2019-11-11 • Updated
Trade ideas
SELL 0.8900; TP 0.8840; SL 0.8920
SELL 0.8950; TP 0.8870; SL 0.8970
EUR/GBP fell despite the fact that the British pound got weakened by the news that Boris Johnson on Tuesday won the contest to be the next British prime minister increasing the odds of a no-deal Brexit.
It happened as the currency pair was long due for a correction. For now, it retraced 23.4% of the May-July advance and got to the 50-day MA at 0.8910. The next support, the 38.2% Fibo retracement level, is at 0.8835.
Last week’s candlestick on W1 is a “shooting star”. It means that it will be hard for EUR/GBP to overcome resistance at 0.9050. There’s bearish divergence on D1 - a sign that the downside correction may continue. On H4, we see a “head and shoulders” pattern. The neckline at 0.8950 is providing a closer resistance.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Discover why FBS reduced the GBPCAD spread and what to do next!
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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