Hubufx Shares Trading Ideas

[HubuFX]

A Strong Surge in NZDUSD

Yesterday, the NZDUSD pair experienced a significant upward rally, successfully surpassing our anticipated target of 0.6247 and closing the daily candlestick above this level. This confirmed the resumption of the primary bullish trend and put an end to the bearish correction that had been dominating recent trades. As a result, the pair is now expected to head towards the next major target of 0.6470.
​

In light of these developments, we maintain our bullish outlook for the upcoming period, with support from the SMA50. However, it is important to note that a break below 0.6290 could halt the current upward momentum and trigger a renewed decline in the price.​

 

[HubuFX]

EURJPY Reaches Target Level

Yesterday, the EURJPY currency pair successfully reached the 153.4 level, providing additional support against negative pressure and initiating a corrective bullish rebound towards 154.45. This rebound helped to recover some of the losses that were recently incurred.

It is important to note that the continuous fluctuation of the stochastic near the 20 level, combined with the stability of the additional barrier at 155.50, allows us to maintain a negative outlook. We anticipate that this will provide the necessary negative momentum to facilitate a break below the 153.40 level and reach the next negative target of 151.2 directly.​

 

[HubuFX]

USDCAD Technical Analysis

The USDCAD pair is exhibiting a bearish bias, with the potential to reach the previous low of around 1.3119 on the daily chart. This bearish scenario is likely to persist as long as the pair continues to trade below the resistance level of 1.3216. The price is expected to continue declining, potentially halting near the previously mentioned support level.

In light of these observations, it is recommended to closely monitor market behavior around the 1.3119 level for signs of a retreat or breakout. This will provide valuable insights into the future direction of the pair and inform trading decisions accordingly.

Stay with us for more updates on the USDCAD pair. We will continue to provide timely and accurate information on the latest market trends and developments, helping you make informed trading decisions.​

 

[HubuFX]

GBPUSD: Bullish Rebound from Key Support

The GBPUSD currency pair recently underwent a test of the critical support base at 1.3090, from which it experienced a bullish rebound. In order to maintain the validity of the bullish trend scenario for the current day, it is necessary for the price to consolidate above this level. A breach of this support base would represent a negative factor, potentially causing the price to undergo an intraday bearish correction before resuming its upward direction. It is important to note that the next targets for the anticipated bullish trend begin at 1.3200 and extend to 1.3295.

 

[HubuFX]

USDCHF keeps achieving the negative targets

The USDCHF currency pair has been steadily declining, recently surpassing our expected target of 0.8600. This confirms that the decline is likely to continue in both the short and medium term. Our next target for the pair is 0.8520, which we expect to be the next negative station for the price. If the price falls below this level, it could drop even further to 0.8450, which is our next main target.

However, there is a possibility that the price could rise above 0.8690. If this happens, it could cause a temporary increase in the value of the pair before it starts declining again. So, while the downward trend is still expected to continue, there is a chance that it could be temporarily interrupted if the price rises above 0.8690 and stays there.​

 

[HubuFX]

XRP

The US Federal Court’s ruling that XRP tokens are not securities has sparked a surge in XRP’s value, with a 70% increase since the decision. This momentum has also impacted Coinbase, a US-listed exchange currently facing a lawsuit from the SEC for offering unregistered securities, among other charges. The XRP precedent could potentially aid Coinbase in its legal battle with the regulator, and the same may apply to Binance. Despite not being listed, exposure to Binance is possible through its cryptocurrency, Binancecoin (BNB). The question remains whether the rise in XRP will continue and if it will trigger a rally in Coinbase, Binancecoin, and other cryptocurrencies. Many US cryptocurrency exchanges have already indicated their intention to allow XRP trading for US customers once again. The impact on Coinbase and Binancecoin appears modest, but it is important to note that XRP was trading at a low value prior to the decision.

 

[HubuFX]

USDJPY: Bearish Trend May Resume

The USDJPY currency pair has recently rebounded upwards after finding strong support at 137.24, testing the key resistance level of 139.15. Despite this, the price has consolidated below this level, suggesting that the bearish correctional trend may resume in the near future. The pair’s next goal is to revisit the 137.24 support level, with a potential break below this level pushing the price towards 135.9 as the next correctional target.

The Stochastic oscillator currently displays a negative overlap, indicating that bearish trades are likely to continue today.​

 

[HubuFX]

GBPUSD: Bullish Trend Continues

The GBPUSD currency pair has recently achieved an initial breach of the resistance line of the falling wedge pattern and is currently attempting to maintain its position above this level. This development supports the continuation of the bullish trend that is expected for today, driven by the positive momentum indicated by the stochastic oscillator. The pair’s targets begin at 1.3200 and extend to 1.3295.

It is important for the pair to hold above the 1.3075 level in order to continue its suggested upward trajectory. A break below this level would represent a key turning point, potentially triggering a correctional bearish wave on an intraday basis.​

 

[HubuFX]

USDCHF Downtrend Continues: Key Levels to Watch

The USDCHF currency pair saw a recent uptick that was stopped at the resistance level of 1.3232. After hitting this point, the pair experienced a sharp drop and broke past the support level of 1.32. It is expected that the downward trend will persist towards the previously tested support levels of 1.3129 and 1.3093.

Traders should pay attention to crucial resistance levels at 1.3205 and 1.32324, which may serve as a supply zone for bears to drive the market down once more. These levels present opportunities for traders to initiate short positions and capitalize on the continuing downtrend in the USDCHF currency pair.

​

---

What is a supply zone:

A supply zone in forex trading is an area on a price chart with significant selling power, resulting in a price decrease or a reversal of an uptrend. You can identify supply zones by looking at a level where the price has struggled to break through several times, indicating intense selling pressure. Forex supply zones are areas where banks and institutions are placing a large number of sell positions at a particular price zone. If a portion of these sell orders remain unfilled when the price moves lower, then they’re likely to be left there, just sitting untouched.​

 

[HubuFX]

USDJPY

The USDJPY currency pair is trading around 138.35 trying to stabilize the price above the demand zone at 137.33. The green long wick shadow candle-stick signals a continuation to the mail bullish trend. Continuing to the current market situation, please note that the price reacted downward to the 23.6 level of the Fibonacci Retracement which act as a minor support to the pair. The inverted hammer candle stick supports the sellers will in keeping the downtrend active.

The 23.6 level acts as today's resistance, the bullish trend would probably resume if the market can close above 139.4 in the 4H time-frame. On the other hand 137.33 is the main support, and a breach in this level will signal the continuation of the negative movements which was initiated from 145.

The USDJPY currency pair is currently trading around 138.35, as it attempts to stabilize its price above the key demand zone at 137.33. Notably, the appearance of a green long-wick shadow candlestick signals a potential continuation of the main bullish trend. In light of the current market situation, it’s important to note that the price has reacted downward to the 23.6 level of the Fibonacci Retracement, which is acting as a minor support for the pair. Furthermore, the presence of an inverted hammer candlestick further supports the sellers’ efforts to keep the downtrend active.

In terms of resistance, today’s level is at the 23.6 mark. If the market can close above 139.4 in the 4H time-frame, it’s likely that the bullish trend will resume. On the other hand, 137.33 serves as the main support level, and a breach of this level could signal a continuation of the negative movements that were initiated from 145.

​

---

What is an Inverted Hammer

An inverted hammer is a type of candlestick pattern that is usually found after a downtrend and is often taken to be a trend-reversal signal. The pattern is made up of a candle with a small lower body and a long upper wick, which is at least two times as large as the short lower body. The body of the candle should be at the low end of the trading range, and there should be little or no lower wick in the candle.​

 

[HubuFX]

USDCHF Analysis: Bearish Trend and Potential Price Correction

The USDCHF currency pair is currently trading sideways between the lower low at 0.8567 and the lower high at 0.8631. The trend direction is strongly bearish in favor of the Swiss franc, with the MACD signaling an enormous divergence. Since the price action does not show strength in rising, it is likely that we will see a sideways trend and a correction to upper levels. If the price remains stable above 0.8567, it may lead to a price correction at higher levels around the 23.6 Fibonacci retracement level at 0.8706.

On the other hand, if the minor support at 0.8567 breaks, the bearish bias will probably resume. The next supply area is located approximately 300 pips away, around 0.8293. In this scenario, it is possible that the downtrend may continue in the upcoming days.
​

---

What is MACD Divergence?

In forex trading, divergence refers to a situation where the price of a currency pair is moving in the opposite direction of a technical indicator, such as the MACD or RSI. This can signal an imbalance between price and the oscillator, which may indicate an impending directional change in price. There are two types of divergences: regular divergence and hidden divergence. Each type of divergence can contain either a bullish or bearish bias.​

 

[HubuFX]

EURJPY: Forming a Double Bottom

The EURJPY is exhibiting an upward trend and has rebounded from the support level at 155.13, which coincides with the Fibonacci 38.2 retracement level. This convergence lends further credibility to this support area. Notably, the instrument is forming a double bottom pattern at the edge of the rising trend line. If the price remains above 155.13, the initial target will be 156.34.

At present, the candlestick pattern is forming a long wick shadow, representing the third bullish signal for taking a long position on this currency pair.

Conversely, if the price falls below the 155.13 support level, the 156.34 high will be considered a new higher high and the decline may extend to lower Fibonacci retracement levels at 50 and subsequently 61.8.
​

---

What is Double Bottom Pattern?

A Double Bottom Pattern in forex is a chart pattern that signals a potential bullish reversal. It comprises of two distinct bottoms of similar width and height, forming near a similar horizontal price level, resembling the letter “W”. A measured strengthening in price will occur between the two low points showing some support at the price lows.​

 

[HubuFX]

Silver: Bulls on the Prowl

Silver prices have been on the rise in recent days, trading above support at $24.53 for the third consecutive day. This has created a new higher low, which is a bullish technical signal. The price also tested support on July 17th and formed a long wick shadow candle, which indicates that bulls are pressing to push the price higher.

The next resistance level to watch is around $26.12. If silver can break above this level, it could signal the start of a new uptrend. However, if the price breaks below support at $24.53, it could indicate that the bullish trend is on hold. In this case, traders should monitor the price action closely before making any new decisions.

Fundamentally, the outlook for silver is also bullish. The global economy is growing, which is increasing demand for industrial metals like silver. Additionally, the recent sell-off in the stock market has led investors to seek out safe-haven assets like silver.​

 

[HubuFX]

GBPJPY: Wait for 179 Support Before Making a New Decision

The GBPJPY currency pair is trading in a narrow declining channel near the support at 179.5. A hammer candle stick indicates that the market is keen to push the price higher, but the bulls were unsuccessful in breaking the minor resistance at 180.6. HubuFX analysis team suggests waiting for the price to test the 179.5 support for a double bottom pattern. If the pair holds above this level, it is likely to target 182.12 followed by 184. Therefore, both sellers and buyers of the currency pair should be patient and carefully monitor the price action behavior near the support before making a new decision. The currency pair is likely to trade in the range between 179.5 and 182.1 today.

However, if the bears succeed in breaking the aforementioned support, the GBPJPY decline is likely to continue.

Fundamental Analysis

There are a few major economic releases scheduled for tomorrow July 21, 2023, which could influence the pair. These include:​

• GBP: GFK consumer confidence​
• GBP: Retail sales data​
• JPY: Core inflation rate​
• JPY: Inflation Rate​

 

[HubuFX]

Bulls Stabilize USDJPY Above Key Support Level

The USDJPY currency pair has recently retested the 23.6% Fibonacci retracement level. Despite this retest, the bulls have managed to stabilize the price above the minor support level of 139.4. This stabilization is a positive sign for traders who are bullish on the pair. If the price can hold above the aforementioned support level, it is likely to target the next support level at 140.9 in the following trading sessions. This would represent a continuation of the bullish trend and could provide further opportunities for traders to enter long positions.

The MACD indicator is currently trading above its signal line, which is typically considered a bullish sign. This suggests that the underlying asset may be experiencing upward momentum and could continue to rise in price.

On the other hand, if the minor support at 139.4 breaks, it could signal a resumption of the decline. In this scenario, the price could retest the next support level at 137.33. Traders who are bearish on the pair may look to enter short positions if this support level is broken.​

 

[HubuFX]

XAUUSD

Gold is currently trading around the support level of $1,963 within an ascending channel. This could be a correction phase of the uptrend that began on June 29, 2023. If the market remains within the channel, it is likely that the upward movement will continue, targeting the previous high of $1,087.

On the other hand, if the bears succeed in pushing the price outside of the rising channel, the correction may continue to a lower support level starting at $1,945. At this time, we suggest monitoring the price action and waiting for a bullish candlestick to emerge before executing a buy order or exiting a sell order.

In terms of fundamental analysis, the gold market is currently supported by concerns about inflation and economic growth. Additionally, the US dollar is trading weaker, making gold more attractive to investors. However, there are also some headwinds facing the gold market from rising interest rates. The US Federal Reserve is expected to raise interest rates several times this year, which could put downward pressure on gold prices.​

 

[HubuFX]

EURJPY: How to Trade the Recent Price Action

The EURJPY currency pair has recently experienced a rise, holding steady near its last high, which is acting as a resistance level at 158. However, the price had a negative reaction to this resistance and started Monday with a decline. This could potentially be just a temporary correction before another surge in price. Despite the 158 resistance appearing fragile, a break could be imminent as long as the bulls are able to maintain control of the market above the rising trendline.

On the other hand, it is important to note that there is also support at 153.46, which correlates with the 23.6% Fibonacci retracement level. In the unlikely event that this support level is broken in a downward direction, the decline may continue to lower levels of the Fibonacci retracement. As always, it is important to carefully monitor market trends and make informed decisions when trading.​

 

[HubuFX]

Gold: Ready to Break 1972 as Bullish Trend Resumes

After touching the bottom line of the rising channel around $1,957, gold has resumed its bullish trend. The appearance of a long wick candlestick signaled the end of the correction, and the market is now stabilizing above the $1,961 support level. It is likely that the market will continue to rise, targeting $1,972 followed by $1,980. The market trend remains bullish, and the uptrend channel is expected to continue during today’s session.

On the other hand, if the $1,961 support level breaks, the market correction may test the next major support around $1,945. This level has acted as strong and valid support during the recent decline.

In terms of fundamentals, there are no major economic releases scheduled for today. As a result, the market is likely to focus on the ongoing conflict in Ukraine and the potential for further sanctions against Russia. These factors could continue to support gold prices as investors seek safe-haven assets.​

 

[HubuFX]

EURUSD Technical and Fundamental Outlook

The EURUSD currency pair has been experiencing an upward trend since October 2022. Currently, it is trading above its 1.1060 support level. Additionally, technical indicators such as the MACD and RSI are in neutral territory, suggesting a bullish outlook.

This morning, the EURUSD is trading close to the strong support at 1.1060. This price level provides a decent supply zone for the pair, and the price may bounce from here. In the near term, there are several factors that could support the EURUSD. Firstly, the European Central Bank (ECB) is expected to raise interest rates, which could make the euro more attractive to investors. Secondly, the US economy is showing signs of slowing down, which could weigh on the dollar.

As a result, the EURUSD is expected to continue its upward trend in the near term. The pair could test the 1.1200 level in the coming weeks. However, if the ECB does not raise interest rates as expected or if the US economy shows signs of improvement, the EURUSD could pull back.​

 

[HubuFX]

CHF Likely to Gain More Strength in Coming Weeks

The Swiss Franc has been gaining strength against the US dollar since November 2022. The pair is now trading at levels last seen in 2011, due to the franc's status as a safe haven currency and comments from the Swiss National Bank (SNB) about potential FX intervention.

The USDCHF currency pair bounced from the support at 0.8706, but the 4-hour chart shows a doji and long-wicked candle, suggesting that the franc is likely to gain more strength. The moving averages and technical indicators also suggest sell signals.

There are not many high-impact risk events on the calendar this week, but we do have US building permits later today, followed by CB Consumer Confidence and the FOMC meeting next week. The key to the FOMC meeting will be the comments by Fed Chair Powell, as well as any updates on the Fed's projections for the rest of the year.​