Forex Cryptocurrency General Chit Chat Thread 2019

[Mr. Wood]

EUR/USD: Is the long-term uptrend over?
February 18, 2021 1:36 AM

the longer-term EUR/USD uptrend is at risk, with a potential break and close below the 3-month low at 1.1950 (if seen) signaling that the momentum has shifted in favor of the bears and hint at a move toward 1.18 or lower next.

For bulls to regain the upper hand, we’d need to see EUR/USD break above its one-month high near 1.2175, a development that could pave the way for a continuation up toward 1.2350 resistance in the coming weeks.

 

[Mr. Wood]

Hi All

can i know which broker is best to use for FX trading???

thanks

i dun know which is best. but myself using cityindex. good enuff for me becoz they juz focus on one thing - trading platform.

last time i use philip here hang there hang customer service like shat, and the broker alwys got new things want to upsell. ***** irritating.

 

[Mr. Wood]

WTI crude oil back to $60
February 19, 2021 5:39 AM

Depending on whether you are looking at the front month futures contract, the ETF, the CFD or the cash market, WTI fell to near $0 on April 22nd! Since then, price has rallied. In the late summer and early fall of 2020, Crude oil traded sideways between $35 and $42 before breaking higher and forming a flag. The target for a flag pattern in the length of the flagpole added to the breakout point. In this case the target is near $65. Price fell $2.75 short of that level today! Yesterday, the RSI was near 82 and today it has pulled back near neutral territory, just above 70. If price achieves its target of $65, the next level of resistance is the January 2020 highs near $65.66.

 

[dilphinus]

I tried the demo and it seem fine but the problem with plus500 is that i am not able to connect to the mobile app when i am using tpg mobile network to access. As i relies on mobile network alot, plus500 is not for me. Anyone tried IG trading is it any good?

wished i have seen this post before i cancelled my fibre broadband and got the TPG sim card as a replacement

Now i can only use my limited free circles life data to access plus500.

 

[Mr. Wood]

Mon Feb 22
9:30am CNY PBoC Loan Prime Rate

Tue Feb 23
Japan Holiday - Emperor's Birthday
11:00pm USD Fed Chair Powell Testifies on the Semiannual Monetary Policy Report before the Senate Banking Committee
3:00pm GBP Claimant Count Change (Jan)

Wed Feb 24
1:30am CAD BOC Gov Macklem Speaks at the Edmonton Chamber of Commerce & Calgary Chamber of Commerce
9:00am NZD RBNZ Monetary Policy Statement
NZD RBNZ Rate Statement
10:00am NZD RBNZ Press Conference
11:00pm USD Fed Chair Powell Testifies on the Semiannual Monetary Policy Report before the House Financial Services Committee

Thu Feb 25
9:30pm USD Core Durable Goods Orders (MoM) (Jan)
USD GDP (QoQ) (Q4)


Fri Feb 26

Sat Feb 27
3:00am USD US Federal Budget

 

[Mr. Wood]

squeezeeeeeee

1760 looks like strong support

 

[Mr. Wood]

Asian Open: Copper sends Commodity FX to new highs
February 22, 2021 4:49 AM

A potential bearish swing trade may have formed on GBP/NZD. The weekly chart remains in a longer-term downtrend and produced a bearish pinbar, after Friday’s bearish engulfing candle eradicate all gains seen between Monday and Thursday. A break beneath last week’s low (1.9167) confirms the bearish reversal candle.

We can see on the daily chart that a bearish engulfing candle saw prices roll over at the 200-day eMA. This average was last tested in October where a bearish engulfing candle also formed ahead of -6.5% decline.

Switching to the four-hour chart shows prices broken below a bullish trendline which suggests a change in trend. Given the decline stopped just above the 1.9160 swing low, we see the potential for a minor rebound from current levels. Yet this may provide an opportunity to fade into the rebound and target lower support levels.

 

[Mr. Wood]

Asian Open: Risk-off with a twist sends Wall Street lower

February 23, 2021 6:26 AM

EUR/USD: Potential inverted head and shoulders formation
A weaker frequently means a stronger EUR/USD (the euro does account for 57% of the dollar index, after all). Do if DXY does break below 90 then it’s game on for a bullish reversal pattern on EUR/USD.

The weekly chart remains above its 20-week eMA and demand clearly resides above 1.2000. And a higher low has formed on the daily chart to produce a ‘higher low’, so we just need a breakout of the H&S neckline to confirm the breakout.

 

[Hahahaman]

Soli soli. Pos in wrong thread.

 

[Mr. Wood]

USD/CHF and DXY diverge
February 24, 2021 4:57 AM

USD/CHF broke out of a descending wedge today on a daily timeframe, up over 1%, while the DXY is near unchanged. The first resistance level is the 200 Day Moving Average, which crosses at 0.9150. Above there is at the 38.2% Fibonacci retracement from the March 23rd highs to the January 6th lows at 0.9200. Next is a horizontal resistance area between the September 28th highs of 0.9295 and the 50% retracement level of the previously mentioned timeframe near 0.9333. Horizontal support is back at the breakout level near 0.8990, then horizontal support at 0.8925.

 

[Mr. Wood]

Just like the good old days: Yields, stocks, commodities, and USD/JPY all higher!
February 25, 2021 5:51 AM

USD/JPY appears to be moving with yields since the beginning of the year. USD/JPY put in a low on January 5th, near 102.60 and has been trading higher since. The pair is currently nearing resistance at the 38.2% Fibonacci retracement from the February 20th, 2020 highs to the January 5th lows near 106.26. If price breaks above there, the 50% retracement level is at 107.39. Price sliced through the 200 Day Moving Average today, which now acts as first support at 105.49, then horizontal support at 104.92 and 104.41.

 

[Mr. Wood]

AUD/USD forms key reversal at 0.8000 on souring risk appetite, surging US yields
February 26, 2021 3:03 AM

AUD/USD bears could look to push the pair down to previous-resistance-turned-support at 0.7800 as an initial target; the rising 21-day EMA also comes in around that area. Below there, a deeper retracement toward the 50-day EMA near 0.7700 could be in the cards. On the other hand, bulls would need to see AUD/USD stabilize and close above today’s high around 0.8000 to shift the short-term bias back in favor of the buyers.

Finally, traders should be aware of the RBA meeting during Tuesday’s Asian session as a major source of potential volatility to watch in the coming days.

 

[Mr. Wood]

FX market has not indicated a major topping process for global equities
26 Feb 2021, 11:35

The main catalyst that has trigged this current “sell everything” sentiment is the steeping pace of rising long dated US Treasury yields despite Fed Chair Powell’s recent two days of “dovish” congressional testaments that has indicated that the Fed is in no hurry to taper its current bond buying programme as Fed’s inflation target may not be achieved in the next three years.

the current movement seen in the foreign exchange market has not yet signalled a major topping process for global equities; perhaps what we are seeing now is likely a multi-week corrective decline unfolding within a major uptrend phase that remains intact since Mar 2020 low.

USD/CNH remains below 6.5110 key range resistance

 

[Mr. Wood]

Mon Mar 1
9.45am CNY Caixin Manufacturing PMI (Feb)
5:30pm GBP Manufacturing PMI (Feb)
11:00pm USD ISM Manufacturing PMI

Tue Mar 2
11:30am AUD RBA Rate Statement
6:30pm EUR CPI (YoY)

Wed Mar 3
8:30am AUD GDP q/q
UK Annual Budget Release

Thu Mar 4
4:15am NZD RBNZ Gov Orr Speaks
8:30am AUD Retail Sales (MoM)
OPEC-JMMC Meetings

Fri Mar 5
1:05am USD Fed Chair Powell Speaks about the US economy at an online event hosted by the Wall Street Journal
9:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate

Sat Mar 6
3:00am US Federal Budget

 

[Mr. Wood]

Shaky start to huge data week
01 Mar 2021, 07:15

This week brings PMIs from around the world, readings on inflation, and US national accounts and employment data. The activity indicators are likely to fall under a good news is bad news dynamic, especially if accompanying inflation data surprises on the upside. Analysts expect 180,000 new jobs were created in the US in February, and a substantially higher read on Friday night could damage market sentiment.

 

[Mr. Wood]

What in the world is wrong with gold?
March 3, 2021 3:54 AM

gold prices peeked below $1710 for the first time since June, though they have staged a decent bounce off the lows as we go to press:

Moving forward, previous-support-turned-resistance at the 50% Fibonacci retracement of the March-August 2020 rally near $1765 could cap short-term rallies. Traders would need to see a break above that level to flip the near-term bias back in favor of the bulls. Meanwhile with traders selling any short-term rallies of late, the next downside level to watch will be the 61.8% retracement of that same rally near $1690, corresponding with some of the lows we saw through Q2 2020.

 

[Mr. Wood]

1760 looks like strong support

1760 broken. turn resistance

 

[Mr. Wood]

Asian Open: Dollar surges as Powell sticks to ‘easy’ script
March 5, 2021 6:17 AM

The US dollar index (DXY) rallied to a 3-month high overnight amid its second most bullish session. With speculators short the dollar at levels not seen since 2011, a squeeze was bound to happen at some point. Clues of a dollar turnaround have been left in recent weeks but evidence of it is now seeping through more obviously into price action.

The Australian dollar is slowly leaving a trail of clues that it may have topped. A bearish engulfing candle on the daily charts at 80c was the first, and we have now seen a lower high and a close beneath its November bullish trendline.

It has found support at its 50-day eMA, although a break beneath 0.7700 would also see it break the average.

 

[Mr. Wood]

Mon Mar 8
6:00pm GBP BOE Gov Bailey Speaks about the economic outlook at a webinar hosted by the Resolution Foundation

Tue Mar 9
7:50am JPY GDP (QoQ)

Wed Mar 10
6:00am AUD RBA Gov Lowe to deliver a speech titled "The Recovery, Investment and Monetary Policy" at the Australian Financial Review Business Summit
9:30pm USD CPI m/m
USD Core CPI m/m
11:00pm CAD BOC Rate Statement
11:30pm USD Crude Oil Inventories

Thu Mar 11
8:45pm EUR Monetary Policy Statement
9:30pm EUR ECB Press Conference

Fri Mar 12
3:00pm GBP GDP (YoY)
GBP Manufacturing Production (MoM)
9:30pm CAD Employment Change
CAD Unemployment Rate

Sat Mar 13
US Federal Budget

 

[Mr. Wood]

1760 broken. turn resistance

looking for signal to long. TP at box or at ema.