FOREXYARD: Forex News Blog | |
- Sell Signals on EUR/CHF
- EUR/AUD Likely to Enter Downward Correction
- USD May See Upward Correction Today
| Posted: 10 Feb 2011 03:34 AM PST
A bullish movement of the EUR/CHF cross hasn't received much support as of late. Below, I will demonstrate that the EUR/CHF pair has already commenced a downward trend for today, as a bearish cross has taken place on the Slow Stochastic. In addition, the Relative Strength Index indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure, and the cross may tumble another 50-110 pips in the coming 2 days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price? The next support level is located at the 1.3080 level.
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| EUR/AUD Likely to Enter Downward Correction Posted: 10 Feb 2011 12:58 AM PST
The volatile of the EUR/AUD pair continues to be affected by the volatile forex market. The last week has seen a lot of bullish strength in the EUR/AUD pair. However, as I demonstrated below, it seems that the pair's bullish run may have run out of steam, and a bearish correction could be underway soon. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price. • The Chart below is the 4-hour chart for EUR/AUD by ForexYard. • The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic. • Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure. • Point 3: The Williams Percent Range signals further bearishness for the pair, which in turn indicates further downward pressure to occur anytime soon. EUR/AUD 4-Hour Chart |
| USD May See Upward Correction Today Posted: 09 Feb 2011 11:06 PM PST
After falling against most of its main currency rivals yesterday, the US dollar may be able to rebound today with the release of this week’s US Unemployment Claims. In addition, significant news out of the UK is likely to contribute to what appears likely to be a volatile trading session. Here is a roundup of the day’s main news events: 12:00 GMT- GBP Official Bank Rate Analysts are debating whether the Monetary Policy Committee in England will decide to finally raise national interest rates from their current level of 0.50% when they make their official announcement today. Traders will want to pay attention to the bank rate announcement, as well as to a possible MPC Rate Statement which may or may not occur today. Should interest rates go up, sterling is likely to see a very bullish day against its main currency rivals. 13:30 GMT- USD Unemployment Claims The employment situation in the United States continues to be one of the key indicators of overall economic health in the US. Last week’s unemployment figure came in better than expected, and led to substantial gains for the USD. This week, analysts are calling for a figure of around 411K, which if true, would represent another decline in unemployment in America. Following the bearish day the dollar had yesterday, today’s news may provide the USD with the necessary boost to recoup some of its recent losses. |
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