Author Archives: Trade Advantage

The dollar continued to weaken throughout yesterday’s European session

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EUROSTOXX 50 (Dec 12) INTRADAY Review Following Wednesday’s rally the Eurostoxx entered a distribution at the highs in yesterday’s trade and remained confined within a tight trading range throughout the session. The pullback to yesterday’s pivot at 2,547 that we were aiming to utilise to our advantage as an entry long did not materialise, leaving our strategy entry unfilled. The index finished the session with a gain of 0.66%. Strategy US macroeconomic data was the main focal point in

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The dollar continued to weaken throughout yesterday’s European session

USDJPY Bearish Harami 4-Hour Chart

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XAUUSD Bearish Harami Hourly Chart Resistance: 1730.22 moderate/1734.88 minor/1741.04 minor Support: 1724.06 strong/1719.40 moderate/1713.24 minor Market appears to have a bullish bias in XAUUSD with Bearish Harami well resisted by 1730.22. Given that we have a low level bearish reversal pattern it would be best to look for a confirming black candlestick before jumping short. Stop loss should also be placed just above 1730.22 while the price target is 1724.06, possibly on to 1719.40 if the

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USDJPY Bearish Harami 4-Hour Chart

XAUUSD Three Outside Up Hourly Chart

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Resistance: 1734.88 minor/1741.04 minor Support: 1730.22 moderate/1724.06 strong/1719.40 moderate XAUUSD has a bullish bias with Three Outside Up in Hourly charts suggesting a further push higher. As a high level pattern aggressive buys may be taken with 1734.88 as the immediate objective break of which opens the possibility of a run to 1741.04. Stop losses ideally should be placed below 1730.22. Proximity to 1730.22 would be ideal. Learn more about the chart patterns and how to recognize them

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XAUUSD Three Outside Up Hourly Chart

USDCAD Bullish Engulfing 4-Hour Chart

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Resistance: 0.9933 strong/0.9948 moderate/0.9976 minor Support: 0.9905 moderate/0.9890 minor/0.9862 minor Market bias for USDCAD is bearish with prices under a strong resistance at 0.9933. 4-Hour candlesticks however have a mid level reversal pattern, Bullish Engulfing. Look for a close above the Pivot Point, 0.9933, for a run to 0.9948 with stop losses just below the patterns low. Break of 0.9948 could lead to a market rally for 0.9976.

CA: Industrial Product Price (MoM): -0.100 %

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Date (GMT) Event Cons. Actual Previous Nov 29 13:30 Industrial Product Price (MoM) -0.100 % -0.100 % 0.500 % Read the full report from Statics of Canada News Canada: Industrial Product Price fell 0.1% MoM (FXstreet.com) Thu, Nov 29 2012, 14:15 GMT Canada Industrial Product Price (MoM) falls to -0.1% in Oct (FXstreet.com) Thu, Nov 29 2012, 13:35 GMT Canada Oct Raw Material Price Index: 0% (FXstreet.com) Thu, Nov 29 2012, 13:34 GMT

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CA: Industrial Product Price (MoM): -0.100 %

US: Personal Consumption Expenditures Prices (QoQ): 1.600 %

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Date (GMT) Event Cons. Actual Previous Nov 29 13:30 Personal Consumption Expenditures Prices (QoQ) 1.600 % 2.500 % Read the full report at US Department of Commerce News US: Personal Consumption Expenditures rose 1.6% QoQ in Q3 (FXstreet.com) Thu, Nov 29 2012, 14:13 GMT US 3Q Personal Consumption Expenditures Prices (QoQ) decreases to 1.6% vs 2.5% IN 2Q. (FXstreet.com) Thu, Nov 29 2012, 13:35 GMT

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US: Personal Consumption Expenditures Prices (QoQ): 1.600 %

The commodity as expected has gone bid this morning

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S&P 500 (Dec 12) INTRADAY Review I mentioned on CNBC on Monday that investors should be prepared for positive and negative comments regarding the progress on a Fiscal Cliff deal and that this would inevitably create volatility. The 24 houras between Monday 19.00 and Tuesday 19.00GMT couldn’t have summed up this risk any better. Democrat Majority Leader in the Senate, Harry Reid, made negative comments on Monday night and this really drove the downtrend in the S&P throughout yesterday

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The commodity as expected has gone bid this morning