Nima Azadi's  Instablog

Nima Azadi
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Nima Azadi has been engaging in financial markets for over 10 years. His experiences vary from investing and trading in the Tehran Stock Exchange (TSE) and Foreign Exchange Markets to mentoring and consulting on the technical aspects of financial analysis. He is frequently quoted in the Iranian... More
My book:
Duel with the Trend
  • Trading Strategy Of The Week - 9/9/2013 To 9/13/2013 0 comments
    Sep 10, 2013 1:20 AM | about stocks: FXE, FXA, GLD


    It seems that an ominous negative divergence has formed between the price and MACD. But since the pace of the rally was steep, we don't recommend shorting the Aussie as long as long as the 0.9114 support is holding the bears at bay.

    We believe that there will be a war of attrition in this week between the bulls and bears and recommend staying aside until we see a clearer picture.

    (click to enlarge)


    Presence of two mildly ascending channels show that we have a slightly bullish trend. We see fluctuations in a 200 pip range between 130.50 to 132.50 for this week and advice the bulls to close their positions in the upper bands of the range.

    (click to enlarge)


    After a positive divergence formed with MACD and the steep rise of the last week's ending sessions, it seems that we will have a slow-paced rise to the 1.3280 area. After breaking the two descending channels to the upside, we can initiate long positions targeting the Monthly Pivot and upper bands which converge in our estimated top area for the likely weekly rally. Shorting the EUR is a risky business, taking into account the +RD.

    (click to enlarge)


    Gold is fluctuating in two tight descending channels. Monthly Pivot is supporting the yellow metal from below and the upper bands play a resistance role against the rallies. It seems that for the first 2-3 days of the week, gold will be a in a hold state until one of the support or resistance zones is broken.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: FXE, FXA, GLD
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