A successful debt auction by Portugal helped to ease short-term concerns about European sovereign debt and boosted the Euro against most of its rivals. The Bank of Canada hiked rates to 1% and the Canadian Dollar rallying as a result. We also take a look at Japanese orders, UK housing prices, and German trade and industrial production.
Manufacturing releases from China and the US, and a very strong 2nd quarter GDP report from Australia helped to propel global stocks to strong gains. In NY morning trading the Dow Jones Index for instance was up 240 points. That helped ""higher yielders" like the Australian and Canadian Dollars, the Euro and the Pound gain on safe haven currencies like the US Dollar. News Provided by CMS Forex www.cmsforex.com Market Analyst Nick Nasad
Currency markets mainly consolidated ahead of tomorrow's non-farm payroll report. The ECB extended its unlimited cash to banks throughout this year, an attempt to not take away special liquidity measure when financial markets remain fragile. US data showed labor productivity slid in the 2nd quarter - a sign companies may have to start hiring, while a measure of pending home sales surprised on the upside - a rare positive release for the US housing market.
The forex uptrend was still in place, but showing signs of weakness. Retracement is becoming more and more possible. MACD Divergence, rejection at a Reversal Pivot Point, a 61.8% Retracement and a Triangle break eventually all pointed down. Target was the 138.2% Fibonacci Extension which over lapped with a Support Pivot Point.
Online seminar about the Forex market and how to succesfully trade using a proven methodology. Presented by The Trading Institute (www.thetradinginstitute.com), this video shows a live trade using the Thinslice Trading methodology, information about the forex, forex brokers, how to trade...
www.fxtrainingzone.com GBP/USD trend continuation (Long) trade based on the 4 hour closing candle: - Belt holding 4H close above previous resistance at the 23.6 fib level 1.6468. - Price action found support off the 8EMAon 4H and closed aggressively above the 1H box range. - 1D shows the 8EMA had taken control with price finding support off the 21EMA. - Angle and separation developing nicely on the 8 & 21 EMA's on 1H and 4H charts.
Nice forex uptrend holding... but showing forex divergence. This indicates that as price continues up, weakness increases. Maybe not today, but a forex pull-back is becoming more likely as time goes by; perhaps at the 1.3200 double top? Pay close attention to the forex Pivots and forex Fibs. Notice how well they work as leading indicators. Live FOREX Training | Everyday! www.fxbootcamp.com
Online seminar about the Forex market and how to succesfully trade using a proven methodology. Presented by The Trading Institute (www.thetradinginstitute.com), this video shows a live trade using the Thinslice Trading methodology, information about the forex, forex brokers, how to trade...
www.fxtrainingzone.com GBP/USD short trade with an early 4 hour entry: - Important long term monthly levels. - 1H price action found resistance off 50% retracement line - Candles showing lack of conviction to the upside. - Monthly 21EMA present