FXHFT - Daily Market Analysis

GOLD M5

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I am looking to buy gold on this recent 1:1 (Blue) correction with a tight stop at 1213.50.
My target will be the days high at 1223.00.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Traders eying 1.53250/200 support

GBPUSD Daily

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Cable continues to sell off steadily since running into the 38.2 Fib resistance at 1.55500, this level could also be seen as the wave 4 in the recent run lower.

GBPUSD H4

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The level that everyone is watching is the 1:1 (Yellow) and 38.2 Fib that coincide at 1.53250/200. This level is now the make or break level for the bulls, if they fail to attract solid buying interest at this support level the bears will take back full control in the medium term and push for large stops below 1.49400.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable now pushing for stops below 1.49400

GBPUSD Daily

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Cable continues to slide with a number of traders now seeing the 38.2 Fib at 1.55500 as the wave 4 in this recent run lower. Stops below 1.49400 are now looking in real trouble with a break confirming the start of a wave 5.

GBPUSD H1

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I mentioned last week that a solid break of the 1:1 (Yellow) and 38.2 Fib that coincided at 1.53250/200 would see the momentum pick up on the downside.
The level broke in dramatic fashion after only offering temporary support, cable has now continued to sell off since breaking the level.

GBPUSD M15

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Looking to sell into strength still remains the best play in my opinion as traders continue to push for stops below 1.49400. The 1:1 (White) and 1:1 (Light blue) at 1.50950/51050 offer solid risk/reward trades to reenter this current down trend.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Trade update for Gold

GOLD M15

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I mentioned the importance of the 1:1 (Yellow) and 23.6 Fib that coincided at 117450/75.50 in yesterdays report.

Gold tested this level and began to sell off almost immediately with the market closing 85 ticks below the 1:1. Traders have continued to sell gold throughout the Asian session taking out the overnight low with the market now 140 ticks below 1175.50.

Gold is now seeing some profit taking kick in on the S2 support level. Now would be a good time to move stops to break even and look to take some off the table.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Aussie headed for test of 0.75000

AUDUSD Weekly

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The Aussie continues to trade heavily and is set to test the 0.75000 level in the coming days, with a break and solid close below this level seeing momentum pick up on the downside.

AUDUSD H4

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The bears have been seen selling into recent rallies ever since 1:1 (Light blue) and 38.2 attracted solid selling interest. The trend line (Yellow) offered temporary support but eventually failed sending the Aussie to the lowest levels seen in a number of years.

AUDUSD H1

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I will be looking to sell into strength on the 1:1 (Purple) and 38.2 fib that coincide at 0.77000/100, my target will be the 0.75000 level.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

GOLD: Sellers return at 1166.50, see why?

GOLD M30

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Sellers have returned on the 1:1 (Blue) at 1166.50, I mentioned the importance of this Elliott Wave/Gann level in my earlier post.

As long as the market stays below the 1:1 (Blue) high I expect the selling to continue with the large stops that are likely sitting below 1130.00 the overall target.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Trade update for GOLD

GOLD M30

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I have now moved my stop into breakeven and will look for a test of the overnight low. If a solid break is seen I will look to hold onto the trade for a test of the stops below 1130.00, however if there is any sign of a failure to take out the 1147.50 low I will look to take profit on the trade.

For an overview of the trade idea check out my previous posts from earlier today.

http://forexhft.com/gold-update-take-profit-at-1154-75/

http://forexhft.com/gold-sellers-ret...66-50-see-why/

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Bears continue to sell Cable, find out why?

GBPUSD Weekly

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Cable traded at its lowest level since 2013 on Friday last week taking out a number of stops below 1.47500 with the sell off looking set to continue.

GBPUSD Daily

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Cable has been selling off steadily since the bears were seen selling aggressively on the 38.2 Fib at 1.55500 which has been noted as wave 4 in the recent down trend.

GBPUSD M30

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Intraday players continue to sell into 1:1 rallies as they push for further stops on the downside.

I will be looking continue to sell into the 1:1 (Blue) and 38.2 fib at 1.48250/350 with a tight stop above 1.48700. The initial target will be Fridays lows, if a solid close is seen below this level I will look to hold the position for a test of 1.46000.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable lower on the back of important 1.48300 resistance

GBPUSD M30

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I mentioned in yesterday report the importance of the 1:1 (Blue) and 38.2 Fib resistance at 1.48300.

Cable continued to sell off during the NY trading session closing near the lows of the day and has again been sold off aggressively on the back of some worse than expected data.

Taking any remaining profit off the table would be the best play in my opinion with Cable likely to see some profit taking kick in over the next few days.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Trade update for GOLD

GOLD H1

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The 1:1 (Blue) at 1166.00 has offered a solid trade with the market now 180 ticks below this level.

Taking profit in gold around current levels looks to be the best play with the market trading in a choppy sideways range.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

AUDUSD: Intraday players eying 0.77270

AUDUSD H4

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The USD was hammed overnight following the FOMC with a number of traders caught long.

The short covering rally in AUDUSD didn't last long however with the market selling aggressively into the 1:1 (Light blue) and 38.2 fib at 0.78450 in late NY trade. The selling has continued throughout Asian and the early European trade.

AUDUSD M5

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I will be looking to sell into the 1:1 (White) and 38.2 Fib that coincide at 0.77270.

However the market is trading well outside the daily average range so it will be best to keep stops tight above 0.77470, my initial target will be today's low at 0.76540.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

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GOLD: Looking to buy at 1170.50, find out why?

GOLD Weekly

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Gold has again failed to take out a number of large stops that are likely sitting just below the 61.8 fib level at 1130.00. The market is now seeing some short covering after another failed attempt.

GOLD H4

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The market has now overbalanced the largest correction in the current down trend, this is an indication that this medium term down trend has possibly changed.

GOLD M15

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I will be looking to buy into the 1:1 (White) and 38.2 fib at 1169/70.50, with a tight stop below 1166.80. My initial target will be Friday nights high.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

EURGBP: Bears testing make or break resistance

EUDGBP Daily

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The bears will be closely eying the 1:1 (Purple) at 0.73900/4000 in EURGBP. This level is now the make or beak level for the bears, if solid selling interest is seen on the 1:1 (Purple) I expect the current down trend to continue. However any solid break and close above the 1:1 (Purple) could see this short covering rally pick up momentum.

EURGBP H1

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Moving down to the H1 chart you can see that the smart money has been buying into a number of 1:1 dips over the last few weeks, so at this stage the market remains in a strong position.

It will be best to sit on the sidelines for now until the market provides us with the next clue, this will come in the form of strong selling into the 1:1 (Purple) in which case selling intraday rallies will be the best play or a aggressive buying on a break of the 1:1 (Purple) in which case looking for buying opportunities will be the best play.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

EURGBP: Looking to sell intraday rallies

EURGBP Daily

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I mentioned the importance of the 1:1 (Purple) a few days back in my daily report and the bears have been seen selling into this resistance level over the last 24 hrs.

Now as long as the bears can keep the market below this resistance level we should see selling pick up in the week ahead. Selling intraday rallies will be my preferred play going forward unless the bulls take out the 1:1 (Purple) resistance.

EURGBP H1

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The support level to keep a close eye on is the 1:1 (Blue) and 38.2 fib level that coincide at 0.7245/40.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

EURGBP: Intraday players eying 0.72430 support

EURGBP Weekly

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I mention in my analysis last week the importance of the 1:1 (Purple) and 38.2 fib at 0.73850, this resistance level has attracted solid selling interest over the last several days. As long as the market can stay below this level the selling pressure is likely to continue on the downside.

EURGBP H1

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Intraday players will be closely eying the 1:1 (Blue) and 38.2 fib that coincide at 0.72430 if this support level fails to attract buying interest from the bulls and a solid close is seen below this level the momentum is likely to pick up on the downside. However if buying interested is seen on the 1:1 (Blue) and 38.2 fib stops above the 1:1 (Purple) could be targeted in the coming days.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

EURGBP: Smart money continue to sell intraday rallies

EURGBP Weekly
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The weekly 1:1 (Purple) continues to find solid selling interest, the 1:1 high was tested for a second time earlier in the week only to be met again with aggressive selling from the bears.

EURGBP M15

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Since the second test of the 1:1 (Purple) high was met with aggressive selling and the failure of the 1:1 (Yellow) support at 0.73300 the smart money has been seen selling into every 1:1 in the current run lower.

These 1:1 resistance levels have offered a number of excellent risk reward trades over the last several days.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

EURGBP: Smart money continue to sell intraday rallies

EURGBP Weekly
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The weekly 1:1 (Purple) continues to find solid selling interest, the 1:1 high was tested for a second time earlier in the week only to be met again with aggressive selling from the bears.

EURGBP M15

http://forexhft.com/wp-content/uploads/2015/04/EG15.png

Since the second test of the 1:1 (Purple) high was met with aggressive selling and the failure of the 1:1 (Yellow) support at 0.73300 the smart money has been seen selling into every 1:1 in the current run lower.

These 1:1 resistance levels have offered a number of excellent risk reward trades over the last several days.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

EURGBP: Bears targeting stops below 0.70000

EURGBP M30

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The bears continue to sell into the 1:1 (Light blue) rallies as they push for the large stops that are likely sitting just below the 0.70000 low.

The next level to keep a close eye on is the 1:1 (Light blue) at 0.72300, if this level can attract solid selling interest in the coming sessions look for small stops to be targeted below today's low. However any break above this level will see a test of 0.72800.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Oil is testing major resistance level

OIL Weekly

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Oil is testing a major 1:1 (White) and 23.6 Fib resistance level, this resistance level will be closely watched by Elliott Wave and Gann traders looking to reinstate shorts in this down trend.

As long as the market stays below this level look for selling to pick up on the downside as the market pushes for a test of the 41.85 low. However any break above this 1:1 (White) will likely see short covering pick up with the next resistance not seen until 67.08.

* A 1:1 refers to a current correction being equal in length to a prior correction