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Rising wedge confirmation, PBOC rate cut lure AUDUSD bearsAUDUSD drops to a three-week low early Monday while printing a six-day losing streak as the People’s Bank of China (PBoC) announced a surprise rate cut. The Chinese central bank’s action pushed the Aussie pair to confirm a 3.5-month-old rising wedge bearish chart formation. However, the 50-SMA support of 0.6670 challenges the sellers of late. That said, the bearish MACD signals and the rising wedge confirmation tease bears ahead of the US/Australia PMIs for July and the US Q2 GDP, not to forget the US Core PCE Price Index that is also known as the Fed’s favorite inflation gauge. Hence, a daily closing beneath 0.6670 appears necessary to convince the bears to target the 0.6600 threshold. Following that, the 200-SMA support of 0.6581 can test the downside momentum, along with downbeat RSI conditions, before allowing the sellers to aim for 0.6500 and 0.6400, as well as challenge the yearly peak surrounding 0.6360. On the flip side, the AUDUSD pair’s recovery remains elusive unless it stays beneath the aforementioned rising wedge’s lower line, now immediate resistance around the 0.6700 round figure. Following that, the 78.6% Fibonacci retracement of December 2023 to March 2024 upside, near 0.6765, and the monthly high of 0.6798 could test the buyers. It’s worth observing that the rejection of the bearish chart formation, by a daily closing beyond 0.6815, appears a strong signal for the Aussie bulls to challenge the yearly peak of 0.6839. Overall, AUDUSD appears ready to welcome the bears but a slew of top-tier data/events will be decisive to watch.
by MTradingGlobal
GBPAUD 8-Hour Analysis: Anticipating a Bearish CorrectionThis GBPAUD 8-hour chart analysis highlights key liquidity levels and fair value gaps (FVG). The pair is currently showing signs of a potential bearish correction from the 1.93054 level. We anticipate a move down towards the FVG W zone around 1.91000-1.90500, with additional liquidity at the equal low (equ. low) around the 1.89000 zone, before a possible bullish recovery. Key levels and liquidity areas are marked for strategic trading decisions.
Short
by Karnatrader
GBPUSD MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading
USDJPY MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading
USDCHF rebounds near resistance at 0.8900The USDCHF has continued to rebound from its session lows earlier this week, and in doing so, it has moved back above the 200-day moving average (MA) and the broken 38.2% retracement level. However, it is currently encountering resistance around the falling 100-hour MA near 0.8900, which aligns closely with the high of a recent swing area. This level is crucial for both buyers and sellers. If the price can break and sustain above the 0.8900 level, it would signal a more bullish outlook. Conversely, if the price stays below the 200-day MA and moves lower, it would negate the corrective trend and prompt traders to target lower levels again.
Long
by FXBANkthe8055
AUDUSD downside risks build, US data will be keyAUD/USD fell below the 21-DMA and struck a 12-session low Friday on the back of U.S. yield (US2YT=RR) gains rallying the U.S. dollar and the risks of a deeper aussie fall are building ahead of key U.S. data next week. The U.S. yield gains helped increased the U.S. dollar's yield advantage over the aussie as Australia-U.S. 2-year spreads hit their widest in nearly two weeks. Should spreads widen further the existing correlation between them and AUD/USD could help extend the pair's recent drop. Technicals are beginning to highlight downside risks as well.
Short
by FXBANkthe8055
USDCAD 6Hr TF!Canadian dollar falls 0.2% against the greenback Touches its weakest since July 2 at 1.3747 Retail sales fall 0.8% in May 10-year yield rises 1.8 basis points to 3.399% The Canadian dollar weakened to a 17-day low against its U.S. counterpart on Friday as Canadian retail sales fell more than expected and investors weighed the potential for a change of leadership in the United States to roil global trade. The loonie USDCAD was trading 0.2% lower at 1.3730 to the U.S. dollar, or 72.83 U.S. cents, after touching its weakest intraday level since July 2 at 1.3747. For the week, the currency was down 0.7%.
Long
by FXBANkthe8055
GBPUSD view!The dollar climbed on Friday and was set to snap a two-week streak of declines as a worldwide cyber outage that affected banks, airlines and broadcasters unnerved investors, although volatility in the currency markets was largely contained. A software update by global cybersecurity firm CrowdStrike CRWD crippled industries from travel to finance before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies. The dollar index was on track for its second s
Short
by FXBANkthe8055
EURUSD 5Hr View! The dollar climbed on Friday and was set to snap a two-week streak of declines as a worldwide cyber outage that affected banks, airlines and broadcasters unnerved investors, although volatility in the currency markets was largely contained. A software update by global cybersecurity firm CrowdStrike CRWD crippled industries from travel to finance before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies. The dollar index was on track for its second s
by FXBANkthe8055
CADCHFBeautiful trade setup, very nice and easy to understand. I posted it in video analysis. However I must be honest with you, I did not get into this trade as I was satisfied with my EurAud position. Let me explain what happened, so as you can see we are trading high in the market and into one sell zone. Price is struggling to continue higher and it was consolidating for a while. I wanted to see the break of that so-called trendline and, if not, a structure point break. Look good at the picture and read the price action and you will see how it all aligns. Two perfectly valid positions came across and price fell down into out TP zone. There is some more minor details to say but I think that is more than reasonable explanation. T
Short
by Tilen_FX
1
USDINR_BREAKOUT AFTER GOOD CONSOLIDATION PHASE_BIG GREEN BARA breakout is a potential trading opportunity that occurs when an asset's price moves above a resistance level or moves below a support level on increasing volume. The first step in trading breakouts is to identify current price trend patterns along with support and resistance levels in order to plan possible entry and exit points. Breakouts occur in all types of market environments. Typically, the most explosive price movements are a result of channel breakouts and price pattern breakouts. Now this time RSI Justify USDINR Breakout, entering above RSI 60 level after long time.
Long
by Pranay_Kamdi
EURAUD TARGET REACHEDIf you look at some previous posts, you will see EurAud was one of the trades I was in. And it paid off. Final target was reached on Wednesday just before the CPI news release on Nzd and overall this position made me +6% of profit. It was the right thing to close most of the position at high and then at marked area as if Nzd news would turn positive, the whole trend could reverse. All of 3 positions together had a potential hitting +9%, however, my risk is lower than 1% / trade usually. If you got into this with me, well done. T
Long
by Tilen_FX