Friday, 19 January 2018

Gold Back above $1335

Gold jumped above $1335 today following the weakened US dollar amid growing woes on possible US government shutdown. During last three sessions the XAU/USD was trading lower but the downside movement was limited by the support line at $1325. Bulls quited this correction area to resume the up-move towards the 4-month high, that was marked at the beginning of the week. But to get back there, first should conquer the resistance at $1344, then the doors are opened for the $1350 area. On the flip side $1333-32 region supports the immediate downside (flat 20da- SMA), which if broken might drag the XAU/USD pair back around $1325. In the short term this scenario is not favored given the indicators on the four hour time frame supporting the uptrend.

Wednesday, 17 January 2018

AUD/USD Bulls on pause mode under 0.80 barrier

Since the beginning of the week the AUD/USD pair has been trading in narrow range, close to the recently marked high and suggesting continuation of the the bullish trend.Today the Aussie received a goodish boost by better than expected figures from Australian macro data while the greenback is losing strength. 
The AUD/USD topped at 0.7998 during the early trading hours but failed to crack once again the psychological barrier at 0.8000. The pair retreated to reach daily low at 0.7940 but found support at the 20-day SMA and bounced from this level to currently is trading at 0.7968.
On the four hour time frame the price is developing above its bullish moving averages. Stochastic retreated from its overbought readings and is showing bearish momentum, while RSI is located at 60 and is acting quite undecided, which suggests that bulls prefer to consolidate before next attempt to conquer the 0.8000 level.  

Tuesday, 16 January 2018

USD/CAD Looking for direction ahead of BoC

USD/CAD pair has lost directional strength and is seen in narrow trading range today slighty above the 1.24 mark. It seems that market participants are not likely to take part ahead of Wednesday's BoC monetary policy decision. The 85% probability per Bloomberg for rates hike will boost the CAD’s strength but in case BoC postpone hikes for the next meeting the USD/CAD would be poised to test the resistance provided by the 38.2% Fibo retracement of latest bullish run at 1.2585. Lookind to the downside first support is seen at the psychological barrier at  1.24, below which the pair might extend its downward slope towards the 61.8% Fibo of same retracement at 1.2385.  


Monday, 15 January 2018

GBP/USD is gaining momentum

GBP/USD is moving steeply upwards and today marked fresh new high, that has not been seen since June 2016 and even reached the Brexit referendum levels. However the pair retreated from the 1.3822 to currently trade at 1.3795. 
Technically speaking the short term outlook for GBP/USD remains neutral to bullish. On the four hour time frame the price is developing well above its moving averages, all keeping bullish slopes. RSI is located within extreme overbought territory, but has eased around 82 level. The Momentum retreated modestly from its north areas, but when the pair is challenged to test again the daily high, a correction is out of the question at this stage. 
First resistance is provided by 1.3835 (February 2016 low) and in case bulls conquer it, doors are opened for testing the psychological 1.4000 handle.

Friday, 12 January 2018

SmartForecast by ActivTrades

Undoubtedly the technical analysis is of utmost importance for traders because it provides excellent opportunities for market analysis and price movements. Thus you can take better trading decisions and be cautious on some critical levels. 
To assist you with technical analysis and to improve your trading skills, I recommend you to try SmartForecast, offered by my broker, ActivTrades.
This tool support you trough the chart understanding and automatically calculates both short and long-term resistance and support and it also indicates volatility levels and market trends. The most important characteristic of SmartForecast that it may show you the price evolution scenario with three targets which change in real time.
The SmartForecast trading tool uses some of the SmartTemplate technology and is an essential indicator for the Metatrader 4 platform.

Thursday, 11 January 2018

United we stay stronge Vs The triumph of a corrupt country

While I was surfing on the forex markets my senses shifted to the live-going ceremony for the commencement of the Bulgarian Presidency of the Council of the European Union.
In fact I am extremely puzzled how this has started at all, having nine protest in Sofia today, blocked city centre and several bomb threats at the airport. Adding to this picture the extremely brutal murders with vague sequel that happened last days. Too much rebels were about to kill the enthusiasm of the 201∞  for some other Bulgarians. And yes, 8 is replaced with the symbol for infinity because our corrupt politicians think that some six months can make them gods and take advantage of endless wealth on account of the EU.
Back to the ceremony……Donald Tusk broke the boring and put-up atmosphere on this meant to be a classic ceremony. His 5 minutes speech was in fluent Bulgarian and admirations! He showed an extremely good knowledge of our history, poets, even quoted the great author Ivan Vazov, whose name is standing at the National Theatre where the ceremony took place. I learned something new - a Bulgarian actor took place on Game of Thrones. Mr Tusk, the real game of thrones is happening right here, right now. 
The beat goes on with better than expected speech of Juncker who honestly shared that he was is in a quite good mood in 2007 when he supported the accession of Bulgaria to the European Union. Well it seems now he is not sorry for this, because likes too much the Bulgarian shopska salad and some other culinary delights. 
While he shared his admirations to the mystery of Bulgarian voices  which sound the Cosmos, lots of Bulgarians believe that their voices now should be heard. 
All of Europe is aware of the fact that the most corrupt country takes over the presidency of the EU. What our PM said is that without the Lord we can not do anything. Well his Lord is the EU investments and development programs that support the underworld.

Music plays, fireworks explode and shimmers. The only thing I could say now is: Happy people bee(r) united! Nevertheless how you feel and in what reality you live!

And the most proper anthem now is not the Ode to joy, but Wake me up (when it is all over). 

* United we stay strong is the slogan for the presidency and the Bulgarian Parliament, which is quite irrelevant. By my opinion. 

Wednesday, 10 January 2018

USD/CAD Could surge higher

The grennback’s strength is vanishing and today is down against its major rivals. Meanwhile it has still outperformed the Canadian dollar. The USD/CAD pair is moving higher this week and as seen on the four hour time frame tested the resistance provided by the 50% Fibonacci retracement of latest bullish run at 1.2485. The price is now developing between turning to the upside 20-day SMA and yet bearish 100-day and 200-day SMAs. Stochastic is located within extreme overbought area, but yet is aiming north. RSI is seen slightly above its mid-line and has lost directional strength. 
Adding to this picture the failure of Loonie to track the surging oil prices, the conclusion comes to unsustainable belief on oil’s further rally. And in this case the USD/CAD pair is quite undecided and hesitant. 
Technically speaking the pair should break to above the 1.2050 – 1.2515 resistance area in order to bring back bulls in the game.