With a light calendar ahead & the holiday environment right around the corner, todays GDP update from Canada & Sterlings momentum is one of the few setups to watch.
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Despite a busy economic calendar, it looks like U.S. traders have already checked out for the holidays as uniform U.S. dollar price action was almost non-existent and choppy all week long.
Sterling was down in the dumps this week as hard Brexit fears returned with the move to limit Brexit negotiations beyond 2020.
The euro taken down by the odds of hard Brexit rising substantially this week, while the franc was a net winner despite a positive week for global risk sentiment and dovish comments from the Swiss National bank.
Mixed week for CAD as Canadian data also came in mixed, but overall closing the week net positive thanks to a spike higher in inflation data.
After an early round of weakness for the Kiwi was turned around after a better-than-expected GDP read from NZ, and broad global risk sentiment moving positive.
The Aussie takes the crown against the major currencies this week after a positive turn on sentiment thanks to better-than-expected Australian jobs data.
The Japanese yen finishes a very quiet week as a net loser, mostly influenced by counter currency flows and global risk sentiment.
Most major currencies have already bounced higher against the U.S. dollar as news of Trumps impeachment broke out, but it seems that European currencies have yet to catch up.
With a lack of top tier catalysts on the calendar this afternoon, were checking out the strong momentum in GBP/NZD for potential short-term setups.
Will Australias jobs data be enough for AUD bulls to break below GBP/AUDs support level? Heres a setup that Im looking at.
Potential big time catalysts coming from Australia and Japan could make this uptrend pullback in AUD/JPY to setup to watch for the next session.
Ever read news updates on rising unemployment or falling claimant counts but dont have a clue what these mean for the forex market? Read on to find out why jobs reports are important!
Fears of a hard Brexit just wont let up, and the upcoming inflation reports from the U.K. could bring another set of losses for this sterling pair.
A quick fall for AUD/USD on the Tuesday session brings traders to a broken minor resistance area. Will buyers step in here or is it more downside for the session?
Fears over a new Brexit deadline got traders selling the pound today. I still expect GBP/AUD to extend its uptrend, however. Heres what I spotted on the 1-hour chart!
Risk-on sentiment is on the rise to start off the week, making this short-term trend on USD/CAD something to watch as the market retraces.
Start your trading prep with a quick review of last weeks forex action from my buddy Pip Diddy, an overview of catalysts lined up for the major currencies, and the charts to watch this week.
The dollar lost pips across the board despite positive trade developments last week. Can the bears extend the downtrend this week?
Argue for your limitations, and sure enough they are yours.Richard Bach
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