Asian stocks were mixed and the dollar marked time on Wednesday, with markets waiting for the U.S. Federal Reserve’s policy statement due later in the session for clues to when the Fed will hike interest rates.
The EURUSD was indecisive yesterday but overall still able to maintain its bullish correction bias so far challenging 1.0650 key intraday resistance. The bias remains bullish in nearest term. Immediate support is seen around 1.0580 – 1.0550. A clear break below that area could lead price to neutral zone in nearest term but would keep the major bearish bias remains strong testing 1.0500 – 1.0460 region. On the upside, a clear break above 1.0650 would interrupt the bearish scenario and could trigger further bullish correction testing 1.0700 or higher.
The GBPUSD failed to continue its bullish correction yesterday bottomed at 1.4723. The bias is bearish in nearest term testing 1.4700 key support area. A clear break and daily close below that area could trigger further bearish scenario…
The USDJPY had another indecisive movement yesterday. The bias remains neutral in nearest term. Immediate resistance is seen around 121.50. A clear break above that area could trigger further bullish pressure testing 122.00 or higher. I…
The USDCHF had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 1.0200. Immediate support is seen around 1.0035. A clear break below that area could le…
For two consecutive days, the common currency Euro has edged higher versus the US Dollar in anticipation of the Federal Reserve Bank’s 2-day policy meeting which will either meet or dash expectations of an imminent rate hike in interest rates.
The local currency took a sharp turn downwards intraday as the RBA revealed in its Monetary Policy Meeting Minutes that they currently have inflationary concerns about the housing market, and that they still believe the exchange rate…
Hello traders good to be back another trading day I have to say the moves on most of the pairs I look at started two hours before the London Open and I was not at my charts I came back and was hard to find a good trade set up. The AUDUSD is a bearish pair and we will talk about this trade, as you can see for the past 4 hours we have had indecision candles and looks like the bulls are getting weak and this wants to come back down. I think this trade will work close to the NY session. I have placed a trend line on the chart and need price to close below that. The entry looks good at 0.7640 and we would look for the take profit zone at about 0.7605. I placed the stop at 0.7680 and I think that is a big stop at entry I would do another analysis of the trade and try to get this to bring the stop down. I like that the lower Bollinger Band is open that gives me confidence in the trade.I know you can say the upper Bollinger Band is open also and you are correct. This is not an easy trade I have to say however this is the only set up I see at this time 3 hours before the NY open. Talk Soon….. William
The EURUSD was corrected higher yesterday topped at 1.0618 but closed a little bit lower at 1.0565. The bias is bullish in nearest term testing 1.0630 – 1.0650 area but overall I remain bearish. Price is now moving in resistance area, a good place for a short position with a tight stop loss above 1.0650. Immediate support is seen around 1.0550. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish scenario remains strong testing 1.0500 – 1.0460 region. On the upside, a clear break above 1.0650 would interrupt the bearish scenario and could trigger further bullish correction.