Last two weeks the USDCAD was trading in a well defined range, in between 1.0662 and 1.0488, but earlier this morning just after the NFP announcement, the USDCAD broke the lower extreme of the range:
USDCAD
Its Friday and probably a little late to start a position right now, but I will definitely look forward for a trade in the USDCAD early next week!
Have a good weekend!
Raul Lopez
http://www.straightforex.com/
The EURUSD got rejected from an important LT support level, this triggered a bullish market condition:
EURUSD
As long as the EURUSD keeps trading above 1.2775 I will be looking for long opportunities. The next LT resistance level is at 1.2963
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The GBPCHF was today’s best opportunity and it could be this week’s opportunity. Lets take a look at the weekly chart:
GBPCHF
Just broke through an important LT support level and the next LT support level is more than 400 pips away from where the GBPCHF is trading right now. Keep an eye open on this one.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURCHF is probably the second best trade opportunity of today. It is trading in a bearish market condition and in the short term charts it is trading below every important level:
EURCHF
I’m currently looking for short opportunities in the EURCHF.
There is one problem though, we don’t have a clear LT support level, it hasn’t been trading around these levels for a while, therefore I’m using a 3:1 RR ratio for my TP orders.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Next week is going to be interesting, there are plenty of currency pairs reached a major Support or Resistance level, and most of them are being rejected from these levels…
This is the case of the NZDJPY, which traded in a bearish market in the previous three or four weeks, and now, apparently it is being rejected from a LT support level:
NZDJPY
I don’t think there is much movement left today, as the market is about to close, but definitely the NZDJPY will be a cross to keep an eye open next week.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The USDCAD has been trading in a very clear and smooth market condition, every time the USDCAD gets close so an important level its trades in a short term range and then it gets rejected from there:
USDCAD
If the USDCAD keeps trading in between the both ST green lines, I will trade the ST range
If the USDCAD breaks the upper green resistance level I will only look for long opportunities
If the Canadian dollar breaks the lower resistance level I will only look for short opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
As long as the EURCHF trades below 1.3000, it remains probably as the best opportunity for today. The EURCHF is obviously trading in a bearish market condition and it is likely to continue its way down until it reaches the next LT support level:
EURCHF
I will be looking for short opportunities in the EURCHF (all long opportunities will be ignored).
Trade Safe!
Raul Lopez
http://www.sstraightforex.com/
The GBPUSD is also trading in a bearish market condition, it is just a few pips away from the ST resistance level, so as long as the GBPUSD keeps trading below 1.5474 I will be looking for short opportunities:
GBPUSD
Yes I know, the existing home sales date screw every single currency pair up, but hey, the GBPUSD is still trading below the ST resistance level, so lets keep an eye open on the pound ok?
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The AUDUSD traded in a bearish market condition the whole European session, but right now its just at a short term resistance level, if the AUDUSD breaks this resistance level it will be on no ones land:
AUDUSD
The AUDUSD needs to trade below 0.8858 in order to be considered in a bearish market condition and therefore look for short opportunities, if it breaks this level for the upside, I will not trade it.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Since last Friday that the EURUSD is trading in a bearish market condition, it was a little complicated to open a trade last Friday because when the EURUSD broke through the ST support level (which triggered the bearish market condition) the market was about to close:
EURUSD
Only short opportunities are in play in the EURUSD (all long opportunities will be ignored).
The next LT level is at 1.2559
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Earlier this morning, the USDJPY reached the bottom of the short term range, and apparently it is being rejected from that level:
USDJPY
We might get a trip to the top of the range… what do you think?
We need to adapt to the market conditions, if the USDJPY is ranging, lest trade a range bound strategy (we cant trade it as if it was trending right?)
Please let me know your thoughts.
Trade Safe
Raul Lopez
http://www.straightforex.com/
The USDCHF traded in a medium term range since the earliest days of July, but now the USDCHF officially broke that range:
USDCHF
This triggered a bearish market condition and only short opportunities are in play.
I have the next LT support level in the USDCHF at 1.0187 (getting closer to the parity).
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Last week I wrote about the GBPCHF, back then it was in a bearish market condition, and it still is in a bearish market condition. Even when the GBPCHF has done nothing but range, we are still looking for short opportunities:
GBPCHF
So, if we get a significant pattern with downward pressure at the upper short term resistance level, I will definitely take my short.
I have my next LT resistance level in the GBPCHF is around 1.5906
Trade Safe!
Raul Lopez
http://www.straightforex.com/
If the AUDUSD manages to close around the opening Price of the previous hourly candlestick, we could go long:
AUDUSD
The interpretation of the signal would be: the AUDUSD is trading in a bullish market condition in the long term charts. When we take a look at the short term charts, we see that it is currently trading at an important level, it will be significant if it closes where we previously mentioned and at the same time it will have upward pressure.
Remember, the current hourly candlestick in the AUDUSD must close around the opening price of the previous one.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURGBP just triggered a bullish market condition:
EURGBP
I will be looking for long opportunities in the EURGBP, until it reaches the next LT resistance level which is at 0.8349
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
