Most Popular
1. THE INFLATION MONSTER is Forecasting RECESSION - Nadeem_Walayat
2.Why APPLE Could CRASH the Stock Market! - Nadeem_Walayat
3.The Stocks Stealth BEAR Market - Nadeem_Walayat
4.Inflation, Commodities and Interest Rates : Paradigm Shifts in Macrotrends - Rambus_Chartology
5.Stock Market in the Eye of the Storm, Visualising AI Tech Stocks Buying Levels - Nadeem_Walayat
6.AI Tech Stocks Earnings BloodBath Buying Opportunity - Nadeem_Walayat
7.PPT HALTS STOCK MARKET CRASH ahead of Fed May Interest Rate Hike Meeting - Nadeem_Walayat
8.50 Small Cap Growth Stocks Analysis to CAPITALISE on the Stock Market Inflation -Nadeem_Walayat
9.WE HAVE NO CHOICE BUT TO INVEST IN STOCKS AND HOUSING MARKET - Nadeem_Walayat
10.Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - Nadeem_Walayat
Last 7 days
Where’s my self-driving car? - 16th Aug 22
Real Reason why Pakistan and India Gained Independence in 1947 at 75th Anniversary - 16th Aug 22
Electronic Payments Can Benefit Your Business - Here’s How - 16th Aug 22
Qualcom Stock Market Harbinger - 12th Aug 22
Apple Exec Gets World's 1st iPhone 14 for Daughters 14th Birthday Surprise Present Unboxing! - 12th Aug 22
Steps to remember while playing live roulette online - 12th Aug 22
China Bank Run Protests - Another Potential Tiananmen Square Massacre? - 11th Aug 22
Silver Coin Premiums – Another Collapse? - 11th Aug 22
Gold-to-Silver Ratio Heading Lower – Setup Like 1989-03 - 11th Aug 22
Severe Stocks Bear Market: Will You Be Among the Prepared 1.5%? - 11th Aug 22
There's a Hole in My Bucket Dear Liza, UK Summer Heatwave Plants Watering Problem Song - 11th Aug 22
Why PEAK INFLATION is a RED HERRING! Prepare for a Decade Long Cost of Living Crisis - 9th Aug 22
FREETRADE Want to LEND My Shares to Short Sellers! - 8th Aug 22
Stock Market Unclosed Gap - 8th Aug 22
The End Game for Silver Shenanigans... - 8th Aug 22er
WARNING Corsair MP600 NVME2 M2 SSD Are Prone to Failure Can Prevent Systems From Booting - 8th Aug 22
Elliott Waves: Your "Rhyme & Reason" to Mainstream Stock Market Opinions - 6th Aug 22
COST OF LIVING CRISIS NIGHTMARE - Expect High INFLATION for whole of this DECADE! - 6th Aug 22
WHY PEAK INFLATION RED HERRING - 5th Aug 22
Recession Is Good for Gold, but a Crisis Would Be Even Better - 5th Aug 22
Stock Market Rallying On Slowly Thinning Air - 5th Aug 22
SILVER’S BAD BREAK - 5th Aug 22
Stock Market Trend Pattren 2022 Forecast Current State - 4th Aug 22
Should We Be Prepared For An Aggressive U.S. Fed In The Future? - 4th Aug 22
Will the S&P 500 Stock Market Index Go the Way of Meme Stocks? - 4th Aug 22
Stock Market Another Upswing Attempt - 4th Aug 22
What is our Real Economic and Financial Prognosis? - 4th Aug 22
The REAL Stocks Bear Market of 2022 - 3rd Aug 22
The ‘Wishful Thinking’ Fed Is Anything But ‘Neutral’ - 3rd Aug 22
Don’t Be Misled by Gold’s Recent Upswing - 3rd Aug 22
Aluminum, Copper, Zinc: The 3 Horsemen of the Upcoming "Econocalypse" - 31st July 22
Gold Stocks’ Rally Autumn 2022 - 31st July 22
US Fed Is Battling Excess Global Capital – Which Is Creating Inflation - 31st July 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Many Forex Trading Opportunities the Fed Day Has Dealt Us

Currencies / Forex Trading Sep 19, 2019 - 07:21 PM GMT

By: Nadia_Simmons

Currencies

Volatile trading is calming down, revealing several opportunities. The euro has retraced its yesterday’s downswing, the Japanese yen is strengthening – just as the Canadian dollar is. Swiss franc is another currency we’re keeping a close eye on. But how does it translate into our currency trading plans?


EUR/USD – Range-Bound for Now

The short term situation remains almost unchanged as EUR/USD is trading inside the blue slightly below the upper border of the yellow declining trend channel.

The buy signals remain on the cards, suggesting that we’ll likely see a test of the upper border of the formation, or even of the recent high and the 38.2% Fibonacci retracement in the very near future.

Should the bulls show weakness in this area, we’ll consider opening short positions.

USD/JPY – About to Invalidate Its Breakout?

USD/JPY moved slightly above the 50% Fibonacci retracement during yesterday’s session, but the bulls didn’t manage to hold gained ground, and a pullback followed earlier today.

As a result, the pair invalidated yesterday’s breakout. Coupled with the extended position of the daily indicators, it suggests that further deterioration is just around the corner. Nevertheless, a bigger downside move will be more likely and reliable only if the exchange rate closes today or one of the following sessions below the previously-broken upper border of the declining grey trend channel.

Should we see such a breakout invalidation, we’ll consider opening short positions.

USD/CAD – Back into the Consolidation?

For the third time in a row, USD/CAD moved above the upper border of the blue consolidation and the 61.8 Fibonacci retracement based on the September decline. The buyers however didn’t manage to go any higher, and a pullback followed earlier today.

This way, the pair invalidated its earlier breakouts, which increases the probability of further deterioration in the coming days. Nevertheless, a decline will be more likely and reliable only if USD/CAD closes today or one of the following sessions below the upper border of the consolidation.

Should we see such price action, we’ll consider opening short positions.

USD/CHF – Reversing Lower

Although USD/CHF extended gains in the previous days, the pink resistance zone and the proximity to the upper border of the green rising trend channel stopped the buyers.

The sellers took over, and the pair moved quite sharply lower earlier today. It suggests that further deterioration may still be ahead of us. If this is the case, we’ll see at least a test of the lower border of the rising green trend channel in the following days.

Summing up the Alert, the euro keeps trading inside its recent consolidation, and the buy signals support a test of the formation’s upper border, or even of the recent high and the 38.2% Fibonacci retracement. Should the buyers show weakness there, we’ll consider opening short positions. USD/CHF has reversed at the pink resistance zone and the upper border of the rising green trend channel, and the short position remains justified. Should USD/JPY invalidate its breakout above the upper border of the declining grey trend channel, we’ll consider opening short positions. Should USD/CAD close today or one of the following sessions below the upper border of its consolidation, we’ll consider opening short positions. Apart from these, there're no other opportunities worth acting upon in the currencies. As always, we'll keep you - our subscribers – informed.

Trading Platform

The kind of trading platform which the broker offers is also of great importance. The software must be good and he must also offer useful tools to assist traders in their trading. For example most reputed and well known brokers offer something known as currency strength meter. This is a very useful and time tested tool. This is a single window information avenue from where it is possible for the trader to have a clear idea as to what is happening in the market at any given point of time. You must look for meters which offer live feeds instead of going in for feeds which could be even a few minutes late. As mentioned, timing is extremely important and therefore the strength meters which they offer must also be live as far as the information is concerned. You can find a list of the best trading platforms in this article on business24-7.ae

If you enjoyed the above analysis and would like to receive free follow-ups, we encourage you to sign up for our daily newsletter – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Oil Trading Alerts as well as Gold & Silver Trading Alerts. Sign up now!

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care

* * * * *

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in