Despite the ECB's latest monetary policy stance, strategists at BNP Paribas say the outlook for EUR/USD is still bearish towards its target of $1.08 by the end of the year. The bank says in a note that it views the ECB's decision as a postponement rather than a rejection of further easing, with new announcements likely in December. Overall, disappointment at the lack of an ECB policy adjustment has only been worth about 2 basis points on the EUR 2 year swap rate, it notes.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
Friday, September 9, 2016
Thursday, September 8, 2016
GBP/USD is showing limited movement on Thursday
GBP/USD is showing limited movement on Thursday. Early in the North American session, the pair is trading at 1.3330. On the release front, it’s a quiet day. US unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks. There are no British released on the schedule. On Friday, the UK will release Goods Trade Balance.
•GBP/USD has shown limited movement in the Asian session. The pair has shown movement in European trade but is unchanged
•1.3327 was tested in support earlier and is under pressure
•1.3480 is a strong resistance line
Further levels in both directions:
•Below: 1.3327, 1.3219, 1.3142 and 1.3033
•Above: 1.3480, 1.3667 and 1.3835
•Current range: 1.3327 to 1.3480
GBP/USD ratio has shown movement towards long positions. Currently, short positions have a small majority (52%), indicative of slight trader bias towards GBP/USD reversing directions and losing ground.
•GBP/USD has shown limited movement in the Asian session. The pair has shown movement in European trade but is unchanged
•1.3327 was tested in support earlier and is under pressure
•1.3480 is a strong resistance line
Further levels in both directions:
•Below: 1.3327, 1.3219, 1.3142 and 1.3033
•Above: 1.3480, 1.3667 and 1.3835
•Current range: 1.3327 to 1.3480
GBP/USD ratio has shown movement towards long positions. Currently, short positions have a small majority (52%), indicative of slight trader bias towards GBP/USD reversing directions and losing ground.
AUD/USD has ticked higher on Thursday
AUD/USD has ticked higher on Thursday. In the North American session, the pair is trading at 0.7670. Earlier in the day, AUD/USD climbed to 0.7732, its highest level since August 15. On the release front, Australian Trade Balance narrowed to A$2.41 billion, better than the forecast of A$2.61 billion. Later in the day, Australia releases Home Loans. In the US, unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks.
•AUD/USD was flat in the Asian session. The pair recorded considerable gains in European trade but has reversed directions and has posted small losses in the North American session
•0.7560 is providing strong support
•0.7701 was tested in resistance earlier and could break in the North American session
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440, 0.7339 and 0.7200
•Above: 0.7701, 0.7835 and 0.793
AUD/USD ratio is showing movement towards short positions. Currently, short positions have a majority (54%), indicative of trader bias towards AUD/USD reversing directions and moving lower.
•AUD/USD was flat in the Asian session. The pair recorded considerable gains in European trade but has reversed directions and has posted small losses in the North American session
•0.7560 is providing strong support
•0.7701 was tested in resistance earlier and could break in the North American session
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440, 0.7339 and 0.7200
•Above: 0.7701, 0.7835 and 0.793
AUD/USD ratio is showing movement towards short positions. Currently, short positions have a majority (54%), indicative of trader bias towards AUD/USD reversing directions and moving lower.
Tuesday, September 6, 2016
USD/JPY ratio is unchanged on Tuesday.
S3 S2 S1 R1 R2 R3
99.71 101.20 102.36 103.73 104.99 106.38
•USD/JPY was choppy in the Asian session and has posted slight losses in European trade
•102.36 is providing strong support
•103.73 was tested in resistance earlier in the Tuesday session
•Current range: 102.36 to 103.73
Further levels in both directions:
•Below: 102.36, 101.20, 99.71 and 98.95
• Above: 103.73, 104.99 and 106.3
USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a majority (59%), indicative of trader bias towards USD/JPY reversing directions and moving to higher ground.
USD/JPY is showing little movement on Tuesday, as USD/JPY is trading at 103.30. On the release front, today’s key event is US ISM Non-Manufacturing PMI. The indicator is expected to remain steady, with an estimate of 55.4 points. There are no Japanese releases on Tuesday. Japan will release Final GDP on Wednesday. The economy is expected to show no growth in the second quarter, with an estimate of 0.0%.
99.71 101.20 102.36 103.73 104.99 106.38
•USD/JPY was choppy in the Asian session and has posted slight losses in European trade
•102.36 is providing strong support
•103.73 was tested in resistance earlier in the Tuesday session
•Current range: 102.36 to 103.73
Further levels in both directions:
•Below: 102.36, 101.20, 99.71 and 98.95
• Above: 103.73, 104.99 and 106.3
USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a majority (59%), indicative of trader bias towards USD/JPY reversing directions and moving to higher ground.
USD/JPY is showing little movement on Tuesday, as USD/JPY is trading at 103.30. On the release front, today’s key event is US ISM Non-Manufacturing PMI. The indicator is expected to remain steady, with an estimate of 55.4 points. There are no Japanese releases on Tuesday. Japan will release Final GDP on Wednesday. The economy is expected to show no growth in the second quarter, with an estimate of 0.0%.
Monday, September 5, 2016
EUR/JPY
Summary :
Target Level : 113.857
Target Period : 2 days
Analysis :
Channel Up identified at 03-Sep-00:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 113.8570 within the next 2 days.
Resistance Levels :
( B ) 116.367Last resistance turning point of Channel Up.
Support Levels
( A ) 113.857Last support turning point of Channel Up.
Target Level : 113.857
Target Period : 2 days
Analysis :
Channel Up identified at 03-Sep-00:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 113.8570 within the next 2 days.
Resistance Levels :
( B ) 116.367Last resistance turning point of Channel Up.
Support Levels
( A ) 113.857Last support turning point of Channel Up.
|
Subscribe to:
Posts (Atom)