Greetings, everyone!

Yesterday the dollar grew against all majors. It was quite expected, because the euro and the pound are weak: the former is influenced by the dispute between Italy and the European Commission, the latter is under pressure from Brexit.

The dollar experiences problems due to the drop in Building Permits and poor Retail Sales statistics from a number of large companies. Nevertheless, the American managed to grow. Brexit and Italian budget problems are still acute.

On Wednesday the following news is worth considering:

  • 3 a.m. EST – ECB meeting;
  • 8:30 a.m. EST – Initial and Repeated Jobless Claims in the USA and statistics on Durable Goods;
  • 10 a.m. EST – Existing Home Sales in the USA;
  • 1:30 a.m. EST – Theresa May and Jean Claude Juncker are meeting. The pound’s fate depends heavily on its results.

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Also the European Commission should announce its decision concerning the situation in Italy. This announcement is not scheduled, so be on guard. Now let’s find entries for Wednesday.

Expect the test of Tuesday highs on GBPCHF

There is a strong resistance at 1.2785-1.2790, a bounce is the visible proof. We will wait for a break attempt of the 1.2773-1.2787 and the formation of a swing pattern. A swing level should form at the 1.2778 mark – it is the pattern low. However, this low may shift, but trading opportunity remains, while it stays inside the resistance.

Your short trade stop should be above the pattern high and the TP at 1.2726.

Expect NZD to strengthen on NZDCAD

Recently there has been a growing trend on this cross, the kiwi grew against the dollar. At the moment the chart is about to pull back down; this pullback will likely end at 0.8984-0.8996.

A long entry will appear after the chart attempts to break the support and forms a local high inside the swing zone. After the price trends above 0.8985, you can enter the long trade and place the TP at 0.9046.

Maintain bearish bias on GBPAUD

The pair has twice attempted to trend above the 1.7685-1.7694 resistance, but failed both times. No swing level formed inside this zone, therefore we have no reasons to enter.

Wait till the local support forms inside 1.7685-1.7694 and the price breaks it and trends below. If this scenario plays out, we can place the TP at 1.7596.

Expect the recovery of NEO cryptocurrency to $10

On Tuesday the downtrend was about to swing on both the dollar and NEO cryptocurrency; pattern #5 formed. At the moment the chart has broken the upper margin of the second swing zone and reversed. You can enter the long trade after the price tests the 9.358 broken level.

You can place the TP at the Tuesday high – it is at 10.499.

Wait for a downside move on Gold

Yesterday this instrument attempted to grow, but only managed to form a Horizon X pattern #5. All market entry conditions formed, the price swung and broke the lower margin of the second swing zone at 1223.98.

You can open short positions if the chart pulls back to this level. The TP should be at 1218.53.

Summary of Tuesday trades:

  • GBPUSD and USDJPY – no swing patterns formed, no trades were made;
  • Home Depot – the price reached the target, but didn’t grow to the lower margin of the broken zone. No trade here;
  • WTI – using the rule of Safe allowed to close 50% of trade with a small profit and the remaining 50% incurred no losses;
  • DKB – Deutsche Bank stocks dropped as expected, the price reached the TP – a 100% profitable trade.

I want to remind you again that we have updated the Horizon X system recently, adding 8 more market entry patterns. We will tell more about them during the webinar, you can sign up for it here.

To understand everything properly, you should know the basics of this TS. If you haven’t signed up for training yet, then you can complete the basic training course at least. All we need is your e-mail to send the lessons. You should study them and apply the knowledge to your trading. However if you want to maximise your result, then you should sign up for Horizon X training and learn all the peculiarities of the strategy.

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That is all for analytics, you can leave your comments, ask questions and tell us about your trades. The trading signals are rather simple so you should use them.