Hello everyone!
We’ll be posting our view of one the forex-markets here daily.
make sure to also check out our website Forexstrategycreators.com where we will be posting more markets.
Our first post will be our view of the NZDUSD:
NzdUsd: The nzdusd is still in a strong uptrend, since we still have higher highs and higher lows, so trading inline with this uptrend is key. Yesterday, there was a formation of a pinbar, with a bearish close, but the close was back within the motherbar of the double inside-bars of the last couple of days. It also clearly rejected the 21EMA and 0.8600 level. So this could signal a false break and a continuation of the recent bullish momentum.
GbpUsd: The Gbpusd formed a nice pinbar today at key resistance, which is also a long term resistance zone. The recent trend has been bullish, but since this is such a strong resistance level, it’s a pinbar worth taking to go short. Ideally, we are looking for an entry at the 50% retracement of the pinbar, so that our Risk/Reward is worth the trade.
GbpUsd: Also on the Gbpusd pair not much movement today. Our strategy for this pair is to look for buy-signals after a retracement to the support zone or the 8/21EMA zone. We did take the sell trade caused by the nice pinbar that formed yesterday, as it protruded the long term resistance very nicely. Remember, this is a countertrend trade and the should always be taken with caution.
UsdCad: We are still in a short trade on this one, based on the pinbar some day ago. Right now there is the formation of coiling inside bars, so we expect a strong move to follow. Our bias is still downwards. It could be that there will be a false break upwards before heading further down, so we could be stopped out. The way to trading these inside bars is by entering on the break of the mothercandle.
UsdCad: As we’ve discussed yesterday, there’s a bunch of coiling inside bare building up, and yesterday, we had a false break of the mothercandle, so we’ll be watching very close to see if it breaks out from the bottom of the mothercandle. If it does, it could signal a very large downward move.
XauUsd: This pair formed an inside bar yesterday right at support. So if it breaks out to the bottom, it could signal a strong continuation of the recent downtrend. The safer approach would be to wait for the retracement after the breakout and then look for price action.
EurUsd: This pair formed a bullish pinbar yesterday at support, so we could see it go up again from this point. The trick is to find a good entry point and not just jump in at the daily close. So we’re looking to enter the trade at 50% of the pinbar, with the stop just below the lows of the last weeks. Our target will be the key resistance area. So we would have a very nice risk/reward of 1:4.
NzdUsd: Taking a close look at the nzdusd pair, we can see that it is in a very clear uptrend the last weeks and were almost at the support zone. Should we see PA that signal the continuation of this uptrend, it would be a nice place to enter.
