Trade Idea: USD/CAD – Stand aside

Although the greenback has rebounded after yesterday’s fall to 0.9653 and consolidation with mild upside bias is seen for test of previous support at 0.9740-45, break there is needed to revive our previous bullishness and signal the retreat from 0.9817 has ended and bring stronger rebound to 0.9790, then retest

Source: ActionForexall Rss Feed

Trade Idea: EUR/GBP – Buy at 0.8745

As the single currency has maintained a firm undertone after this week’s rebound, suggesting the decline from 0.9043 has formed a low at 0.8611 last week and near term upside bias is seen for further gain to 0.8827 (50% Fibonacci retracement 0.9043-0.8611) but reckon resistance at 0.8846 would hold on first testing.

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: USD/JPY – Stand aside

Dollar’s intra-day selloff after the release of worse-than-expected U.S. ADP data and the brief breach of this week’s low at 80.71 suggests the fall from 82.23 is still in progress, weakness towards previous support at 80.34 cannot be ruled out, however, near term oversold condition should limit downside and reckon

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: EUR/USD – Buy at 1.4310

As the single currency has maintained a firm undertone in part due to dollar’s broad-based weakness after the release of soft U.S. ADP job data, suggesting recent upmove is still in progress and may extend gain to 1.4454 (50% Fibonacci retracement of 1.4940 to 1.3968), however, weakening of near term

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: GBP/USD – Buy at 1.6355

Although intra-day fall from 1.6496 on week UK data signals the decline from 1.6547 top is still in progress and may bring a stronger retracement of recent upmove to 1.6355-60 (38.2% Fibonacci retracement of 1.6055-1.6547) cannot be ruled out, near term oversold condition should limit downside and bring rebound later.

Source: ActionForexall Rss Feed

Trade Idea: USD/CAD – Buy at 0.9630

As the greenback has risen again last Friday and indicated resistance area at 0.9713-22 was penetrated, adding credence to our view that wave 3 has ended at 0.9446 earlier and wave 4 is still in progress for retracement of recent decline to 0.9800 and then 0.9828 (50% Fibonacci retracement of

Source: ActionForexall Rss Feed

Trade Idea: EUR/GBP – Sell at 0.8875

Despite intra-day retreat to 0.8676, as the single currency has rebounded after holding above last week’s low at 0.8674, suggesting further consolidation would take place and another corrective bounce to resistance area at 0.8799-0.8811, break would bring a stronger rebound to 0.8859 (50% Fibonacci retracement of 0.9043 to 0.8674) but

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: USD/JPY – Buy at 80.65

Dollar’s retreat after intra-day rise to 81.07 suggests consolidation would take place, however, downside should be limited and as long as Friday’s low at 80.34 (where a ‘hammer’ was formed) holds, consolidation with mild upside bias remains for another rebound. A break of said resistance at 81.07 would bring another

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: GBP/USD –Sell at 1.6320

As the British pound has rebounded again due to short-covering on back of dollar’s retreat versus other European currencies, suggesting further consolidation above last week’s low of 1.6147 would take place and retracement to the Ichimoku cloud bottom (now at 1.6277) would be seen, however, resistance at 1.6322 should limit

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: USD/CHF – Sell at 0.8905

Dollar’s intra-day selloff has dampened our previous bullishness and signals recent upmove has formed a temporary top at 0.8947 last week, hence consolidation with downside bias is seen for a test of 0.8797-98 (38.2% Fibonacci retracement of 0.8554-0.8947 and Friday’s low), break there would add credence to this view, bring

Source: ActionForexall Rss Feed

Elliott Wave Trade Ideas Performance Update

The Australian dollar went through a roller-coaster ride last week, despite rebounding initially to as high as 1.0889 (over 300 points from the reaction low of 1.0537), aussie ran into heavy selling pressure there as suggested (we recommended to sell at 1.0875 for 1.0600), price did tumble in line with

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: EUR/USD – Stand aside

As the single currency has retreated after failing to penetrate the Ichimoku cloud top, suggesting the recovery from this week’s low at 1.4254 has possibly ended at 1.4423 earlier today and test of yesterday’s low at 1.4270 is likely but break there is needed to confirm the decline from 1.4940

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: GBP/USD –Buy at 1.6415

Although the British pound has retreated from 1.6518, cable’s intra-day rally on hawkish BOE inflation report adds credence to our view that a temporary low has been formed at 1.6270 earlier this week and consolidation with upside bias remains for retracement of recent decline to previous resistance at 1.6544 but

Source: ActionForexall Rss Feed

Trade Idea Wrap-up: USD/CHF – Buy at 0.8710 or sell at 0.8870

Although the greenback has edged higher again in New York session and near term rise from last week’s low of 0.8554 may bring a stronger retracement of recent decline to 0.8869 (61.8% projection of 0.8554 to 0.8815 measuring from 0.8708), loss of upward momentum should limit upside to 0.8890/00 and

Source: ActionForexall Rss Feed

Greek Downgrade Weakens Euro, China & Australia Post Strong Trade Surplus

Trade surplus data from Australia and China were above expectations which boosted markets and risk-appetite built up gradually. China posted surplus of $11.4 Billion, more than three times of estimate of $3.2 Billion as exports climbed 30% and imports slowed down to 22%, boosting the US case for faster Yuan

Strong April Rebound For China's Trade Surplus

Early this morning the NZD was hit by headlines from the IMF who commented that the NZD is as much as 20% overvalued although its current accommodative monetary stance is appropriate. And from China we saw a huge jump in the trade balance to $11.4 bln from $0.14 bln previously

China Back On Track With Strong Trade Balance

The first quarter of this year saw China report a remarkable deficit on its trade balance, but overnight China showed that it was solidly back on track in April with a trade balance of $11.4 billion, far above consensus's expectation of a smaller surplus of $3.2 billion and above March's

Trade Idea: AUD/USD – Sell at 1.0875 or buy at 1.0670

Although aussie edged higher to 1.0804 today and the rebound from last week’s low at 1.0537 may bring a stronger retracement of the fall from 1.1012 to 1.0830/35 (61.8% Fibonacci retracement of 1.1012 to 1.0537), renewed selling interest should emerge around 1.0875/80 and 1.0930/35 should hold, bring another decline later.

Trade Idea: EUR/JPY – Stand aside

The single currency fell again after meeting renewed selling interest at 116.48 yesterday and although euro has rebounded again after intra-day brief fall to 114.77, a sustained breach of yesterday’s high at 116.48 is needed to signal a temporary low is formed and bring stronger rebound to last Friday’s high

Trade Idea Wrap-up: USD/JPY – Buy at 80.05

As the greenback has retreated after intra-day rise to 80.95, suggesting consolidation with mild downside bias would be seen and test of 80.34-38 (current level of the Kijun-Sen and Ichimoku cloud top) cannot be ruled out, however, as a temporary low has been formed at 79.57 yesterday, downside should be