Archive for the ‘Forex Analysis’ Category

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AUD/NZD Weekly Elliott Wave Analysis

May 21, 2012

When you look at the weekly chart of AUD/NZD you can see that since August 2008 till now it perfectly formed uptrend Elliott Wave movement. It also formed Symmetrical Triangle. This can give us the signal that the price more likely will break the resistance levels at 1.3050 and 1.3270 and will target the strong resistance at 1.3720. So we recommend you to open long positions if it breaks the resistance at 1.3050. You decide where to put your stop loss!

Good luck!

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GBP/USD goes up for Head and Shoulders?

May 17, 2012

In the last 3 days Cable broke the trendline and  support at 1.6050 and tested the other significant support at 1.5770. Now we can see on the chart the left shoulder and the head, so if it rebounds from the support at 1.5770 most probably it will make a correction till 1.6000-1.6050 to form the right shoulder and after that  GBP/USD will continue the downtrend movement.

Trading idea: Open a position at 1.5780 with stop loss at 1.5705 and take profit at 1.6030. If you use high leverage better skip this idea!

If you want to know what we consider high leverage and how leverage and big risk affect your trading click here .

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Good luck!

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USD/INR is going down?

May 14, 2012

USD/INR reached the significant resistance at 54.00 and in our opinion it  more likely will rebound and will target the support at 53.20. So if you decide to open a short position we advice you to put the stop loss 10-15 pips above the resistance at 54.00 and to place your take profit order at least 10-15 pips above the support at 53.20. You should consider  that if the price breaks the resistance at 54.00 it most probably will continue the uptrend movement!

Tip: Always put your stop loss! Even the most experienced trader can make a mistake analyzing the market, so when you open a position always put your stop loss!

More tips you can find at http://newonforex.com/forex-tips/

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Economic Calendar

May 10, 2012

http://newonforex.com/

Today you can see very important events on the Economic Calendar. Here you can see some of them:

Trade Balance – Canada 13:30 GMT – A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

Trade Balance – USA 13:30 GMT – A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Initial Jobless Claims – USA 13:30 GMT – A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

Fed Chairman Bernanke Speaks – USA 14:30 GMT – His comments may determine a short-term positive or negative trend for the USD.

If you don’t understand anything or you just have a question just write a comment and we will answer you as soon as possible!

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Good luck !

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USD/CHF tests the resistance at 0.9268

May 8, 2012

http://newonforex.com/

Yesterday people traded USD/CHF in the range 0.9190-0.9250, however they showed bullish sentiment. Today it more likely will test the strong resistance level at 0.9268 and if  it doesn’t go through will find support at 0.9145 with the 50 period EMA. However if it breaks the resistance it more likely will continue in uptrend until the next resistance at 0.9335. Look for reversing/breaking bars/candles at the 30min -1 hour charts they should be the signals.

Trading idea: Look at the hourly chart(be careful on lower period the signal will be weaker) and if the price breaks the resistance at 0.9268 open long position 10 pips above the maximum of the breaking bar. Put your stop loss 10 pips below the minimum of the breaking(signal) bar and take profit 10 pips below the next resistance 0.9325. When you make 20-30 pips profit close part of the position in order to compensate eventual trend change. Beware of a bull trap! Good luck!

If you like our analysis you can follow us via email!

If you don’t understand anything or you just have a question just write a comment and we will answer you as soon as possible!

Good luck!

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Gold is going down?

May 7, 2012

http://newonforex.com/

Yesterday people traded Gold in the range 1630-1640 and it seems going down. However it almost reached the significant support at 1623.53 and there it is very possible to start uptrend movement until the 50 period EMA at 1662 . IF it beats the support line at 1623.53 it seems that it will strongly go down(Be careful for a bull trap). We expect similar situation if it goes to the 50 period EMA. Look for reversing/breaking bars/candles at the 1-4 hours charts they should be the signals.

Trading Idea: Look at the hourly chart(be careful on lower period the signal will be weaker) and if the price breaks the support at 1.623.53 sell 50 pips below the breaking bar’s minimum. Of course insure your capital with a stop loss 50 pips above the breaking bar’s maximum.

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GBP/USD more likely will continue in downtrend

May 5, 2012

http://newonforex.com/

After last week Cable made a test on the resistance level on 1.6300 it started going down. It went through the support on 1.6250 which became very strong resistance level – tested several times. For a few days traders were keeping it between 1.6250-16170 when finally on Friday it went down. Now it more likely will continue the downtrend it started to the next support on 1.6060 and if it goes through will reach 1.5990.