May 28 11:05pm BabyPips.com
The lack of top-tier market catalysts from both the euro zone and the United Kingdom this week could put the spotlight back on political headlines. Check out these potential plays on the crosses! Continue reading → The post Weekly Watch (May 29 – June 2, 2017) appeared first on BabyPips.com.
May 28 10:40pm BabyPips.com
With the OPEC agreeing to extend their output deal by nine months, commodities could enjoy a bit more support in the next few days. Here are the setups and inflection points I'm watching. Continue reading → The post Comdoll Trading Kit (May 29-June 2, 2017): Market Preview appeared first on BabyPips.com.
May 28 9:30pm BabyPips.com
Welcome to a brand spankin' new trading week, fellas! Hit the ground running with these hot forex setups on EUR/GBP and GBP/CAD's daily charts! Continue reading → The post Chart Art: Long-Term Breakout and Retracement Setups on EUR/GBP and GBP/CAD appeared first on BabyPips.com.
May 28 8:23pm FXTechstrategy
GOLD: The commodity continues to hold on to its upside pressure short term. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00Continue reading...
May 28 6:08pm Forex Crunch
The Russia investigation refuses to let go, just like Clinton’s email were omnipresent on the campaign trail. How does this affect markets? The US dollar is reacting. So, we discuss the future and move and also eye the I word – impeachment. What happens if we go down that path? Things got messy, but only [...] The post Trading the Trump scandals and not improbable impeachment appeared first on Forex Crunch.
May 28 2:19pm Forex Crunch
GBP/USD dropped sharply last week, dropping 230 points. The pair closed at 1.2781, its lowest weekly close in four weeks. This week’s key events are Manufacturing and Construction PMIs. Here is an outlook for the highlights of this week and an updated technical analysis for GBP/USD. The bombing in Manchester has thrown a wrench into the British election, as [...] The post GBP/USD Forecast May 29 -June 2 2017 appeared first on Forex Crunch.
May 28 12:05pm BabyPips.com
A mixed forex trading week for the HLHB System, as I close USD/JPY's open position for a profit while two of GBP/USD's signals turned out to be a fakeout. Continue reading → The post HLHB Trend-Catcher System Update (May 15 – 19, 2017) appeared first on BabyPips.com.
May 28 9:25am Forex Crunch
The Canadian posted gains for a second straight week, as USD/CAD lost 80 points. The pair closed the week at 1.3440. This week’s key event is GDP. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. The Bank of Canada maintained rates, and said that inflation remains within the BOC’s projections. Over in the US, [...] The post USD/CAD Forecast May 29-June 2 2017 appeared first on Forex Crunch.
May 28 9:04am Forex Crunch
Sell in May and go away? We are saying goodbye to May and saying hello to June. After a long weekend, the week is about the Non-Farm Payrolls, this time with few preparations. Trump is also back to Washington but so is Comey, in a testimony that could turn explosive. Top-tier figures from other countries [...] The post June begins with the NFP buildup, Comey’s testimony and more appeared first on Forex Crunch.
May 28 7:59am FXTechstrategy
EURUSD: With the pair failing to hold on to its past week gains to close on a rejection candle the past week, it now faces pullback threats. Resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400Continue reading...
May 28 5:59am Forex Blog
The last two weeks included the following updates to the companies listed in the brokers section of EarnForex.com: Binary.com now supports trading cryptocurrencies (Bitcoin on 1:3 leverage) via its MetaTrader 5 platform. AvaTrade now supports a whole range of cryptocurrencies for trading (including Bitcoin, Litecoin, Ethereum, Ripple, and Dash) with the maximum …...
May 28 5:48am Forex Crunch
AUD/USD was unchanged last week, closing at 0.7439. This week’s key events are Private Capital Expenditures and Retail Sales. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD. There were no major events out of Australia last week. Over in the US, the Fed rate statement was more dovish than expected, which weighed [...] The post AUD/USD Forecast May 29-June 2 appeared first on Forex Crunch.
May 27 2:02pm BabyPips.com
The pound got whupped hard this week while the Kiwi just shrugged off the commodities rout and prevalence of risk aversion to emerge as the one currency to rule them all this week. So, what was driving forex price action? And how did the other currencies fare? Continue reading → The post Top Forex Market Movers of the Week (May 20-26, 2017) appeared first on BabyPips.com.
May 27 2:00pm Forex Crunch
EUR/USD had a positive week in general, rising as prospects continue looking better in the euro-zone in comparison to the US. The upcoming week features preliminary inflation figures and PMIs. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD. Business confidence is rising in Germany, at a faster pace [...] The post EUR/USD Forecast May 29-Jun. 2 2017 appeared first on Forex Crunch.
May 27 5:06am Forex Blog
EUR/USD Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 1.1025 1.1093 1.1133 1.1201 1.1241 1.1308 1.1349 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st Res 2nd Res 1.1086 1.1119 1.1194 1.1227…...
May 26 2:19pm BabyPips.com
It’s easier (and certainly more convenient) for forex traders to assume that one good strategy would yield consistent profits. Unfortunately, this is not always the case. Continue reading → The post Are You Switching Up Your Trading Strategies? appeared first on BabyPips.com.
May 26 11:14am BabyPips.com
Sterling bears came out in force after disappointing poll results, leading the market to invalidate my technical setup on GBP/CHF. Decided to close out early to limit my loss. Continue reading → The post Trade Review: GBP/CHF to Resume Uptrend? appeared first on BabyPips.com.
May 26 10:49am Forex Crunch
The US dollar managed to recover in the last full week of May. As the page turns into June, we have a buildup to the Non-Farm Payrolls, consumer confidence, and the Fed’s favorite inflation figure. Here are the highlights for the upcoming week. A relatively quiet week on the political front in the US allowed the greenback [...] The post Forex Weekly Outlook – May 29 – Jun. 2 2017 appeared first on Forex Crunch.
May 26 10:44am Forex Crunch
EUR/USD is off the highs following the upbeat US GDP. What’s the trade moving forward? Here is the view from SocGen: Here is their view, courtesy of eFXnews: Societe Generale FX Strategy Research notes that the dollar’s trade-weighted index (TWI) continues to track real yields fairly faithfully, but right now that leaves the dollar in no man’s land. [...] The post EUR/USD: Running Ahead Of Yields; M/T Buy, S/T Buy-On-Dips – SocGen appeared first on Forex Crunch.
May 26 10:41am BabyPips.com
For this week's final intraday charts update, breakout chartists may like the descending triangle I've got on EUR/USD while trend riders may prefer the channel pattern on CHF/JPY. Continue reading → The post Intraday Charts Update: Chart Patterns on EUR/USD & CHF/JPY appeared first on BabyPips.com.
May 26 10:38am Forex Blog
EUR/USD was falling today and extended its decline following the upward revision of US gross domestic product. While the currency pair halted the drop for now, it is too early to tell whether that was just a short-pause or a more significant bounce. US GDP rose 1.2\% in Q1 2017 according …...
May 26 10:17am RTT - Forex Top Story
Consumer sentiment in the U.S. was virtually unchanged in May, according to revised data released by the University of Michigan on Friday. The University of Michigan said the consumer sentiment index for May was downwardly revised to 97.1 from a preliminary reading of 97.7.
May 26 10:08am Forex Crunch
GBP/USD is struggling to hold onto the 1.28 level after hitting a new low of 1.2790, the initial post-Brexit low This is already a drop of over 250 pips from the cycle highs seen earlier in May and at the lowest level since April 26th, a full month. There are three reasons for the downfall [...] The post GBP/USD trades at the lowest in a month – 3 reasons and levels appeared first on Forex Crunch.
May 26 9:22am RTT - Forex Top Story
A report released by the Commerce Department on Friday showed that the U.S. economy grew by much more than initially estimated in the first three months of the year. The Commerce Department said gross domestic product climbed by 1.2 percent in the first quarter.
May 26 9:11am RTT - Forex Top Story
New orders for U.S. manufactured durable goods pulled back by less than expected in the month of April, according to a report released by the Commerce Department on Friday. The report said durable goods orders slid by 0.7 percent in April after jumping by an upwardly revised 2.3 percent in March.
May 26 8:30am Forex Crunch
Good news from the US: the economy grew by 1.2\% annualized against 0.9\% expected. Personal consumption was revised up to 0.6\%. Durable goods orders are up 0.7\% but core orders disappointed with a drop of 0.4\%. Excluding defense and air expenses, we see a drop of 0.1\% against 0.5\% expected. The US dollar is slightly stronger but [...] The post US GDP revised up to 1.2\%, core durables miss – USD hardly rises appeared first on Forex Crunch.
May 26 8:27am BabyPips.com
Not much on the docket for today's morning London session. Even so, there was price action aplenty since forex traders just continued the themes from the earlier session. As such, the yen grew even stronger while the pound got kicked even lower. Continue reading → The post London Session Recap: JPY Demand Persists, GBP Kicked Even Lower appeared first on BabyPips.com.
May 26 8:24am RTT - Forex Top Story
Taiwan's economy is set to expand at the fastest pace in three years in 2017 on improving global outlook, projections from the Directorate General of Budget, Accounting & Statistics (DGBAS) showed Friday. The agency raised the growth forecast for this year to 2.05 percent from 1.92 percent estimated in February. This would be the fastest rate since 2014, when GDP grew 4.02 percent.
May 26 7:52am FXTechstrategy
USDJPY: The pair remains vulnerable to the downside on correction as it sold off during Friday trading today. On the downside, support comes in at the 110.50 level where a break if seen will aim at the 110.00 level. A cut through here will turn focus to the 109.50 level and possibly lower towards the 109.00 level. On the upside, resistance resides atContinue reading...
May 26 5:46am BabyPips.com
What happened during OPEC's Vienna meeting and how did oil players react? Here are major points you need to know about the event! Continue reading → The post So OPEC Extended Its Production Cut Deal. Now What? appeared first on BabyPips.com.
May 26 3:34am BabyPips.com
Hey, forex friends! Looks like the euro is on track to extend its gains against the Greenback! What do you think of this setup? Continue reading → The post Trade Watchlist: Extended Uptrend for EUR/USD? appeared first on BabyPips.com.
May 26 3:06am Forex Crunch
Our special focus is on euro/dollar, which gradually made its way to the upside. The odds are improving for the common currency. Politics looks better in the euro-zone, and that’s a novelty. But the dollar is also lagging behind on growth and the travel of direction for central banks, even if the US has a [...] The post EUR/USD rally was fully justified, but can it break high resistance? appeared first on Forex Crunch.
May 26 2:41am BabyPips.com
Forex price action was a mixed bag of nuts during the Asian session, as low-yielders like the dollar and yen gained pips while the pound and comdolls took hits. Continue reading → The post Asian Session Recap: JPY Gains on Japan’s CPI While GBP Tanks on New Election Poll Results appeared first on BabyPips.com.
May 26 1:34am Forex Crunch
the pound is on the back foot, partially due to the downgrade of GDP. In the meantime, campaigning is resuming and Labour continues to narrow its gap against the Conservatives. What does it mean for sterling? Here is their view, courtesy of eFXnews: Nomura FX Strategy Research notes that Conservative lead over Labor is falling and [...] The post GBP: What Would A Labor Win Mean For GBP? – Nomura appeared first on Forex Crunch.
May 25 11:13pm BabyPips.com
A good number of inside bar patterns formed on USD/JPY and GBP/JPY again but a lot of early exit signals popped up. Most of these still managed to lock in gains, though! Continue reading → The post Mech System Update: Inside Bar Momentum Strategy 2.0 (May 19-26, 2017) appeared first on BabyPips.com.
May 25 10:17pm BabyPips.com
Now that pre-OPEC speculations are out of the way and commodities are in profit-taking mode, the Aussie could resume its slide versus the lower-yielding yen. Here are my entry levels. Continue reading → The post Trade Update: AUD/JPY Selloff to Resume? appeared first on BabyPips.com.
May 25 9:22pm BabyPips.com
It's Friyay, yo! End your forex trading week on a strong note by checkin' out USD/CAD's downtrend and a potential long-term retracement play on GBP/USD! Continue reading → The post Chart Art: Trend and Retracement Setups on GBP/USD and USD/CAD appeared first on BabyPips.com.
May 25 8:49pm FXTechstrategy
I am often asked by traders I meet, “How do I become a successful trader? What does it really take?” In any endeavor – whether the goal is to become a competent trader, surgeon, athlete, psychologist, musician, lawyer, or pilot – the path is the same: Dedication to the goal, a lot of hard work, and a willingness to keep picking yourself upContinue reading...
May 25 8:45pm RTT - Forex Top Story
Overall consumer prices in Japan gained 0.4 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday.
May 25 7:57pm BabyPips.com
The lack of top-tier data or market-moving headlines in the New York session kept traders reeling from the catalysts earlier in the day, namely the U.K. GDP revision and OPEC decision. Continue reading → The post U.S. Session Forex Recap: CAD and GBP Extend Intraday Losses appeared first on BabyPips.com.
May 25 3:38pm BabyPips.com
I'm taking another short opportunity in a longer-term downtrend, this time on CAD/JPY as it seems to have drawn in sellers at a previous swing high. Time for selling to resume? Continue reading → The post Trade Idea: Resistance on CAD/JPY? appeared first on BabyPips.com.
May 25 1:32pm Forex Crunch
One of the reasons that EUR/USD is trending higher stems from the divergence in growth. The euro-zone economy has grown at an annualized pace of 2\% in Q1 2017 (0.5\% q/q) while the US lagged behind with only 0.7\% annualized according to the first release. The second release of US GDP is expected to show [...] The post US GDP Preview: a buy opportunity on EUR/USD? 5 scenarios appeared first on Forex Crunch.
May 25 1:00pm Forex Crunch
The reports leading into the OPEC meeting became reality. The cartel and its friends outside the group will extend the oil production deal for another nine months, through March 2018. The conditions remain the same, including the exemptions for trouble-stricken Libya and Nigeria. The price of oil was front-running the meeting. And as in many similar [...] The post USD/CAD rises with oil’s post-OPEC fall appeared first on Forex Crunch.
May 25 12:25pm BabyPips.com
The US economy is slowing as seen in the 2s vs 10s yield spread tightening; i.e. the flattening of the yield curve. Continue reading → The post Do You Like Betting Against One-Way Bets? appeared first on BabyPips.com.
May 25 10:38am BabyPips.com
Yo! I've got a couple of chart patterns on today's intraday charts menu. To be more specific, I'm serving up a rising wedge on USD/JPY and a rectangle pattern on AUD/CHF. Get 'em while they're still hot, dawg! Hot dawg. Get it? Never mind. Continue reading → The post Intraday Charts Update: A Wedge on USD/JPY & Rectangle on AUD/CHF appeared first on BabyPips.com.
May 25 9:46am Forex Crunch
The Canadian dollar is following oil prices as OPEC members are concluding a deal. But this is not the only mover of the loonie. Here is their view, courtesy of eFXnews: BTMU FX Strategy Research notes that CAD has been continued to rebound as of late resulting in USD/CAD trading around back the 1.3400-level. On the [...] The post CAD: Supported By Technicals, Positioning, & Domestic Factors – BTMU appeared first on Forex Crunch.
May 25 8:59am RTT - Forex Top Story
A report released by the Labor Department on Thursday showed a slight uptick in first-time claims for U.S. unemployment benefits in the week ended May 20th. The report said initial jobless claims inched up to 234,000, an increase of 1,000 from the previous week's revised level of 233,000.
May 25 8:36am FXTechstrategy
GOLD: The commodity closed higher the past week leaving risk higher. On the downside, support comes in at the 1,250.00 level where a break will turn attention to the 1,240.00 level. Further down, a cut through here will open the door for a move lower towards the 1,230.00 level. Below here if seen could trigger further downside pressure targeting the 1,220.00 level. Conversely,Continue reading...
May 25 8:28am RTT - Forex Top Story
UK's economic growth eased more than previously estimated in the first quarter due to the downward revisions to services and production. Gross domestic product grew 0.2 percent sequentially in the first quarter instead of 0.3 percent estimated on April 28, the second estimates from the Office for National Statistics showed Thursday.
May 25 8:24am BabyPips.com
Lots of action in today's morning London session, with the pound getting slapped lower after the U.K.'s Q1 GDP got downgraded and the Loonie getting dragged down by slumping oil prices. The Loonie was the weakest currency of the session, though. Continue reading → The post London Session Recap: CAD Kicked Lower by Oil Price Drop, GBP Weighed Down by GDP Downgrade appeared first on BabyPips.com.
May 25 6:06am Forex Crunch
OPEC members are convening in Vienna to discuss an extension to the deal that saw a cut in production. They seem to be converging about extending the cuts by 9 months, as reports had already suggested earlier. The cuts will probably at the same scale of the previous agreement. Prices have gone up ahead of the [...] The post Oil sells the OPEC fact as details emerge appeared first on Forex Crunch.
May 25 4:50am BabyPips.com
Hello, forex friends! In case you missed them yesterday, the BOC gave its latest monetary policy statement and the minutes of the May FOMC huddle got released. And here are the main takeaways from those two top-tier central bank events that you need to know about. Continue reading → The post Key Takeaways from the May FOMC Minutes and BOC Statement appeared first on BabyPips.com.
May 25 4:32am Forex Crunch
The UK economy grew by only 0.2\% q/q in the first quarter of 2017. This is according to the latest estimate, the second out of three. Year over year growth dropped from 2.1\% to 2\%. GBP/USD does not seem to react too much. Update: after initially ignoring the news, pound/dollar is down to 1.2958. The [...] The post UK GDP revised down to 0.2\% – GBP follows appeared first on Forex Crunch.
May 25 3:00am Forex Crunch
The dollar dropped on Trump’s troubles but managed to recover, or at least correct. Some currency pairs have reached new highs and some are redefining ranges. What lines should we watch? Lines of support and resistance for the major pairs: EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, NZD/USD and USD/CHF. Lines of resistance and support for the following [...] The post Technical levels to watch – last week of May 2017 appeared first on Forex Crunch.
May 25 2:46am BabyPips.com
With not a lot of major data on the docket, forex traders paid close attention to the yuan's movements. Meanwhile, NZD saw a buy-the-rumor, sell-the-news scenario after an optimistic budget report release. Continue reading → The post Asian Session Recap: Yuan Jumps to a 2-Month High, NZD Shrugs Off Budget Report appeared first on BabyPips.com.
May 25 2:16am RTT - Forex Top Story
New Zealand Finance Minister Steven Joyce unveiled the 2017 budget in the election year, giving priority to family income and investment. In his first budget speech on Thursday, Joyce said the fiscal position continues to improve. The budget is set to log a NZ$1.6 billion surplus this year and NZ$2.9 billion surplus in the year to June 2018, he said.
May 25 2:07am RTT - Currency Markets
The safe-haven currencies such as the U.S. dollar and the yen weakened against their major counterparts in the Asian session on Thursday, as Asian stock markets traded higher, though gains are modest in most markets, following the positive cues overnight from Wall Street after the release of the latest Federal Reserve minutes. Investors are looking ahead to an OPEC meeting later in the day, which is widely expected to extend output cuts.