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A slower start to the week - major currencies gapped lower at the open but then mostly recovered. Canadian dollar retraced 50 pips of the last week's 260-pip rally. Technicals, trade concerns and falling oil prices should keep USD/CAD supported ahead of OPEC meetings and CPI / Retail Sales combo at the end of the week.
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GBP/USD pauses ahead of 200 DMA and 1.35
GBP/USD fell more than 800 pips in three weeks, as U.S. dollar turns positive on the year. Weak economic data, dovish BOE and recent political developments are among the drivers on the U.K.'s side of equation. The pair is taking a pause ahead of the 200 DMA and 1.35 figure as we await on U.S. labour market report for April. Momentum suggests further losses but a potentially sharp correction is to be expected at some point.
Pound pulls back further after Carney's comments
GBP/USD fell sharply yesterday after some dovish comments by BOE governor Mark Carney. Selling accelerated after all three economic data reports (labour market, inflation, retail sales) came in weaker than expected. 1.40 - 1.4050 is the initial support. A break below would target 100 DMA. 1.4125 - 1.4150 is a resistance.
GBP/USD to the highest level since Brexit vote
GBP/USD rose to the highest level (1.4375) since Brexit vote yesterday before pulling back below 1.435, the 50.0% retracement of the 2014 - 2016 decline. 1.43 is the immediate support and the next one at 1.425. Plenty of economic data coming in from U.K. this week will keep traders involved.
Aussie pulling back after six days of gains
There was some Australian economic data released overnight. AIG Manufacturing Index, MI Inflation Gauge and ANZ Job Advertisements came in better than expected/previous while Building Approvals lagged. Caixin Manufacturing PMI from China ticked back to into expansion.
All this failed to lift the tone in the Aussie which appears to have entered a correction phase after six consecutive days of gains during which it traded to 2016 - 2017 trendline near 0.7725. June high at 0.7635 may prove to be th…
All this failed to lift the tone in the Aussie which appears to have entered a correction phase after six consecutive days of gains during which it traded to 2016 - 2017 trendline near 0.7725. June high at 0.7635 may prove to be th…
Cable stabilizes near 1.225
After falling from 1.275 through December, Cable stabilized near 1.225. Resignation of EU ambassador Rogers highlights hard Brexit concerns but better than expected economic data has kept the pair afloat.
1.22 is the initial support before October lows near 1.21 and then 1.20 big figure level. The pair has to overcome 50 DMA to challenge 1.25 and trendline, drawn off of September and December 2016 highs.
1.22 is the initial support before October lows near 1.21 and then 1.20 big figure level. The pair has to overcome 50 DMA to challenge 1.25 and trendline, drawn off of September and December 2016 highs.
Aussie settles near 0.75 level
0.75 is the equilibrium level for the Aussie as we await the FOMC meeting. Lacklustre Australian data overnight (HPI, NAB Business Confidence) but some better than expected Chinese data (Industrial Production, Retail Sales) were unable to move it.
The pair has been bumping against the level for the third week. 200 DMA and now 50 DMA are protecting the upside with 100 DMA not far away. Tomorrow is a big day and I think when the dust settles the pair will move through the level to retest longer-te…
The pair has been bumping against the level for the third week. 200 DMA and now 50 DMA are protecting the upside with 100 DMA not far away. Tomorrow is a big day and I think when the dust settles the pair will move through the level to retest longer-te…
Found a good spot for GBP longs
I have finally found a good spot to go long Gbp
I am long GbpJpy above 161 - this is support for another bulish move up
GbpChf is supported above 1.4540 - I am long this pair too
First off, I was up 30K, after adding a GbpUsd long at 1.4730, and a GbpAud long just below 2.05
Then the market dropped sharply just now - turning from +30 to -20K in my account
As there is no real reason for this drop, I added a GbpNzd long here
There is UK data coming up- and traders will take any reason they can to …
I am long GbpJpy above 161 - this is support for another bulish move up
GbpChf is supported above 1.4540 - I am long this pair too
First off, I was up 30K, after adding a GbpUsd long at 1.4730, and a GbpAud long just below 2.05
Then the market dropped sharply just now - turning from +30 to -20K in my account
As there is no real reason for this drop, I added a GbpNzd long here
There is UK data coming up- and traders will take any reason they can to …
Got stuck in trading USD yesterday
I traded yesterday without a plan or reason - it was almost very costly
I decided to trade the data release yesterday - US interest rate decision
I had already missed the pre-decision run up, and I knew that
The only reasons I had was that I hadn't traded for too long and that I wanted to increase capital
I should have known better to trade without a plan - you never know the outcome of a data release
I was betting on a hawkish note from the FED and maybe even a interest rate rise
I got caught i…
I decided to trade the data release yesterday - US interest rate decision
I had already missed the pre-decision run up, and I knew that
The only reasons I had was that I hadn't traded for too long and that I wanted to increase capital
I should have known better to trade without a plan - you never know the outcome of a data release
I was betting on a hawkish note from the FED and maybe even a interest rate rise
I got caught i…
US, GB and Japan interest rate decisions this week
This is going to be another wild week for trading
Coming up on the economic calender are three interest rate decisions
The US interest rate decision being the most eagerly awaited (and interesting) one here
Traders areinterested whether US will keep its promise of raising the rate three times this year
A no raise now - and dovish tone - will be bad for credibility (and USD)
A rate raise, or the promise of one soon followed by another this year, will be good for US
Again - like ECB - it will be t…
Coming up on the economic calender are three interest rate decisions
The US interest rate decision being the most eagerly awaited (and interesting) one here
Traders areinterested whether US will keep its promise of raising the rate three times this year
A no raise now - and dovish tone - will be bad for credibility (and USD)
A rate raise, or the promise of one soon followed by another this year, will be good for US
Again - like ECB - it will be t…