ForexTribe is a french website mainly created to share graphic analysis and trade ideas on the Forex Forum.
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A further week confirming that the world's leading economy is on the right track of recovery
This past week's overall data validated the fact that the superpower's revival remains on the right track of recovery from the recession with most of its sectors activities enhancing gradually except the housing market that continues on being corroded, having the Federal Open Market Committee throughout the week attesting that the economy is improving increasingly amid the moderate improvement in consumer spending and overall manufacturing activities across the country.
In fact this week the Federal Open Market Committee decided once again to leave its benchmark interest rates unchanged at the current target range between 0% and 0.25%, forecasting that interest rates to remain low for an extended period, stated out as well that investment in nonresidential structures is still weak and the ...
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Technical analysis of the AUD/USD parity on March 18th, 2011
Commentary of the AUD/USD parity:
The pair AUD/USD is currently testing to make a double top on 0.9950. Indicators stay globaly bearish. We stay neutral on the pair between 0.99 and 1.0. We advise to wait an exit of this range to take positions:
- Long if 1.0 is broken
- Short if 0.99 is broken.
See the previous analysis of the AUD/USD parity of March 17th, 2011
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Technical analysis of the GBP/JPY pair on March 18th, 2011
Commentary of the GBP/JPY pair :
Following the intervention of the G7 on the Yen, the bearish movement of yesterday has been entirely retraced and the pair is currently testing the resistance at 132.02 (level 61.80%). We are neutral on the pair between this level and 131. We advise to wait an exit of this range to take position:
- Long if 132.02 is broken
- Short if 131 is broken
See the previous analysis of the GBP/JPY pair of March 17th, 2011
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Technical analysis of the GBP/USD pair on March 18th, 2011
Commentary of the GBP/USD pair :
A strong bullish movement occured on the pair GBP/USD which broke the resistance at 1.61. Currently, the pair is testing the fibonacci retracement 23.60% at 1.6154. We are neutral on the pair between this level and 1.61. We advise to wait an exit of this range to take position:
- Long if 1.6154 is broken
- Short if 1.61 is broken
See the previous analysis of the GBP/USD pair of March 17th, 2011
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Technical analysis of the NZD/USD pair on March 18th, 2011
Commentary of the NZD/USD pair :
A strong correction occured on the pair NZD/USD which is currently testing the resistance at 0.7288. We maintain to trade only short positions as far as 0.7288 is resistance. A return below 0.72 will comfort our bearish feeling and the breakout of 0.7149 will give a new sell signal. However, if 0.7288 is broken, we will be neutral. Only the breakout of 0.7350 (and so an exit of the bearish channel) will allow us to trade long positions.
See the previous analysis of the NZD/USD pair of March 17th, 2011
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Technical analysis of the USD/CAD pair on March 18th, 2011
Commentary of the USD/CAD pair :
A strong bearish movement occured on the pair USD/CAD following the intervention of the G7 on the Yen. The bullish movement of yesterday has been entirely retraced. Currently, the pair USD/CAD is testing the support at 0.9818. We are neutral on the pair between this level and 0.9850. We advis to wait an exit of this range to take position:
- Long in case of return above 0.9850
- Short if 0.9818 is broken.
See the previous analysis of the USD/CAD pair of March 17th, 2011
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Analysis: Japan heading back into recession
(Reuters) - Japan's economy seems to be in a state of almost suspended animation as its nuclear crisis shows no sign of ending, sorely testing analysts' hopes for a swift rebound led by reconstruction efforts.
Indeed, with trillions of yen wiped off share markets and a surging yen currency squeezing the all-important export sector, economists fear an extended slump is inevitable.
"Japan will fall into a temporal recession," wrote Susumu Kato, Credit Agricole's chief economist for Japan in a note. He expects gross domestic product (GDP) to shrink this quarter and next, making three straight quarters of contraction.
He estimated the devastating earthquake and tsunami which struck last Friday would take 0.6 percentage points from gross domestic product (GDP) growth in the first quarter and ...
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Technical analysis of the AUD/USD parity on March 17th, 2011
Commentary of the AUD/USD parity:
The pair AUD/USD validated yesterday the breakout of 0.9850, giving us a new sell signal. The bearish movement continued until the support at 0.97. The pair is now testing a pullback on 0.9850. All indicators are bearish. We maintain to trade only short positions as far as 0.99 is resistance. A return below 0.98 will comfort our bearish feeling and the breakout of 0.97 will give a new sell signal.
See the previous analysis of the AUD/USD parity of March 16th, 2011
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Technical analysis of the USD/CAD pair on March 17th, 2011
Commentary of the USD/CAD pair :
The pair USD/CAD is still very volatile but continued its bullish movement and the breakout of 0.9870 (level 50%) gave us a new buy signal. Currently, the pair is testing the resistance at 0.9915 (level 61.80%) after a highest at 0.9967. We maintain to trade only long positions as far as 0.9870 (level 50%) is support. The breakout of 0.9915 will give a new buy signal. The next resistance is at 0.9950. However, if 0.9870 is broken, we will be neutral.
See the previous analysis of the USD/CAD pair of March 16th, 2011
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