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EUR/USD Weekly EUR/USD continues to trade on a long term parallel and the weekly wicks (key reversal this week) denote active support. I don’t like being a bear in the face of active support at a well-defined parallel… As always, define your risk points (read more about traits of successful traders here). GBP/USD Weekly GBP/USD needs to take ...
We are now trading at the top of a channel drawn with the same slope as the support that we had been focusing on throughout the 2016 rebound and into 2017 (rising trendline in black on the chart above) drawn from the first higher low off the rebound from the February low. While we remain Bullish due to fundamental and technical factors, there is a rising wedge pattern developing that should warrant attention. The rising wedge pattern has ...
In our last article, we looked at the potential for a new higher-low in EUR/JPY after the European Central Bank extended QE. After this announcement, the Euro was offered-hard across-the-board, but as we noted, the ‘bigger picture’ trend in EUR/JPY has been quite bullish, and traders would likely want to use that short-term weakness to position-in to longer-term bullish strategies. The level that we pointed out around 120.85 had helped ...
On Monday, Poloz was speaking at the House of Commons when he mentioned that they would sit on the uncertain (i.e. bad) data and wouldn’t act for 18-months as they digested how the two-way economy was performing. USD/CAD immediately sold off on this news falling ~120 pips in a few hours. What surprised many was when Poloz came out a few hours later to clarify his comments that the market misunderstood. The Bank of Canada governor said the comment about inaction was about the output gap and not a ...
The CAC 40 is trading modestly higher this morning (+0.31%), as the ECB elected to hold key interest rates flat at an effective 0.00%. Top CAC 40 gainers for Thursday’s trading session include Technip +3.63%, Societe Generale +1.78%, and Sanofi +1.53%. The largest losers include Publicis Groupe -5.45% and ArcelorMittal trading down -1.58% so far on the day. Technically the CAC 40 remains trading above 4,500. However, with today’s price advance, the Index is now trading above the September ...
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