Wojciech Matysiak
MyFXspot.com
EUR/USD was flat on Friday. We took profit on our GBP/USD long trade and will be hunting for lower levels to buy this pair again, unless the market picture changes.
We don't see a fundamental reason for a continuation of USD/JPY rise and will be looking for an opportunity to open a short position there.
Our AUD/USD long is progressing, but Friday's long upper wick could be worrying.
This is how MyFXspot.com trades:
EUR/USD
Trading strategy: Long
Open: 1.2220
Target: 1.2470
Stop-loss: 1.2220 (raised from 1.2140)
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: We target near the March high. Daily RSI is biased down so this correction might extend a bit. The long lower wick on the monthly candle bolsters our bullish view.
GBP/USD
Trading strategy: Buy
Open: 1.4170
Target: -
Stop-loss: 1.4040
Recommended size: 1.54 mini lots per $10,000 in your account
Short analysis: Profit taken on Friday at 1.4270. We earned 260 pips and $353.60 per $10,000 in your account. Our trading idea is to buy on dips. We have placed a new buy order at 1.4170 with suggested size of 1.54 mini lots.
USD/JPY
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The USD/JPY broke above last week's 107.49 high and 107.52, 50% Fibo of 110.48-104.56 fall, which are support levels now. On the other hand, we do not see a fundamental reason for a significant upward move and will be looking for an opportunity to open a short position here.
USD/CAD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The USD/CAD is still fluctuating near 1.2600, where we took profit on our latest short position. In our opinion medium-term outlook remains bearish and we will be hunting for higher levels to open another short position here.
AUD/USD
Trading strategy: Long
Open: 0.7660
Target: 0.7880
Stop-loss: 0.7700 (raised from 0.7555)
Recommended size: 1.43 mini lots per $10,000 in your account
Short analysis: AUD/USD long is progressing, but today's long upper wick could be worrying. We've locked in profit at 0.7700.
EUR/GBP
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Bear sentiment increases as the pair breaks out of its broad consolidation phase and below the and sets a new trend low 61.8% Fibo of 0.8305-0.9307. A new low is set and RSIs suggest further losses are due. But in our opinion a short position at current levels would be a risky trade.
Our research is based on information obtained from or are based upon public information sources. We consider them to be reliable but we assume no liability of their completeness and accuracy. All analyses and opinions found in our reports are the independent judgment of their authors at the time of writing. The opinions are for information purposes only and are neither an offer nor a recommendation to purchase or sell securities. By reading our research you fully agree we are not liable for any decisions you make regarding any information provided in our reports. Investing, trading and speculation in any financial markets may involve high risk of loss. We strongly advise you to do your own research before making any investment decision.
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.