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Top trade idea for June 26th, 2015 – EUR/USD

On Monday, this blog piece laid out a strategy to go triple short EUR/USD. A key part of my overall strategy is identifying higher reward to risk ratios, and this set up ticks the box, with each entry risking between 50 and 100 points against potential gains of 500 to 900 points. The triple short […]

Top trade idea for June 25th, 2015 – AUDUSD

Despite desperate efforts from Governor Stevens and other RBA members to talk down the Australian dollar, the audusd pair is holding the recent levels quite good and the fact that is not able to clearly break the 0.77 area brings into question a possible reversal pattern. In this case, in the chart above I am […]

Top Trade Idea for June 24th, 2015 – EUR/JPY

The EUR/JPY has been climbing higher inside a bullish channel since bottoming out around 126.00 in early April. But the rally has now stalled with the pair finding strong resistance around the area between 140.75 and 141.00. As can be seen on the chart, as well as this area being a previous support/resistance it also […]

Top Trade Idea for June 19th, 2015 – EUR/NZD

The New Zealand Dollar has trended down strongly in recent weeks as its central bank embarked on a rate cutting cycle. Fuel was added to this trend when the latest GDP came in at a disappointing 0.2%. At the same time the Euro has been pushing higher against a range of currencies and the net […]

Top trade idea for June 17th, 2015 – USDCAD

Here we are after the Fed and the US dollar is being smoked all over the dashboard with usdcad being one of the most aggressive movers. Market is no in the 1.2160 area and looking to break previous support below 1.20. Is this only a fake move? Based on what happened on the left side […]

Top Trade Idea For June 17th, 2015 – USD/JPY

The long-awaited June FOMC meeting is upon us, and while the central bank will almost certainly leave interest rates unchanged, we still expect elevated volatility as traders refine their interest rate expectations. As we noted in yesterday’s FOMC Preview report, traders will have three main areas of focus in the wake of the announcement: the […]

Top Trade Idea For June 16th, 2015 – AUD/USD

AUDUSD remains bearish in larger time frame despite some recovery back in April which was a temporary move with an overlapping structure, which is called corrective in Elliott Wave Theory. We know that this is a characteristic of a contra-trend price action, so trend remains down for now within impulse that is in play since […]

Top Trade Idea For June 12th, 2015 – AUD/USD

My chart this week involves a developing situation that might present an opportunity over the course of the next week or two. The Aussie Dollar has made two neat trend lows at around the same level. From here the obvious alternative would be completion of a double bottom pattern. This will be completed if the […]

Top trade idea for June 11th, 2015 – USDJPY

I really don’t like the usdjpy at these highs as from my point of view from the moment we broke down that rising channel it implies market is done with the previous wave and while it is still a corrective, my take is that it is a fifth wave extended impulsive move. This means we […]

Top Trade Idea For June 10th, 2015 – CAD/JPY

The Japanese yen has endured a wild ride today. Overnight the currency surged higher after the Bank of Japan Governor Haruhiko Kuroda said it’s hard to see the currency’s real effective rate falling further. However the yen then sold off this morning on comments from the economy minister Akira Amari. According to Bloomberg, Mr Amari […]

Top Trade Idea For June 5th, 2015 – USD/JPY

Sell USDJPY Charles Dow coined the term distribution patterns for broad sideways movements that sit at the top of up trends. They represent a loss of momentum and often indicate turning points. One of the strategic principles I favour with technical trading is to look for opportunities to sell on breaks below distribution pattern support […]

Top trade idea for June 4th, 2015 – EURJPY

This parabolic rise in the eurjpy cross is meeting some resistance at the upper side of the channel and normally from this moment on we should see a pullback. Because the time frame is quite big, the eurjpy retraced more than 61.8% of the whole leg to the downside, we should see a b wave […]

Top Trade Idea for June 3rd, 2015 – USD/CAD

Last week, we highlighted the near-term bullish channel on USDCAD and concluded that “….a near-term dip back to 1.2400 is certainly in play heading into the end of this week, but as long as buyers step in to defend that level and the bottom of the channel near 1.2350, the bulls will remain in control” […]

Top Trade Idea for June 2nd, 2015 – AUD/USD

AUDUSD Could Break Lower In Days Ahead A few weeks back AUDUSD has turned bullish for some time, but most likely only temporary as rally from the low was 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 […]

Top Trade Idea for May 29th, 2015- AUD/JPY

When two countries are competing for global demand via weakening currencies, who will be the first to blink? The country with the stronger economy…… AUD/JPY this week is a tale of two data sets. In Japan, the jobless rate is lower than expected, inflation is higher (good news when deflation haunts the economy) and industrial […]

Top trade idea for May 28th, 2015 – USDCAD

This is a continuation of our previous usdcad analysis from last week as the take profit on the long trade we recommended was hit and then we said that we want to sell the 1.2520 level. Well, it may be that that area is not going to come so today’s trade idea is to sell […]

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

The GBP/JPY last week peaked above the December high of 189.70, and for a time traded at its highest level since September 2008. But the pound sold off and subsequently the GBP/JPY fell back all the way to 187.85 before bouncing back. The cross has now recovered and it may go on to break out […]

Top Trade Idea for May 22nd, 2015 – AUD/NZD

At its last meeting the New Zealand Reserve Bank moved to an easing bias on interest rates. By contrast the Australia’s RBA toned its easing bias back to only a fraction short of neutral at its meeting. The combination of these two moves delivered a strong rally for the Aussie against the Kiwi, allowing it […]

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). […]

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