The NZDUSD has rallied from its recent lows and formed a double top as visible in this H1 chart. This pair was driven by strong momentum and the correction should be stopped at its support line from where it can launch a second attempt to breakout to the top. MACD has been bullish and supported the rally from its lows. Due to the strength in momentum, this pair may continue its general uptrend after the correction. RSI has reached overbought territory and hints at a pullback as well in order to keep the rally alive. We recommend...
Spain has returned front and center to the Eurozone crisis. Prime Minister Rajoy has proposed the 2013 budget which is aimed at €13 Billion in cuts while staying away from tax hikes (Spain’s Budget focused on Spending Cuts) which would cripple the fragile economy even more and reduce tax revenues. We have mentioned on Monday that this could be a turbulent week (Another Manic Monday) and markets have started their correction. We saw a short interruption in the downtrend on Thursday, but the last day of trading in the third quarter has...
PaxForex decided to stay put and did not close any open trades during the past trading week, but currently seeks to expand its overall holdings with further additions to existing trades. Our third-quarter profit remained unchanged at 3,635 pips. All our trades are focused on four currency pairs and one commodity and we will add positions to those trades according to our strategy. We currently have twenty-two open trading positions in our portfolio. We had the following five trading recommendations this week: Monday, September...
The GBPCHF has rallied from its lows and ran straight into its declining resistance level as shown on this H4 chart. This pair has the ingredients for a breakout, but it needs to stage a minor correction in order to gather steam and break its resistance level. The correction could be limited to its support level around 1.5100 which is enforced by its 50 DMA. MACD has been bullish and supported the rally from its lows. The strength in momentum provides further evidence that this pair may be able to launch a successful breakout...
Should price action for the GBPUSD remain inside the 1.6300 to 1.6340 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.6320 Take Profit Zone: 1.6860 – 1.6900 Stop Loss Level: 1.6100 Should price action for the GBPUSD breakout above 1.6340 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ Retracements in the trend; buy orders during dips Take Profit Zone: 1.6860 – 1....
