Upcoming Webinars. Not to miss it.

Paul Wallace and Malte Kaub will be conducting the upcoming Webinars for ActivTrades. Paul will analyze the implications of the end of this quarter and what the next quarter could bring. Malte will be touching on how to create a trade setup and expect it to develop. Both events are highly recommendable for all types of traders. ActivTrades is constantly creating new events to help its clients become better traders. This great opportunity is not to be missed. To register for the Webinars, please visit:

https://www.activtrades.co.uk/index.aspx?page=events_webinar

All events are free of charge and can be taken online from the comfort of your home or office. Please be aware that the time of the events is in UK time.

The AUD/USD stalls at the 0.7700 level

The round number levels are those levels where the price or the quotes end in “00”. These round number levels are very important, because normally when the price reaches those levels the area acts as support or resistance. Even during the cases where the price breaks the round number level, there could still be opportunities to enter the market in the direction of the breakout. That is why in any case we can take advantage of the round number visits.

On the daily chart of the AUD/USD we can see that the pair has reached the 0.7700 round number level and stalls its rally there. That level could act as resistance and the price may try to bounce to the downside. The 0.7500 level could act as support in case the price bounces towards that level. The 55 day EMA stays above the 200 day EMA and it could be indicating that the bullish trend may continue. Above the 0.7700 level, the 0.7800 could act as resistance.

The Euro goes back up

The EUR/USD finds a good support around the 1.1159 level as shown on the daily chart and goes back to the 1.1300 zone. The 1.1300 level could act as resistance and the price could try to bounce to the downside from there. However, if the price breaks the 1.1300 to the upside, then the 1.1400 or the 1.1500 level could act as resistance also. Below the 1.1159 level the next support for the EUR/USD could be the 1.1100. The Non-Farm Payrolls data for Friday could cause the pair to take a clear direction. 

Golden Cross on the EUR/USD

On the daily chart of the EUR/USD we can see a Golden Cross of the 55 day exponential moving average above the 200 day exponential moving average. The cross has bullish implications and it is possible for the pair to continue going higher. Above the 1.1200 level, the pair may try to go and visit the 1.1300 level. Below the 200 day EMA, the 1.1000 could act as support. The bullish trend is still in place and if the Dollar pulls back, then this pair may continue higher towards the 1.1300 level.

Will oil rally again?

On the daily chart of the WTI light crude oil we can see that the commodity has been retracing to the downside lately, but it seems like the retracement is losing its momentum and the price is trying to go back up. The bullish trend is still in place and if the next daily candles appears to be a bullish candle, then it could be confirming a “hammer” formation, which is a bullish-reversal pattern. However, the 200 day exponential moving average, around the 42.25 level could act as resistance. To the downside, the 37.00 or the 55 day exponential moving average could act as support.

Gold nears the 1200 level

The 1200 zone has been a good support-resistance area in the past for gold as we can see on the daily chart. Over the same daily chart we can see that the 55 day exponential moving average is very close to the 1200 level, making that zone even more relevant. The price of gold could bounce to the upside around the 1200 zone, but if it breaks that zone to the downside, then the 200 day exponential moving average, which is around the 55 week EMA, could act as support. To the upside, the 1257 zone, which is where the 200 week EMA is, could continue acting as resistance.

Possible bearish continuation on the EUR/JPY

The 9 period stochastics on the daily chart of the EUR/JPY have a bearish slope, pointing towards the 50% zone. The stochastics have plenty of room to keep falling; therefore, the EUR/JPY could go back to its bearish trend in the medium term. If the pair breaks below the 124.66 level, then the bearish momentum may accelerate and the price may reach the low at the 122.04 level. Since the pair is currently in a consolidation, it may break out in any direction. That is why if it breaks to the upside, then the 200 day exponential moving average, around the 130.47 level could act as resistance.