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Parity Continues To MoveTitle:
USD Continues to be Sold
The US dollar was weaker again as high yielding currencies performed well. The euro was up sharply versus the dollar and global bourses were higher following yesterday's strong trading session in the Dow.
Economic News
USD - Dollar Continues to Struggle
The slide in the value of the dollar continued today following weaker than expected ADP Non-Farm Employment change. The report showed job losses of -39K. Economists had expected the report to come in at a positive 23K. The payrolls company said the slide in private sector jobs confirms a pause in the economic recovery already evident in other data. Employment fell in all major sectors.
Dollar weakness was prevalent with sharp losses occurring versus the euro. The EUR/USD was trading higher at 1.3920, up from an opening day price of 1. ...
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Technical analysis of the EUR/GBP parity on October 6th, 2010
Commentary of the EUR/GBP parity:
The parity continues its bullish movement into its bullish channel and is still testing the resistance at 0.87. Indicators are globaly bullish. We maintain to trade only long positions as far as the price is above 0.8650. The breakout of 0.87 will give a new buy signal. The next major resistance is at 0.88.
See the previous analysis of the EUR/GBP parity of October 5th, 2010
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Technical analysis of the EUR/JPY parity on October 6th, 2010
Commentary of the EUR/JPY parity :
The parity continues to test the resistance at 115. The breakout of this resistance has been validated but the bullish movement don't continue towards next resistances. All indicators are bullish. We maintain to trade only long positions as far as the price is above 114.50. The next resistance is at 116. The breakout of this level will give a new buy signal.
See the previous analysis of the EUR/JPY parity of October 5th, 2010
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Technical analysis of the USD/CHF parity on October 6th, 2010
Commentary of the USD/CHF parity :
The parity continues its bearish movement and the breakout of 0.97 gave us a new sell signal. Currently, 0.9650 seems to act as support. We maintain to trade only short positions as far as 0.9720 (median line of the bearish channel) is resistance. The breakout of 0.9650 will give a new sell signal.
See the previous analysis of the USD/CHF parity of October 5th, 2010
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The Impact of Japan’s Negative Interest Rates
The grenade that economist Joseph Stiglitz threw from left field at the euro (EUR) yesterday, was a one-day hit. You see… The euro is back to moving higher versus the dollar this morning. More on that, and the RBA leaving their powder dry, in today’s issue, so let’s go!
OK… I guess I have to crawl like a viper through these suburban streets, and try not to get hit with a shovel, as my tea leaves were all wrong on the RBA’s rate decision… Recall, that originally, I said the RBA would not raise rates at this month’s meeting, but then began to drink the Kool-Aid that was being served by the recent data coming from Australia, with the most important one being that inflation was above their target rate; I said that I was 2/3rds in on a rate hike…
Well… The RBA left their interest rate powder ...
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Technical analysis of the XAU/USD (Gold) parity on October 5th,2010
Commentary of the XAU/USD parity:
The parity continues its bullish movement and is testing a breakout of 1320. If validated, a new buy signal will be given. All indicators are bullish. We maintain to trade only long positions as far as 1310 is support. It is hard to determine next levels of resistance because the parity is moving in an unknown territory.
See the previous analysis of the XAU/USD parity of October 5th, 2010
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Technical analysis of the GBP/USD parity on October 5th, 2010
Commentary of the GBP/USD parity :
The parity again found support on the lower band of its bullish channel and continues to move above the support at 1.58. We maintain to trade only long positions as far as 1.5784 is support. The breakout of 1.5850 will give a new buy signal. However, if 1.5784 is broken, we will stay neutral between this level and 1.5714.
See the previous analysis of the GBP/USD parity of October 4th, 2010
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Technical analysis of the USD/CHF parity on October 5th, 2010
Commentary of the USD/CHF parity :
The parity continues its bearish movement and the breakout of 0.9750 gave us a new sell signal. The next support is at 0.97. We maintain to trade only short positions as far as 0.9750 is resistance. The breakout of 0.97 will give a new sell signal. However, if the price gets back above 0.9750, we will be neutral.
See the previous analysis of the USD/CHF parity of October 4th, 2010
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Forex - Little Respite From Greenback Selling
It’s been a particularly quiet start to the trading week with the USD regaining some of last week’s lost ground, but not much. A key theme that emerged at the end of September was the selling of the USD against everything – there’s evidence that many-a-trader are jumping onto this bandwagon. IMM data released last week showed that USD shorts reached an extreme level, while AUD, CHF and EUR longs increased dramatically. Logically there should be some relief in the near term.
The market will be particularly attentive to US data this week as well as the four G10 central bank rate decisions among the BoJ, RBA, BoE and ECB. The increasing probability of a Fed QE2 program (2nd round of quantitative easing) will be the key factor for the market to determine whether to buy or sell the USD. ...
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