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USD/CAD Long Position Triggered Above 1.33

To receive Ilya’s analysis directly via email, please SIGN UP HERE I previously discussed potential reversal setups in AUD/USD and USD/CAD, suggesting that RSI divergence was pointing to ebbing anti-USD momentum and paving the way for the greenback to recover. Both pairs have since made strides toward confirmation. AUD/USD now shows a bearish Dark Cloud Cover candlestick pattern while USD/CAD has put in an analogous bullish Piercing Line setup. The

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Australian, Canadian Dollars May Turn Lower vs. US Counterpart

To receive Ilya’s analysis directly via email, please SIGN UP HERE The Australian and Canadian Dollars have hit multi-month highs against the US Dollar but technical positioning hints a reversal may be in the cards ahead. The Aussie set an eight-month high above the 0.75 figure while the Loonie advanced to levels unseen since mid-November. In both cases however, RSI divergence hints at ebbing anti-USD momentum. For USD/CAD, prices are

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Short Cable

Sterling has ripped by nearly 3% against the US Dollar since last Monday. This was likely from a combination of factors, key of which has been a massive bout of weakness in the Greenback. This has led to an aggressive bear-flag formation in GBP/USD that began to break yesterday, and after bouncing off of a short-term trend-line last night, the pair is working on what could be a lower-high right

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Gold Prices Have Best Month in Past 12 Months – What’s Next?

Gold prices appear poised to finish January with its best month since January 2015. However, when comparing previous price patterns while performing an Elliott Wave analysis, the Gold price outlook is not as rosy over the shorter term. We wrote earlier this week about how the technical pattern lower looks to have one more down leg left in it. The proposed wave (5) needs 3 clear waves in it. From

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EUR/USD: Draghi Likely To React to China & Japan FX Actions

Interested In our Analyst’s Longer-Term Euro & Dollar Outlook, be sure to sign up for our free guides here. Point to Establish Short Exposure: Close below 1.0775, Due to Break of Support Spot: 1.0875 Target 1: 1.0698 Weekly S1 Support Target 2: 1.0567 Weekly S2 Support Invalidation Level: Close above 1.0983 (YTD High) Fundamental & Technical Focus: The market seems unsure about EUR at best. On the bright side, the

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AUD/CAD Triangle Breakout

Market Condition: AUD/CAD Triangle Breakout Target 1: 2X ATR at 1.0510 Target 2: 4X ATR at 1.0298 Invalidation: False Breakout Under .9980 AUD/CAD Daily Chart (Created using Marketscope 2.0 Charts) The AUD/CAD has advanced as 1019 pips from its September 2015 low at .9150. However, price action for the pair is currently seen consolidating in a triangle pattern. Traders looking for a continuation of the previous uptrend may look for

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Short USD/JPY from around 121.50.

Global macro, technical analysis, cyclical analysis & market geometry Connect via:

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EUR/USD Tests Key Resistance 1.1087

The EUR/USD is pressing a resistance level that is critical from an Elliott Wave technical analysis perspective. We’ve written about several times through December 2015 how the September 3, 2015 low of 1.1087 is critical to the medium term outlook for the pair. A break above 1.1087 essentially eliminates the immediate bearish outlooks and increases the probability of a push to 1.14-1.17. As a result, we will look to initiate

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USD/JPY short adjustments

In retrospect I probably took profit on half my short position in USD/JPY last week too early. However, I am pretty mechanical on the money management side of trading and I view that “lost profit” as the cost of staying unemotional. Technically the break of last month’s low puts the exchange rate in an obvious precarious position (long -term H&S pattern) that raises the risk of a much more aggressive

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EUR/CAD Retraces to Resistance

Target 1:1.5110 (February Low) Target 2: 1.4731 (100% Fib Extension) Invalidation: Breakout above 1.5890 (61.8% Fib Retracement) EUR/CAD Daily Chart (Created using Marketscope 2.0 Charts) The EUR/CAD has retraced to key resistance after declining as much as much as 995 pips from the 2016 high at 1.6105. Current resistance is found at 1.5723 using a 61.8% Fibonacci retracement that measures the distance between the previously mentioned high and standing February

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