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By Fast Brokers – The USD/JPY is turning south from our 3rd tier downtrend line as we notice a Dollar appreciation across the board today. We haven’t seen any abnormal volume to the upside on the 1-day chart, leading us to believe that the USD/JPY may remain in its steady downtrend. It would take an aggressive movement to the upside past May highs and our downtrend lines on substantial volume for us to alter our negative outlook on the currency pair. On the other hand, we do notice some near-term downward pressure on both the GBP/USD and EUR/USD. If the USD/JPY keeps its new negative correlation with these currency pairs and they weaken from further levels, the USD/JPY could make a push for 100. However, the correlations between the USD/JPY and these currency pairs are fragile because they exhibited a positive correlation since last September. It will be very interesting to see how the USD/JPY behaves over the next few trading sessions, and whether the currency pair can piece together some upward momentum. Read More
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Becoming profitable in Forex is a process – like any other profession, it requires competency training. The process of training the mind and acquiring the necessary TA and market skill to obtain competence and trade successfully takes time. Psychology’s competence matrix (often used in both education and change management disciplines) has much ...
(ForexDistrict) – U.S. wholesale inventories declined for the month of April by 1.4%, according to data released by the U.S. Census Bureau. The decline followed a revised -1.8% the month prior, indicating the eight consecutive month of decline among this index. Sales for the month declined 0.4% and are now 19.5% below the level a year ... ...
FXstreet.com (Barcelona) – U.S. markets have opened on a moderately positive pace on Tuuesday amid cautious trading ahead of details of which U.S. large banks will repay Government’s TARP funds. Euro and Pound have picked up to resistance levels regaining some of the ground lost in recent declines. Dow Jones Industrials index edges up 0...
“The Wall Street firms that trade directly with the Federal Reserve say speculators betting that interest rates may head higher this year are wrong. Policy makers will keep the target for overnight loans between banks in a range of zero to 0.25 percent this year, according a survey of 15 of the 16 primary dealers of ... ...
Going into tomorrow’s US NFP data there are two themes driving my thinking. The first is that NFP Data is not nearly as significant a factor to the markets as it was two years ago when it was singularly the most important piece of data each month. The jobs report will show a huge loss ... ...
EUR/USD has created one of our favored chart patterns. In the below 30 minute timeframe chart, EUR/USD has created a false break out (See previous post regarding EUR/CAD) on the lower Bollinger Band. It has since revisited that level and held. We feel that the 1.4195 – 1.4200 level is a short-term support level. We buy at ... ...
by: Back Bay FX GBP/JPY has been trading in a range that is well-defined by the 2 hour time frame Bollinger Bands. In the below snapshot, the pair has bounces off the midline and seems to be continuing it’s move higher. Yet that midline is a very important level. We will use a Buy Limit order to ... ...