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Top trade idea for August 27th, 2015 – AUDNZD

This is the audnzd cross and it formed a beautiful impulsive move or five wave structure to the upside followed by a correction. The recent spike higher that took the 1.14 level when stocks in the United States dropped last Monday basically makes the case for a flat pattern as a b wave in pink […]

Top Trade Idea for August 26th, 2015 – GBP/USD

Amidst the rollercoaster ride that unexpected seized most global markets over the last few days, trade in GBP/USD has remained relatively sanguine. Cable rallied “just” 80 pips on Monday, while the dollar lost far more value against the euro and yen, before reversing that move on Tuesday to trade back at the 1.5700 level. As […]

Top trade idea for August 25th, 2015 – Gold

Gold rallied last week to the upper side of a downward channel where break can occur in coming week as rally from the low is having characteristics of an impulsive price action. If that’s the case then ending diagonal complete now which means that metal is turning bullish, but final confirmation for a turning point […]

Top trade idea for August 21st, 2015 – EUR/USD

The Euro is approaching trend resistance against $US and will also meet the 200 day moving average at about the same level. It’s not hard to imagine a scenario where the Euro pops through its 200 day average but stops around the trend line just above it.  The trend line intersects at around 1.3720 and […]

Top trade idea for August 20st, 2015 – EURUSD

Time to look at the eurusd as the triangle that is forming on the daily chart has a bullish feeling but it is not completed yet. In order for this second wave in purple to be a running correction, we need the end of it to be way above the end of the first wave […]

Top trade idea for August 19th, 2015 – EUR/NZD

The EUR/NZD has had a remarkable few months, rising from a base of about 1.39 to a high so far this year of 1.71. Yes, that is a gain of 3,200 pips or a huge 82 per cent. But what goes up usually comes back down in FX. While it is possible that further gains […]

Top trade idea for August 14th, 2015 – USD/CNH

Amid all the shenanigans around the Peoples’ Bank of China’s moves this week, some may have missed a key development for traders. The Chinese Yuan, or Renminbi, is moving away from its status as a fixed currency towards a floating regime. Trading in Yuan (CNY) for onshore settlement in China is restricted, but there is […]

Top trade idea for August 13th, 2015 – AUDCAD

Starting to grow bullish on the audcad cross not necessarily because of the weakness of the Canadian dollar but correlations between commodity currencies favor a move to the upside. The triangle that we see at recent lows has formed a series of three lower lows and this calls for a retracement all the way to […]

Top Trade Idea for August 12th, 2015 – NZD/USD

It’s been another whirlwind Asian session in the forex market, with the volatility once again kicked off by a big devaluation of China’s currency. Despite claims that Tuesday’s 1.9% devaluation was a “one-off” adjustment, Chinese authorities opted to decrease the value of the yuan another 1.6% in today’s Asian session (see my colleague Chris Tedder’s […]

Top Trade Idea for August 11th, 2015 –XAU/USD

Gold is trading at new lows, currently around the trendline connected from the start of 2014 where support can be found, especially if we consider the shape of an ending diagonal placed in fifth wave. That’s a very important reversal pattern that suggests a bounce in the second part of 2015 and maybe very strong […]

Top Trade Idea for August 7th, 2015 – AUD/USD

The down draft in the AUD has echoed the slide in commodity prices. For those who think that oil and copper, as examples, are near lows, the AUD may provide an excellent commodity basket proxy play. A statement today from the RBA may add an interest rate component to a short EUR/AUD position. The RBA […]

Top trade idea for August 6th, 2015 – USDCHF

I am looking for a 2nd wave to complete in the usdchf pair and this means we should see a break below the 0.9750 before doing anything. A triangle cannot be the second wave in any Elliott Waves pattern, but it can be part of a second wave, namely part of a complex correction for […]

Top Trade Idea for August 5th, 2015 – Dollar Index

The dollar has extended its gains for the third day against a basket of foreign currencies. It is driven predominantly by growing speculation over a September or December Federal Reserve rate hike, which would be the first in nine years.  The Fed’s Lockhart has given the clearest signal yet that he would vote to hike […]

Top trade idea for July 31st, 2015 – GBP/CAD

Last week GBPCAD arrived at a swing equivalent level where the last swing (“CD”) was the same size as the swing leading into it (“AB”). It’s quite common for trends to end at this point, setting up for a significant correction. The uptrend in GBPCAD had been losing momentum as it approached this swing equivalent […]

Top trade idea for July 30st, 2015 – AUDUSD

FOMC the other day brought nothing but more uncertainty in an FX world dominated by ranges this July as no one really wants to take a chance ahead of the September rate hike or at least ahead of the NFP to come next week. Fed suggested it still wants to see more jobs being created […]

Top Trade Idea for July 29th, 2015 – USD/JPY

It’s been a quiet overnight session for most major currencies as market participants refrained from placing large trades ahead of today’s FOMC meeting. As we noted yesterday, the central bank is unlikely to make any outright changes to monetary policy, but the wording of the accompanying statement could tilt the scales in the hotly-contested “September […]

Top Trade Idea for July 28th, 2015 –XAU/USD

Gold is trading at new lows, currently around the trendline connected from the start of 2014 where support can be found, especially if we consider the shape of an ending diagonal placed in fifth wave. That’s a very important reversal pattern that suggests a bounce in the second part of 2015 and maybe very strong […]

Top Trade Idea for July 24th, 2015 –USD/SGD

Sell an “M” Reversal in USD/SGD Conventional wisdom is that the USD will continue to strengthen as the first Fed rate hike approaches. However: Markets rarely go anywhere in a straight line The US Dollar index is up 4% over the last 5 weeks, and more than 20% since February 2014 Some of the most […]

Top trade idea for July 23rd, 2015 – EURUSD

I am looking at a bullish scenario for the eurusd pair and the fact that we’ve managed to break the pivotal area to the upside should provide support on each and every retest now. As a target to the upside the 1.14 should be retested again and that should be the moment where we will […]

Top Trade Idea for July 22nd, 2015 – EUR/USD

The one hour chart of the EUR/USD shows that it may have formed a near-term double top at 1.0965. This points to further price weakness and we may after all see the world’s most heavily traded FX pair break below May’s low and key support of 1.0820 before heading significantly lower in the coming weeks. […]

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