Month: March 2018

USDCAD Buy at 1.2835 and 1.2813 (stop 1.2783), Thursday

USDCAD Buy at 1.2835 and 1.2813 (stop 1.2783), Thursday


In line with yesterday’s, and this week’s, bullish bias demand for USDCAD             continues. A 3rd up day in a row took the currency pair to the most bullish levels traded for 10 weeks. Signals for sentiment remain at overbought extremes but with the market hugging the upper band of a rising Keltner channel, we look for profit taking to remain temporary. So, this morning’s call is to Buy at 1.2835 and also any 1.2813 dip. The risk is 1.2783 with upside targets of 1.2863, 1.2885 or even towards December’s 1.2920 peak.

Forex Technical Analysis: Trend potential – Wait for a retracement to (108.03-107.770)

USDJPY – Down

Technical observation

The pair on the daily chart above broke below a support zone (108.03-107.77),rallied down up to a key line 105.55 then retarced twice to it,right now it is correcting towards the zone and I expect a possible rejection of it around or within the zone for adecline in price towards 105.55.I would advise you sell USDJPY within or around the zone with your take profit at 105.55 and stop loss around 108.69.if there’s a clear breakout above the zone wait for a correction to it to confirm bullish movement of price before you enter a trade with your target at 110.26.Right now only short positions can be advised towards 105.55.

Technical levels

Resistance levels

R1.107.38

R2.108

R3.109.02

Pivot

107.04

Support levels

S1.106.36

S2.105.97

S3.104.95

Trade signal

Wait for a retracement to (108.03-107.770) to short USD with your take profit at 105.55 and stop loss around 108.69.

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Forex Technical Analysis: Trend potential – Wait for a pullback to (1.3803-1.3756)

GBPUSD – Flat

Technical observation

On the daily chart above, there is a clear breach of price below a support zone (1.3803-1.3756),I expect today’s candle to close completely below the zone ,I also expect a pullback to it and a possible rejection of price within or around the zone for a decline in price towards 1.3507 or even a breakout below it for a further decline in price towards 1.3308 and 1.3050.I would advise you wait for the correction and the rejection of price within or around the zone to short GBP with your take profit at 1.31507 and stop loss around 1.3900.In case there’s a clear break out above the zone, only buy after a correction to the zone .

Technical levels

Resistance levels

R1.1.4011

R2.1.4067

R3.1.42

Pivot

1.3936

Support levels

S1.1.3878

S2.1.3801

S3.1.3668

Trade signal

Wait for a pullback to (1.3803-1.3756) to short GBP with your take profit at 1.3507 and stop loss around 1.3900.

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Forex Technical Analysis: Trend potential – Wait for a retracement to (1.2240-1.2211)

EURUSD – Up

Wait for a retracement to (1.2240-1.2211)

Technical observation

Yesterday the pair on the daily chart above broke below a key support zone (1.2240-1.22110 with a big red candle; when price was corrected to the zone it could not be contained within the zone and as not rejected instead it penetrated below the zone resulting into the breakout. Right now it is rallying below the just broken zone and I expect a correction to the zone and a possible rejection of it within or around it for bearish movements of price towards 1.1935, I would advise you wait for a retracement and rejection of price around or within the zone then short EUR with your take profit at 1.1935 and stop loss around 1.2340.

Technical levels

Resistance levels

R1.1.2369

R2.1.2407

R3.1.25

Pivot

1.2318

Support levels

S1.1.2276

S2.1.2221

S3.1.2128

Trade signal

Wait for a correction to (1.2240-1.2211) to short EUR with your take profit at 1.1935 and stop loss around 1.2340.

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