GROWTHACES.COM Forex Trading Strategies
Trading Postions
AUD/USD trading strategy: long at 0.7680, target 0.7900, stop-loss 0.7680
NZD/USD trading strategy: long at 0.7340, target 0.7660 stop-loss 0.7420
Pending Orders
EUR/USD trading strategy: buy at 1.1340, if filled target 1.1550, stop-loss 1.1250, risk factor *
GBP/USD trading strategy: buy at 1.5330, if filled target 1.5480, stop-loss 1.5260, risk factor **
EUR/CHF trading strategy: buy at 1.0560, if filled target 1.0700, stop-loss 1.0490, risk factor *
EUR/JPY trading strategy: buy at 134.20, if filled target 137.00, stop-loss 133.40, risk factor ***
GBP/JPY trading strategy: buy at 181.50, if filled target 185.00, stop-loss 180.40, risk factor ***
AUD/JPY trading strategy: buy at 91.50, if filled target 93.50, stop-loss 90.80, risk factor ***
EUR/USD: Euro Zone Macro Data Are Getting Stronger
(looking to get long again)
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[li]Talks between Greece and euro zone finance ministers over the country’s debt crisis broke down on Monday when Athens rejected a proposal to request a six-month extension of its international bailout package as unacceptable. Dutch Finance Minister Jeroen Dijsselbloem, who chaired the meeting, said Athens had until Friday to request an extension, otherwise the bailout would expire at the end of the month.
[/li][li]Greek Finance Minister Yanis Varoufakis said he had been prepared to agree to a deal with creditors that would have given Athens four to six months additional credit in return for putting major new budget policies on hold. He said the European Commission had put such a suggestion to him before Monday’s meeting of euro zone finance ministers but that it had been superseded by a different draft proposal. Yanis Varoufakis said: “I have no doubt that, within the next 48 hours Europe, is going to come together and we shall find the phrasing that is necessary so that we can submit it and move on to do the real work that is necessary.”
[/li][li]Macroeconomic data from Euro zone economy are improving, in line with our expectations. The number of people employed in Germany’s manufacturing sector rose to a record high of 5.3 million at the end of last year, the highest level since the data was first collected in 2005.
[/li][li]ZEW Indicator of Economic Sentiment for Germany rose to 53.0 points in February 2015 from 48.4 in the previous month. Reaching its highest value since February of 2014, the indicator has increased for the fourth consecutive time. The reading was below the market consensus of 55.0 points. A separate gauge of current conditions increased to 45.5 from 22.4 in January, surpassing by far a consensus forecast for a reading of 30.0 and hitting its highest level since July 2014.
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[li]The EUR/USD reached the stop-loss level of our long position at 1.1320, but we took small profit (1.1285-1.1320). In our opinion the medium-term outlook for the EUR/USD is still bullish. We had placed buy order at 1.1285 again yesterday and we raised our order to 1.1340 today in the morning of the European session.
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Significant technical analysis’ levels:
Resistance: 1.1429 (high Feb 16), 1.1443 (high Feb 13), 1.1486 (high Feb 6)
Support: 1.1320 (low Feb 16), 1.1303 (low Feb 12), 1.1270 (low Feb 9)
GBP/USD: Britain’s Inflation In Line With Expectations
(buy at 1.5310)
[ul]
[li]British consumer price inflation fell to 0.3% yoy in January from 0.5% yoy in December. It was the lowest level since records began in 1989. The reading was in line with the median forecast.
[/li][li]Food and non-alcoholic drink prices, which have been pushed down by lower commodity prices, fell 2.5% yoy, their biggest fall on record.
[/li][li]In a separate release the Official for National Statistics said that prices at the factory gate fell 1.8%yoy in January, the biggest decline since records began in 1997. In December alone, crude oil prices paid by British manufacturers fell by 20.2% mom from November, the sharpest drop since December 2008.
[/li][li]The ONS also said house prices in Britain rose 9.8% yoy in December, slowing from 9.9% yoy in November.
[/li][li]Bank of England policymaker Martin Weale wrote in an article published on Sunday the central bank will need to start raising interest rates sooner than investors expect as inflation recovers from current low levels. Weale is one of two hawkish BoE’s rate-setters who voted for an increase in borrowing costs last year. Weale said he had stopped voting for a rate increase in January because a plunge in oil prices might lead to expectations of low inflation becoming built in.
[/li][li]The GBP/USD reached the stop-loss of our long position yesterday at 1.5340, but we took small profit (1.5280-1.5340). We are looking to get long again at 1.5330. If the order is filled the target will be 1.5480, just below the resistance level of 1.5481 (23.6% of 1.7192-1.4952)
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Significant technical analysis’ levels:
Resistance: 1.5441 (high Feb 16), 1.5481 (23.6% of 1.7192-1.4952), 1.5584 (high Jan 2)
Support: 1.5339 (low Feb 16), 1.5297 (10-dma), 1.5212 (low Feb 12)
Source: Forex Trading Strategies