Author Archives: Trade Advantage

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EURUSD Spot

Resistance: 1603.45 minor/1613.65 minor Support: 1596.67 moderate/1586.47 strong/1579.69 moderate Market is generally bullish with Bullish Engulfing suggesting a further push up. Given that the pattern is a medium reliability setup consider going long the immediate objective at 1603.45 possibly a run to 1613.65. Stop losses ideally should be under 1596.67 though a tighter stop under the pattern low is also viable. It is best to wait for a confirmation.

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XAUUSD Bullish Engulfing 4-Hour Chart

1minute with ForexSurvivor Latest impact:

S&P 500 (Jun 13) INTRADAY Review Yesterday’s S&P strategy worked really well with the long entry providing the support that defined the low of the US session the index bounced to find resistance right on our first profit target. The Initial Jobless claims data continued the strong run of form we have seen from the US data with a number of just 332k. The Dow Jones continued to drive higher and posted its tenth up day in a row which has not happened since 1986. The Fed bank stress test

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The 30 year bond auction also showed poor demand

Review: Norges Bank lowers its interest rate path considerably. Norges Bank lowers NOK Yesterday’s interest-rate announcement came as a surprise for many. Not because Norges Bank adjusted the interest rate, but because the central bank postponed the time of an interest-rate hike from the summer of 2013 to the spring of 2014 (maybe, in actual fact, to the second or third quarter of 2014). Inflation expectations were lowered quite a lot – in line with growth expectations. Our assessment and

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Negative surprise from Norges Bank – further weakening of NOK to be expected?

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XAUUSD Three Inside Up Hourly Chart Resistance: 1590.82 strong/1596.11 moderate/1604.73 minor Support: 1582.20 moderate/1576.91 minor/1568.29 minor We have a Three Inside Up in XAUUSD Hourly charts suggesting a possible bounce in prices. The immediate support at 1582.20 is rated as moderate. With a high credibility bullish reversal pattern consider buying from just above 1582.20 the immediate target will be the daily pivot point at 1590.82, break of which suggests a further rally to 1596.11.

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USDJPY Bearish Harami 4-Hour Char

S&P 500 (Jun 13) INTRADAY Review Yesterday’s strategy worked well as we anticipated some initial downside pressure for stocks despite the very positive retail sales data from the US. The highest volume period of the day in the S&P came as EURUSD broke below last week’s low and this dragged down the S&P in a correlation move that saw the S&P print new lows and touch our long entry level. From there the index stabilised and as the dollar strength began to slow stocks were able to

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Yesterday’s strategy worked well

XAUUSD Bullish Harami Hourly Chart Resistance: 1582.20 moderate/1590.82 strong/1596.11 moderate Support: 1576.91 minor/1568.29 minor We have a low level bullish reversal, Bullish Harami in XAUUSD charts. Market is generally bearish while the pattern is just under a moderate resistance at 1582.20. Consider buys on on a close above 1582.20 for a push to 1590.82 break of which suggests a reversal for 1596.11. Stops should be placed below the patterns low. USDCHF Bearish Harami Hourly Chart

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USDJPY High Wave Doji (Bear) Hourly Chart

Review: Good US retail sales triggered demand for USD The US: Retail sales offered a pleasant surprise. Good economic indicators from the US still support the strengthening of USD. The good retail sales sent EURUSD to a new low for 2013. We traded at 129.23. Even though we have a long-term target of a significantly lower EURUSD for 2013, we maintain that for the short term (up to a month) EURUSD is at an oversold level. As long as EURUSD trades well above 128, we are convinced that our

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No major movements to be expected

Forecast for 14th March 2013 FTSE 100 March contract FTSE took a tumble towards ‘firm support at 6431’ & bounced just above at 6436. We now need to hold above 6479 support for a test of 6496 resistance which held the bounce nicely yesterday. We push on today for 6520/25 as the next target. A break above 6530 could then test the high for 2008 seen on the 4th Jan at 6547. Support today at 6479/78 but below here look for 6465 then 6453/50 which should hold any weakness now. If we cannot hold

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FTSE 100, E-Mini S&P