by Johan Kriek (jkriek@fxinstructor.com) Key notes: - BoJ keeps rates on hold - Equities close lower across the board Probability Studies: As long as the CHF keeps taking out highs the bullish trading condition will prevail. Expect resistance at 1.2315 No Trade Zone, bearish probability. A significant lower peak will confirm a much more active bearish 60minute trend but that will only occur once the 1 hour stochastic gives me a bearish cross
The weak US equity market has seen Asian equity indices opening lower and staying under the waterline. Currencies for their part continue to see technical pressure for a pullback from the hourly charts though fast approaching overbought levels among the oscillators and already showing signs of a fresh short in the 15-minute time frame
Fri, 21th of November, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook The EURUSD attempted to make another upside correction yesterday, topped at 1.2593 but further bullish momentum was rejected as the pair whipsawed to the downside bottomed at 1.2434 and closed at 1.2454 .
Thursday’s New York trade saw currency markets turning risk averse at the outset with the Japanese Yen standing out a clear winner as the latest numbers from the US underscored the weakness from both the supply and demand sides of the economy prompting early doubts over the equity market – US dollar inverse correlation.
With the Dow Jones Industrial Average hitting 5 year lows today, the burning question on everyone’s mind is, how far can stocks fall. This is a perfect time to republish a post that I wrote in the middle of October titled DJIA: Does the Past Offer Hope? Here is a very interesting chart published by
U.K. retail sales are expected to have declined for the second month in a row in October. Economists are predicting that consumer consumption drop 0.9% following a 0.4% decline the month prior.
Thu, 20th of November, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook The EURUSD attempted to push higher yesterday.
Prospects of a big 3 auto bankruptcy saw US equity indices slipping steadily through out the New York trading day with currency markets seeing risk aversion returning as the Dow closed just under the 8,000 mark at 7997.28. Note however a brief spike at the US open paved the way for better pricing as talk of hedge fund demand for Euro triggered a technical breakout across the dollar pairs.
Fibonacci studies are an excellent tool for a forex trader to use because they can act as a leading indicator. If used properly, the can help you to determine when to get into a trade.
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