A1 Trading

Top Pairs to Watch this Week (8/17/2020)

August 17, 2020
Frank Cabibi
AUDNeutral
USDBullish
EURBearish
GoldBullish

AUD/NZD

Mixed sentiment on this pair since Australia's economy moves well with gold. Monetary statement is happening today as leaders bring forward-looking analysis on the economy and whether or not the cash rate will go up, down or remain the same. 14-Day RSI has not been this high (83) since 2011, so it looks like the pair may need to see some sort of pullback here soon. Gold surged this morning which is probably causing the pair to continue its uptrend since March lows. However, a pullback on this pair seems almost definite.
Potential Longs: 1.09780
Potential Shorts: 1.10200

USD/CAD

UC stuck in consolidation at the trend line, so that potential retest we talked about last week was hit. We're still expecting to see the pair rise as the dollar is starting to gain some strength back.

Long wicks on the 4H chart suggest that the price does not want to break support, and a rally on this pair may a long time to develop as lots of resistance lies in the way.

EUR/JPY

The yen may also be another currency that will start to gain strength as investors start to move to risk-off pairs. 4H chart is creating lower highs and lows, suggesting possible further movement to the downside. Candles have also not reverted to their 200 4H moving average in over a month. The euro has been highly favored since March, but analysts don't expect that to last long.
Potential Longs: 125.600
Potential Shorts: 126.091

Gold

Analysts think gold has entered a downtrend, but it appears that gold wants to come back up to test highs again after bouncing off the 4H moving average. Warren Buffett recently sold bank stocks like Goldman Sachs and purchased half a billion dollars worth of gold stock. Because he likes to hold positions for the long term, he is most likely long term bullish as well. A breakout on the trend line on the 4H hour chart shows that the bulls haven't given up yet on the metal. Some resistance lies in the way at 2016, but price seems likely to break after gold takes a healthy pullback before continuing its bull trend.
Potential Longs: 1964
Potential Shorts: 2016


Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

Featured Pic: https://cdn1.iconfinder.com/data/icons/money-color-set/24/Euro_Fall_money_color_c-512.png

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