Giuseppe Basile, CSTA/IFTA
FibStalker Trading
Summary:
We started our Sunday's weekly review from the EUR/USD that has broken the 1.0960 from which we received a risk-free entry. While the area of daily participation long is still in play, at this point the extent of correction in the Euro seem to be dictated by the corresponding correction in USD/JPY.
USD/JPY is looking for new shorts and the two potential areas were players and Algos on the daily time frame could re-enter shorts are 116.30 and 1180.40.
We look at the huge throwback of NZD/USD but took that as an opportunity to remind how professional traders think of the 80/20: 80% of gains coming from the 20% of the trade. The longs are still in play and the kind of swing moves that makes sense to bring to target take time to develop.
We reviewed EUR/JPY and identified in 124.90 the new area of resistance with targets below. Any short are unsafe below 122. GBP/JPY has tested the 154.40 and, although H4 shorts are in control, that level could be retested positively. Pay attention.
Finally we closed with a review of Gold futures, which is showing resiliency on top of daily extended support. Silver is much weaker and could revisit the 14 area if longs do not come into play in the current daily long area.
The S&P500 has still targets above in the 2,003 area but now experiencing a push lower from daily shorts and profit taking started in the 1,965 area. Support below current prices will come at 1,928 and then 1,907. This is not a safe short (yet).
Have a great trading week and see you tomorrow.
~FibStalker
-----
Come daily to Live Video and chat with experts and traders.
-----
The content provided through the FibStalker brand and websites is property of Giuseppe Basile and any views or opinions expressed herein are those solely of Giuseppe Basile. The information provided is for educational purposes only, so it should be used at own risk. Giuseppe Basile is not a broker-dealer, legal advisor, tax advisor, accounting advisor or investment advisor of any kind, and does not recommend or advise on the suitability of any trade or investment, nor provide legal, tax or any other investment advice. Release of Liability: Through viewing or using the information in the FibStalker websites, and other sites you agree to hold Giuseppe Basile, 8762538 Canada Inc., FXStreet, and any websites and connected operators, harmless and to completely release them from any and all liabilities due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.