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Bullish Breakouts

We didn’t trade the EUR/USD and GBP/USD yesterday after we were able to pocket a good gain on Tuesday amid strong bullish breakouts. U.S. inflation came in below expectations, a fact that has crushed a hawkish repricing that would have benefit the greenback. The euro surged to a high of 1.0887 from where it consolidated yesterday. Higher targets are now seen at 1.0940 and 1.10 while we expect a fresh support to come in at around 1.0730.

The GBP/USD is currently hovering around 1.24 after it was unable to break significantly above 1.25. For the bullish bias to continue, the cable will need to stabilize above 1.24 while traders will focus on a break above 1.2510 in order to go for 1.26.

The DAX broke above 15600 and headed towards 15800. The next crucial target for traders will be the crucial 16000-barrier. Our former breakout-area at 15600 could now turn into a support zone.

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Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

Hawkish Projections Vs Dovish Pricing

Last week was characterized by bullish breakouts in the counterparts of the U.S. dollar on the back of the market’s dovish pricing. The Federal Reserve kept interest rates steady but unexpectedly delivered a hawkish surprise by projecting two rate hikes this year. The market however, doubts the Fed’s projection and is pricing in only one more rate hike this year but more importantly, it is expecting rate cuts as soon as next year. This assumption has led to the renewed sell-off in the U.S. dollar.

Market participants will be looking for further cues from Fed Chair Jerome Powell’s testimony on Tuesday and Wednesday.

On Thursday, the Bank of England is expected to raise rates by another 25bp.

The week could start off more quietly, as U.S. markets are shut today due to a holiday.

GBP/USD

The pair broke above 1.2650 and climbed another 200 pips higher, heading towards 1.2850. While the next higher target is clearly seen at 1.30, the pair is in overbought territory which increases the chances for a correction. The 1.2650-area could thus serve as a support zone in short-term time frames.

DAX

The index broke above 16330 and headed towards 16500. However, bulls took a breather at the lofty highs and send the DAX lower for a correction. We see a crucial support area at around 16150 from where bulls may take the opportunity to jump back in.

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Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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EUR/USD And GBP/USD Bullish Breakouts

Traders stuck to their bets for a Federal Reserve rate hike in March after the U.S. consumer price index climbed at the fastest pace since 1982, a historically extreme reading, which was in line with forecasts. The U.S. dollar however declined instead of rising since most of the Fed’s hawkish view was already priced in which can be clearly seen in the greenback’s trajectory over the past year.

Bullish breakouts in both EUR/USD and GBP/USD

EUR/USD

The euro broke above 1.1420 and rose to a fresh high at 1.1452 amid the prevailing ‘risk-on’ sentiment. However, the bullish move will not help the still overbought situation in this pair, so traders should brace for near-term corrections. The former resistance at 1.14 could now possibly turn into a higher support. If the euro holds above 1.14, a higher target could be at around 1.1520. Below 1.1370 we will turn our focus to 1.13.

GBP/USD

The cable broke above 1.37 and traders now have the 1.38-level in sight. Given the overbought situation however, we anticipate corrections towards 1.3670 and 1.36.

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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ETH/USD

Long @ 3360

Short @ 3320

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GBP/USD: Time For Bullish Breakout?

Dear Traders,

The euro proved unable to significantly overcome the 1.1720-hurdle, at least for now. Thus, there was nothing to gain for euro bulls at the beginning of this week. The British pound reversed shy off 1.33 and consolidated between 1.3250 – 1.3215. We may see more volatile movements today with U.K. employment numbers scheduled for release at 8:30 UTC.

GBP/USD: Chances remain in favor of a bullish break above 1.33 since the market is pricing in a 77 percent of a BoE rate hike next month. A higher target could be at 1.3360 followed by 1.3450.

Fed Chairman Jerome Powell is due to testify before the Senate today at 14:00 UTC. Powell is likely to reiterate that the U.S. economy is in a good shape but he will be grilled on the economic implications of trade wars. Traders should therefore keep an eye on USD crosses around his testimony.

Additional daily and long-term entries are available for subscribers.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

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Will Turn-Around Tuesday Live Up To Its Name Following Bullish Breakouts?

Dear Traders,

It has been a profitable trading day for both euro and sterling bulls. The euro rose to a five-week high against the dollar and we were thus able to book a good profit by trading our long signal yesterday.

Trading the bullish breakout in the GBP/USD went also very well and the big question among traders is now whether there will be further gains. While momentum is still undeniably bullish, the pound is at overbought levels in larger time frames and traders should therefore prepare for pullbacks in short-term time frames. As long as the pound remains above 1.42 we favor a bullish stance, targeting at higher levels at 1.43 and 1.4350. If the pound falls below 1.4190 we expect it to extend its slide towards 1.4150 and 1.41.

The same is true for the EUR/USD: The euro remains in overbought territory and traders should therefore anticipate upcoming corrections. If the euro remains trading between 1.2490 and 1.24 a short-term uptrend channel remains intact. If the euro, however, drops back below 1.2350, the bias shifts from bullish to neutral.

Moreover, traders should bear in mind that today is Tuesday and while this is a normal weekday the so-called ‘Turnaround Tuesday’ often lived up to its name after significant price breakouts on Monday. In a nutshell, watch out for potential reversals today.

The only piece of economic data will be U.S. Consumer Confidence due at 14:00 UTC.

Daily Forex Signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

 

British Pound: Further Gains Or Bearish Pullback Ahead?

Dear Traders,

The biggest story in the markets on Monday was the bullish breakout of the British pound, which soared to a high of 1.4088 after it broke above the psychological level of 1.40. The bullish breakout was triggered shortly after the announcement of an agreement on a transition plan for the period after Brexit. The big question among traders is now whether there could be further gains in the pound.

Today, we have U.K. Inflation numbers due for release at 9:30 UTC and the expectation is for a 2.8 percent read from previously 3 percent. A weaker reading could be an excuse for sterling bulls to take profit on long positions. In a nutshell, there is a risk of a bearish pullback if inflation disappoints.

GBP/USD: If the pound drops below the 1.40-barrier it may extend its slide towards 1.3950. On the topside, if the pound climbs back above 1.4050 it could extend its gains towards 1.41.

The euro was able to stabilize above 1.23 and appears to be heading towards 1.2370 now. For euro bulls it will be interesting whether the euro could also overcome the 1.24-hurdle in the near-term.

From the Eurozone we have the ZEW Survey scheduled for release at 10:00 UTC.

Daily Forex Signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co