Exness Technical Daily

[meeru]

AUDUSD remain bullish above major support

AUDUSD
Feb. 17, 2017, 03:01
Buy above 0.7696. Stop loss at 0.7643. Take profit at 0.7780.
Reason for the trading strategy (technically):
We remain bullish above support at 0.7696 (Fibonacci retracement, horizontal pullback support, breakout level) where we expect a further push up to 0.7780 resistance (swing high resistance, Fibonacci projection). Our stop loss remains tightened at 0.7643 to protect our profits.
RSI (34) is seeing ascending support holding price up really nicely.

 

[meeru]

GBPUSD remain bearish for a further drop

GBPUSD
Feb. 17, 2017, 02:57
Sell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356.
Reason for the trading strategy (technically):
We remain bearish below 1.2546 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support) especially with price making a bearish exit.
RSI (34) sees a descending resistance line holding price down really well.

 

[meeru]

USDCHF prepare to buy above major support

USDCHF
Feb. 17, 2017, 02:52
Buy above 0.9959. Stop loss at 0.9898. Take profit at 1.0030.
Reason for the trading strategy (technically):
We prepare to turn bullish above major support at 0.9959 (Fibonacci retracement, horizontal overlap support) for a push up to 1.0030 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is seeing strong support above the 23% level.

 

[meeru]

USDJPY profit target reached, time to turn bullish

USDJPY
Feb. 17, 2017, 02:48
Buy above 113.06. Stop loss at 112.58. Take profit at 113.82.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target from yesterday. We now turn bullish above 113.06 support (Fibonacci retracement, horizontal support) for a push up towards 113.82 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is seeing strong support above the 8% level and is turning up.

 

[meeru]

USDCHF reached our profit target perfectly, time to start selling

USDCHF
Feb. 27, 2017, 04:20
Sell below 1.0090. Stop loss at 1.0118. Take profit at 1.0033.
Reason for the trading strategy (technically):
Price has reached our buying area, bounced perfectly and reached our profit target from Friday. We now turn bearish below 1.0090 resistance (Fibonacci retracement, horizontal pullback resistance) where we expect a reaction from for a drop to 1.0033 support (Fibonacci retracement, horizontal support).
Stochastic (21) is seeing strong resistance at the 94% level.
Reason for the trading strategy (fundamentally):
The main news event today is the U.S. Durable Goods Orders. Durable goods are typically sensitive to economic changes. When consumers become sceptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The headline figure is expressed as a percentage change from previous months. A decrease in this value would mean a weaker USD. Forecasts for this month is expecting a significant rise from last month which means a stronger USD. This goes against our bearish USDCHF view, hence, it is important to exercise caution on this trade.

 

[meeru]

AUDJPY right on strong support, time to buy

AUDJPY
Feb. 27, 2017, 04:48
Buy above 85.88. Stop loss at 85.34. Take profit at 86.72.
Reason for the trading strategy (technically):
Price is now above major support at 85.88 (Fibonacci retracement, horizontal pullback support) and we expect to see a bounce from here to at least 86.72 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is seeing strong support above the 32% level where we expect a bounce from.

 

[meeru]

NZDUSD profit target reached again, prepare to buy

NZDUSD
Feb. 27, 2017, 04:45
Buy above 0.7176. Stop loss at 0.7137. Take profit at 0.7240.
Reason for the trading strategy (technically):
Price has dropped nicely and is reaching our profit target perfectly. We prepare to turn bullish above 0.7176 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7240 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is seeing strong support at the 10% level where we expect a bounce in price from.
Reason for the trading strategy (fundamentally):
The main news event today is the U.S. Durable Goods Orders. Durable goods are typically sensitive to economic changes. When consumers become sceptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The headline figure is expressed as a percentage change from previous months. A decrease in this value would mean a weaker USD. Forecasts for this month is expecting a significant rise from last month which means a stronger USD. This goes against our bullish NZDUSD view, hence, it is important to exercise caution on this trade.

 

[meeru]

Feb. 27, 2017, 04:44
Sell below 1.0604. Stop loss at 1.0638. Take profit at 1.0494.
Reason for the trading strategy (technically):
Price is dropping nicely towards our profit target. We remain bearish below 1.0604 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a further push down to 1.0494 (Fibonacci extension, horizontal support).
RSI (34) is seeing strong descending resistance pushing price down.
Stochastic (55,5,3) is also seeing strong resistance below our 93% level that is pushing price down.
Reason for the trading strategy (fundamentally):
The main news event today is the U.S. Durable Goods Orders. Durable goods are typically sensitive to economic changes. When consumers become sceptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The headline figure is expressed as a percentage change from previous months. A decrease in this value would mean a weaker USD. Forecasts for this month is expecting a significant rise from last month which means a stronger USD. This goes in line with our bearish EURUSD view.

 

[meeru]

EURJPY remain bullish for a push up

EURJPY
Feb. 27, 2017, 04:36
Buy above 118.22. Stop loss at 117.45. Take profit at 120.23.
Reason for the trading strategy (technically):
Price is approaching support at 118.22 (Fibonacci extension) where we expect to see a bounce from to at least 120.23 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is seeing strong support above the 5.4% level.

 

[meeru]

AUDUSD remain bullish above support

AUDUSD
Feb. 28, 2017, 06:00
Buy above 0.7668. Stop loss at 0.7646. Take profit at 0.7733.

Reason for the trading strategy (technically):

We remain bullish above 0.7668 support (long term ascending support, horizontal support, Fibonacci extension) for a further push up to 0.7733 resistance (Fibonacci extension, horizontal resistance).

RSI (34) is seeing strong support above the 41% level where we expect price to continue to rise from.

Reason for the trading strategy (fundamentally):

The major news item today affecting USD is the Gross Domestic Product (GBP) which measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. If the actual release is better than the forecast, that means it is good for the currency and we can expect USD to strengthen. However, if the actual release is less than the forecast, that means it is bad for USD and we can expect USD to weaken. Our current forecast is for a rise from 1.9% to 2.1% which means we could expect a stronger USD, this goes against our bullish AUDUSD view, hence, it is best to exercise caution on this trade.

The other major news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a higher value which means a stronger USD, which goes against our bullish AUDUSD trade today too.