EURCAD #fxroom Trade Setup for 7th January, 2014 (Tuesday)
EURCAD Trade Setup for 7th January, 2014 (Tuesday)
I don't usually analyse this pair, however with some Ideas produced from some friends in my Live Analysis Room (#fxroom). I thought it would be beneficial for me to draw something on the chart so I can visualize whats in play ! I'll be looking at this closely as it is retesting the pivot. (Asian session)
Cheers
Howard
Hourly Chart
Outlook Trade opportunity
Short opportunity at a retest of the Weekly Pivot line, Targeting S1 Weekly PivotRisk Level - Medium
Tips -
Always take note of any economical news event on our provided calender below
USDJPY Forecast for 7th January, 2014 (Tuesday) - New High perhaps?
USDJPY Forecast for 7th January, 2014 (Tuesday)
Daily Chart
- Our view still in place for a higher high
- After a pin bar from friday pointing bullish strength, we could argue we have a bearish engulfing, however zoom into the hourly chart below...
Hourly Chart
- Tested major support and physiological level (under 104) last night, and rebounded, seems to have completed a b-c leg, and should break upwards.
Outlook Trade opportunity
Long for this C-D leg with stops 103.850 - Targeting new highs at the 106 handle, and taking partial profit at recent highs. You can wait for confirmation to form a higher low before going onRisk Level -Low - good reward risk ratio
Tips -
Always take note of any economical news event on our provided calender below
AUDUSD Daily and Weekly Forecast for 7th January 2014 (Tuesday)
AUDUSD Daily and Weekly Forecast for 7th January 2014 (Tuesday)
Daily Chart
- We have been getting higher lows and higher highs in this corrective move
- Trend is Bearish
- Currently Stochastic is diverging, however RSI still going up and is below 50
Our forecast is for the Aussie to go up to 0.90300 before continuing down creating new lows.
- Last few days is showing an up trend
- Currently Stochastic is diverging
- We believe we have one more push (completion of b-c leg, before the C-D leg down)
Outlook Trade opportunity
#1 Long setup opportunity with a low risk high reward - Please see 4h chart for trade recommendation#2 Short setup - Please see 4hr chart for trade recommendation
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
EURUSD Daily Outlook for 6th January, 2013 (MONDAY)
EURUSD Daily Outlook for 6th January, 2013 (MONDAY)
Daily Chart
- Bearish momentum is very strong from Friday, as we broke major support
- We expect the market to stall at the 1.349-1.35 level which is a strong support.
- Until then, any intraday trades should be taken short
Hourly Chart
4 hour chart shows a more clearer picture
- Strong bearish momentum , as market tries to test the 1.349-1.35 - psychological and confluence of fib levels
- I have a short trade targeting the closest area i have drawn on the chart, and tp2 the second.
Outlook Trade opportunity
Currently I have a short order targeting the First level. Any retest of support , should be a good opportunity to take a short order (See Red Arrows on H4 chart)- Please see Red and Blue Arrows for trade opportunity on the H4 CHart
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)
USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)
Daily Chart
- After rejecting from the 161.8 fib extension market tried to retrace however failed to go any futher and performed a nice pin bar on Friday
- Signs are showing bullish (Price action)
- Indicators... stochastic are pushing south, but they are lagging, RSI just under 70
I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.
Hourly Chart
- After a huge drop , we have found support at 104.1 level and saw price had quickly retraced 100% of the 2nd Leg (C-D)
- At close of Friday, price had stalled just below a resistance level , however candles prior to that are very strong bullish momentum
- Chances of breaking higher / breaking resistance is high
Outlook Trade opportunity
Three setups -
#2 - If market breaks through resistance with good conviction and past 104.940 , I will look for opportunity to buy long at a retrace approx 104.915 and stops 104.746 with targets 105.110 and beyond
#3 - I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.
Risk Level Low
Tips -
Always take note of any economical news event on our provided calender below
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