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EURUSD: Retail trader data shows 44.5% of traders are net-long with the ratio of traders short to long at 1.25 to 1. The number of traders net-long is 6.5% higher than yesterday and 15.5% higher from last week, while the number of traders net-short is 5.1% higher than yesterday and 11.8% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to ...
Euro selling pressure struggled to sustain momentum after a 6-day losing streak brought the currency to the lowest level in three weeks against the US Dollar. Still, a break of rising trend support set from early November seems to suggest the near-term bias continues to favor weakness. A break below the 38.2% Fibonacci expansion at 1.1756 confirmed on a daily closing basis sees the next downside barrier at 1.1692, the 50% level. Alternatively, ...
The Canadian Dollar rate has fallen across the board after a cautious Bank of Canada aligned with multiple factors that could put further pressure on the CAD. Despite sharp gains last Friday in CAD due to impressive employment gains, the Canadian Dollar rate fell below 1.28 to the USD. Key drivers of Canadian Dollar weakness in global markets a day after the Bank of Canada left rates unchanged were commodities selling off led by metals ...
The price in question is 148.29, and this is the 61.8% retracement of June to December, 2016 major move in the pair. Perhaps most importantly, this price had helped to set resistance for almost ten full months in GBP/JPY. Prices turned-around here in mid-December, and again in May as GBP/JPY put in a peculiar period of price action. This pair is often trending or moving in somewhat of a directional manner: But it’s also notorious for being wild and chaotic. The fact that the first nine months of ...
The near-term USD/JPY candlestick version makes it look as though a head and shoulder pattern may be in the offing. After all the current climb seems to be losing momentum already, before it gets anywhere near the previous peak of 114.72. And it’s losing momentum just about exactly where the putative first shoulder was made. Should the second be confirmed by a marked move lower from current levels then the entire climb up from September’s lows in the 107 region could be in some jeopardy. ...
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