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Long Positions As FarTitle:
French, Greek Elections Set to Impact Euro
A disappointing US jobs report resulted in the safe-haven US dollar sliding against the Japanese yen while rallying against riskier currencies like the AUD and EUR to close out last week's trading session. Turning to today, elections held in France and Greece over the weekend are forecasted to generate significant market volatility. Any indication that Greece could back away from recent austerity measures as a result of the election could result in the euro extending its current bearish trend.
Economic News
USD - US Jobs Report Causes USD/JPY to Tumble
Last Friday's US Non-Farm Payrolls figure came in at 115K, well below the forecasted 173K. The news represented the third month in a row of declining hiring in the US, and resulted in renewed speculation that the Fed may initiate a new ...
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Technical analysis of the EUR/USD pair on May 7th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD has opened the week on a bearish gap and has validated the breakout of 1.3150/1.31/1.3050, giving all a new sell signals.
The pair just found support on the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positons as far as 1.31 is resistance.
The breakout of 1.30 and 1.2950 will both give a new sell signal.
In case of return above 1.31, we will wait the breakout of 1.3150 to advise long positions.
See the previous analysis of the EUR/USD pair of May 4th, 2012
EUR/USD Analysis
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Technical analysis of the USD/CAD pair on May 7th, 2012
Commentary of the USD/CAD pair :
The pair USD/CAD broke last friday the resistance at 0.9925, giving us a buy signal.
The pair got out of its bearish channel (purple lines) and has just validated the breakout of the resistance at 0.9965.
All indicators are bullish.
We continue to advise long positions as far as 0.9911 is support.
The breakout of 1.0020 will give a new buy signal and will open the way towards 1.0050.
In case of return below 0.9911, a sell signal will be given.
See the previous analysis of the USD/CAD pair of May 4th, 2012
USD/CAD Analysis
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Technical analysis of the USD/JPY pair on May 7th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY has continued its bearish movement and the return below 80 comfort our bearish feeling.
All indicators are bearish.
The pair continues to move into its bearish channel (black lines).
We continue to advise short positions as far as 80.50 is resistance.
The breakout of 79.50 will give a new sell signal and open the way towards 79.
In case of return above 80.50, we will wait the breakout of 81.06 to advise long positions.
See the previous analysis of the USD/JPY pair of May 4th, 2012
USD/JPY Analysis
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Euro tanks to three-month low after Greek vote upsets
(Reuters) - The euro tanked on Monday, breaking below its well-worn range from the past three months against the dollar after elections in Greece and France raised fresh concerns that the euro zone's hard-earned bailout and austerity steps could fall apart.
In particular, the apparent failure of two pro-bailout ruling parties in Greece to win a majority in the parliament is throwing the future of the bailout scheme for the country into doubt.
With 95 percent of votes counted, the conservative New Democracy (ND) and socialist PASOK, who have dominated Greece for decades, is seen falling short of the 151-seat threshold needed for even the most fragile majority in parliament.
"The PASOK did unexpectedly poorly in the election ... Until we have more clarity on how the coalition government ...
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No escaping European risks
(Reuters) - The prospect of political risks joining economic and debt problems on the euro zone's list of worries, just as the outlook for global growth becomes uncertain, will keep investors focused firmly on safety plays in the coming week.
The implications of French and Greek elections for the region's drive to impose fiscal austerity will be crucial, while March readings on industrial production in Spain, Germany, Italy and France will also highlight the challenges facing the region.
China takes centre stage towards the end of the week with the release of inflation, retail and factory output numbers, as signs of a weaker U.S. economic performance and the deepening recession in Europe make Asia's strength more crucial.
The disappointing 115,000 increase in U.S. non-farm payrolls in ...
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ECB Press Conference Helps Euro Recover
After falling throughout the morning session, the euro was able to stage a partial recovery during afternoon trading yesterday, following comments from ECB President Draghi who reiterated his earlier predictions of euro-zone economic growth during the second half of the year. Turning to today, investors will be carefully monitoring the US Non-Farm Payrolls, set to be released at 12:30 GMT. Analysts are forecasting today's news to come in at 173K. While that number would represent a significant increase over last month's Non-Farm figure, it is not considered high enough to signal strong growth in the US labor sector. Still, should today's news come in at or above expectations, the greenback could see gains to close out the week.
Economic News
USD - All Eyes on Today's US Non-Farm ...
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Technical analysis of the XAU/USD (Gold) pair on May 4th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD has validated yesterday the breakout of 1640 points and is back into its bearish channel (purple lines).
The pair is still moving below the lower band of its long term bullish channel.
Indicators are globaly bearish.
We maintain to trade only short positions as far as 1640 points is resistance.
The breakout of 1630 and 1620 will both give a new sell signal and open the way towards 1600 points.
In case of return above 1640 points, we will wait the breakout of 1650 to advise long positions.
See the previous analysis of the XAU/USD pair of May 3rd, 2012
XAU/USD Analysis
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Technical analysis of the AUD/USD parity on May 4th, 2012
Commentary of the AUD/USD parity:
The pair AUD/USD has validated yesterday the breakout of 1.03, offering a new sell signal.
The pair continues to move on a parallel to its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 1.0350 is resistance.
The breakout of 1.0250 will give a new sell signal and open the way towards 1.02.
In case of return above 1.0350, we will wait the breakout of 1.04 to advise long positons.
See the previous analysis of the AUD/USD parity of May 3rd, 2012
AUD/USD Analysis
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