Entries with no category
NZD/USD -FXTW wrote last week that “higher highs and higher lows since August 2015 leaves NZD/USD in an uptrend but be aware of a wall near .71. .7100 is home to a long term median line, 2011 low (.7114) and 1996 high (.7148). The higher highs and higher lows since August are contained by converging trendlines so price action since August 2015 could form a wedge.” High for the post-RBNZ move was .7147. The ‘general area’ of resistance probably ...
Friday’s NFP report had the potential to re-stoke risk aversion, and price action in the Yen indicated as such in the immediate aftermath of the print as we finally saw prices break below 121.50, printing a lower-low at 120.81 ahead of last week’s close. But since, we’ve seen bullish price action thus far on the new week, and with yet another false down-side breakout in EUR/JPY, traders should approach short-side continuation strategies with caution. ...
There is support between 6230 and 6200, with the 6/1 swing low at 6149 as the next level of significant support. As long as the spike day high (6323) keeps a lid on the market, we expect the market to be range-bound, with weakness unfolding in the very near-term. A range-bound UK stock market and currency as the next two weeks up to the EU referendum makes sense on this end as the pendulum swings from ‘stay’ to ‘leave’ within its own slight ...
We looked at the precipitous fall in Gold prices on the back of a more hawkish Federal Reserve that spent much of the month of May talking up the prospect of higher rates in the United States. This prospect of higher rates was a huge change-of-pace for markets, which had built-in the expectation for the Fed to be extremely dovish after the risk-aversion that put up sizeable moves at the beginning of the year. And that inferred dovishness was hugely helpful ...
The current price action formation on the daily chart of EUR/JPY is a descending wedge, and this can be found by connecting the swing high on March 31st with the swing high to April 27th to define resistance; while that confluent support zone between 121.50-122.50 continues to stem the declines. This support has held for the better part of three-and-a-half months; and at this point traders would likely want to see a concerted break before looking for down-trend continuation setups. ...
Archive
Go to Profile
Mark as Read