Friday and Monday are expected to be quite days. Summer is more active in price action then anticipated. NFPs could drive the markets further. Until then I expect consolidation and little market moves. The best opportunity will arise in JPY which is net long in traders' positions and should produce a move to the downside.
iggy_ua's Blog
USDJPY forecast
USDJPY has produced a surprise drop yesterday. Actually, it was not unpredicted. Last month after the BoJ slashed the interest rate to negative I posted a blog to be cautious with JPY shorts. However, the strength of JPY expended further than I would anticipate. Yesterday I tried to call a bottom of the USJPY fall and sustained losses. Again, very dangerous to trade such strong moves. Reversals will evolve very slowly.
The weekly and daily USDJPY charts show that the pair has broken the support …
The weekly and daily USDJPY charts show that the pair has broken the support …
NZDUSD trade
Following Fridays' NFPs, which were taken by the market with a mixed bias, I would argue for a dollar strength on Monday. The report was more positive than negative, which will boost dollar rebound after last week's slide. Technically USD crosses are overbought and should find selling on a profit taking in an absence of the major economic releases in the next few days.
I will sell NZDUSD and GBPUSD. GBPUSD was described in a previous post. NZDUSD produced a strong rally after a strong unemployme…
I will sell NZDUSD and GBPUSD. GBPUSD was described in a previous post. NZDUSD produced a strong rally after a strong unemployme…
Trade strategy
It's hard to trade forex as any other markets based on the indicators without understanding the price action.
The better way is to apply simple and more predictable methods
The suggested trade approach is based on the channels and support and resistance lines. Do not look for fancy indicators, apply most evident easy to use tools.
1. Draw a channel on the main chart on H4 and a channel of the RSI indicator.
2. Do the same on H1. If the channels have the same direction, wait to join the trend. I…
The better way is to apply simple and more predictable methods
The suggested trade approach is based on the channels and support and resistance lines. Do not look for fancy indicators, apply most evident easy to use tools.
1. Draw a channel on the main chart on H4 and a channel of the RSI indicator.
2. Do the same on H1. If the channels have the same direction, wait to join the trend. I…
USDJPY saga
no change in the near terms USDJPY destiny so far. the price shoot up to the range top. expect another leg down to retest the bottom. definitely, the move up also is on the radar. no long-term positions yet