Archive for the ‘Forex Trading’ Category
EUR/USD is trading with heavy tone. Various officials are trying to talk the dollar up. Some ECB board members are explainign that the rate hike in July will be one time event and not a start of another series of rate hikes. Today’s results of the Lisbon treaty referendum in Ireland could be very interesting. [...]
Yesterday EUR/USD broke below the 20- and 50-days Moving Averages. Market bias is to the downside and before the end of this week we can see a test of the strong support levels @ 1.5365 and 1.5280. A break below the latter will boost the dollar with next targets 1.5145 and 1.4965. Upside corrections should [...]
GBP/USD couldn’t close above the upper boundary of the descendig channel. The focus is again on the downside. Support is @ 1.9535 and 1.9460. Key level is 1.9335.
If you watch the forex market in the last few days you can wonder what is the purpose of the central banks. Obviously it is to create intraday volatility and provide more opportunities for the speculators to make lots of money. Yesterday Hank Paulson and Ben Bernanke caused another 2 big figures move in EUR/USD [...]
U.S. payrolls dropped 49,000 in May. The jobless rate increased to 5.5 percent from 5 percent, the biggest jump since February 1986. Of course this cause another round of massive dollar sell off. Euro gained 2 big figures against the greenback which seems normal these days. The Average true range for 100 days period is [...]
EUR/USD broke below the small uptrend line from the May 8th low. For continuation of the downmove the pair should break below the 1.5600 figure and the 20- and 50-day Moving averages (1.5564). Next targets are 1.5470 and 1.5365. Strong offers are positioned in the 1.5670 /700 area and the progress higher will [...]
EUR/USD is consolidating within a wedge pattern. Asian CBs and sovereigns are buying EUR around the 1.5400 handle and below, while various sources are selling between 1.55 and 1.56. If the market breaks out of the wedge, a measured move of 3 big figures is expected. Probably the economic data next week (ZEW and Ifo [...]
The forex market players hunted for stops below 1.5340 and obviously triggered them. Buying by reserve managers Wednesday and Thursday was able to stop the slide in EUR/USD and the pair bounced back. The bounce was helped by Mr. Trichet who is still concerned about the inflation. Key resistance levels are 1.5505/10 and 1.5590/600. If [...]
The break above 1.6000 was not sustained and a sell off followed. It was accelerated by the worse than expected Ifo index. EUR/USD retraced ti 23.6% level but broke and closed below the lower boundary of the ascending triangle. Further correction towards 1.5500 is possible. The support @ 1.5340 is key and will determine if [...]
EUR/USD broke to the upside the ascending triangle pattern. MACD shows divergence with the price action but obviously the buyers from Russia and Mid East countries don’t care abot the technical analysis. Some banks and hedge funds are complaining about the excessive volatility as they complained about the low volatility two years ago. The forex [...]