Author Archives: Trade Advantage

Resistance: 0.8334 moderate/0.8408 strong/0.8463 moderate Support: 0.8278 minor/0.8205 minor The Evening Star (Doji) in 4-Hour charts is a confirmation of the overall bearish trend for NZDUSD. With moderate resistance at 0.8334 consider shorts at market given the high credibility bearish pattern with a stop loss above it. Alternatively stops could be placed above the pattern high. Immediate objective is 0.8278, break of which opens us to a sell-off to 0.8205.

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NZDUSD Evening Star (Doji) 4-Hour Chart

Market Review Friday’s session was mainly focused on the currency markets as some dollar strength lead to some important moves in particular for USDJPY which finally breach the extremely important 100 handle as for now the G7 continue to approve of Japan’s aggressive policy actions. EURUSD also had an important session with some further downside adding to Thursday evenings losses. The currency pair breached the 1.30 handle, which was also the 50% Fibonacci retracement level of the range from

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The currency pair breached the 1.30 handle

Resistance: 1439.44 minor/1448.60 moderate/1462.46 strong Support: 1425.58 minor Overall trend in XAUUSD is bearish though we appear to be overextended in Hourly charts. With a high credibility bullish reversal pattern, Piercing Line we risk a sharp technical correction. Consider buys at market with stops under 1425.58 or the pattern low. The immediate target is 1439.44 break of which may see a test of 1448.60.

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XAUUSD Piercing Line Hourly Chart

Review… EURNOK: Target of 752 hit. The recommendation was initiated on 22 April and yielded 1.74%. The good CPI figures on Friday initiated the hunt for the Norwegian krone. In the short term there is still focus on buying NOK, particularly if EURNOK rises to 757. Investors who are still holding long NOK positions should place a S/L just above 760, as a breach of 760 will most likely result in upward pressure towards 766-70. AUDUSD: was hit ‘twice’ on orders. On Thursday and Friday the

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Sell AUDUSD

Daily Forecast – 14 May 2013 Topix June contract Topix broke 1223 to hit our next target of 1235/37 perfectly as we topped out here. The outlook is still positive so above 1240 look for 1256. This is very strong longer term resistance & should present a big challenge to bulls, even in this steep bull trend. Exit longs & try shorts with stops above 1260. Support at 1216/15 then 1206/03 could be a good buying opportunity.

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Topix, FTSE China A50, Hang Seng, Hang Seng CE Index, USDJPY, Kospi, Nikkei 225

Daily Forecast – 13 May 2013 USDJPY USDJPY broke resistance at 99.70/90 & closed above 2009 highs at 101.45. We now look for 102.42 then 103.07 but we should struggle at 103.55 this week. Do bear in mind however that we could reach as far as 105.50 in the coming weeks on this next leg higher. Good support at 100.81 could hold any profit taking but below here 100.09 could be a buying op- portunity with further good support at 99.76. Longs need stops below 99.50.

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USDJPY, Topix, FTSE China A50, Hang Seng, Hang Seng CE Index, Kospi, Nikkei 225

1minute with ForexSurvivor

1minute with ForexSurvivor

USDJPY Three Inside Down Hourly Chart Resistance: 102.15 minor/103.51 minor Support: 101.37 moderate/100.01 strong/99.23 moderate Three Inside Down is just above a moderate support at 101.37 with USDJPY Hourly charts generally bullish. Given that this is a high level bearish reversal pattern consider shorts only when prices are under 101.37 the immediate objective a strong support at 100.01, the daily Pivot. Stop losses should be placed above the patterns high. A break of 100.01 could see us

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GBPUSD Hammer 4-Hour Chart

Market Review Yesterday’s session was fairly pedestrian until we hit the latter stages of the US session and the broad based US dollar strength finally drove a breach of the key 100 resistance in USDJPY. This triggered a powerful technical break out that had a ripple effect across the rest of the currency space. The Yen weakness also translated across to other asset classes with the Nikkei 225 spiking higher and JGBs taking a hit with correlated moves in corresponding European and US markets.

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Bernanke may be speaking at 14.30pm where he may talk about the US economy

1minute with ForexSurvivor

1minute with ForexSurvivor Latest impact:

Market Review Yesterday saw stock markets continue their relentless climb with the S&P extending all-time highs to 1629.50 going into the close. More positive data from Germany, this time their Industrial production numbers, added to upside momentum but generally it was a session that was low on significant developments and so the low volume rally continued. The Euro benefited from the German news as well as some general US dollar weakness and drifted up to flirt with the 1.32 handle with

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Equities are enjoying a sustained period of positivity

Market Review Yesterday saw stock markets continue their relentless climb with the S&P extending all-time highs to 1629.50 going into the close. More positive data from Germany, this time their Industrial production numbers, added to upside momentum but generally it was a session that was low on significant developments and so the low volume rally continued. The Euro benefited from the German news as well as some general US dollar weakness and drifted up to flirt with the 1.32 handle with

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Equities are enjoying a sustained period of positivity

1minute with ForexSurvivor

SPOT GOLD DAILY OUTLOOK – 1472.20 09 May 2013 00:04GMT Although gold’s strong rebound fm Tue’s low at 1441.50 suggests pullback fm last Fri’s high at 1487.90 has possibly ended there n consolidation with upside bias is seen, break of 1479.00 res is needed to confirm this view n yield re-test of 1487.90 but abv needed to extend gain twd 1500.00. On the downside, only a daily close below 1439/41 wud confirm corrective rise fm Apr’s 2-yr low at 1322.20 has made a top n yield 1429.90. STRATEGY

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SPOT GOLD DAILY OUTLOOK : May 9, 2013

Market Review Yesterday’s session was relatively quiet in terms of news flow with the bullish German Factory orders data announced at 11am producing the largest market reaction for the Euro which spiked up through the pivot level and pushed on to flirt with Monday’s high. The equity space to longer to get going but the grind higher eventually got back on track with the Dax cash market forging new all time highs. Our EURUSD and Crude entries were filled after some pull backs after the US cash

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The Eurozone will lead to a push above the overnight high at 132.230

EURUSD Hanging Man Hourly Chart Resistance: 1.3157 minor/1.3182 minor Support: 1.3118 moderate/1.3093 strong/1.3054 moderate We have a low level bearish reversal, Hanging Man in EURUSD charts. Market is in an uptrend while the pattern is just above a moderate support at 1.3118. Short on a close below the said price for a push to 1.3093, break of which suggests a reversal for 1.3054. Stops should be placed above the patterns high. XAUUSD Bearish Engulfing Hourly Chart Resistance: 1454.71

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EURUSD Hanging Man Hourly Chart

Review… ECB’s Asmussen: “ECB prepared to act again” If the economic development continues in the EU, it is certain that the ECB will continue its easing phase. By now, Draghi, Asmussen and Weidmann have announced that further easing is in the offing. So, if economic indicators continue to decline, we will either see interest-rate cuts or new LTROs or something entirely different. EUR: The German industrial orders surprised positively. This made DAX and EURUSD increase. After an appreciation

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Monetary-policy meeting in Norway

XAUUSD Bearish Harami Hourly Chart Resistance: 1454.71 strong/1468.21 moderate/1484.07 minor Support: 1438.85 moderate/1425.35 minor/1409.49 minor We have a low level bearish reversal pattern Bearish Harami in XAUUSD. This is just below a strong resistance level at1454.71, the Pivot Point suggesting we look for a sell-off to occur. Consider shorts at market with 1438.85 as the immediate objective break of which opens up 1425.35. Stops must be placed above the Pivot Point. The prudent course of

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USDJPY High Wave Doji (Bull) Hourly Chart