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Comdoll traders huddle up!

Today we’re looking at AUD/USD’s channel resistance and a possible reversal on NZD/CAD‘s 1-hour time frame.

Get ’em while they’re hot!

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

AUD/USD is consolidating around the .7750 area of interest, which just became more interesting today because the level is in line with a trend line resistance that the bears have been defending since mid-May.

Let’s see if AUD/USD can extend its downtrend. Aside from the trend line, bears might want to note that the pair is sporting a bearish divergence AND is hanging around the 100 and 200 SMA on the 1-hour chart.

Shorting at current levels or the first signs of selling is your best bet if you’re bearish on the Aussie. The .7710 lows would make for a good initial target, but you can also aim for the .7685 previous support if you think that the Aussie will lose more pips on the dollar this week.

NZD/CAD: 1-hour

NZD/CAD 1-hour Forex Chart
NZD/CAD 1-hour Forex Chart

Breakout alert! NZD/CAD just broke above a trend line resistance that hasn’t been broken since late April!

Are we looking at a reversal in the making? Keep in mind that NZD/CAD is still trading below the 200 SMA and could still extend its downtrend in the next couple of days.

If NZD/CAD drops back below the trend line, then you can probably aim for May’s lows near .8650 and then take partial profits until the downswing runs out of steam.

If you see NZD/CAD trading above the 200 SMA, though, then you gotta be ready for a potential upswing. The .8745, .8780, and .8850 zones would make for good profit targets depending on your holding time and NZD/CAD’s average volatility.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Chart Art: Support and Resistance Points on USD/JPY and AUD/USD

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Ready for the weekend?

I know y’all aren’t done trading for the week because USD/JPY and AUD/USD’s setups are still waiting to be taken!

Check them out!

USD/JPY 1-Hour Forex Chart
USD/JPY 1-Hour Forex Chart

I don’t know if you’ve noticed but the dollar bulls are putting up a good fight at the 109.50 range support that’s been around since the start of the month.

The oscillator isn’t helping the bulls’ case for now but MarketMilk did indicate that USD/JPY is a “buy” in the short-term.

Buying at current levels would set you up for a decent win if USD/JPY stays inside its month-long range.

The 110.00 mid-range resistance is a good target if you’re in it for short-term profits but you can also aim for the 110.60 range resistance zone if you’re confident in the dollar making more pips against the yen.

But what if USD/JPY extends its downswing? Watch out for a clear break below the support to see if the dollar would head for its June lows next.

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

Comdoll warriors gather ’round!

AUD/USD looks ready to bail from the .7400 major psychological handle, which is right smack at the 38.2% Fib retracement of July’s downswing as well as a trend line resistance that’s been keeping the bulls in check since mid-June.

Will AUD/USD extend its losses in the next trading sessions? Aussie bears can short at current levels and gain decent risk ratios from placing stops just above the trend line resistance.

Meanwhile, comdoll bulls who believe that AUD/USD is due for a reversal can watch out for a break above the trend line resistance that we’re watching and target previous areas of interest like .7485 or .7600.

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Fx Analysis

5 Main Reasons Why Forex Traders Lose Trades

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It is often said that the odds of being consistently profitable and succeeding in the forex market are very slim, as more than 90% of traders are bound to face failure.

Here are five common reasons why this usually happens:

They don’t understand key indicators, key numbers, ideal times to trade, and how the market works.

Would you enter a battle without knowing how to use weapons or who your opponent is? When you place a trade, you literally go toe-to-toe against some of the biggest nerds in the industry.

Many professional traders are not only super smart and Ivy League educated, they’re also rich. That doesn’t mean that you, the small guy or gal, can’t win.

It just means that you simply must educate yourself and be prepared to do battle. David can beat Goliath, but only if he’s prepared. Some people might think the cost of a trading education is too high. But the cost of ignorance is way more expensive.

They don’t have a tried-and-tested trading methodology

Trader loserWith no proven trading method or strategy, you are doomed to fail. You will end up quitting the game after a string of losses. But there is hope.

With the right education, a workable method, psychological balance and persistence, it can be done.

Start by experimenting on different currency pairs, trading sessions, time frames, and indicators and pinpoint which ones work for you.

Work on creating your own trading system and back and forward test if it’s profitable. Focus on the numbers and fine-tune your method to maximize profitability. This may take time, but using a trading method that you trust can go a long way at reducing stress while trading.

They risk too much per trade.

A wannabe trader risks 10% or more of her trading account on a single trade. This is problematic because when you’re worried about making money, you won’t focus on your trading process. You’ll end up focusing on your profits/losses.

Consistently profitable traders understand the trade’s risks and manage them first BEFORE thinking about profits. They know how to calculate their position size. They don’t take trades if it forces them to risk too much.

This gives them the staying power to keep their heads and make rational decisions even if they end up with multiple losing trades in a row.

They’re not mentally prepared.

Trading psychology is a huge part of trading and most people are not mentally prepared. When money is on the line, fear, greed, and other emotions make trading very hard.

Make sure you understand the emotional aspects of trading and be prepared to control them before you risk your hard-earned money.

They’re having a bad day.

Sometimes, there are just factors outside of your control. You could spend bajillions of hours preparing for a trade and a surprise currency intervention, flash crash, glitch in your platform, or a natural disaster could turn the tides against your favor.

It’s okay. It’s all part of the business. If you’ve managed your risk, you can chalk up the losses to a bad day and start again tomorrow.

That’s it for today’s list! Did I miss anything? What’s the usual reason for you losing your trades?

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Fx Analysis

Precious Metals Rise Significantly With Rate Fears Soothed

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  • Gold and Silver Strongly Positive Today
  • Other Precious Metals Follow Closely
  • US GDP Miss Likely to be Focus of Day

Commodities news has had a relatively quiet week by comparison with the other markets as equities endure an earnings season rollercoaster and the torrid week looks to end on a positive note for US-listed China stocks. The Dollar has also continued to strengthen in the forex market following the Fed policy announcement though more on the back of the US miss on GDP numbers released today. This is also likely to have an impact on metals and other commodities but for now, gold, silver, platinum, and palladium have all moved meaningfully higher during the early US trading. 

Price Jump for Gold and Silver

Both of these precious metals have largely managed to stay out of the limelight recently. With the environment being quite tumultuous, there were minor movements in both, the general feeling though has been one of traders holding on to see how things developed. This strategy has paid off today with a healthy boost to both. Gold has peaked above a weekly high of $1825 while silver closes in on $26. 

This represents a move of more than 2% at the time of writing for gold, and more than 3% for silver. The main reason behind these moves at this point in the week certainly seems to be the Fed policy announcement and the fact they are standing behind their low interest rate with no short-term plans to change. 

Other Precious Metals Also Rising 

Alongside gold and silver, it has been a positive start to the day for platinum and palladium. Both are up over 1% on the day so far and are also likely beneficiaries of the Federal Reserve position to continue support for low interest rates. Although the Dollar has risen again on news of the US GDP figures, both seem to be holding their positive position. 

Although a weaker US Dollar would be helpful for the most part for these two as well as gold and silver, other factors need to be weighed. The interest rate is a key issue that can make investing in precious metals much more attractive when it stays low. Add in the industrial uses boom that can accompany such market conditions, and it is typically a winning formula.

US GDP Miss Surprises Analysts

Market analysts had predicted a rise of 8.4% for the previous quarter from April to June. This number has actually come out at 6.5% before any revisions. It is quite a wide economic miss and traders will have to weigh up these figures as the day progresses.  

So far, however, there has been very little sign of the market taking this miss as harshly as many would usually expect. The US Dollar has strengthened, but this has not taken anything major away from commodities, or more specifically precious metals in gold and silver. Wall Street is also expected to open higher despite the news.

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