short opportunity. After the big daily triangle break, price is bouncing a bit. Bounce towards the lower trendline present a short trade opportunity. 

I plan to enter short on touch of the tendline with a stop on break and daily close above lower trendline.

USDCAD Channel Trade

USDCAD H4

Recent spike in USDCAD is controlled within the long standing descending channel. 

Plan is to short on touch of channel's upper trendline. 

GBPUSD Channel Break Trade

GBPUSD H4

Recently pair has broken long standing channel but is held by a strong support just below the channel.

A break of this support area could mean more losses. 

Plan is to short the pair on any spikes towards the channel's lower trendline which comes a resistance as well. 

Another case might be that price just goes down breaking support. I plan to go short on break and daily close below support level.

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UPDATE: Pair went straight down breaking the support. Going short on break of support gave me a 50pips profit trade.

EURUSD Channel Consolidation

EURUSD H4

Lately pair is moving in ascending channel. 100 & 200EMA are almost flat - indicating consolidation. 

Looks like the pair is in range based trading. It is not able to break resistance of 1.3140/45 area after several attempts. 

Plan is to enter short near the resistance area of 1.3140/45. 

USDCAD Triangle Break - Trade Opportunity

USDCAD M30 Triangle

Price is consolidating in the triangle from past few sessions. A break of this triangle should provide a trade opportunity. 

Strategy is to go short on break of lower trendline and long on break of upper trendline. 

EURUSD Triangle Watch

Triangle am watching in EURUSD. 

Looks like price is entering a consolidation phase between trendline. 

Strategy would be to play pullback from these trendline.

GBPUSD Consolidation Channel

GBPUSD H4

Currently price is trading near to big support/resistance level. Previous post and chart [here].

Price is moving in ascending channel and looks like price is creeping up. As long as price remains within the channel, it calls for more upside. 

My strategy is to go long near the lower trendline of channel and short on touch of upper trendline.

EURJPY Channel

EURJPY H4

I am watching this channel from past few sessions and its coming out very well. Previous post [here].

Price is coming down after spiking to the top of the channel. Looks like price will consolidate within the channel. 

EURJPY Channel For Next Week

EURJPY H4

EURJPY Channel trade. 

Plan to short near the channel's upper trendline and to go long near the lower trendline.

AUDUSD Support-Resistance Levels For Next Week

AUDUSD H4

The price is still confined in 1.06-1.01 range. And in between them there are couple of support-resistance levels to watch for. 

Currently price is pulling back from support-turned-resistance area around 1.0335. Above this lies another resistance at 1.0370/75. 

I will be watching these level next week closely for any potential trade setup.

EURUSD Support-Resistance Levels

EURUSD H4

Currently price is hitting channel's lower trendline. Just above that lies a big resistance level. 

A good momentum is required to break the resistance level. Price action was unable to it on several previous occasions. 

I will be watching this area next week closely for any potential trade setups.

GBPUSD Trendline And Support-Resistance Levels

GBPUSD Hourly

GBPUSD price action is well respecting this trendline. First it started with support and when broken it turned into resistance, which when broken upside, turned support again. 

Currently it is acting as resistance on any spike. Now the price is between the trendline and support area. 
On any dips, I am expecting the support to hold and to push prices higher. 

GBPUSD Long Trade Setup

GBPUSD Daily

Area around 1.5250/60 has provided a good resistance in past. 

In previous many sessions price has tried to cross the resistance level but it has failed. On Friday, post NFP rally price has not only closed above the resistance level but it has also made good gains above it. 

I expect the resistance to turn support on any dips. Price action looks bullish in medium term. 

Any dips towards the support level 1.5250/60 should be considered as buying opportunities. 

AUDUSD Double Top

AUDUSD Hourly

Pair has made a double top and letter M on hourly charts. 

Currently price is near to neckline of letter M formation and might see a bounce to upper resistance. 1.04 area will be a good resistance now. That would be a nice place to enter shorts.

I will be wait for any spikes towards 1.04 resistance area to enter shorts.

EURUSD Channel Holding Up

EURUSD Hourly

Yesterday's rally after ECB meeting stalled right at the channel's upper trendline. 

A break above the channel will push the pair higher and mean that a short term bottom at 1.2750 is in place. 

GBPUSD at Resistance 1.5255/60

GBPUSD Hourly

Yesterday's big spike stalled just short of the big resistance level around 1.5255/60

This is a big resistance level and price looks little over-brought. So I am expecting a pullback till the trendline before up move resume, if it have to.

EURJPY Short Trade Plan

EURJPY H4

Although after today's Yen weakness, shorting XXXJPY pairs is not a good idea but the today's moves seems exorbitant. 
I also favor shorting Yen, but currently I am looking for a pullback. Its purely a technical trade and currently price looks very overbrought on all timeframes. 

There's a descending channel on H4 charts and price is trading inside it since last week of Jan-13. Price is near to channel's upper trendline. 

I plan to short, small size, on touch of the channel. That area comes around 124.75/80. I am looking for a pullback. Stop will be on H4 close above the channel. 

GOLD breaking short term triangle

GOLD M15

Gold broke the short term triangle. 

Looks like a bottom in place. 

For bigger picture and my trade plan, see post.

Next resistance comes at 1560. 

AUDUSD Support Level

AUDUSD H4

AUDUSD at major support level and looks like pair is bouncing from it. 

A clear break and close below will send the pair lower. 

EURUSD Major Resistance

EURUSD Hourly

Currently at major resistance. So far this resistance has capped any rallies. 

A break of it indicates that a bottom is in place and should send pair higher. 

Next resistance comes in form of channel. 

Another way of looking at chart is the hourly channel that is forming up and a bounce from them support at 1.2750. Chart below:

EURUSD Hourly

GBPUSD Major Support

GBPUSD H4

We might be in for a bounce after yesterday's drop. 

Currently price is touching a major support area which is held since long. This area comes around 1.5075/80. 

I went long at 1.5085 and looking for a bounce here.

-----------------------------
UPDATE:
I banked long trade at 1.5140. A total profit of +55pips..

AUDJPY Channel and Resistance

AUDJPY Hourly

Pair is in descending channel. 

On any spike, strong resistance comes up at 98.20/25 area. This area is support turned resistance and I am expecting this to hold. 

I plan to go short on touch of the resistance area with stop on daily close above it and targeting middle/lower part of the channel.

GOLD at Major Support

GOLD Daily

I am watching this setup from past few sessions. 
GOLD has been trading in a daily triangle since long and now is touching the lower trendline.
Just below the trendline comes another major support area. 

EURUSD Channel

EURUSD Hourly

Pair is drawing up a falling channel and currently price is in middle of it. 

Currently price is at support-turned-resistance and if price goes thru it then next resistance comes at channel upper trendline which has been held since Feb-2013. 

AUDUSD Daily Range

AUDUSD Daily

Looks like AUDUSD is range bound between 1.06 and 1.0150. Price is oscillating between these levels since August-2012. 

After the recent RBA statement, price are moving up, but I expect that to be limited. I am planning to short the pair near to trendline, which has restrained price previously also. This area comes around 1.05.

USDCAD Channel in Play

USDCAD Hourly

This is the channel I am looking to trade out today. Price is bouncing after touching lower trendline.

There is also horizontal support at this area and price bounced from it previously. 

I am long from 1.0170 and looking towards mid of the channel.

Who the Gold Bugs are

So now we know who the Gold bugs are. CNBC has reveled to the whole world this mysterious species. 

• Those with underwater homes

• With high school education or less

• With under $50K invested

• Tea party supporters

What a fantastic job CNBC has done. Bravo

More from BusinessInsider [here].

USDJPY Triangle

USDJPY triangle am watching A break on either side brings a trade opportunity. 

USDJPY Hourly

GBPUSD At Big Support-Turned-Resistance

GBPUSD Daily

Level around 1.5250 has been a big support previously. 

This time price is again at that area but from downside. So I expect this level to become support-turned-resistance. 

I entered short at 1.5245 with a stop at daily close above the resistance area. 

EURJPY Ranges

EURJPY Hourly

Looks like pair constrained between 124 and 121.50 area. 

Area around 124 is support turned resistance and price has backed off twice from that area. 

Price action looks rangy and I would like to play ranges by shorting pair around 124.

USDCAD Resistance Turned Support

USDCAD Daily

I was watching this trendline from past few sessions but I missed out this trade opportunity. Trendline is support now after being broken.

I am looking to go long on touch of trendline, in case it happens, with a stop on daily close below the trendline. The long entry area comes around 1.02/90 figure. Price bounced right from that area yesterday.

EURJPY Support Holding

EURJPY Hourly

I was watching this channel from past few sessions and along with the recent drawn trendline joining the recent lows. The confluence of these two was expected to be a good support and price bounced right from it. 

As I tweeted yesterday, I went long at 122.20 on touch of the trendline and currently my stop is BE. I am looking towards mid of the triangle to book profits. 

GBPUSD Broke The Resistance Line

GBPUSD Hourly

Recent GBPUSD strength has broken above the resistance line which was holding up since Feb. 

It stalled just few above 1.52. 

I am expecting the trendline to become resistance-turned-resistance and looking to go long on touch of trendline with stop at hourly close below the trendline. 

EURJPY Trendline

EURJPY Hourly

GBPUSD Line and Flag

GBPUSD Hourly

On Hourly charts, the trendline resistance is holding up so far. 

After breaking the channel to the upside, trendline resistance is coming in play. Pair is making out a bullish flag formation. We can call it triangle as well. 

GBPUSD Breaking Wedge

GBPUSD Hourly

I am looking for a meaningful rebound in this pair and looks like its on cards now. 

The bounce from channel's lower trendline has broken a fallen wedge. Despite bad news out of UK, pair is finding buyers, might be its profit taking. But whatever we got the rebound that we were looking for. 

I am already long on this pair from past 2/3 sessions. Previous post [here]. 

On any pullbacks, the wedge trendline is expected to provide good support.

AUDUSD Hit Dual Resistance

AUDUSD H4

AUD is coming down as fast as it went up after hitting channel + 200EMA resistance.


Channel's upper trendline and 200EMA comes almost at same level and price momentum was unable to break it up.

Face of Australian Employement

It doesn't look good overall. 

Mining-Australia reports that for recent open positions near Cairns & Brisbane, BMA received 8000 applications for just 250 jobs and 10000 applications for just 800 jobs. 

Complete report from Mining-Australia [here].

Intrade shuts down Completely

Fellow traders using intrade might see this message on their website.

With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.

The move comes three months after the US Commodity Futures Trading Commission sued to stop the company from offering prediction contracts to Americans, who were the most active users of the site. Intrade made no mention of that case in its notice.

Its reported that company has closed all open positions at fair value.

Further reading from FT [here]

CADJPY Double top

CADJPY Daily

Pair looks over-brought on daily charts and this might be a reversal sign. 

Looks like pairs is carving a double top pattern after getting rejected from 94.40/50 area twice.

GBPUSD Channel Buy Setup

GBPUSD H1

Price is constantly bouncing from the channel support.

Price looks a bit of oversold and there might be a pullback shaping in. 

GOLD Trendline Am Watching

Plan to go long on touch of this trendline.

GOLD Hourly

EURJPY Channel

EURJPY channel am watching.

Price is pulling back, but should be cautious if shorting this EUR rally post news.

EURJPY

EURUSD At Daily Channel

EURUSD Daily

Pair touched the lower trendline of daily channel yesterday. But looks like price is bouncing today. 

This channel is in place since Aug-2012 and a break lower could mean more down coming. 

I am expecting this channel to hold. I went long yesterday at 1.2988 on touch of the channel. 

India's Record Export to Impact Wheat Prices

India plans to put record volume of wheat in global markets to cut its massive stocks. And this could mean a lot to Wheat prices on global scale. 

"Wheat exports are a priority issue as the new harvest is about to begin later in the month," said the farm ministry official, who declined to be named as he was not authorized to speak to the media.

It could decide to allow another five million tonnes of wheat exports as early as Thursday, government sources have said -- more than doubling the sales already approved to about 9.5 million tonnes.

India has a golden opportunity, at least for the next few months, before exports from Australia, US, China comes to global markets.

More from Reuters[here]  
 

Credit Suisse sees EUR/USD rebound

The euro will likely trade in a narrow range for the next month or so then climb, according to analysts at Credit Suisse. They forecast EUR/USD at 1.33 in three months and 1.40 at year end.

There is lots of bearish GBP talk, including from CS and Bill Gross.

Source [forexlive]

EURUSD Daily Channel

EURUSD Daily channel am watching.

A break means more low coming..

EURUSD Daily

European Equity Close

European equity market close for 06-Mar-13

• UK FTSE   down 0.2%
• DAX             up 0.6%
• ItalyFTSE MIB down 0.2%
• CAC              down 0.5%
• Spain’s IBEX down 0.8%

GOLD Time To Build Long Positions

GOLD Daily

I posted this long term picture few days ago and its still valid. Previous post [here].

Looks like GOLD has entered a consolidation phase near the lower horizontal support area. This area is long held and supported dips since Sep-2011.

USDCAD Long Trade Plan

USDCAD Daily

Thanks to USD strength, this pair has broken out of uptrend channel and long held trendline.

Now I am looking for a pullback area to load this pair. Area around 1.02 is confluence of the daily channel and trendline. 

NZDUSD Breaking Channel

NZDUSD Daily

NZDUSD has recently broken the long held channel support. 

Pair was trading within the channel since July-end but the momentum wasn't enough to break the horizontal resistance at 0.8460/70. And it pushed the pair down.