Apparently the GBPUSD was rejected from an important LT support level around 1.4955:
GBPUSD
And now the GBPUSD is trading above the short term resistance level, triggering a bullish market condition. Therefore long opportunities are in play.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Usually the AUDUSD and the NZDUSD are closely correlated, when the Australian dollar is bullish, the New Zealand dollar tends to be also bullish (positive correlation), but this week hasn’t been the case:
AUDUSD & NZDUSD
As you can see in these charts, the AUDUSD is in a clear bullish market condition while the NZDUSD is in a bearish market condition, what do you think?
Trade Safe!
Raul Lopez
http://www.straightforex.com/
It’s been a while since the last time we posted about the GBPCHF, it traded not in a very well defined range from Oct 90 to 20sh February, but now it is out of that range, it broke through the long term support zone:
GBPCHF
It is also trading below every important level in the short term charts. So we are completely bearish in the GBPCHF.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
An image is worth a thousand words:
EURUSD
For those of you who only trade the EURUSD, this would be a good point to start looking at other currency pairs:
So please try other currency pairs, something clearer and smoother (such as the AUDUSD?)
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURAUD is trading at historical lows (and below every important level in the short term charts):
EURAUD
Under these circumstances it’s difficult to define the next LT support level (or TP level), there for we need to keep trailing the SL to lock in some profits.
Without a doubt I’m bearish in the EURAUD, and I will keep looking for more short opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The CADJPY just broke the short term support level, triggering a bearish market condition:
CADJPY
As long as it trades below 87.62 I will be looking for short trade opportunities. I will set my take profit orders just above the next LT support level around 85.55
Just make sure the CADJPY it’s trading below HOPS1.
Trade Sade!
Raul Lopez
http://www.straightforex.com/
Looks like the AUDUSD is trading in a bullish market condition:
AUDUSD
It is trading at a level where it could trigger a long signal (provided that we get the upward pressure we are looking for).
I’d like to see the AUDUSD trading above HOPS1 to continue looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
This week’s fundamental announcements weren’t enough to make the EURUSD break the medium term range its been trading since early February:
EURUSD
Lets see of the range can hold tomorrow’s unemployment announcement.
I’m still waiting for the EURUSD to break either the top of the range (for longs) or the bottom of the range for short.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Tomorrow morning we’ve got important announcements for the GBP and the EUR (interest rates), so we must be careful on those currencies (and everything related such as GBPJPY, etc). So why not, the USDJPY it’s been trading smoothly in between S&R levels. I wrote about it yesterday, so here an update:
USDJPY
Still bearish, and looking for shot opportunities
ST levels to watch for possible short signals: 88.57 and 88.86
Trade Safe!
Raul Lopez
http://www.straightforex.com/
I don’t like it when for instance a have a bearish market condition in the GBPJPY and a bullish market condition in the GBPUSD… but that’s what I have now, and to tell you the truth, I think the bullish condition in the GBPUSD will prosper:
GBPUSD
As long as the GBPUSD trades above 1.4997 I will be looking for long opportunities (already found one, but I will be willing to add to this position if I get another chance).
The next LT resistance level is at 1.5267.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
