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- GBP/JPY Trend Reversal 9-28-2016
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Tag Archives: CAD
Today in forex trading the NZD/CAD uptrend was evident again. This pair is in a major uprend on MN time frame, but had sold off against the trend for a few days. Today the NZD/CAD reversed back up into the major trend. The live buy signal for this pair from todays trading on The Forex Heatmap® is shown below in the images, along with the price chart movement. The NZD/CAD uptrend should continue to pull this pair higher to at least the 0.9650 resistance area, then this pair could continue higher from there.
The NZD/CAD uptend was interrupted by a short term sell off over a few days, then this pair built a choppy relative low around the 0.9450 price level. It is now reversing back into the major uptrend on the MN time frame. This happens in a trending market when a pair sells off against the major trend, then reverses back into the trend. It gives traders an opportunity to enter the trend at a lower price, we call these swing trade setups. It is in action with the NZD/CAD uptrend but it works for all 28 pairs we trade.
Today in the forex market the Canadian Dollar (CAD) was weak across the board, driving movement and trading opportunities on all pairs in the group. These pairs are also trending on CAD weakness, which is dominating movement in the forex market now. The USD/CAD rose and this pair is in a strong uptrend, it should continue much higher. The CAD/JPY also dropped, this pair has almost broken the 87.80 support area to the downside, with plenty of pip potential below there. We will look to continue to plan more trades on these pairs in the direction of their trends. The live signals you see below are from The Forex Heatmap®, which provides live signals for 28 pairs, including the Canadian Dollar pairs.
Today in forex trading the NZD/CAD had a sell signal on The Forex Heatmap®. The Canadian Dollar (CAD) was strong on all pairs and the NZD (New Zealand Dollar) was mostly weak. The NZD/CAD should continue down for one more day, but it will eventually reverse back to the upside since the W1 time frame is still pointing up, so take profit as this pair continues lower. The USD/CAD also dropped but this was a short term sell on the smaller time frames. The trading signals you see are from The Forex Heatmap®, which provides visual trading signals for 28 pairs and eight currency groups.
The USD/CAD has a newly formed up trend on the D1 time frame. The current resistance level is at 1.3150, you can set a price alert here. When the alert hits check The Forex Heatmap® to confirm any buy trades. The next major resistance level is around 1.3400, so there is good pip potential above the alert price of approximately 250 pips. The trend indicators you see are 5/12 exponential moving averages set up on a meta trader platform.
The GBP/CAD is trending up on the larger time frames, line the MN time frame. This pair has sold off on the D1 time frame but is now reversing back up into the main trend. Traders can set a buy alert at 2.0440. Above this price look for a buy signal on this pair in the main session using The Forex Heatmap®. This pair has some near term resistance up to the 2.0440 area, but past there this pair has potential to the 2.0950 area. This is around 500 pips of overall potential. Check the larger time frames like the MN time frame to verify the longer term uptrend. The trend analysis charts you see below are exponential moving averages we give to our clients.
Today in forex trading the CAD/CHF had a sell signal on The Forex Heatmap®. This pair has cycled down to a heavy support level at 0.7350. We would be scaling our lots here or possibly exiting the trade completely. Other pairs like the EUR/CAD moved much higher today as the CAD weakness dominated the trading in the 8 currency groups we watch. The market is mostly ranging and oscillating between support and resistance now. The heatmap signal you see below is for the CAD pairs, but the heatmap monitors 28 pairs and gives real time trade signals in both forex trading sessions.
Today the Chinese Yuan devaluation created strong movement and trading opportunities for forex traders. The Chinese Yuan (CNY) was allowed to appreciate 2% against the US Dollar (USD). The People’s Bank of China made this move due to the recent economic slowdown there, but was still very sudden and unexpected. This was the biggest one day drop in the value of the Yuan in 20 years. Chinese Yuan devaluation against the US Dollar by 2% is hoped to boost the Chinese economy.
This devaluation caused a strong reaction in the forex market. Currencies in the Asian region and currencies of Chinese trading partners were affected by the devaluation. The Japanese Yen (JPY), the Australian Dollar (AUD), and the New Zealand Dollar (NZD) were all affected by today’s devaluation. Most of the price movement and opportunities for forex traders today resulting from the Chinese Yuan devaluation were on these three currencies.
Chinese Yuan Devaluation, Impact On Traders
The AUD and NZD both tumbled on the Chinese Yuan devaluation news, but the Euro (EUR) also strengthened. This produced strong movements in the EUR/AUD and EUR/NZD pairs. The EUR/CAD also moved up strong as all commodity based currencies reacted to the devaluation news.
The impact of the devaluation news can produce intraday or trend based trading profits for forex traders. As you can see below, the trading opportunities on the AUD pairs alone was significant. The live indicators shown below, The Forex Heatmap® indicated buy signals on the EUR/AUD, EUR/NZD and EUR/CAD for intra-day or potential longer term buys. All three of these pairs are currently in up trends. This is a valuable lesson on how scheduled or unscheduled forex news and global events can bring profits to any trader. Using this type of real time signal system is highly beneficial.
The movements shown are significant intraday price movements. A 1.17 percent movement in the AUD/USD is about 80 pips, and a 0.93% movement in the EUR/AUD is about 150 pips. Since the EUR/AUD is trending up on the higher time frames, traders can use the Chinese Yuan Devaluation news as and entry point into the trend. Traders can also move their stops to break even, thus preserving their upside potential for even more pips. All traders should consider using The Forex Heatmap® in their trading tool set, along with some simple forex trend indicators.
Currency Devaluations and Interventions
It is important to remember that government interventions and devaluations have been tried many times in the past with various currencies. These devaluations and short term price fluctuations are artificial, and usually short term, due to the high liquidity of currency markets. The overall market forces like the larger time frame trends and interest rate direction will always be the strongest guide for the direction of currencies like the Chinese Yuan.
The NZD/CAD is trending down on the W1 time frame, shown on the chart below. This trend still has considerable potential. Current support level is at 0.8600, traders can set a price alert here. When the price alert hits check The Forex Heatmap® to verify any sell trades. The next major support level is around 0.8200, which is 400 pips below the alert price. Currently the New Zealand Dollar (NZD) is weak on all pairs, and New Zealand lowered interest rates today, which should support more selling. This analysis of the NZD/CAD was done with multiple time frame analysis.
The CAD/CHF chart shows that this pair is trending down on the D1 time frame. Below the current support level at 0.7690, shown by the red line, it has a lot of pip potential. You can set a price alert here. When the alert hits, look for a sell signal below there on The Forex Heatmap®. There is about 300 pips of potential to the next support area on this pair. Most of the market pairs are indicating a strong Swiss Franc (CHF), which supports our analysis. The charts you see below are moving averages set up on a meta trader platform, then analyzed across multiple time frames.
This is a trend analysis of the CAD/CHF pair. This trend analysis uses the D1 time frame and the developing CAD strength in the forex market. This pair has a significant resistance break out point at 0.7950. We are setting a price alert here in our trading plans. Above there look for a buy signal on The Forex Heatmap®. We see excellent upside potential and likely a trend developing on the larger time frames. The trend charts you see below are exponential moving averages we provide to our clients, analyzed using multiple time frame analysis, by individual currency.