The Greenback traded with mixed results last week as the turbulent relationship between the USD and the EUR grows even stronger. The oft traded pair saw record highs towards the end of the month of April. Since, the pair has faltered by just under 4%. The 1.6019 mark set on April 22nd saw it largest drop off in the middle of last week, when the pair dropped to the 1.52 support level. Forex traders looked prime to ride dollar bullishness, even as the progress halted going into Friday's market closing.
The US dollar reacted mainly to investor... ( read more )
Posts Tagged with ‘analysis’
May 12, 2008 - Forex Technical Analysis
EUR/USD
There is a very interesting bearish channel forming on the 4 hour chart as the pair now moves down within the channel. The Slow Stochastic is showing a strong bearish cross, as the RSI confirms. It appears that the pair is heading 1.5310 and going short might be a preferable strategy today.
GBP/USD
The cable is floating at eh bottom section of the bearish channel on the daily chart. The Slow Stochastic has a bullish cross forming which indicates an upcoming potential reversal move. Going long with very tight stops might be the ... ( read more )
April 25, 2008 - The Greenback Pushes Up
Yesterday the greenback underwent an extremely bullish momentum, ascending against its major currency rivals. The USD undertook a dominant bullish trend against the EUR, beginning the trading day with the rate of 1.5876, and rising up to 1.5639. The USD also made dominant gains vs. the GBP, the JPY and the CHF.
Some favorable data arrived yesterday for the Dollar. The first great news came from the Core Durable Goods Orders. The survey was expected to be much better than last month's result which was a negative 2.1%. Analysts expected a turn... ( read more )
April 22, 2008 - Existing Home Sales Will Be Released Today.
Yesterday, the greenback lost ground on what had been a bullish closing to last week's trading. The US was absent from the day's economic calendar, which pushed the Dollar to record lows against the Euro in particular. The greenback has struggled to make a steady recovery against its major currency rivals, as bullish trends have proven to be short lived lately. With so many contributing factors to the fate of the dollar and the overall importance it has on the global economy, many investors still believe the greenback has the ability to recover... ( read more )
April 21, 2008 - Forex Technical Analysis
EUR/USD
After a sharp drop of more than 200 pips on Friday, the pair is showing fresh bullish momentum, and it is now floating around 1.5830. The Slow Stochastic of the 4 hour chart is showing moderate bullish momentum, and the RSI confirms that the direction is indeed up. If the pair breached the 1.5850 level, the trend will be fully validated and another move is expected. Going long appears to be preferable.
GBP/USD
The narrowing channel on the daily chart has been breached, and the cable now rides the bullish momentum created in tha... ( read more )