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. 

EURUSD Trade Plan

EURUSD H4

I posted this chart few days ago. Previous post [here].

Support-resistance are playing out nicely.