A1 Trading

These Pairs Are About To Take Off

February 28, 2023
Frank Cabibi

Today's news around consumer sentiment ended up another disappointment to economic data. As a result price action has suggested a couple shifts in direction for certain assets. There are a couple currency pairs that are ready to take off according to these metrics.

DXY

pairs

The dollar has been strong all of February, but because of market volatility, it has been hard to realize that. DXY demand grew after the FOMC rate decision and meeting minutes three weeks later. A hawkish Fed promised to stay loyal to the fight against inflation. Today's consumer sentiment data showed a decline in economic confidence. Thus, causing a spike in gold and USD.

What technicals say about DXY is that there may be a buying opportunity. On the 4H timeframe, price came down to the 50 SMA before closing back inside the rising trend line. The rejection from the lows tells us that the buyers are still overwhelming the sellers. Price has made some healthy retracements but is up over 3% overall.

CHF/JPY

pairs

The Yen is starting to pick up some strength after taking a beating for the past month. BOJ governor Ueda gave some insight on monetary policy that was good for the currency on Sunday. For the first time in a while, the EdgeFinder is starting to favor the Yen more which could be an indication of a momentum shift.

Price came up to touch a long term falling trend line on the 1D timeframe and was met with hard rejection. Today's candle rejected the highs and suggest some harsh selling pressure. If we get to see a close with this inverted hammer paired with the rejection off the trend line, it may suggest that the Yen will fly against the Swiss Franc.

NZD/CAD

Price shows good rejection from the lows on the 1D timeframe after coming to a multi-level of support. CAD gdp came in lower than expected and lower than last month's gdp growth, so the kiwi is starting to look stronger again.

There may be some retracement after this tremendous move, but the pair looks strong overall. Price could end up testing resistance around the 0.86000s again.

The EdgeFinder

All-in-one Fundamental Dashboard

30 Days Access

Free Telegram

Join for daily analysis and trade setups!

Join Telegram

DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
Signals

A1 Trading Company

A1 Trading is a leading financial analysis and trading education company dedicated to empowering traders of all levels. Our team combines extensive market knowledge with cutting-edge technology to provide valuable insights and tools for traders worldwide.
2024 All Rights Reserved | A1 Trading Company
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.
homesmartphonelaptop-phonecross-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram