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Forex News trade of the day

Top Trade Idea For April 15th, 2014 – Gold

Gold – the most emotive of trades is on the slide. The base at $1180 formed at the latter part of last year following a fairly staggering 29% fall in a single year led to a fairly decent recovery in the first quarter of 2014. The failure to move through the $1330/oz level despite rising […]

Trade Idea USD/JPY

BUY USD/JPY  10160  TARGET 10245  STOP/LOSS 10070 $JPY has double based at 10135…and because of this…we would now be looking to go into a long position. We can hold longs…adding to 10112 and only reversing if we break below 10065.. A loss of this support would make the market look weaker then to 10028…but oversold […]

Top Trade Idea for April 14th, 2014 – EUR/CAD

While there continue to be mixed signals in the forex market in terms of correlations, there still exist basic technical set-ups.  EUR/CAD being one to consider. EUR/CAD is likely to run into resistance into the 1.5150 area where short positions make sense.  Stops are tight, just above 1.5184 and a downside target of 1.5080   […]

Top Trade Idea For April 11th, 2014 – GBP/JPY

Many traders have a favourite indicator or signal. Others try to remain agnostic, choosing the most appropriate signal for market conditions. However, many traders agree that several indicators pointing in the same direction is a stronger trade signal. A potential triangle break, through the “big figure” of 170.00, would likely see the MACD cross as […]

Top Trade Idea For April 10th, 2014 – GBP/USD

This week being Bank of England’s week, we will have a look at gbpusd or the so called “cable”. What we have above is the four hours chart and you can call that move to the upside as you wish but no impulsive move. Therefore, we should look for corrections and, at this very moment […]

Top Trade Idea For April 8th, 2014 – EUR/USD

Hello everyone! Price action on EURUSD has been a real mess lately. Pair however lost around 300 pips from March high but it was not easy to take any action within this downtrend because of some very overlapping price action, and also because bigger trend is still up. Pair fell down to 1.3671 following the […]

Top Trade Idea For April 7th, 2014 – AUD/USD

AUDUSD Upside on the Horizon Given the spotlight that’s been placed on risk sentiment, AUDUSD is set up to provide us with a great opportunity. The Background On the fundamental side, we’ve seen the dissipation of concerns in 3 ways: Russia-Ukraine tensions have blown over; China issues are being suppressed and losing their fear status […]

Top Trade Idea For April 4th, 2014 – USD/CAD

Breakout strategies can be useful leading into a figure like the US Non-Farm Payrolls. Here the idea is to look for a market that’s in the firing line if the figure is outside expectations but also has a defined support and resistance that’s not too far away. USDCAD looks to fill this bill with an […]

Top Trade Idea For April 3rd, 2014 – EURGBP

This is the daily chart on the eurgbp and what we are looking here is a classical double three running correction for wave 2 green and the thing is that this pattern is always being followed by a third wave extension, so a clear impulsive move to the downside. A double three running is, like […]

Top Trade Idea For April 2nd, 2014 – USD/TRY

Top trade idea: USD/TRY The USD/TRY pair has fallen sharply in recent days. In part, this has been due to easing of concerns over emerging markets across the board. Another reason has been the relief that Prime Minister Recep Tayyip Erdogan’s party came out victorious in the country’s local elections. As a result, the technical […]

Top Trade Idea For March 28th, 2013 – AUD/JPY

Train Leaving the Station One of the first tips new traders receive is “the trend is your friend”, but even experienced traders can find it difficult to join a well-established move. How many times have you heard a trader say “it’s gotta come back!”? Overcoming the human mean reversion bias is a lot easier when […]

Top Trade Idea For March 27th, 2014 – USDCHF

The chart above is the usdchf daily time frame and from my point of view the pair is at an important crossroad. The reason for that is the fact that the falling wedge there looks like a terminal impulsive move and this means it will be completely retraced. The overlapping between the second and fourth […]

Top Trade Idea For March 26th, 2014 – AUD/NZD

Earlier this month the Reserve Bank of New Zealand decided to increase the Official Cash Rate (OCR) by 25 bps to 2.75%, making it the first central bank within the G10 FX arena to raise interest rates since the global financial crisis. Ideally, such a result should have been bullish for the Kiwi (and in […]

Top Trade Idea For March 25th, 2014 – USD/CAD

Traders, two weeks are around and so it’s a new trading strategy.  Today we will take a look on USDCAD which has been trading nicely higher since start of the year and also broke out of the range last week so it seems that uptrend is ready to stay here. On the chart below we […]

Top Trade Idea For March 24th, 2014 – EUR/CAD

The recent pullback in EURCAD may present a buying opportunity.  The Canadian dollar has been weak overall recently, but some positive news late last week is causing the EURCAD currency pair to pull back toward its trend line. EURCAD’s 20-day exponential moving average closely matches the trend line. Entry is in the vicinity of the […]

Top Trade Idea For March 21st, 2014 – AUD/NZD

There’s been a fair bit going on in the Aussie/Kiwi space over the past week and a half – a rate hike in New Zealand; a big upside surprise in Aussie jobs growth and volatile commodity prices to name a few. Despite all this action, the currency pair has drifted sideways for more than a […]

Top Trade Idea For March 20th, 2014 – EURJPY

This week it is time to take a look at the eurjpy pair and above you have the daily chart that shows a triangle that broke higher. This triangle is not any kind of a triangle but it is a special one, called running variation of a contracting triangle and the thing with such patterns […]

Top Trade Idea For March 19th, 2014 – Gold

Has gold lost its sparkle?  Gold was the market darling last week, yet this week it has sold off sharply. After hitting resistance at $1,392 the yellow metal has fallen some $50 in the last three trading sessions. The question the gold bugs need to ask: has the gold price run its course or is […]

Top Trade Idea For March 18th, 2014 – EUR/GBP

Although the EURGBP pair lacks the volatility and extreme moves that are associated with say the USDJPY pair, it does offer a degree of predictability in terms of the overall trend. Price action was anchored in a bearish channel for 6 months with the euro shedding some 7% against the pound in the main due […]

Top Trade Idea For March 16th & 17th – EUR/USD

While ongoing searches for the missing passengers of flight MH370 are still underway in hope for some clearer answers to what exactly had happened, additionally issues revolving the cunning play of Russian power in Crimea, Ukraine as well as the underperformances of stock prices in the emerging markets, has not settled either. As a result, […]

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