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In the aftermath of EUR/GBP's largest climb in a single day since June 2016, the pair is attempting to overturn its dominant downtrend. Looking at the daily chart below, the Euro climbed against the British Pound above the descending trend line from August. However, further upside progress was notably lacking and EUR/GBP was unable to push above the October high. In its attempt to do that, a horizontal range of resistance has formed between ...
October ended with the Euro seemingly set to suffer deeper losses against the US Dollar. A look at the monthly chart reveals prices breached range top resistance-turned-support centered around the 1.15 figure – a pivotal inflection point since May 2015 – to suggest that a move toward a four-year range floor near 1.05 may well be in the cards in the months ahead. The bearish bias remains upon examination of more actionable positioning on ...
For EUR/GBP, multiple resistance barriers were knocked out within a span of 24 hours. But on the daily chart, we do have the formation of what appears to be a new descending trend line dating back to August. For the time being, this may keep the dominant downtrend since then intact. A push above the line would open the door to overturning the downtrend. However, this would require ascending through the October high at 0.89394. Until that ...
USDJPY: Retail trader data shows 45.7% of traders are net-long with the ratio of traders short to long at 1.19 to 1. The number of traders net-long is 0.9% higher than yesterday and 24.7% lower from last week, while the number of traders net-short is 14.4% higher than yesterday and 12.7% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to ...
Another week of heightened volatility in global bond and equity markets proved to be fertile ground for another round of gains by the Japanese Yen. Spurred on by fresh concerns over the Brexit process and the Italian budget saga, GBP/JPY and EUR/JPY were two of the three worst performers, losing -2.45% and -1.53% respectively. More pressure on emerging markets amid trade war concerns weighed on AUD/JPY and NZD/JPY, which sank by -0.97% and -1.96% each. ...
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