Range bound trading continues. It is especially obvious when MA is moving horizontal. Notice on the daily Cable chart below that the 50 SMA has been horizontal since late July while the 100 SMA turned horizontal in late September.
Category Archives: General Forex
Australian Dollar Gains on Rising Commodities/Equities and Weakening U.S. Dollar
Following four downtrending days attributed to a rising stock market and record setting gold prices, the Australian Dollar finally saw broad gains in Asian trading today.
A Busy Week, but Little Top-Tier Data, as Markets Wind Down for US Thanksgiving
This week is relatively light of top-tier data, with the calendar instead dominated by US government supply and the upcoming Thanksgiving break. The US Treasury is scheduled to auction $118bn of Treasury notes as it continues to grapple with the financing requirement of a massive Federal deficit. The week sees…
EURUSD: The 1.4782/1.4625 Levels Keep MT Bias Higher
Even though EUR put in a negative performance the past week following its failure at the 1.5014 level, its Nov 16’09 high and its subsequent weakness, as long as its current setback maintains above the 1.4782 level, its MT rising trendline and its Nov 03’09 low at 1.4625, we look…
GBPUSD: Price Extension Envisaged
The pair followed through lower on its nearer term declines off the 1.6875 level on Friday decisively violating its short term trendline and taking out the 1.6514 level. This development continues to put GBPUSD under pressure with risk seen towards the 1.6260 level especially now that a bearish engulfing candle…