Hello, dear friends!
At the end of the week, the British pound is in the spotlight. In the near future, the issue with Brexit may be resolved, the British reacts sharply to it.
Thursday and Friday recorded the strongest two-day rally since June 2016.
The reason for this is a well-founded optimism about Brexit. The key was the meeting between Michel Barnier (EU side) and the representative of England, Stephen Barkley. Both described it as constructive, despite the fact that there is less than three weeks left until the end of October, the probability of reaching a compromise at the last moment remains. Donald Tusk's pessimism did not affect the British rally.
In the afternoon of Friday, from the news in the work note:
- 15:30 GMT - Employment data in Canada;
- 17:00 GMT - consumer mood in the United States according to the University of Michigan.
Work with pairs with the British pound very carefully. Any comment from the EU or Britain can both collapse the couple and prolong the rally.
By EURUSD we can get an entry point to buy
So far, everything is going according to yesterday's forecast. After a sharp break of resistance at 1,1000 there is a smooth correction, at the retest of the level can be bought with goals of at least 1.1107.
A less likely scenario is a sharp return under 1.1000 and after fixing it will get grounds for sales. The targets in this case are 1.0904 and 1.0882.
On the USDCHF pair continues to move towards the target of 1.0023
The Swiss franc is weakening in pair with the US dollar, so far, the targets for long positions have not been worked out. On the way to the main target at 1.0023 it is possible to stop at 1,0006.
On the M15 we work with a range of 0.9957-0.9981. The main scenario is to buy if its bottom boundary is falsely breakdown. At the time of preparation of the review, the upper boundary is being expanded, but the potential for short positions is small, I recommend to give preference to purchases.
According to USDJPY there are no fundamental changes, we work at Buy
H4 is seeing continued growth, the main goals have not yet been achieved.
The M15 has the latest range of 107.84-108.07. Consider two options for the point of entry to buy:
- true breakdown of resistance 108.07;
- extension of the lower boundary and return to the area above 107.84.
- in both cases, we open long positions with a take profit of 108.42 and 109.30.
We consider the variant with sales only in case of a sharp breakdown of support at 107.84 and the formation of a number of trades on the downward movement.
A downward correction from the level of 0.6800 is expected for the AUDUSD pair
The recent bear-like scenario is broken, with a break out of resistance of .6773. We expect that the upward movement will continue to the level of 0.6800, this is the stop zone and it may start a downward correction. Something similar was seen recently at EURUSD. You can work at Sell with a goal of .6773.
At smaller time intervals, look for the formation of termination zones and work with the true breakdowns of their upper boundaries. Wait for the retest and take your time to enter the market.
Waiting for the entry point for sale on the XAUUSD tool
Today we got a breakdown of the upper limit of the range 1491-1497, but it turned out to be false. The sharp movement chart returned to the level of 1497, which cancels the bullish scenario.
The safest option for trading in the near future is to wait for the breakdown of support on 1489 and at the retest from below to sell. The nearest target is at 1475.
Brent crude hits 59.64 as it prepares to retest
In recent days, the movement was in the range of 57.32-59.64. There is a breakdown of resistance of 59.64, but its truth has not yet been confirmed. There are two options for developing events:
- testing the level of 59.64 and continuing growth - you can buy;
- sharp return to the zone 57.32-59.64 and consolidation under resistance 59.64. In this case, the sales with goals of 58.51, 57.80 and 57.32 are justified.
Summary of the workable entry points:
- Brent crude - Purchases at the retest of punctured resistance brought 125 points of profit at a stop of 85 points. Growth continues;
- GBPUSD - here could work out the deferred orders, manually pulse to catch was difficult. Goals after the breakdown of support worked out, profit - 65 points at a risk of 30 points;
- USDCAD is a deal still in the market, the stop can already be transferred to break-even. The first target will bring 39 points of profit, SL at the entrance to the market was 30 points;
- USDCHF - purchases after a false breakdown of support have already brought 42 points on the first goal. At the time of the deal, the stop-loss did not exceed 20 points;
- EURUSD - you could buy on the retest of punctured resistance. The deal in the market, if traded this signal, stop to break even.
At least 100-150 points this week should have earned each of you. If you master the Horizon X strategy and start working on your own, you can increase this number many times. At the same time, it takes more than 1.5-2 hours a day to analyze the market.
Here are the details of the special course and the statistics on Horizon X