The Daily Report: Stops Are Building In GBPUSD – 3 March 2015

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The DD After-Market Report: 3 March 2015

The Reserve Bank of Australia (RBA) surprised traders by keeping interest rate on hold but affirmed easing may be seen I future meetings. The RBA decision led to moderate gains in the Aussie that were since corrected by the market at the time of this writing. As focus remains on the European Central Bank (ECB) and the US Non-Farm Payrolls on Friday, a fresh trend is not expected to emerge. Greece will present 6 of its reforms to the EU on 9 March, 2015. Risk aversion may be felt in the Forex market but it is the market speculations that will dictate the tone ahead of the meeting in Brussels.

It appears many traders are holding long trades in GBPUSD, layering their stop loss orders below 1.5350 at the time of this writing. Due to the concentrated amount of stops below 1.5350 we wonder if those stops will be gunned by key market players.

EURUSD Intraday Strategy

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EURUSD 60min chart 03/03/15

EURUSD 60min chart 03/03/15

EURUSD is held in a tight range as evident from the hourly chart. Technical traders may either opt for breakout strategies and wait for a firm break below 1.1158 or above 1.1248 in order to consider entering the market. As we stated earlier, caution is applied by forex traders due to the upcoming economic events.

USDJPY Intraday Strategy

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USDJPY 60min chart 03/03/15

USDJPY 60min chart 03/03/15

After posting moderate gains in yesterday’s session, USDJPY has painted top H&S on the hourly chart. The reversal may initiate from current levels as long as the current resistance holds (upper orange line) or upon a re-test of 119.95. A firm break below today’s low may initiate further losses in the pair.

USDCAD Intraday Strategy

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USDCAD 60min Chart 03/03/15

USDCAD 60min Chart 03/03/15

USDCAD is attempting to create a bullish trend in the hourly chart. Dip-buying strategies may be initiated upon a re-test of the lower support (in orange) or on a firm break above 1.2503.It is difficult to assess USDCAD is indeed in a bullish trend but intraday trades may capitalize over the technical levels that are presented in this analysis.

¬†Please note a trade alert with an entry, stop loss order and take profit is provided in our ‘Trade Alerts’ section and ‘Weekly Updates.’ Please review our ‘Trade Alerts Packages.’

Last Updated on March 10, 2015