As seen from the chart, the market is consolidating in a channel with mild bullish momentum. Today price opened above the pivot which is at 1.33050. There are two scenarios that may play out based on our technical analysis. Continue reading “Trade of the day: USDCAD”
Following the positive momentum gained by the metal from last weeks Fed rate decision, price is still maintaining a position above the 50 hourly moving average. Today the market opened above the pivot price which is at 1229. Price is in a bullish channel and seems to be making a brief pull back towards support. The RSI is above the neutrality point and also broke above a descending trend line. Continue reading “Trade of the day: GOLD”
The commodity had a negative day yesterday with reports of more than expected output coming out of Saudi Arabia and questions being raised on the effectiveness of the OPEC output ban. On the technical side a bounce now seems to be in effect. Continue reading “Trade of the day: Brent Crude”
The pair is advancing up a trend line, supported by a bullish RSI and the 50 hourly moving average. Today the pair opened above the pivot price which is at 86.75. Price is currently around the support zone of the rising trend line. Continue reading “Trade of the day: AUDJPY”
A very weak Sterling has been on the receiving end of an Euro dominance for the better part of the week and the last few days of last week. Today the market opened above the pivot which is at a price of 0.8650. There is still potential for some further upside.
Continue reading “Trade of the day: EURGBP”
The strength of the US economy in recent times, coupled with the increased possibility of a rate hike later this month has seen the Dollar dominate against a basket of other currencies. More recently the USD Index took a correction towards support but is not on track to make a recovery.
Continue reading “Trade of the day: EURUSD”
The pair is on a tight uptrend although as can be clearly seen, the RSI is at an overbought point. This can signify that the trend could push up much further or could signify the market may soon reverse. A reversal would likely be indicated by price moving below the days pivot, which is at 1.077, and below the 50 MA. Also a reversal might be signaled by a bearish divergence.
Continue reading “Trade of the day: AUDNZD”
Following a rally just before the market closed for yesterday, the commodity is not established to be in a mild bearish channel. As of this morning price can be seen to have bounced off the channels resistance line and looks to be heading down.
Trade recommendations would be short positions targeting 55.972 and further down at 55.73 as well. Stops can be placed just above the channels resistance line over the last peak before the price reversed.
Snap, the parent company of popular social media app- Snapchat, is set to launch its IPO (Initial Public Offering) on the New York Stock Exchange and effectively make the company’s shares available for trading from possibly the 2nd of March. Early investing in technology companies can be one of the wisest financial decisions to make. Continue reading “Trade one of the largest Tech IPOs ever…in Naira”
The pair has some fair amount of retracement in yesterdays session following an impressive bull trend that ran from last week Friday and peaked yesterday. As seen in the chart technical indicators today are slightly bullish. The 50 MA is below price and the RSI is mixed to bullish as well with it being just at the neutrality point.
Continue reading “Trade Of The Day: GBPCHF”