Technical Analysis

Technical analysis of forex, commodities and precious metals with trade signals where applicable.

Weekly Currency Indices Update: 04 – 08 May 2015

Weekly Currency Indices Update: 04 – 08 May 2015

Technical Analysis
Candlestick Patterns (Daily, Weekly) Index Daily Weekly AUD Bearish DCC 3 days ago. No specific pattern identified on Friday’s close Bearish with a shooting star like candlestick. No specific pattern identified CAD Bearish since the last 3 candles. No specific pattern identified Doji, one candle ago with a bearish candlestick GBP Bearish engulfing on body one day ago, followed by a large bearish candlestick on Friday’s close Bearish candlestick. No specific pattern identified JPY Bullish since past 5 daily candles after a bullish engulfing on 27/04. No specific pattern identified Bullish for the past 3 weeks after a bullish engulfing on 12/04 NZD Bearish for the past 3 candles after a bearish engulfing pattern formed on 29/04 Second week of beari
AUDNZD – A potentially juicy trade setting up

AUDNZD – A potentially juicy trade setting up

Technical Analysis
The Aussie dollar has been prone to some wild swings this week. It all started off few weeks ago with the RBA Governor Glenn Stevens giving a speech to the Australian American Association in New York. In his comments, the RBA Chief made indirect reference to the 'high exchange rate' of the Australian Dollar and that further rate cuts were on the table and something which the Australian Central Bank could dig into if need be. These remarks sent the Aussie plummeting sharply and once again arousing speculation of May rate cuts. You can read The World Economy and Australia from the RBA website. Then a couple of days, sentiment in the US soured and with the GDP numbers disappointing for the quarter (they weren't really, if you consider the bigger picture, but that's a different story), t...
Weekly Currency Index Technical Analysis – 16 March

Weekly Currency Index Technical Analysis – 16 March

Technical Analysis
Currency Index Notes: From last week's analysis, we had recommended to sell NZDUSD, targeting 0.72 from 0.74/0.75 levels, short GBPAUD, GBPCAD, AUDUSD, NZDCAD and to buy USDJPY. As of market close on Friday, 13th March the recommendations performed as follows: NZDUSD: Rallied to 0.74 and dipped lower below 0.72, +2.7% Profit GBPAUD: +1.18% Profit on Short GBPCAD: +0.83% Profit on Short AUDUSD: +1.04% Profit on Short NZDCAD: -0.87% Loss on Short USDJPY: +0.49% Profit on Long AUDNZD: +0.61% Gain since 2nd March on Long Continue to remain holding AUDNZD and exit half the position at 1.05 and exit towards 1.07 Continue to hold AUDUSD, NZDUSD shorts Australian Dollar Index The Aussie Dollar managed to reach/retrace back to the support/resistance region between 1.542...
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...