TradingViewA senior trader analyzes gold, euro sterling, cable, and dollar yen in this video. He believes there is room for gold to go lower, but is still friendly to it. He sees sterling as cheap against the euro but believes it may trade back down. He also thinks dollar yen is going up but has seen a slight loss of momentum lately.
The Trading View: A Senior Trader’s Analysis
Introduction
The world of trading is an ever-evolving one, with new trends and patterns emerging every day. As a trader, it becomes almost impossible to keep track of all the changes without the help of experts in the field. Senior trader Stephen and his colleague Kerry are two such experts who analyse the market and share their insights with their viewers.
In this article, we will delve into Stephen’s analysis of four charts – Gold from TNT Sunrise, Euro Sterling by Alexander Nicotine, Cable by Alou and Dollar Yen from Marcelino Silver. Stephen and Kerry will share their thoughts on the current trends and patterns seen in each chart and their predictions on where the market is likely to move in the future.
Contender 1: Gold from TNT Sunrise
The first chart on the list is gold from TNT Sunrise. Stephen notes that the move in gold after Mr Trump’s election win is something that most people were hoping for, given that gold is known to rally during uncertain times. However, the current trend in gold is not behaving like its historical patterns.
Stephen attributes this to the strong dollar that we have been seeing over the past few months, which has further eroded the downside of gold. As a result, Stephen recommends that traders play the range, and sell anywhere near 1200 and buy at 1165, with a break at 1150 acting as the support level. He also expects gold to continue in this range unless there is a special event like the Fed not raising rates or something similar that can change the current scenario.
Contender 2: Euro Sterling by Alexander Nicotine
The second chart is euro sterling by Alexander Nicotine. Stephen feels that the pound is undervalued and against the euro and sees it strengthening in the near future. While the chart shows a butterfly pattern with a possible bounce at point D, Stephen prefers to look at the numbers instead.
He notes that with a big retail market, many people are quoting it both ways, with 120 and 122.50 being quoted as well. However, Stephen acknowledges that the actual way to quote it is euro sterling. But overall, Stephen is bullish on sterling and thinks it is undervalued.
Contender 3: Cable by Alou
The third chart is cable by Alou. Stephen believes that cable is headed back down after trying to rally up to 127.6070. He sees the downside support levels for cable at 122.5 and 120.360 as big levels, which could bring cable back down again. Additionally, Stephen notes that while he is bullish on sterling, he has a more significant interest in the dollar at present.
He feels that the rally in the indices has resulted in money coming out of the dollar and moving into indices. Although he acknowledges that it is just a temporary trend, he advises traders to be cautious and mindful of the downside support levels in cable.
Contender 4: Dollar Yen from Marcelino Silver
The fourth and final chart is the dollar yen from Marcelino Silver. Stephen is bullish on the dollar and expects it to keep going up, although he notes that there has been a slight loss of momentum in the past few days.
He reminds the viewers that the dollar has been on an upward move all year and says that it will continue to rise given the big picture. While a possible psychological level of 125 exists, he sees the dollar going up to 150 or 160 in the future, given that the Fed will raise rates.
However, he also mentions that there could be some book squaring towards the end of the year, which could result in a short-term dip in the market.
Conclusion
Stephen and Kerry’s analysis of the four charts give traders an insight into the current market scenario and helps them make informed decisions regarding their trades. By analysing the various patterns and trends, they help traders keep track of the changes in the trading world and make the most profitable trades.
