EURUSD Chart Near-Term Bullish After Outside Range Day...

EURUSD chart analysis: The candlestick chart of EURUSD shows an outside range day Wednesday, suggesting a move to the upside after the recent weakness of the EURUSD price. The RSI also rose, as did volume, adding conviction to the signal. EURUSD chart bullish after outside range day The EURUSD chart is looking bullish after an outside range day Wednesday, when the high was higher than Tuesday, the low was lower and the close was higher. EURUSD Price Chart, Daily Timeframe (October 5 – November 29, 2018) Chart by IG The EURUSD price has been falling since it hit a high of 1.1816 on September 24 so the chart pattern can be seen as a likely predictor of a trend change higher rather than as a continuation signal. Moreover, as the chart above shows, the 14-day relative strength indicator (RSI) also moved up on Wednesday and volume was higher too, reinforcing the bullish message. Resources to help you trade the forex markets Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: Analytical and educational webinars hosted several timesArticle source:...

USD/JPY Sentiment Prompts a Mixed Bias

60% of Retail Traders are Net-Short USDJPY: Retail trader data shows 40.5% of traders are net-long with the ratio of traders short to long at 1.47 to 1. In fact, traders have remained net-short since Nov 02 when USDJPY traded near 112.854; price has moved 0.4% higher since then. The number of traders net-long is 2.9% lower than yesterday and 11.8% lower from last week, while the number of traders net-short is 12.9% lower than yesterday and 3.9% lower from last week. To gain more insight to how we use sentiment to power our trading, join us for our weekly Trading Sentiment webinar. USDJPY Sentiment is Unable to Provide a Clear Direction We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias. — Written by Fan Xu, DailyFX Research Article source:...

Ethereum Price Forecasted to see Large Gain using Elliott Wave Analysis...

Ethereum Price Elliott Wave Talking Points: The bearish wave from May 7, 2018 can be counted as complete opening the door for a large rally The Elliott wave pattern for this cryptocurrency implies a bullish breakout may be on the horizon towards 225 and possibly higher levels An immediate move below 102.20 does not negate the longer term bullish forecast, but simply delays the bull trend Ethereum’s price has fallen in a bearish impulse wave from the May 7, 2018 high. Using Elliott Wave Theory as our guide, we can count the minimum waves in place to suggest a large rally may form nearby if it has not begun already. If the rally is successful in forming, Ethereum may rally to 225 and possibly higher levels. The current Elliott Wave for Ethereum New to Elliott wave corrective patterns? On page 5 of our Elliott wave advanced guide, we explain Zigzag’s and where they commonly occur. The Ethereum price chart shows a bearish impulse wave in place from the May 7, 2018 high.Article source:...

Gold Price Outlook: XAU/USD Consolidation- Breakout Imminent...

Gold price reversal testing October trendline resistance – constructive above 1210 Check out our 3Q projections in our Free DailyFX Gold Trading Forecasts Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT Gold prices have continued to consolidate just below multi-month slope resistance and the battles lines are drawn heading into the December trade. These are the updated targets and invalidation levels that matter on the XAU/USD charts. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more. New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide Gold Daily Price Chart (XAU/USD) Technical Outlook: In our last Gold Technical Outlook our ‘bottom line’ stated that we were, “The recovery off the monthly low is now testing the first major resistance level- failure here would risk a drop back towards the lower parallels but the trade remains constructive while within this formation.” Gold registered a low this week at 1211 before reversing sharply off theArticle source:...

EUR/USD: Weekly Short Positions Slump 21% Leading to a Bearish Bias...

60% of Retail Traders are Net-Long EURUSD: Retail trader data shows 59.8% of traders are net-long with the ratio of traders long to short at 1.49 to 1. The number of traders net-long is 11.4% higher than yesterday and 31.8% higher from last week, while the number of traders net-short is 11.2% lower than yesterday and 21.7% lower from last week. To gain more insight to how we use sentiment to power our trading, join us for our weekly Trading Sentiment webinar. EUR/USD Sentiment Suggests a Bearish Bias We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bearish contrarian trading bias. Having trouble developing your strategy? Here’s the #1 mistake that traders make. — Written by Jake Schoenleb, DailyFX Research Article source:...

Japanese Yen Technical Analysis: USD/JPY Base Looks Very Firm...

Japanese Yen Technical Analysis Talking Points: USD/JPY remains biased upward For as long as key support holds it look set for gains EUR/JPY looks shakier and more consolidative Get live and interactive coverage of all major Japanese economic data at the DailyFX Webinars. We’d love to have you join us. In terms of its broad, daily-chart action, the Japanese Yen remains on the defensive against the US Dollar. USD/JPY is still clearly far above the uptrend line which has held good since that pair made its lows for 2018, back in March. Although the clear procession of higher lows visible here will probably reassure US Dollar bulls, it’s also notable that meaningful higher highs have been in short supply since early October when USD/JPY printed its peak for 2018 so far. Whether or not we see the Dollar surpass that will probably depend on the fate of an important range of support now just below the market. It centers around the 122.22 level, which is also the first, 23.6% FibonacciArticle source:...