The Dollar index seems to be making some recovery and this morning price opened above the pivot which is at 1.3355, currently price has bounced off the support area of what seems like a bullish channel. The support area also coincides with the pivot zone. Other technical indicators including the MA and the RSI are not yet fully bullish but seem to be setting up for it.
Best trade recommendation would be to go long (buy) and target 1.3410 and 1.3430. If on the other hand you notice price breaks downwards below the support and below the pivot, then short (sell) trades can instead be considered with targets around 1.3335 and further down at 1.3315.
The index gapped downwards at market open, following a bearish breakout that occurred last week. On the 4 hour chart this can be seen quite clearly. Technical indicators including the MA and the RSI both indicate a selling sentiment.
Continue reading “Trade of the day: FTSE”
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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”