Tag: GBPLFX

Weekly Currency Index Technical Analysis – 9 February

Weekly Currency Index Technical Analysis – 9 February

Technical Analysis
Currency Index Notes There was not much of a follow up from last week's analysis. Our only recommendation was to look for long positions in EURNZD on a dip. Looking back at last week's price action, we do however notice that there hasn't been any significant change to EURNZD price action. Australian Dollar Index: The Aussie Dollar is up 0.19% for the month and week, while closing 0.65% higher for Friday We notice a consolidation near the lower trend line of the price channel When using the RSI, there is a clear bullish divergence with RSI printing a lower higher low while AUD prints a lower low This indicates a short term move to the upside and the most likely rally towards the broken support/resistance level at 1.54 - 1.53 We need to see a H4 or preferably daily close abov...
Weekly Currency Index Technical Analysis – 2 February

Weekly Currency Index Technical Analysis – 2 February

Technical Analysis
Currency Index Notes With no trades from last week's analysis, this week we get some new trades with some good potential after having readjusted the analysis across most of the currency indices AUDLFX: Within the down sloping larger price channel, the major support at 1.54 - 1.53 was broken last week Next major support comes in at 1.40 Friday's candle closed as a spinning doji indicating indecision Price could either head back to 1.54 - 1.53 or continue to drop Conclusion: Our best case scenario is to look for AUD shorts after the retracement to 1.54 - 1.53 is completed. Stay aside AUD until we get further clues this week. CADLFX: Price broke down from the support level at 1.59 and promptly stalled near the lower support line of the price channel We could expe...
Weekly Currency Index Technical Analysis – 26 January

Weekly Currency Index Technical Analysis – 26 January

Technical Analysis
Currency Index Notes From last week's analysis, our recommendation to short NZDJPY resulted in a clear profit, while USDJPY was ranging for most part. AUDLFX: The weekly bearish flag was indeed validated and price reached its target Friday's close coincides with the lower support line of the falling price channel We could therefore see a minor bounce from here. It is unsure whether we will a rally or if price will break down from the price channel Note the confluence of the price channel's support line and a horizontal support level Daily charts indicate a possible retracement to 1.534 Conclusion: Look to the daily charts after Monday for signs of continued bearish momentum in AUD pairs. CADLFX: The break out from the rising trend line has been rapid with week...
Weekly Currency Index Technical Analysis – 19 January

Weekly Currency Index Technical Analysis – 19 January

Technical Analysis
Currency Index Notes Last week's SNB induced volatility has thrown most of the analysis out of gear. We would therefore recommend caution this week. According to our trading strategy and analysis, readers who followed our recommendations from last week, would have had no exposure to the Swiss franc volatility last week.  From our trade recommendations from last week, NZDJPY moved as expected including AUDUSD despite the volatility (where we mentioned our readers to cover to break even as soon as possible). The only loss was that of the EURUSD. AUDLFX Weekly candlestick has resulted in a bearish engulfing candlestick This week's high coincides with an intermediate low in the downtrend, indicating that we could see possible downside moves in the Aussie this week Conclusion:
Weekly Currency Index Technical Analysis – 12 January

Weekly Currency Index Technical Analysis – 12 January

Technical Analysis
Currency Index Notes AUDLFX Bullish candlestick pattern showing sharp reversal, but expecting momentum to fade as price approaches 1.59 or the region between 78.6% and 100% of the bearish flag retracement. Alternate view is that price could possibly turn around and just push higher. Conclusion: Safer to leave AUD pairs alone this week and see what price action dictates. CADLFX: After the previous week's bearish engulfing pattern, price followed through with a bearish close last week. Major risk comes from the dynamic support of the 52-week EMA and the trend line as well as the support/resistance at 1.6145 Canadian Dollar could probably resume its uptrend as long as the piercing line's low near 1.6017 is not breached. Daily charts formed a Doji on Thursday and the...