The AUDNZD has corrected sharply, but over the past few trading weeks it has slowly ground out a bottom as visible in this D1 chart. This currency pair corrected slightly after forming a higher high which took it back down to solid support levels. We expect the AUDNZD to attempt a breakout above its descending resistance line and rally into its descending 50 DMA. A breakout of its 50 DMA would open the way to 1.2000. MACD indicates that momentum has improved, but the recent minor correction caused a gap between its histogram which...
The GBPCHF has bounced around within it current chart formation as visible in this D1 chart. This currency pair ran into strong resistance from its horizontal resistance zone as well as 200 DMA and price action formed an inverted hammer which started a correction which was halted by ascending support levels and the GBPCHF is now trading at the lower band of its horizontal resistance zone. The top of the zone is enforced by its 200 DMA. We expect this currency pair to exhaust its upward trend and reverse, but form a higher low. MACD...
The GBPUSD has deteriorated sharply after breaching its 200 DMA to the downside. Over the past few sessions this pair has formed a bearish price channel as visible in this H4 chart. Currently the GBPUSD trades around the descending support line and has tried to form a bottom over the past two trading days. We expect this pair to rally into its descending resistance level before breaking out and into its 200 DMA. MACD has indicated bearish momentum and confirms the recent correction. We expect this indicator to be the last one to...
August came to a close and we had an overall decent month, but the summer doldrums did have a minor impact which resulted in the slight miss on our 1,200 pips target. The Australian Dollar sell-off seems to have stabilized and we expect to see another turnaround going into September. We have continued to execute our strategy successfully and plan to repeat the same process next month which hinges on the accuracy of our trading recommendations. Our guidance for next month remains 1,200 pips as August was the eight month this year...
