Post Tagged with: "support line"
AUD/USD In Narrowing Channel – Break is Close
The AUD/USD is trading between an uptrend support line and a downtrend resistance line, and it will soon have to break somewhere. Fundamentals say the direction is up. Technical: As seen in the graph below, the AUD/USD is closed by a downtrend resistance line than began with a high in September, was formed in a
British Banks Pound the Pound
GBP/USD started the week face down – it broke the support line of 1.3950, due to bad news from British banks that continue to pour. Where will the fall stop or at least pause? GBP/USD now trades at 1.3930, breaking the support line at 1.3950. This line was drawn last week, as the British Pound
EUR/USD and USD/JPY Breakouts this Week?
Both the EUR/USD and the USD/JPY went in favor of the dollar last week, but didn’t make the big breakouts. This first week of March, with heaps of economic figures, could make them break out. From noon on Thursday, expect 24 hours of wild price action. EUR/USD The most popular pair, EUR/USD, went down last
EUR/GBP – Where is it going?
I’m revisiting the popular EUR/GBP cross. In the last post about this currency pair, I wrote about it breaking the support line of 0.88, on February 5th. After breaking that line, it stayed below Since then, it continued its decline, and reached a low point of 0.8640, on February 10th. But after hitting that low
Forex Behavior Back to Normal
This week has been quite strange in forex trading. The risk factor played a major role in trading. But at least the behavior following the NFP release was normal. On Tuesday, Pending Home Sales in the US were quite high, much better than expected. Instead of being unchanged, the figure rose by 6.3%. Such a
USD/CAD Leaps on Terrbile Employment Data in Canada
USD/CAD jumped above 1.25, in a very fast move. It happened due to awful employment data from Canada. USD/CAD is now trading at 1.2511, after a jump of 100 pips immediately after the data was released. Unemployment Rate jumped from 6.6% to 7.2%, exceeding expectations that stood at 6.8%. Bad news for Canada’s workers. Also Employment Change
EUR/GBP Broke Support After Rate Decisions
The Bank of England and the ECB made their expected decisions: BoE lowered the interest rate to 1%, and Jean Claude Trichet left the interest rate unchanged at 2%. The immediate result in the forex market was a big drop of EUR/GBP, currently trading at 0.8780. When looking at the hourly forex charts for the
Kiwi Jumps After Employment Data
NZD/USD got some strengh after the quarterly Employment Change was surprisingly good in New Zealand. NZD/USD now trades at 0.5080, making a quick leap. Employment in New Zealand is comparably in a good shape. This rate is far from being the worst in the world, and still causes envy sights from other Western nations. And as
Forex Weekly Outlook – February 2-6 2009
The first week of February unfolds lots of interesting data: Rate decisions in Europe, Britain and Australia, as well as the king of Forex indicators: Non Farm Payrolls. Lets dive in to the major events this week. This time, it’s a more concise edition that last week’s… Sunday, February 1st: Yes, there’s something worth mentioning
NZD/USD Broke Support Line – What’s next?
NZD/USD currency pair broke the support line of 0.5150. I’m following up on a post NZD/USD on the Edge that was written prior to this break, and after the huge interest cut of 1.5%. It came after the Building Consents squeezed by 6%. The fall of the New Zealand dollar was also helped by remarks by