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Top trade idea for May 26th, 2016 – USDCHF

I am bullish USDCHF here as no matter how you look at this structure on the daily chart there is only one conclusion that can be drawn: it is a corrective pattern. Not only that it is a corrective pattern, but it should be followed by an impulsive wave so the move that started from […]

Top trade idea for May 20th, 2016 – AUD/JPY

On Alert in AUD/JPY Writers are often advised to read widely. The idea is that the greater the input, and the range of the input, the better the output. The same is true for traders. The more and varied sources of market information, the more potential trades. The challenge is that there are so many […]

Top trade idea for May 19th, 2016 – GBPUSD

GBPUSD acting extremely bullish as the day the Fed released the minutes, namely yesterday, a poll in the UK showed that the sentiment is leaning toward a stay at the upcoming EU referendum. It was enough for the pound to squeeze all over the board and even the fact that the minutes were bearish was […]

Top trade idea for May 18th, 2016 – USD/CAD

The US dollar has eased of its best levels after rebounding across the board following the release of some strong US macroeconomic pointers on Tuesday.  Meanwhile, the Canadian dollar has weakened against most major currencies despite the fact crude oil prices have repeatedly hit new 2016 highs this week. Consequently, the USD/CAD pair has been […]

Top trade idea for May 17th, 2016 – NZD/USD

On the 4H chart of NZDUSD we are observing an idea of an ending diagonal placed in the last blue leg C, that was recently completed, as sharp reversal through the lower trend line might have just started a new bearish cycle. As of now we think that the first impulsive leg was red wave […]

Top trade idea for May 16th, 2016 – USD/CHF

Trading opportunities for currency pair: the USD/CHF has crept up close to a strong resistance. A break at 0.98 is expected and then a strengthening of the USD against the franc to 0.9940. Look to buy dollar only after a break in the level and a consolidation above 0.98 that doesn’t last long. The last […]

Top trade idea for May 13th, 2016 – USD/CAD

Dollar Train Leaving the Station The most crowded trade of 2015 – long USD – has burnt holes in many pockets over the last six months. Although weaker US data helped, the circa 8% fall in the US Dollar index is at least partly attributable to the one-way positioning of the market. However, the USD […]

Top trade idea for May 12th, 2016 – AUDUSD

Back to the audusd pair as despite looking bullish in relation with its inversed correlation with the usdcad pair, price action and pattern call for lower levels and if anything this is a risky trade. The thing is that the move to the upside from the 0.70 area is not impulsive no matter how one […]

Top trade idea for May 11th, 2016 – EUR/JPY

The EUR/JPY may have formed a reversal pattern at around 121.70-122.00 area at the end of last week. Price action has been bullish since, with some key short-term resistance levels broken down. However, there has been no confirmation of the reversal yet as the major bearish trend lines are still intact and the daily moving […]

Top trade idea for May 6th, 2016 – EUR/GBP

The Euro has lost upward momentum against the Pound in recent weeks. This is creating what’s shaping up to be a classic distribution style pattern at the top of a strong uptrend. The slow stochastic in the box below the weekly chart is now trending down strongly out of the overbought zone. This confirms the […]

Top trade idea for May 5th, 2016 – NZDUSD

The NZDUSD pair here is forming the c wave of a flat pattern that must be confirmed and this confirmation comes only if market completely retraces wave c in green until that vertical blue line. Going into the NFP tomorrow this is going to be quite interesting in the sense that this abc move in […]

Top Trade Idea for May 3rd, 2016 – USD/CAD

USDCAD has been trading quite aggressively lower for the last couple of weeks after a decisive break out of an upward channel connected from May of 2015 lows, which is an important evidence for a change in trend. That said, price of USDCAD is likely going even lower as we assume that this is now […]

Top trade idea for April 29th, 2016 – USD/JPY

Contrarian traders lead a miserable existence. Around half the time, their trading peers consider them eccentric. Some of the time they suffer as fools, and at times are cast as dangerous lunatics. This is the price of defying popular opinion. However, for a few days a month, or perhaps a few weeks a year, they’re […]

Top trade idea for April 27th, 2016 – NZD/JPY

The focus for much of the week has been on the FOMC statement, which is understandable given the lack of any clear trend for the dollar and especially for the EUR/USD pair. As it has turned out, the Fed left interest rates unchanged as expected but in a surprise move it has removed from its […]

Top trade idea for April 25th, 2016 – AUD/USD

Trading opportunities for currency pair: a pinbar with an upper shade of 130 points has formed on the weekly. It’s a shame that the body is bullish. It’s highly likely that there will be a bounce. Look to sell from 0.7760 with a 0.7535 target. If the trend line is broken, set a target at […]

Top trade idea for April 22nd, 2016 – GBP/AUD

This has been a big downtrend. The Pound has been hit by the Brexit vote while the Aussie Dollar has ridden the wave of an unexpected resurgence in commodity prices. Chief among these has been Australia’s main export, iron ore. Despite a bearish consensus outlook, the spot iron ore price is up 84% from its […]

Top trade idea for April 21st, 2016 – GBPCAD

The GBPCAD chart above is actually coming from the weekly time frame but I zoomed out on the daily to see the details much better. We have an impulsive move to the upside, or a five wave structure that seems to be ended with a failure. In reality, it is not possible to be a […]

Top trade idea for April 20th, 2016 – EUR/GBP

The outcome of the European Central Bank’s latest policy decision is due on Thursday. Having just expanded QE at the last meeting in March, the ECB is unlikely to alter its policy further at this meeting. Investors will therefore focus on Mario Draghi’s comments, in particular for any hints on cutting the deposit rate further […]

Top trade idea for April 19th, 2016 – USD/CHF

USDCHF has turned sharply higher last week, clearly with impulsive price action away from 100% Fibonacci level of wave A) compared to wave C). We have seen a very strong turn back above black wave 4 swing that puts a low in place so we need to be aware of even more upside in days […]

Top trade idea for April 18th, 2016 – NZD/CAD

Trading opportunities for currency pair: negotiations in Doha have collapsed. From trade opening on Monday, oil has fallen to $41 per barrel, the NZD is up to 0.8945 against its Canadian counterpart. A double bottom and bull divergence has formed on the daily graph, as has happened on 23rd March earlier this year. Based on […]