The USDJPY is trading near a long term resistance level around 90.49:
USDJPY
If the USDJPY breaks the short term resistance level: 90.79, It will trigger a bullish market condition and I will start to look for long opportunities.
If the USDJPY breaks the short term support level: 90.00, it will trigger a bearish market condition and I’ll look for short opportunities.
If it keeps trading in between the short term range I will do nothing.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Today we don’t have many opportunities to trade, either the market is trading at an important level, or trading in an undefined range. I would say EURUGBP is one of the few opps today:
EURGBP
Yesterday it broke through an important LT support level, it is likely to continue its way down until the EURGBP reaches the next LT support level which is at 0.8852
It is also trading below every important level in the short term charts, so short opportunities in play in the EURGBP.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
I’ve been getting emails about when I was going to start trading the EURUSD (the EURUSD is probably the currency pair most traded from them all). I think the Euro isn’t ready yet, it is still trading in a medium term range:
EURUSD
Even when a currency pair is not tradable, I always recommend creating a trading plan for it: What the market (the EURUSD in this case) has to do, to make you feel more confident about trading it.
For the chart above, I’ll definitely feel more confident when the EURUSD breaks either side of the range, and of course, I’ll look for trade opportunities in the same direction.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The NZDJPY traded near a long term resistance level for around 5 days, but guess what, today the NZDJPY just broke the short term resistance level triggering a bullish market condition:
NZDJPY
It is also trading above every important level (meaning a very strong uptrend in the short term charts). As long as the NZDJPY keeps trading above 64.37 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Last week I wrote about the strong positive correlation between the AUDUSD and the NZDUSD, and that there was something wrong because the AUDUSD was trading in a bullish market condition while the NZDUSD was trading in a range… well, guess what, the NZDUSD followed the AUDUSD:
NZDUSD
The NZDUSD just broke both the short term and the long term resistance level triggering a bullish market condition. I’ll be looking for long opportunities, the next LT resistance level is at 0.7311
Trade Safe!
Raul Lopez
http://www.straightforex.com/
We had the EURUSD and the USDCHF as non tradable for the past 3 or 4 weeks, you also know that both of them are inversely correlated, but something funny is going on today…
The EURUSD is still trading in the undefined range, I still have the Euro as non tradable, but the USDCHF is already out of that range, it is trading in a bearish market condition and I’m actually looking for short trade opportunities in the swissy:
USDCHF
As you can see the USDCHF is already trading below the undefined range…
We have an important announcement later today though, the interest rate for the US, I guess we’ll have to wait and see the impact of that announcement before looking for any opportunity.
Trade safe!
Raul Lopez
http://www.straightforex.com/
The EURJPY probably has the clearest market condition of them all:
EURJPY
The EURJPY was clearly rejected from an important LT resistance level around 125.13, it is trading below every important level in the short term charts, so everything is in line pointing to the same direction: short the EURJPY.
I will be looking for short opportunities in the Euro-yen.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Sometimes we need a catalyst in the market to make things move, the USDCAD traded just above an important level for more than week, in a very tight range (mostly untradeable), but on Friday, just after the Canadian unemployment report, the USDCAD broke an important long term support level:
USDCAD
I’m bearish in the USDCAD and looking for short opportunities.
If you asked me if I think the USDCAD will reach parity in the near future, I would say yes.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
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/
