Forex Forum @ ForexAbode
Please share any observations which can lead to a surer or bigger market movement. Sometimes there are big signs for a major market movement but we may miss to notice those. This sub-forum is for such signs. For example a trader may be looking at an hourly Forex chart and completely misses that there is a typical chart formation forming on daily chart, which can lead to a major price movement or there is some big fundamental news. Please contribute to bring up the best.
Sometimes there are big signs for a major market movement but we may miss to notice those. This post is for those watchouts. For example a trader may be looking at an hourly chart and completely misses that there is a typical chart formation forming on daily chart, which can lead to a major price movement... or there is some big fundamental news.
This post is from me but this sub-forum is for all to share any such observations which can lead to a surer or bigger market movement.
I also invite everyone to contribute and share their observations here, please.
This post used to be in beginners' forum before getting moved to here. Well, there is always more possibilities that a new trader misses something which a more experienced trader do not miss and that was the reason. But then anyone can miss some thing at some point and hence this sub-forum.
As far as the beginners are concerned, hope this post and this sub-forum help in not only taking better positions but also become platforms for learning.
Cheers and Happy Trading [/color]
Please also check other imortant sub-forums:
Forex Fundamental Analysis
Forex Technical Analysis
Forex Real-Time Trades
GBP/USD crossed the previous strong resistance levels of May 10th and May 12th. This may indicate a further move up towards 1.5190/1.5200 in the coming days. The point to be noted is that the currency pair is moving up within ascending parallel lines and getting support either at 9-day EMA or 20-day EMA. Currently it is near the upper trend line and hence a pullback before further climbing may take place.
AUD/JPY broke the previous support level of 73.66. A further downward move towards 72.60 is expected. A strong support should come over 72.00 and a move below that should take the currency pair down to 70.00 ranges.
Today the Nonfarm payroll (June) release is at 12:30 GMT. The estimate is -110K against previous 431K. A major drop and it seems that the currency pairs have taken this drop already into account. It is evident from recent big movements. Need to be careful for short-term positions today and its more of the wait and watch game till the actual release.
EUR/USD seem to be getting support at the lower trend line of the falling channel. If it does not break down this support then we should see some upward movement. If this support is broken then we should expect further downward movement.
An almost perfect Double Top Chart formation on daily chart of EURJPY. The currency pair retraced back upwards before the completion but wouldn't you say that it will try to test the psychological barrier of 105.00?
Ireland and EUR/USD:
On one hand IMF and Euro region's offer of bailing out Ireland has a poitive effect for Euro but on the other hand it will not only affect Ireland's credit rating and put more burden on the debt of the nation but the concerns about Portugal and Spain will not be forgotten.
The economic releases from Euro region (especially Germay etc) are not comparatively bad but then unfortunately Euro sentiments can't depnd on the major economies.
So what's our take on Euro? Well, coming out from 1.18 range to almost 1.43 indicates that the mid-term bottom has been formed but also we believe that some more downward correction should be on the way. A sustained trading below 1.40000 should ensure a dip towards 1.3300 or even 1.3200 range in the coming days.
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