Orange Juice could signal an entry

The July contract for orange juice has found a good support around the 125.00 zone as shown on the one hour chart of the commodity. At the moment, the price of orange juice is trying to rally some more and it could continue higher, especially when the MACD indicator is showing us that the uptrend is still in place and seems to be gaining strength. If the price continues rallying, it may visit the 200 period exponential moving average, blue line, around the 132.43 level, from where it may bounce to the downside. That visit to the 200 hour EMA, may signal a short entry on orange juice.

Trading and Day Job 3: Psychology

Success in the financial markets is 90% psychological. We can all learn how to use technical analysis and interpret different indicators, with some time and experience we can even learn how to create our own trading plan, but what really makes the difference between success and failure is how you approach the markets from the psychological standpoint. To be discipline and manage our emotions is key to success in the markets. Mr. Malte Kaub will go deeper into the subject and explain to us how markets and people are affected by their psych. On April 28^th and May 5^th, Mr. Kaub will be presenting very interesting Webinars, sponsored by ActivTrades, totally free of charge. To register just follow the following link:

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Bearish continuation on the USD/CAD

There is a well sustained bearish trend on the USD/CAD, supported by the recent rally on oil. On the daily chart we can see that the 21 period exponential moving average continues acting as a good resistance and continues holding the price down on the pair. At the moment, the 1.2600 level is acting as a temporary support, because if we stop for a minute to analyze the chart, we can see that the pullbacks or “resting points” have served as a good opportunity for new sellers to come into the instrument. Below the 1.2600 level, its next support could be the 1.2500. To the upside, we don’t see any important resistances until the 21 day exponential moving average.

Visit to the 200 day EMA on the GBP/USD?

The Pound versus the Dollar keeps its bullish trend, as shown on the daily chart, but it has found some resistance around the 1.4600 level. Just above the 1.4600 level, we can see the 200 day exponential moving average, which the pair may try to visit. A visit to the 200 day EMA may cause the GBP/USD to bounce back down from there, especially when just above that moving average we can see the 1.4700 level, which could also contribute for the area to become resistance. Above the 1.4700 level, the 1.4800 could act as its next resistance. To the downside, we can see various round number levels that could act as support, but the most relevant could be the 1.4300 level, where we can also see the 55 day exponential moving average, purple line.

EUR/JPY keeps its bullish trend

Even though the Euro versus the Yen has been consolidating just above the 125.00 level during the last few days, as shown on the daily chart of the EUR/JPY, the pair keeps its bullish trend. The current consolidation may act as a “resting” point for the pair to continue going higher. Usually, during these consolidations some continuation patterns may develop like the flags, triangles or pennants. If the pair continues going higher, then the latest high around the 128.21 level may act as resistance, but above that level we can see the 200 day exponential moving average, around the 129.00 level, which could also act as a resistance. Below the 125.00 level, in case the price drops, the latest lows around the 122.00 level could act as a support zone.

False breakout on copper?

On the daily chart of the May contract for copper we can see that the commodity has tried to break above the 200 day exponential moving average, around the 225.78 level, but it has not been able to confirm such a breakout yet. Copper has also tried to break the 228.00 to the upside, but what it has done is left relatively long shadows above that level. However, if the price breaks above that zone and continues rallying, then copper could reach the 234.00 level. To the downside, if the price bounces from this zone down, then the 215.00 level could act as support.

Breakout-pullback pattern on the Kiwi

On the one hour chart of the NZD/USD we can see that the price has broken below the 200 period exponential moving average and makes a low around the 0.6899 level to pull back to the same moving average, around the 0.6930. Price may drop to the downside from this level and continue dropping in the direction of the initial break down. If the price continues dropping, then the first support could be the 0.6899 level and the second support could be the 0.6842. If price breaks above the 200 period EMA, then it could rally to the 0.6982, which could act as resistance.

The EUR/JPY consolidates around the 124.00 level

The Euro versus the Yen has not taken a clear direction since it came and visited the 124.00 level. On the daily chart we can see that the bullish momentum that it had a couple of day back, has now been lost around that zone. The bearish trend in the middle term stays in place, but the pair may try to go and visit the 125.00 level. That level of the 125 may act as resistance due to the fact that in the past it acted as support. To the downside, the 122.00 zone could act as support. This Thursday’s opening may give clues as to which direction the EUR/JPY is planning on taking.

Flag breakout on the GBP/USD

A few days ago we identified a flag formation on the GBP/USD, daily chart. The flag is really a bearish channel with an upper trendline that was broken around the 1.4300 level. The pair accelerates its bullish momentum and reaches the 1.4400 level where it stalls. The GBP/USD could bounce to the downside, but if it breaks the 1.4400 level to the upside, then it may reach the 1.4500 level. To the downside, the 1.4300 level could act as support, below that level, the 1.4200 and the 1.4100 could also act as supports.

Indecision on oil

WTI oil has stayed oscillating around the 40.00 level, from where it may take off in any direction. After the price of WTI oil bounced to the downside from the 200 day exponential moving average, it reached the 55 day exponential moving average (purple line) from where it bounces to the upside. It is possible for the price to stay bounce from one EMA to the next one in the following candles. Above the 42.00 level, its next resistance could be the 43.00 level. To the downside, below the 37.00 level, its next support could be the 35.00 level.

Bullish flag on soy?

On the 4 hour chart of soy we can see that the commodity has formed what it appears to be a bullish flag, which could act as a continuation pattern. The 950.00 zone has served as an area of consolidation for soy where the pattern has formed, after such consolidations the price may go in any direction, but right now we are seeing a bullish breakout of the pattern. To the upside, its next resistance could be the 1000 level. To the downside, in case the price retraces back down, the 928.70 level, where we can see the 55 period exponential moving average may act as support.

Second part of an amazing course

Today we have the second part of the Webinar by Paul Wallace on trade execution. ActivTrades is continuously providing its clients with training and information to make them better traders. All Online Webinars are free and are conducted by professional traders in all types of markets and sectors. Additionally, there are other Webinars scheduled for April 21^st and April 28^th. Another great speaker, Malte Kaub will be conducting the Webinar on the 28^th, which relates to trading psychology. To register for the events, just visit the following link:

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Do not miss this great opportunity to expand your knowledge and your horizons.

Double top on oil is still possible

WTI Oil stays around the 200 day exponential moving average, around the 41.99 level. On the daily chart we can see that the price of oil had already touched that moving average and has bounced to the downside. On the current visit, the price may try to bounce once again to the downside, possibly forming a double top pattern. The double top pattern is a bearish-reversal pattern, therefore oil may go back down. Fundamentally, we need to see some pick up in oil demand and a cut in production in order for crude to go higher and maybe reach the 44 dollars per barrel level. To the downside, the 40.00 level may act as a temporary support, but the 37.00 level may act as a more important support for oil.

Trend change on the Nikkei?

On the 4 hour chart of the Nikkei we can see that the index has formed what it appears to be an Inverted Head and shoulders formation. This formation is a bullish-reversal pattern, therefore the index may continue heading higher, especially after breaking above the 55 period exponential moving average and above the 38.2% Fibonacci Retracement. However, somewhat higher, the 200 period exponential moving average, blue line, along with the 61.8% Fibo, around the 16486 level, could act as resistance. To the downside, the 23.6% Fibo, around the 15798 level could act as support.

Triple bottom on the Canadian Dollar

The USD/CAD has found a good resistance on the 1.2900 level and on the daily chart we can see that the pair has already touched three times the same level. A breakout of the 1.2900 level could cause the price to accelerate towards the 1.2800 level, due to the fact that the bearish energy is accumulating on that zone. To the upside, the 21 day exponential moving average may continue acting as resistance, but a breakout of that moving average could cause the price to go and visit the 200 day EMA, around the 1.3350 level, blue line.

Silver could find resistance

The 16.00 level has proven to be a good resistance zone for silver. The metal has recently touched that level on different occasions, but it has not been able to break it. A breakout of the 16.00 level could cause the price to go and visit the 16.34 level, which could act as resistance. To the downside, the 200 day EMA around the 15.17 level could act as support. The 55 day EMA, purple line, is trying to cross above the 200 day EMA, if that cross happens, then silver could continue heading higher.

Good pullback on corn

The Fibonacci Retracements that have the highest probability of acting as support or resistance are the 61.8% and the 76.4%. On the 4 hour chart of corn we can see that the commodity has fallen from the 373.24 to the 346.76 to start retracing to the upside. Today the price of corn breaks above the 50% Fibo and it may try to visit the 61.8% Fibo, around the 363.11. On the 363.11 level we also have the 200 period exponential moving average, which makes the zone an even more important resistance level. Above that level, the 76.4% Fibo may also act as resistance. To the downside, the 23.6% Fibo may act as support.

The Dollar index continues undecided

The size of the real bodies of the candlesticks can show us the strength of the trend. If the bodies are shown as “spinning tops” or “dojis”, then that means that the instrument is very undecided as with the Dollar index. If on top of having small real bodies, the candlesticks also show long shadows on either side, then the instrument is undecided with high volatility. On the daily chart of the Dollar index we can see that the instrument has been oscillating above the 94.23 level. From this point on, the index could break out in any direction, but it seems like it wants to head lower since the 55 day EMA has crossed below the 200 day EMA. If the index breaks to the downside, then the 93.82 could act as support. To the upside, if it breaks above the 95.10 level, then its next resistance could be the 96.41 level.

Disney shares fall

Disney’s shares fell 1.7% and closed at 97.05 Dollars on the New York Stock Exchange. During this year, Disney shares have fallen about 6.1% so far. It seems like things are not getting better for the company, now that the supposed replacement for the current CEO has decided to quit. Supposedly, certain board members were not satisfy with leaving Mr. Tom Staggs in charge of Disney. Staggs, who is 55 years old was supposed to replace Robert Iger on June, 2018 when Mr. Iger’s contract expires. But Mr. Staggs decided to quit, because of the lack of support from the board members. Now Disney executives will have to find a replacement for Mr. Iger outside the company. Some possible candidates that may replace Mr. Iger are Sheryl Sandberg from Facebook or Steve Burke from Comcast Corp.

Big drop on oil

Light crude oil or WTI has broken today below its 55 day exponential moving average and below the 37.00 level. The uncertainty around oil continues and it is possible that the oil producing countries do not come to an agreement on freezing production. That is why oil for today comes near the 35.00 level. To the upside, the 37.00 could act as resistance and to the downside, the 35.00 could act as support.

The EUR/JPY keeps its bullish trend

Even though the EUR/JPY has been making some bearish pullbacks on the daily chart, the pair has actually kept its bullish trend and it is possible for the price to make a higher high, above the 128.21 level. Over this same chart we can see a confirmed bullish trendline; therefore, a breakdown of that red line could make the price fall to the 124.65 level. Below the 124.65 level, its next support could be the 122.07 level. To the upside, the 200 day exponential moving average, around the 130.14 level could also act as resistance.