Daily Analysis and Indicators by The Forex Cabin
Is it time to sell the USDCAD
t was a great day for the US Dollar on Friday. The USD was already on an uptrend against nearly every currency which was re-enforced by the better than expected employment data. Currently the US Dollar as we can see from the Extreme indicators in the Trend/Wave/Extreme system is in overbought region. Therefore no trading is advised at the moment.
USDCAD (4-HOUR) Monitor for Sell
An interesting picture is being developed in the USDCAD chart which could give a potential sell signal.
- The Canadian dollar had better than expected employment figures on Friday
-The USDCAD has been on an uptrend for quite a while and has its Trend indicators under 4-Hours pointing up
- Recently it has been moving sideways and a double top (which is a bearish signal) has been formed
- If we look at the pair under 1 Hour time frame the Trend indicators are pointing down and Overbought
Why you should buy USDCHF today
USDCHF (4-HOUR) BUY
Why Buy
-A continuous Up-Trend holding
- Up Trend line support held
-Trend Indicators pointing Up
-1 Extreme Indicators pointing Oversold
-Down correction should be over ,as seen by the doji candle being formed
Get ready to buy EURJPY
Another day of gains for the US against most currencies following its correction over the past 2 days. T
EURJPY (4-HOUR) BUY
Why Buy
- An up trend pattern
- Trend indicators pointing up
- All but one extreme indicators are pointing oversold
- Down correction should be over as shown by the two consecutive up candles
- Support found at the 23.6% fibonacci level
GBPUSD (4-HOUR) Possible Sell
Why Sell
- A continuous down trend
- All trend and all but one wave indicators pointing down
- The pair has undergone a significant correction
Read more about today's analysis hereand the Trend/Wave/Extreme system which the analysis is based here.
Get ready to sell the Euro again
Yesterday the Euro suffered losses against nearly every currency. The reason for this off course is the bailout situation in Cyprus. The Cyprus parliament did not vote the haircut on deposits that was proposed by the Eurogroup causing uncertainty and hence the Euro drop.
However today was a positive day for the Euro as it manage to make some gains. This can be seen by the Wave indicators pointing up in the above currency pairs making them good Sell opportunities as this up move should be a temporary correction from the down move.
EURUSD (4-HOUR) SELL
Why Sell
-A continuous Down-Trend holding and the continuous trouble regarding the Cyprus bailout
-Trend Indicators pointing Down
-Extreme Indicators pointing Overbought
More about today's analysis here
Get ready to buy the GBPUSD
Good opportunity to buy GBPUSD approaching under 4-hours
Why Buy
A up trend line who is also acting as a support
Trend indicators are pointing up
Extreme indicators are pointing oversold, indicating an up correction which may be over
Read more about today's analysis hereand the Trend/Wave/Extreme system which the analysis is based here.
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A buy opportunity on the USDCHF has risen following the easing in USD and the rise in EURUSD with which is correlated.
USDCHF (4-HOUR) BUY
Why Buy
- A clear UP trend pattern
- Trend indicators pointing Up
- A correction may be over evident by the Up candle currently formed and the Extreme indicators being oversold
Note: Wait for an additional Up candle before going long
Read the rest of the today's Trend/Wave/Extreme analysis for the market here.