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Recap of European Trades: EUR, and GBP

The euro is going through selling pressure at the moment. This is due to budget issues in Italy and the headlines surrounding the Brexit scenario. The EUR/USD pair is trading at 1.1440. The trade balance report released from the eurozone looks positive. Also the United Kingdom released macroeconomic data which also looked positive. However, the pound is going through a bearish pressure at the moment. The GBP/USD pair is trading at 1.3020.

Bitcoin Forecast — October 19th 2018

In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the October 19th session. Bitcoin/USD — At the moment, the bitcoin market is testing this downtrend line. Breaking this trendline is crucial and it determines the bullishness in the market. A move towards $8,000 can be expected. However, Thursday session saw the market fall a bit. If we fall further, then the 6,000 level is the near-term target. Since the volume is […]

Candlestick Pattern — Bullish Engulfing Formation

What you see typically is a trend downward initially or sideways movement. But one could expect this type of downward movement. The first candlestick in this pattern is a continuation of the downward movement. Price gaps down from the close of the previous day and opens lower, indicating it is going to trend downwards. Then it surprises us, moves up, closes beyond this candlestick's high. These two candlesticks […]

Bitcoin Forecast — October 18th 2018

In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the October 18th session. Bitcoin/USD — The markets did not see any major action on Wednesday. The $5,000 level below looks supportive. A break below this level would be very bearish. The markets are still drifting through this descending triangle pattern. Buyers need to see a break above the top of this candlestick from Monday session. That would […]

Daily Market Roundup — October 18th 2018

The US dollar is appreciating at the moment. The EUR/USD pair is showing bearish sentiment. It has broken the 1.15 level. The resistance levels are 1.1566, 1.1633, and 1.1659. The support levels are 1.1541, 1.1515, and 1.1480. The USD/JPY pair was trying to gain ground, but it looks like the bulls have ran out of steam to reach the 112.83 level. The GBP/USD is showing bearish sentiment and it is largely influenced […]

Recap of Asian Trade: USD/JPY and AUD/USD

The greenback is supported by the minutes of the monetary policy meeting from September. The US dollar index is trading at 95.70. The meeting minutes indicate that the Fed is likely to raise interest rates in the near future. This caused an increase in demand for the US Treasuries and their yields. The USD/JPY pair is trading at 112.60. The speech by Haruhiko Kuroda, the Governor of Bank of Japan, had no impact in the minds of the investors. The AUD/USD pair is trading […]

Candlestick Pattern — Piercing Pattern

In this video, you will learn about the piercing pattern. This is a bullish reversal pattern. You spot this pattern at the end of a downtrend. It is good to use this pattern with confluence, using an oversold condition. The first candlestick in this pattern is a red candlestick. Then the next candlestick gaps lower and closes as a green candlestick. It closes covering the 50% of the body of the previous candlestick. This is a reliable […]

Bitcoin Forecast — October 17th 2018

In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the October 17th session. Bitcoin/USD — Bitcoin markets rallied once again to the relief of the bulls. But market participants just need to wait for the break above the top of this shooting star. That would be seen as a bullish signal and a move to 7,000 can be expected. The alternate scenario is to see a break below the 5,800 level, which will be very bearish. […]

Recap of Asian Trade: USDX, USD/JPY, AUD/USD

The US dollar index is going through a consolidation between the 95.00 and 95.20 levels. Macroeconomic data released from the US gave the index some support. A rate hike by the Fed before the end of the year is likely. Donald Trump expressed his negative comments on the monetary tightening by the Fed. The USD/JPY pair is trading at 112.00. At the moment, the yen is not preferred by the investors. It looks like the market is choosing the riskier […]

Daily Market Roundup — October 17th 2018

The pound is looking bullish and the yen is looking bearish today. For the EUR/USD pair, the 1.16 level is resistance and the 1.15 level is support. The resistance levels are 1.1566, 1.1633, and 1.1659. The support levels are 1.1541, 1.1515, and 1.1480. The USD/JPY pair broke out of the descending price channel. The resistance levels are 112.83, 113.56, and 114.18. The support levels are 111.94, 111.66, and 111.43. Though the pound got sold off […]