Profusion Forex

EURGBP Trade Idea

dino2007 — Thu, 22 Apr 2010 06:39:54 +0000

Looking at EURGBP daily chart, the pair is fast approaching its previous bottoming out zone which occurred during Jan-Feb. this year. This zone should once again provide good support for a rally.

Immediate resistance is at 0.8683. Support levels lie at 0.8659, 0.8644 and 0.8620.

Trade idea:

Allocate 3 lots for this buy set up. Start buying at 0.8659. If the pair goes lower, buy once again at 0.8644. If the pair still goes down, buy another lot at 0.8620.

Set first take profit target at 0.8764. If this level is reached, move stops to break even and look for second profit target of 0.8770. If this target is reached as well, move your trailing stop to 0.8746 and look for third profit target at 0.8785.

I will post updates on this trade if situation has changed to warrant changing of support/resistance levels.

Yesterday’s GBPUSD trade has been triggered above above 1.5431. New take profit levels are 1.5478 and 1.5503.

GBPUSD Trade Idea

dino2007 — Wed, 21 Apr 2010 09:52:04 +0000

British Pound is leading other currencies in terms of relative strength as at 9:40 GMT. Looking at GBPUSD chart, there exists possible trade opportunity to go long.

Immediate resistance is 1.5431. Next resistance levels are 1.5486 and 1.5519.

The 4 hour candle has broken outside of upper Hamma boundary, which is bullish.

Trade idea:

Recommend to place buy order above immediate resistance of 1.5431. Stop loss at 1.5329.

First target is 1.5486 where half of profits should be taken and stop loss moved to breakeven.

Second target is around 1.5519.

USDCAD Outlook

dino2007 — Wed, 17 Feb 2010 12:42:44 +0000

Looking at 4 hour chart of USDCAD, it is sitting at 61.8% retracement between 14th Jan low and 5th Feb high. It also appears that a falling wedge formation is forming. This is a bullish reversal pattern. The pair has also rebounded from lower band which stands as support level. The interaction of Fib. support, lower band support and potential falling wedge in the forming would lead me to conclude that USDCAD is getting ready for a reversal to the upside. I would look for 4 hourly candle to cross above 15 EMA to enter long position. If this scenario plays out, I would expect rally in this pair towards middle band where I would take profit.

GBPUSD Outlook

dino2007 — Tue, 16 Feb 2010 19:31:44 +0000

Looking at daily chart, GBPUSD has broken out of range trading levels (1.5533-1.5764). The break was impressive when looking at smaller timeframes. Overcoming the upper range boundary of 1.5764 will most probably lead to advancement towards 1.6000 level, i.e. towards the middle band. First resistance is a previous swing low @ 1.5849. Clearing this level, would increase the odds of reaching 1.6000. The odds of substantial upward movement are increased because GBPUSD has touched and rebounded off lower band. Rebound from lower band usually tends to lead a rally towards middle band.

I have opened long position @ 1.5792.

AUDUSD Outlook

dino2007 — Mon, 15 Feb 2010 19:16:13 +0000

Looking at 4 Hour chart, AUDUSD is retracing upwards from its swing low of 0.8576. So far it has successfully retraced above 50% level. The next level lies at confluence of 61.8% level, 200 SMA and upper trend band. This would present resistence to further growth of AUDUSD. Specifically, levels from 0.9010 till 0.9091 will present potential resistance areas.

Breaking above 0.9091 level would open doorway to further growth up to last swing high of 0.9320.