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Parity A CorrectionTitle:
Forex - Markets Cautions Ahead of FOMC Minutes
The US QE debate continues to drive asset prices - specifically Gold up and USD down. While the recent discord has revolved around the size of the Fed’s potential stimulus spurred by the disappointing ADP figures, we are hearing more dissenting opinions which are bringing a level of sanity to earlier predictions. The Kansas City Fed President advanced that additional QE would be more negative than positive while the newly elected Fed-Dove Yellen sounded more cautions asserting that overly loose monetary policy would encourage excessive risk taking.
In addition, a slew of prominent investors, including Soros, Buffet and acclaimed analyst S.Roach, noted that monetary policy easing didn’t work the first time around and will fail again plus it may plant the seeds for further problems down ...
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Technical analysis of the USD/JPY parity on October 12th, 2010
Commentary of the USD/JPY parity :
The parity made a small correction but 82.50 is still resistance. We maintain to trade only short positions as far as it is the case. The breakout of 81.50 will give a new sell signal. We could then target the next support at 81.00
See the previous analysis of the USD/JPY parity of October 11th, 2010
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Forex - UK Inflation Data Will Be Highlight For FX Markets This Week
It’s a rather subdued start to the week after Friday’s US employment data volatility. Despite the much worse than expected figures (non-farm payrolls -95k vs. -5k expected), the pressure on US yields has failed to have a sustained impact on the FX space, and if anything, the momentum of dollar selling looks to have slowed. The weekend’s G7, IMF and World Bank meetings did not produce any decisions or outcomes worthy of a market reaction and as such we’ve kicked off the new week in a rather directionless manner. Following the holiday in Japan which limited the liquidity in the Asian session, we also have the US Columbus Day holiday and Canadian Thanksgiving holiday on the cards which is likely to have an even greater impact on liquidity into the afternoon session. Our focus is ...
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Technical analysis of the AUD/USD parity on October 11th, 2010
Commentary of the AUD/USD parity:
The parity fake a breakout of 0.98 and is currently testing the resistance at 0.99. The price is currently testing its bullish slant as resistance. Indicators stay globaly bullish. We maintain to trade only long positions as far as 0.98 is support. The breakout of 0.99 will give a new buy signal. The next major resistance is at 1.0. However, if 0.98 is broken, we will stay neutral. The correction could then pursuit towards 0.9750.
See the previous analysis of the AUD/USD parity of October 8th, 2010
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Technical analysis of the EUR/JPY parity on October 11th, 2010
Commentary of the EUR/JPY parity :
The parity just made a pullback on 114 but didn't succeed to get back above the resistance at 115. All indicators are getting bearish on this correction. We stay neutral on the parity between 114 and 115. We advise to wait an exit of this range to take position :
- Long if 115 is broken
- Short if 114 is broken
(stop loss below/above 114.50)
See the previous analysis of the EUR/JPY parity of October 8th, 2010
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Forex - Markets Consolidate Ahead of NFP
Traders holding long JPY positions were bracing themselves for today’s Asian open. However, the ever-image-conscious Japanese clearly felt that a physical intervention just hours from the IMF / G7 meeting was not worth the reputation risk. Especially if Japan’s intention were to help the US pressure China to increase CNY flexibility.
Rhetoric from Japanese policymakers did increase significantly with Prime Minister Kan stating the classic phase "we cannot overlook excessive currency moves" and assuring the market that the nation would take decisive action in FX, when necessary. BoJ Governor Shirakawa also added his two cents stating that a stronger Yen negatively affects the Japanese economy. He added that the JPY risk reflected uncertainty in the global economy - specifically within ...
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Technical analysis of the XAU/USD (Gold) parity on October 8th,2010
Commentary of the XAU/USD parity:
A strong correction occured on the parity and is price is currently finding support on 1330. All indicators are now bearish. We stay neutral on the parity as far as the parity is below 1340. If the price gets back above this level, we will advise to trade only long positions and the breakout of 1350 will give a new buy signal (SL : 1325).
See the previous analysis of the XAU/USD parity of October 8th, 2010
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Technical analysis of the EUR/GBP parity on October 8th, 2010
Commentary of the EUR/GBP parity:
The parity continues its bullish movement into its bullish channel. 0.8730 (highest of October 3rd) perfectly acted as support during the last correction. All indicators are currently bullish. We maintain to trade only long positions as far as 0.8730 is support. THe breakout of 0.88 will give a new buy signal. The next major resistance is at 0.90.
See the previous analysis of the EUR/GBP parity of October 7th, 2010
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Technical analysis of the GBP/USD parity on October 8th, 2010
Commentary of the GBP/USD parity :
The major resistance at 1.5972 led a strong bearish correction. The parity got out of its bearish channel. However, we maintain to trade only long positions as far as 1.5850 is support. A return into the channel will comfort our bullish feeling. However, between 1.58 and 1.5850, we will be neutral and we will wait an exit of this range to take position again.
See the previous analysis of the GBP/USD parity of October 7th, 2010
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