Trade of the day: GOLD

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Yesterday, Gold broke out from the support zone of a bullish channel, and now seems to have eased into a bearish mode. Today the market opened below the pivot price of 1265. And at the time of this report, price has hit a resistance with a chance of heading downwards. Technical indicators like the 50 MA on the hourly chart, and the MACD are also bearish.

Provided price does not go above the pivot, then short trades are recommended with targets around 1259 and 1256.75. If however at any point in time, price moves above the pivot, then long trades can be considered with targets around 1268 and 1270.50.

Trade of the day: USDCHF

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USDCHF was on a downtrend for the better part of last week and could continue the bearish trend this week. However looking closely at the 1 hour chart reveals that there is a level of divergence currently in play. The market opened today below the pivot price which is at 0.9765, technical indicators are bearish and so we can easily say best recommendations are short trades. But the divergence on the chart must be watched very closely (the dotted white lines on the chart and the RSI). It shoes the RSI with a series of higher lows, but market price with a series of lower lows. This may indicate the trend will end soon.

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Trade of the day: Brent Crude

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This asset has been fortunate to have a series of positive fundamentals in the past week. From the agreement of an output cut extension beyond 2017, to latest inventory figures showing a reduction of quantity in storage. This has allowed price gain enough momentum to be in a bullish channel. Today the market opened above the pivot price which is at 51.7.

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Trade of the day: USDCAD

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As can be seen from the chart, the pair is in a bearish channel with the trend confirmed by the 30 and 50 hourly moving average lines. As at the time of this analysis, price seems to have bounced off the resistance line of the channel and looks to head downwards towards support.The market opened today below the pivot price which is at 1.36550.

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Trade of the day: AUDUSD

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The open of today’s session marks the third consecutive bullish day for the Australian Dollar against the USD. As seen from the chart, price is within a rising channel and opened today above the pivot price which is at 0.7380. Technical indicators point towards more upside including the RSI and hourly moving average lines.

Best trade recommendation will be go long targeting 0.7440 and 0.7450. Trade entry should also be done carefully. It may be worth considering waiting to go long only when price moves back towards the support zone of the channel or breaks out above the resistance line. Alternatively, if price reverses and moves below the pivot price, then short positions can be considered with targets around 0.7365 and 0.7350.

Trade of the day: USDJPY

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The pair has been on an uptrend for a while now and is bullish on several time frames. Today the market opened above the pivot price which is at 113.95. Technical indicators including the RSI and 50 MA on the hourly chart all points at potential for further upward movement.

Provided price stays above the pivot, long positions are recommended with targets around 114.40 and 114.70. On the alternative, if price reverses and moves below the pivot, then short positions should instead be considered with targets around 113.60 and 113.40.

Trade of the day: AUDUSD

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The market opened today below the pivot price which is at 0.7375, and currently is around the resistance line of a bearish channel. There are two scenarios that can occur here.

BUY SCENARIO: The RSI can be seen to have moved above 50, which shows the sentiment is gradually moving to become bullish. To go long, ensure to observe that price breaks above the resistance of the outlined channel and also moves above the pivot price outlined with the green horizontal line. Long positions can target 0.7400 and 0.7425.

SELL SCENARIO: If it is observed that the resistance line holds firm and price heads back downwards (i.e. it was not able to break above resistance/pivot), then short positions can be opened with targets around 0.7325 and 0.7300.