The pair breaks resistance at 1.33320s and now using it as support. This second test on support could mean we'll see a higher trend to the upside if it gets a bounce. According to DailyFX, UC is nearly 60% net long positions which means we have buyers in the market looking to take price higher. RSI now in the 40s after coming up from low 30s on the 14-Day RSI. Prices may be trying to come up to that moving average on the 4 hour chart before we see considerable resistance. A breakout and close above the green line shows that the pair has probably entered a new trend. Potential Longs: 1.33452 Potential Shorts: 1.34949
On 4h chart, entered a period of consolidation in this zone between 69.6 and 71.6. The pair nearing the bottom of the zone to possibly test support. 14-Day RSI crosses under 50 and sits at 45 showing potential that the pair still has move to run to the upside since price never hit overbought on the last high. Price is now looking at support at 69.6 while a second test on the highs at 71.6 is expected to get hit. If daily candle crosses and closes below 69.6, we will turn bearish on the pair, but for now, we think we'll see price hit resistance at 71.6. Potential Longs: 69.655 Potential Shorts: 71.649
AU on 1h chart. Mild support lies at 0.71509, but we think this week will end up to the downside as big reports come out on the pair. DailyFX shows 59% of traders are net short on the pair, and we think this will likely continue throughout the week. There are some big fundamental reasons to be bearish this week is which will be covered in Wednesday's article. Price crossed back beneath the 200 hour moving average for either a bounce at support or continued direction downward.
Bitcoin sold off hard last night, and news says it was in order to fill in a futures gap in price. So, what happened was a technical sell off with no bearish news on the crypto. The coin actually respects the 200 H moving average very well, but now hits resistance at 11939. Support lies at that moving average as well as 11809 where price just bounced off on the hourly. We're looking to see Bitcoin break the 11939 resistance, and continue its bullish momentum. The rally does not seem like it has reached its end yet. Potential Longs: 11809, 11544 Potential Short: 11939
Thanks for reading! If you are interested in joining our trading community, we have chat rooms, trade alerts from our top traders, and educational content. You can join using the link below, and get a discount on your membership.
Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.
This morning at 8:30 am Eastern Time, the United States’ Bureau of Economic Analysis released even more bullish USD news. The Core Personal Consumption Expenditures (PCE) Price Index, which measures changes in prices for consumers (excluding volatile food and energy prices), rose more than expected month-over-month. A 0.5% increase was expected for August, with 0.6% […]
A strange series of events recently sent the United Kingdom’s Pound Sterling tumbling to historic lows. Just weeks after the death of Queen Elizabeth II (a head of state who was uniquely well-liked among the UK’s population by contemporary standards) Kwasi Kwarteng, Britain’s new chancellor in recently appointed Prime Minister Liz Truss’ administration, issued a […]
Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here