Exness Technical Daily

[meeru]

EURUSD remain bearish as we continue to play the drop

EURUSD
March 21, 2017, 05:00
Sell below 1.0755. Stop loss at 1.0836. Take profit at 1.0628.

Reason for the trading strategy (technically):

Price continues to drop nicely as we remain bearish looking to sell below 1.0755 resistance (Fibonacci extension, Fibonacci retracement, horizontal resistance) for a push down to 1.0628 support (Fibonacci retracement, horizontal overlap support).

RSI (34) sees major bearish resistance vs price signalling an impending reversal is expected.

 

[meeru]

EURJPY remain bullish above strong support

EURJPY
March 21, 2017, 04:57
Buy above 120.47. Stop loss at 119.95. Take profit at 122.22.

Reason for the trading strategy (technically):

We continue to buy above support at 120.47 (Fibonacci extension, bullish divergence) for a push up to 122.22 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing strong support above the 4.5% level and also sees bullish divergence vs price which signals a bounce is impending.

 

[meeru]

AUDUSD profit target reached, prepare to sell on strength

AUDUSD
March 22, 2017, 04:53
Sell below 0.7698. Stop loss at 0.7753. Take profit at 0.7625.

Reason for the trading strategy (technically):

Price has dropped perfectly from our selling area and reached our profit target. We now look to continue to sell on strength below 0.7698 resistance (Fibonacci retracement, pullback resistance) for a push down to 0.7625 support (Fibonacci retracement, horizontal overlap support).

RSI (34) has made a bearish exit signalling a further drop is expected.

 

[meeru]

USDCHF look to buy on strong support

USDCHF
March 22, 2017, 04:50
Buy above 0.9925. Stop loss at 0.9896. Take profit at 0.9989.

Reason for the trading strategy (technically):

Price continues to test major support at 0.9925 (Fibonacci retracement, Fibonacci extension, horizontal support) and we look to play a bounce above this level to 0.9989 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) sees strong support above the 29% and also sees strong bullish divergence vs price signalling a bounce is impending.

 

[meeru]

USDCHF approaching major resistance, prepare to sell

USDCHF
March 30, 2017, 08:59
Sell below 0.9991. Stop loss at 1.0040. Take profit at 0.9923.

Reason for the trading strategy (technically):

Price is approaching major resistance at 0.9991 (Fibonacci retracement, horizontal overlap resistance, close to big figure) where we expect a reaction from for price to drop to at least the 0.9923 support (Fibonacci retracement, short term horizontal overlap support).

Stochastic (55,5,3) is seeing major resistance below the 91% level where we hope to see a corresponding drop in price 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 small rise from 1.9% to 2.0% which means we could expect a stronger USD, this goes against our bearish USDCHF view today, hence, it is best to exercise caution on this trade.

 

[meeru]

AUDUSD profit target reached, prepare to sell

AUDUSD
March 30, 2017, 08:56
Sell below 0.7683. Stop loss at 0.7703. Take profit at 0.7632.

Reason for the trading strategy (technically):

Price has continued to shoot up and reach our profit target as expected. We prepare to sell below major resistance at 0.7683 (Fibonacci retracement, horizontal swing high resistance) for a push down to 0.7632 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing strong resistance below the 93% support level where we expect a reaction 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 small rise from 1.9% to 2.0% which means we could expect a stronger USD, this goes in line with our bearish AUDUSD trade today.

 

[meeru]

AUDJPY profit target almost reached, prepare to sell

AUDJPY
March 30, 2017, 08:54
Sell below 85.75. Stop loss at 86.51. Take profit at 84.53.

Reason for the trading strategy (technically):

Price has continued to shoot up as expected towards our profit target. We prepare to sell below major resistance at 85.75 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) for a push down to 84.53 support (Fibonacci retracement, swing high support).

Stochastic (55,5,3) is seeing resistance at 96% level where price has still a bit of upside to rise before it reaches it.

 

[meeru]

EURUSD testing major support, time to buy

EURUSD
March 30, 2017, 08:45
Buy above 1.0753. Stop loss at 1.0706. Take profit at 1.0846.

Reason for the trading strategy (technically):

Price is now testing major support at 1.0753 (Fibonacci retracement, horizontal support) where we expect a bounce from to at least 1.0846 resistance (Fibonacci retracement, short term pullback resistance).

Stochastic (55,5,3) is seeing strong support above the 4.8% where we expect a bounce 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 small rise from 1.9% to 2.0% which means we could expect a stronger USD, this goes against our bullish EURUSD view today, hence, it is best to exercise caution on this trade.

 

[meeru]

NZDUSD prepare to sell on strength

NZDUSD
March 30, 2017, 08:42
Sell below 0.7071. Stop loss at 0.7113. Take profit at 0.6968.

Reason for the trading strategy (technically):

Price is seeing strong resistance below 0.7071 (Fibonacci retracement, Fibonacci extension, horizontal resistance) where we expect a reaction from if price rises up to there. The goal is to play a drop from that level to 0.6968 support (Fibonacci retracement, swing low support).

Stochastic (34,5,3) is seeing major resistance below the 92% level and has a bit of upside potential for price to correspondingly rise to our selling area.

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 small rise from 1.9% to 2.0% which means we could expect a stronger USD, this goes in line with our bearish NZDUSD trade today.

 

[meeru]

USDJPY testing major resistance, remain bearish

USDJPY
March 30, 2017, 08:31
Sell below 111.30. Stop loss at 111.64. Take profit at 110.06.

Reason for the trading strategy (technically):

Price is now testing strong resistance at 111.30 (Horizontal resistance, Fibonacci retracement) and we expect a further drop from this level towards 110.06 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing strong resistance below the 96% level where we expect a reaction 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 small rise from 1.9% to 2.0% which means we could expect a stronger USD, this goes against our bearish USDJPY view today, hence, it is best to exercise caution on this trade.