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Forex News trade of the day

Top Trade Idea For October 17th, 2014 – EUR/NOK

Lower oil prices are bad news for Norway but good news for the Eurozone. This makes EURNOK sensitive to oil prices which have every chance of remaining volatile for a while yet. With that in mind this triangle formation might be useful for traders. A run up to and rejection of the triangle resistance could […]

Top Trade Idea For October 16th, 2014 – EUR/USD

Still on the eurusd as yesterday’s move caused apparently by the US Retail Sales brought the squeeze higher on the pair many bulls waited for quite some time. Is this going to be the end of the eurusd free falling that started at the 1.40 level? Well, I wouldn’t be so sure about that. The […]

Top Trade Idea For October 15th, 2014 – EUR/GBP

Yesterday’s UK inflation figures suggested price pressures weakened sharply in September with the CPI dropping to 1.2% from 1.5% previously. This helped to push the first BoE rate hike expectations further out, and sterling was pounded as a result. Today however the pound is making a comeback following the publication of UK jobs data, which […]

Top Trade Idea For October 10th, 2014 – USD/JPY

Recent USD weakness is playing out after two months of strength. Similarly, JPY strengthened as the possibility the BoJ will hold off on further stimulus following public complaints from Japanese companies hurt by the weaker yen. This combination of factors offers an against the long-term fundamentals trade. The MACD cross well above the zero line […]

Top Trade Idea For October 9th, 2014 – EURUSD

After yesterday’s vicious squeeze brought by the FOMC minutes, it is time to take a look at the eurusd again and, while this is quite a small time frame, namely the hourly chart, it is still showing a very nice scenario. The move to the upside is nothing but a zigzag and I suspect this […]

Top Trade Idea for October 8th , 2014 – USD/CAD

We focused in on the prospects for USDCAD last week, arguing that bulls could look to target the 5-year high at 1.1275 based on the strong technical and fundamental backdrop (see “USDCAD: Up, Up, and Away!” for more). As it turns out, Friday’s strong Non-Farm Payroll report served as the catalyst to drive the pair […]

Top Trade Idea For October 7th, 2014 – USD/JPY

Today we will focus on USDJPY which has been in strong uptrend for the last few months, particularly during September when pair gained more than 600 pips. On the daily chart below we can see the price action from July with accelerating bullish waves in August and September. Well, you will notice that in the […]

Top Trade Idea For October 6th, 2014 – NZD/USD

Friday’s non-farm payroll number was positive for the US dollar. NZD/USD saw an immediate push lower from about 0.7860 towards the recent low of 0.7713. Price has since moved higher and is approaching 0.78. We see that as an opportunity to short NZD/USD on an expected retest of 0.77. This thirty-minute chart shows the price […]

Top Trade Idea For October 3rd, 2014 – USD/JPY

Markets often require patience. Last week I wrote about a potential double top in USDJPY. The setup didn’t trigger and the Dollar actually pushed a little higher. The basic position still remains intact though. By pushing a little higher and then starting to fall away, price has created bearish divergence with the RSI. While not […]

Top Trade Idea For October 2nd, 2014 – AUDCAD

The audcad cross is one of the most difficult to be traded and the usual caveat for trading a cross pair is valid here too: it should not travel that much when compared with majors. That is wrong. This cross just broke a contracting triangle on the bigger time frame and the b-d trend line […]

Top Trade Idea For October 1st,2014 – USD/JPY

The USD/JPY pair has finally entered the key 110.00-110.65 technical area (see monthly chart in figure 1). The lower end of this range, i.e. 110, is a key psychological barrier while the 110.65 level was the high achieved back in August 2008. Around these levels I would expect to see some profit-taking, which may apply […]

Top Trade Idea For September 29th, 2014 – SGD/JPY

In early August, SGD/JPY (the Singapore dollar against the Japanese yen) hit a low near 81. Five weeks later, it began a serious uptrend which saw a rise of more than 500 pips. For the past week or so, it has consolidated within a narrow range. This should provide us an opportunity to join the […]

Top Trade Idea For September 26th, 2014 – USD/JPY

After a stellar rally, USDJPY might complete a double top here. This would happen if price breaks support at 108.25 instead of rallying past the potential double tops. A typical approach by pattern traders would be to set a stop entry sell order below the double top support looking for a correction of the last […]

Top Trade Idea For September 25th, 2014 – GBPUSD

With the US dollar on a tear higher, the only thing that sustained the gbpusd at these elevated levels seems to be the uncertainty about the recent Scottish referendum. Now that the results are behind us, gbpusd should play a little catch up game with the eursd and I would say it is only a […]

Top Trade Idea for September 24th 2014 –GBP/AUD

At the start of this month, GBPAUD bulls were in full panic mode. The volatile pair had dropped to a new 10-month low to approach the 1.7200 level, down nearly 2,000 pips from the January high. In retrospect, the lopsided balance of buyers and sellers at that point represented the apex of selling pressure, and […]

Top Trade Idea For September 23th, 2014-GBP/USD

Cable has been falling sharply since July of this year; pair lost more than 1000 pips from around 1.7180 high. Leg down was fast and extended so we believe it’s impulsive and part of a much larger bearish trend. As such, any contra-trend or upward reaction will be limited and only a correction within ongoing […]

Top Trade Idea For September 18th, 2014 – USDJPY

This week I am joining the bulls party in the jpy pairs and the analysis above is about the all important jpy pair of them all: the usdjpy. The thing is that what started after breaking that prolonged contracting triangle looks to be the third wave of an impulsive move and, in order for a […]

Top Trade Idea For September 17th, 2014

The AUD/NZD currency pair is looking very interesting from a technical point of view. After it finally broke above sturdy resistance of 1.1035 in mid-August, the currency cross went on to achieve a high of 1.1294 before pulling back sharply from there. But I think this latest pullback was caused primarily by longs taking profit, […]

Top Trade Idea For September 15th, 2014 – EUR/USD

Last week, we recommended a USD/CHF long towards 0.9350 on a fourth wave pullback. While our target was reached, price didn’t pull back enough to trigger the entry. This time, we’ve waited for a euro fourth wave pullback to end and have designed a short trade around it. This one-hour chart includes a simple Elliott […]

Top Trade Idea For September 12th, 2014 – EUR/AUD

I love it when a triple signal comes together! EUR/AUD has rallied almost 5 big figures over the last 5 trading days. This looks like a stunning reversal of an established down trend: The rally brings the pair back to the 50 day moving average, the trend line, and previous support/resistance at 1.4275. Fundamentally, both […]