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Weekly Currency Index Technical Analysis – 9 March

Weekly Currency Index Technical Analysis – 9 March

Technical Analysis
Currency Index Notes: From last week's analysis we recommended long positions in CADJPY, AUDJPY and AUDNZD while taking short positions in EURAUD and EURCAD. As of the end of the week, the recommendations worked out as follows: CADJPY: Down -0.13% or 1.27 pips AUDJPY: Down -0.42% or 0.394 pips AUDNZD: Gain +1.34% or 138.1 pips EURAUD: Gain +1.99% or 285 pips EURCAD: Gain 2.15% or 300.4 pips For the week ahead, we suggest to close out all the positions*. *Correction: Continue to hold buy position in AUDNZD Australian Dollar Index As noted for the past few weeks, the Australia dollar index managed to break the short term resistance at 1.5128 to push higher towards 1.5344 From the daily charts, we notice a strong rejection candlestick formed on Friday's close This could...
Forex Weekly Technical Positions – 2nd March

Forex Weekly Technical Positions – 2nd March

Technical Analysis
From our weekly technical analysis we recommended taking long positions in AUDJPY, CADJPY and AUDNZD, while calling for short positions in EURAUD and EURCAD. This article gives a technical overview of these individual currency pairs. AUDJPY: This pair has formed a bullish piercing line candlestick formation on the monthly charts, indicating a potential move to the upside after two months of decline. The fact that this bullish candlestick pattern appears on a respected trend line shows that we could see a move to the upside. The main target will be 101.008 level which if price fails to break higher could give early signs of a collapse in the pair. From the daily charts, take notice of the falling price channel. The break out is not yet achieved but we expect it to happen soo...
Weekly Currency Index Technical Analysis – 2 March

Weekly Currency Index Technical Analysis – 2 March

Technical Analysis
Currency Index Notes: From last week's analysis, we had recommended to buy the dips on GBPUSD, AUDUSD and NZDUSD while taking a short term long position for the first part of the week. GBPUSD gained 0.25%, AUDUSD lost -0.63%, NZDUSD gained 0.58% and AUDJPY was practically unchanged at -0.08%. NZDUSD continues to be the biggest winner since our recommendation to stay long from 16th February. In total NZDUSD gained 1.13% for the period. Australian Dollar Index: Although the currency index is trading above the short term support at 1.5128, the candlestick point to indecision From the daily charts, we noticed a dip to the support last week and we expect the Australian Dollar to rally this coming week The rally could potentially be capped near the resistance level of 1.54 - 1.534 le...
Weekly Currency Index Technical Analysis – 23 February

Weekly Currency Index Technical Analysis – 23 February

Technical Analysis
Currency Index Notes: From last week's analysis, we recommended to go long on NZDUSD, exit CADJPY longs and to go short on USDCAD. For the week, NZDUSD longs gained +0.4% and USDCAD is -0.53% Australian Dollar Index: Last week, the Aussie closed bullish after a spinning bottom candlestick pattern. This shows that a retracement to 1.5344 is the next level the Aussie will head to From the daily charts, price managed to close above 1.5128 support level. We expect a dip down to this price point as the ideal set up to go long However, price action could simply continue its bullish momentum and rally towards the 1.5344 levels Conclusion: Look for long positions on AUD Canadian Dollar Index: Last week the Canadian dollar was weaker and the weekly candlestick shows a bear...
Getting an edge with Forex Tools – Order Book

Getting an edge with Forex Tools – Order Book

Trading Articles
Order books, which are largely prevalent among exchange based trading instruments is one of the ways some traders tend to trade. An order book is nothing but a record of the buy and sell transactions, similar to what an accountant would maintain at a regular office. Trading with the order book has been around for many years as far as exchange traded assets such as stocks or ETF's are concerned. When it comes to the currency markets, given the fact that they are unregulated and traded over-the-counter, it can be difficult to get hold of the order book. However, there are some forex brokers that do offer these tools. While the forex order book can be viewed at in the same way, traders should first understand its limitations. Of the many brokers, Oanda is one such broker that offers tra...