Mysticforex

Taking a look at the monthly chart of GBP/USD, there is a major head and shoulders pattern with a neckline around 1.45. If 1.45 breaks, there is no major support until the 2010 low of 1.4225. Near term resistance is at 1.48, the former breakdown zone. This can be seen more clearly on the daily chart.

I stopped trading in August as well. Seems like I always had a crap Q3. And, It's the height of Summer where I live. Much better to be outside.

With tomorrow's CAD employment data due at 12:30 GMT the prospect of big miss and a therefore the possibility of yet another rate cut by the BOC looms large. Therefore, we could have a trigger that could push the pair to fresh yearly highs as rate differentials continue to widen out. Having made a series of higher lows the uptrend in the pair remains in tact and the 9600 figure is the next target of the longs which if broken opens up the way to a run towards .9800

"Entrenched ideologies and politics" That's a very good one. And I agree. But I hope the thread does not boil down to a Left/Right bashing party. And yes, sustainable resources will take care of itself,

Fundamentally, the weakness in EUR/USD has been driven primarily by dollar strength but this morning’s Eurozone economic reports also didn’t help. German factory orders missed expectations for the second month in a row, falling -0.9% after dropping -2.6% in February. While this data contradicts with some of the stronger reports released by the region’s largest economy, it also highlights the area’s vulnerability. Business sentiment and activity in Germany is only beginning to turn positive and we firmly believe that as long as the euro remains weak, Quantitative Easing will work its way through the economy and provide the basis for a stronger recovery. However the euro needs to remain weak and QE should do the trick. Eurozone retail sales also turned negative, falling 0.2% in February. This decline should not be a surprise because consumer spending in Germany and France was very weak. German industrial production and trade numbers are scheduled for release tomorrow and given the softer factory orders report, the odds favor a downside surprise. News flow out of the Eurogroup meeting could have a larger impact on the euro than data. So far, EU officials are saying that progress is being made but when it comes to Greece, the talks could go sour at anytime.

I am not trying to turn this into an Anarchistic/Radical/ Revolutionary website. It is by it's nature a Capitalist website. That being said, what do you think are some of the biggest problems facing the world? War is a given. I would like to add Income Inequality, And the growing incarceration rate ( at least in my country).

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USD/JPY has found strong support at the 118.00 level and has now made a higher low at 119.00 but the 122.00 overhang still provides considerable resistance. A break above however could target the pair to 125.00 over the medium term horizon.

GBP/USD 2010 Election Chart The U.K. general election is a month away but the prospect of a divided government means that sterling could come under serious selling pressure. The best way to look at how GBP/USD could trade going into the May election is to refer back to how the currency pair performed in 2010. This year’s election is similar to 2010 because of the strong possibility of a divided government. What makes it different is the potential power grab by smaller parties that could make it even more difficult for a coalition to be formed. It is almost assured that the Conservative Party will fail to secure enough seats and if this leads to a hung parliament it will translate into more losses for the currency.

AUD/NZD is at a record so there is no support level until parity, which is psychologically and technically important. However the following chart shows how AUD/NZD bounced before and after testing 2 key levels that are not as significant as parity – 1.10 and 1.05. When AUD/NZD broke below 1.10 in September after spending some time above it, it dropped to 1.0917 before bottoming out and reversing sharply higher. In December when it broke 1.0500 it hit a low of 1.0430 before bouncing back above the 1.05 level to 1.0570. We are long at 1.0065 with another order to buy below parity at 0.9950. If AUD/NZD holds parity then great but if it breaks below parity our second entry should be triggered giving us a nice average price that would position us for a bounce back above this key level.

GBP/JPY has strong support at the 175.00 level that has held three times already but a break through that level could be significant and could push the pair towards next support at 170.00

Taking a look at the daily chart in USD/CAD, there is short term support at 1.26. If this level is broken, the currency pair should slip easily down to 1.24. Resistance remains at the 6 year high of 1.2835.

If the pair can hold ground at the 91.00 level AUD/JPY could be in the process of setting up a higher low which could propel it towards a retest of the swing highs near 94.00. A break however, could signal a move towards 90.00 as it tests the double bottom support.

the EUR/USD could continue to fall from its current level of 1.0825, we prefer to wait for a bounce to 1.0910 to sell. The market is leaning heavily one direction according to the latest CFTC report and this linear thinking raises the risk of a countertrend move so we rather get a get better entry price than chase the current decline. Also, 1.08 is an important support level created by the convergence of the 10 and 20-day SMA and the currency pair is finding difficult breaking it. Our second entry level is right below the 50-day SMA, indicated by the pink line on the chart and our stop is at 1.1235, right above the 61.8% Fibonacci retracement of the move from the record low to the record high between 2000 and 2008.

USD/JPY - Have We Found Support at 118.00? For now the 118.00 level remains the key support for USD/JPY and the pair has bounced strongly off the lows indicating that it may consolidate above it for now. But a break of 118.00 would suggest the end of the bullish run for the pair with possible target of 115.00 as the long term longs are unwound.

Will 1.50 GBP/USD Cap Hold? In each of the last 5 trading days GBP/USD either tested or came close to testing the 1.50 level. Its inability to break above this price indicates how significant this resistance level really is. Despite today’s increase in loans for house purchases, recent data disappointments and dovish comments from BOE officials have kept the currency under pressure. Now the retail sales report will decide whether the currency pair breaks below 1.48 or moves above 1.50. Consumer spending is extremely important especially since the Bank of England is obsessed with wage growth.

The fierce rally in EUR/GBP has taken many traders by surprise. The EZ economy, plagued by political problems, deflation and QE has clearly been weaker than the UK economy whose growth was on par with US. However over the past several days the pair has done nothing but climb higher as a squeeze caught many late shorts scrambling to cover. Part of the reason for the rise has been the relative weakness in the pound as tepid inflation readings and weak wage growth have traders pushing rate hike expectations to 2016. Yet the BoE insists that the prospect of a rate hike is greater than that of a cut and the underlying UK economy continues to produce. This week the market is poised to see the Retail Sales data which is expected to rebound form a negative reading last month. A positive bump in the consumer spending could reignite demand for cable and send EUR/GBP back to its recent lows.

Technically, AUD/NZD is at a record low so the next level of support will be a psychological one at 1.10. There is near term resistance at 1.03, a former breakout level. If the currency pair trades above that level in a meaningful way, the next stop should be 1.04 with the “key” resistance at the March high of 1.0530.

Will Merkel and the Northern EU creditors again send more money to Greece? Give money to the Greeks and Merkel loses votes at home. And the melodrama continues.

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Technically the pair is now in a broad 1.0500-1.1000 range and is likely to remain within those bounds for the foreseeable future.

, USD/JPY has fallen out of the buy zone which I measure using Bollinger Bands. 120 is still a key potential support level but below that the levels to watch are 119 and 118.15. Resistance is at the 7 year high of 122.02.

Technically CAD/JPY has developed a clear double top at the 96.00 level and that distribution now signals a break lower towards a test of the 92.00 double bottom.

Will Oil Drive USD/CAD to 1.30? One of the biggest stories today was the sharp decline in oil prices. WTI Crude dropped 2.25% to $43.83, its lowest level since March 2009. Canada is a major oil producer and extremely sensitive to the price of crude. The last time we heard from the central bank, they signaled that rates would not be lowered again this year but if crude prices fall below $40 a barrel, they may have to reconsider their position. We will learn more about Canada’s inflation situation later this week but lower prices will drive down inflation expectations across the globe so even if CPI increases in February like economists expect, it could fall again in the coming months. This possibility could weigh heavily on the loonie, especially if oil continues to fall and that dynamic could drive USD/CAD to 1.30.

Will GBP/USD Hit 1.45? Investors sold sterlings aggressively this past week, driving the currency to its weakest level against the U.S. dollar since May 2010. We are continually surprised by the sell-off in the currency because economic data and BoE speak still point to tightening by the central bank this year. However yields have fallen and sterling is being hit almost just as hard as the euro.