Your Source for Daily FOREX Market News and Analysis
Your Source for Daily FOREX Market News and Analysis
Look to buy pullbacks in the Yen crosses next week.
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Your Source for Daily FOREX Market News and Analysis
The trend towards risk is back. Take advantage through the AUDUSD and EURJPY.
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“Since price has failed to accelerate in a timely manner (which one would expect if the decline were a 3 rd wave), I am leaning towards the idea that the decline from 13340 is corrective. The next few days should offer clarification.”
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Your Source for Daily FOREX Market News and Analysis
Your Source for Daily FOREX Market News and Analysis
The Canadian dollar pushed higher against its U.S. namesake last week, rising some 1.10 percent. Following a disappointing economic activity report for the second quarter, the USDCAD finds support along a rising trend, and now looks poised to reverse course and test recent highs.
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The Japanese yen continued its northern journey against the U.S. dollar this past week despite Japan’s government issuing its latest fiscal stimulus package in conjunction with the central bank’s effort of monetary easing in attempt to weaken the yen as the strength in the single currency weighs on the nations export market.
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Focus remains on the all time low just below 8000 (1995 low) for the USDJPY. A multi month channel defines the near term trend but RSI divergence on the daily (multiple times over the past several months) warns of a reversal. That channel is at 8550 today and decreases 10 pips/day.
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The USDCAD continues to respect its summer range. The June, July, and August highs all occurred within several pips of 10680. Channel support comes into play at current price although I do expect the level to give way next week as the rally from 10105 is left in 3 waves.
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Your Source for Daily FOREX Market News and Analysis
Your Source for Daily FOREX Market News and Analysis
USD/JPY: The break to fresh yearly lows below 86.25 Last Friday now ends any hopes for immediate recovery with a fresh drop eyed over the coming sessions back towards the 14-year lows by 84.80 posted in 2009. At this point, a break back above 88.15 will be required at a minimum to take the pressure off of the downside and potentially warn of some form of basing.
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NZD/USD: The market remains well bid on any form of a pullback with the price rallying back above 0.7300 in recent trade.
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Your Source for Daily FOREX Market News and Analysis
NZD/USD: Gains have once again stalled out above 0.7300 and Tuesday’s bearish doji close has shown good follow through on Wednesday with the market pulling back quite sharply.
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USD/CAD: The 100-Day SMA has proven to be a formidable support for the pair, with the market failing on multiple attempts over the past several days to close below the longer-term SMA. Look for a medium-term higher low to now be in place by 1.0255, ahead of the next major upside extension beyond 1.0850 over the coming days.
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GBP/USD : Gains have been quite impressive over the past few sessions with the market taking out key resistance by the 200-Day SMA and closing above the longer-term SMA. This is the first time the market is above the 200-Day since January and could potentially warn of a major shift in the structure.
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