9 January Daily Forex trading tips ahead key economic data


9 January Daily Forex trading tips,  after the Christmas break, markets have woken up. As we saw USD wobbling on both positive and negative economic data. After the alleged hacking by Russia to undermine Senator Hiliary Clinton.  How will future US-Russia relationship develop? Will Twitter Trump ever group up?  Bullish USD?

9 January, AtoZForex –  A brief summary look at the day ahead, with insights into the Daily Forex trading tips.  On the economic calendar today there are no (0) remaining high impact data news events. There are no (0) high impact news non-data based events. US Intelligence Services shared the intel on alleged hacking by Russia, with President-Elect Trump.  How will future US-Russia relationship develop?

9 January Daily Forex trading tips

AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times. 

 # 1 EURUSD – 9 January Daily Forex trading tips

9 January Daily Forex trading tips ahead key economic data Daily Forex Trading Tips for EURUSD H1 (click to zoom in)

Fundamentals –  Focus will remain on ECB, BoE and elections in Europe.

Economic side  There are no high impact fundamental news from Europe today

Technicals Intraday (H1 chart) – At the time of writing,  as markets get back to some sort normality, price is sandwiched between the hourly 20sma and 100sma. With the 20sma sloping down with the 100sma in flatish trend.  Observing the other indicators, MACD signal line is below the neutral line and sloping down.  RSI is at the lower end of the neutral zone, close to the bearish territory.  We would like to see a clear break below the 1.0480 support level to shift our bias on the bearish side. With price below the 20sma indicates a reversal has started to the downside, supported by the MACD indicator.  Also note that H1 price action is out of alignment with the D1 time frame with price breaking above the Daily 20sma. This could be part of a incomplete correction, being played out.

On the H1 chart, we have three possible scenarios that can be traded, just depends on your trading personality.

Scenario 1 – Long position.

Wait until price clears breaks above the 1.0555-60 zone, entry on the retest of of this zone, with a 45pip stop loss and 62pip target.  Fx Order BUY LIMIT @ 1.0558; Stoploss @ 1.0513; TP1 @ 1.0620

Scenario 2 – Short position(aggresive trade)

As soon as price touches the 20sma at 1.0558 level. A short position is taken, with a 40pip stop loss and 60pip target.

Fx Order SELL LIMIT @ 1.0558; Stoploss @ 1.0598; TP1 @ 1.0498

Scenario 3 – Short position

As soon as price breaks below the 1.0480 level, wait for a retest of this level and enter into a short position. With a 45pip stop loss and 62pip target.

Fx Order SELL LIMIT @ 1.0478; Stoploss @ 1.0523; TP1 @ 1.0416

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

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#2 GBPUSD – 9 January Daily Forex trading tips

9 January Daily Forex trading tips ahead key economic data Daily Forex Trading Tips for GBPUSD H1 (click to zoom in)

Fundamentals –  Brexit negotiations still main driver for the GBP and will remain so for the next two years. This month we expect a Supreme Court ruling on the High Court decision, that gave the UK parliament a input into the Brexit negotiations details.

Economic side- There is no  high-impact UK economic data today.

Technicals Intraday (H1 chart) – The hourly 20sma and 100sma are sloping down, with the 20sma above 100sma.  MACD histogram and signal line just below the neutral level. RSI is below the 40 level and in bearish territory.  Price reversed from 1.2425-30 zone. The bias for the GBPUSD remains on the bearish side. It appears a “death cross” is likely to form within the next few days, confirming possible further downside price movement.

Fx Pending SELL LIMIT @ 1.2310; Stoploss @ 1.2356; TP1 @ 1.2248;

# 3 NZDUSD – 9 January Daily Forex trading tips

9 January Daily Forex trading tips ahead key economic data Daily Forex Trading Tips for NZDUSD H1 (click to zoom in)

Fundamentals – No current fundamental news expected

Economic side- There are no high-impact New Zealand economic data today.

Technicals Intraday (H1 chart) – Price is sandwiched between the hourly two moving averages. The hourly 20sma is sloping down, which is above the 100sma which is sloping up. MACD histogram and signal line are below the zero level. RSI has just returned into the neutral territory and below 50. The bias for the NZDUSD currently neutral-bearish side. We wait for a clear trend to develop in order facilitate any bullish or bearish position. The hourly 100sma is in confluence with the 110% Fibonacchi retracement zone.

Fx Pending -none

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

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