Forex Trades Update - 2018-02-14
Forex Trades Update – Feb 14th, 2018
The strategies discussed below are suitable for swing traders.
This is a continuation from our position at Saturday here:
Saturday Forex Analysis - 2018-02-10
JPY
At Saturday I predicted a “Strong Buy with tight stop” for Yen. Well, that was a wrong prediction. It happens though, we can’t always win at trading. Weaker dollar and stronger Yen might be what Trump wants, but it’s not what the Japanese government wants. Let see how this will play out.
Interesting thing to see is that the USDJPY pair is forming support / resistance areas by the 0.5. We have the 108.50, then 107.50, 106.50, and 105.50. Strangely enough the rounded number 105.00 should be a stronger support / resistance, however this is not the case with USDJPY from it’s historical prices.
GBP
GBP is moving like we want it to. It bounced a little bit the support trendline and the EMA. Although currently it’s still nearing it’s equilibrium, if the four (4) hour chart is breaking above it’s EMA solidly, I would call it as the start of a bull move.
AUD & NZD
AUD & NZD are also nicely bouncing the trendline like we predicted. A side note, it is not healthy for AUD price to directly shoot upward. AUD had fallen in quite a vertical “line” that it is expected for AUD to have a consolidation time, making its movement “L” like instead of the unhealthy sharp “V” like.
EUR & CHF
EUR & CHF are bouncing in the middle of nowhere zone. I think it’s very risky to enter a new position for either of them.
CAD
CAD has been going nowhere. However, from the four (4) hour chart we could see that CAD is trying to break the daily 200-EMA resistance. It’s unclear for me how CAD will perform.
Things to watch for
Next day after tomorrow, Feb 16th, 2018 is the Chinese / Lunar New Year. (I made a mistake on the last post, it should be at Feb 16th) It’s actually a huge deal, because Most Chinese, Korean, Japanese, and all the Chinese diaspora all around the world will celebrate this holiday. Before this holiday, people will be holding cash to buy gifts and feasts. Which means, after the Lunar New Year, those people will start putting their money into investment.
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