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Top trade idea for May 21st, 2015 – EURUSD

This is the fashionable usdcad pair and I am both bullish and bearish on the pair as the current setup suggests the move to the downside is a so called double combination. If that is the case, then it means it is a three waves structure and three waves structures in the a wave position […]

Top Trade Idea for May 20th, 2015 – EUR/USD

On Monday, we highlighted a short-term bearish Butterfly pattern on EURUSD, noting that the pattern “suggest[ed] a move down toward the 61.8% Fibonacci retracement of the entire ABCD pattern at 1.1220, though the 38.2% retracement at 1.1310 could serve as a more achievable near-term target” (see “EURUSD: Greece’s Doomsday Clock is Nearing Midnight” for more). […]

Top Trade Idea for May 19th, 2015 – AUD/USD

Today’s Top Trade Idea – AUDUSD AUDUSD has turned up in the past few months, but most likely only temporary as rally from the low is having an overlapping structure. We know that this is a characteristics of a contra-trend price action, so trend remains bearish for now within impulse that is in play since […]

Top Trade Idea for May 15th, 2015-AUD/NZD

The RBNZ Governor told Parliament this week that the bank will implement macro prudential tools to cool the Auckland housing market. This is seen by some as a sign that an interest rate cut is coming at its next meeting on June 11. However, the NZD has weakened since the RBNZ signalled a change of […]

Top trade idea for May 14th, 2015 – EURUSD

It seems that the eurusd pair just finished an impulsive move to the upside and the medium term uptrend seems to be finished. Funny is that this five waves structure seems to be a leg of a contracting triangle, the b wave, and it is an elongated flat. These kind of patterns appear almost exclusively […]

Top Trade Idea for May 13th, 2015 – AUD/JPY

Top trade idea: AUD/JPY The AUD/JPY currency pair is catching our attention today as it is peeking above a key resistance level at 95.95. As can be seen from the chart, this level had offered strong resistance at least three times in recent past, so the fact that it is now broken it could turn […]

Top Trade Idea for May 8th, 2015 – EUR/JPY

As the weekly chart below shows, the Euro has struggled to get past resistance around 136.00 against the Yen this week. This level has acted as significant support or resistance over the past 15 months. The daily chart is showing signs of completing an “M” or double top style formation which would provide a medium […]

Top trade idea for May 7th, 2015 – USDJPY

There’s no better pair to trade ahead of the NFP release than the usdjpy as it is highly dependent on what is happening on the US jobs market. From a technical perspective, still looking for all the waves that you see in the chart above to be corrective waves, and this is happening only in […]

Top Trade Idea for May 6, 2015 – USD/CHF

US dollar bulls took one on the chin this morning with the release of the April ADP Non-Farm employment report. While not as widely-watched as the Friday’s marquee NFP report from the BLS, ADP’s report can still provide an accurate view of the health of the labor market, and based on this morning’s release, it […]

Top Trade Idea for May 5th, 2015 – USD/JPY

Today’s Top Trade Idea: USDJPY BY USDJPY is trading sideways for almost past six months, so we assume that market is in a corrective phase. We see price trading in fourth wave which looks like a triangle pattern. That’s a continuation pattern, which could send price to new highs soon as we can count […]

Top Trade Idea for May 4th, 2015 – EUR/USD

(Global FX Club) The EUR/USD rallied strongly last week opening at 1.0818 and closing the week at 1.1195 (over 350 pip gain). Though we expect additional gains in the medium term, we do not rule out a pullback in the euro against the U.S. dollar from around current levels as key technical resistance lies near […]

The People’s Currency – Top Trade Idea for May 1st, 2015

Never traded the Chinese yuan? The real possibility that USD/CNY will one day be as important as EUR/USD means it’s never too early to start. At the moment, the Remnimbi (or “the people’s currency”) is a dirty float – the rate is allowed to fluctuate but ultimately is controlled by the central bank.  The People’s […]

Top trade idea for April 30st, 2015 – GBPCAD

The gbpcad cross is forming a running triangle that is not completed yet. What is to mention here is the word “running”, which in this case means that the triangle needs to end above the highs in the previous x wave in red. This in turn means that the d wave is not done yet […]

Top Trade Idea for April 29th, 2015 – EUR/USD

The EUR/USD will be among the FX pairs to watch this this evening when the FOMC delivers its much-anticipated policy statement. This is expected to convey a dovish message following the release of mostly weaker US data in Q1. But if the Fed discounts the soft patch in data as temporary then it may inadvertently […]

Top Trade Idea for April 27th, 2015 – GBP/JPY

(Global FX Club) The GBP/JPY remains in focus to start off this week as the pair slithers its way into a tight congested zone, with resistance located at the 181.00 – 181.90 area, and trend line support around 179.80.  Indeed, last week we called for higher levels in the pair, with a turnaround to follow […]

Top Trade Idea for April 24th, 2015 – EUR/GBP

The Euro recently dropped out of a double top pattern against the Pound. Since moving below the double top support (“B”) , it has fallen by an amount almost exactly equivalent to 61.8% of the pattern height. 61.8% is the Fibonacci ratio and it’s quite common for price to stop at this point after completing […]

Top trade idea for April 23rd, 2015 – EURUSD

This is the eurusd hourly chart and even if the time frame is so small, it should give us a nice reason for going both short and long. The first step is to short the pair from current levels all the way to making a move below the 1.0518 but the take profit should be […]

Top Trade Idea for April 22nd, 2015 – NZD/USD

The US dollar is easing back a smidge in early US session trade, driven primarily by buying pressure in GBPUSD in the wake of slightly more bullish BOE minutes. As we noted yesterday, the BOE’s current quandary is to weigh how much of the ongoing slowdown in inflation is driven by transitory factors vs. more […]

Top Trade Idea for April 21st, 2015 – AUD/USD

Today’s Top Trade Idea AUDUSD is turning up after a “failure” break to new low at the start of April. We have seen new low for only 30 pips or so, which makes us think that this is not wave (5) yet as leg seems to be too small. As such, we are tracking wave […]

Top Trade Idea for April 20th, 2015 – USD/CAD

Global FX Club) USD/CAD is at an interesting juncture as the pair tumbled this past week from a high of 1.2644 to a low of 1.2087 as the setback came on the back of U.S. crude rising 4 percent after the bullish EIA inventory report. That fundamental fact pair with the technical picture in which […]

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