Forex Market Commentary For FX traders
EUR/USD failed to push above 1.1234 (02/08/2016 low) and we are now looking at a slide towards support at 1.1046 (05/08/2016 low). Dollar weakness and not Euro strength per se allowed this run-up and it failed. The 1.0458 (16/03/2015 low) remains the long term target.
GBP/USD remains within a downtrend channel since the Brexit. The push to 1.34 failed and now the pair is trading below 1.3000 and bearish in outlook. Resistance is at 1.3097 (08/08/2016 high).
Further decline is expected with traders now talking about
1.0520 (01/03/85) as a long term target.
USD/JPY tried to pierce the 102.83 (02/08/2016 high) and failed to continue a bearish momentum. Traders are looking at 96.57 (10/08/2013 low) and further support at 93.79 (13/06/2013 low).
USD/CHF at the support at 0.9634 (02/08/2016 low) with strong resistance given at 9956 (30/05/2016 high). Traders see a long term bullish structure.
Dollar falls and mixed data reaction read on Bloomberg:
http://www.bloomberg.com/news/articles/2016-08-11/asian-futures-tip-gains-after-u-s-records-oil-extends-rebound
GBP/USD remains within a downtrend channel since the Brexit. The push to 1.34 failed and now the pair is trading below 1.3000 and bearish in outlook. Resistance is at 1.3097 (08/08/2016 high).
Further decline is expected with traders now talking about
1.0520 (01/03/85) as a long term target.
USD/JPY tried to pierce the 102.83 (02/08/2016 high) and failed to continue a bearish momentum. Traders are looking at 96.57 (10/08/2013 low) and further support at 93.79 (13/06/2013 low).
USD/CHF at the support at 0.9634 (02/08/2016 low) with strong resistance given at 9956 (30/05/2016 high). Traders see a long term bullish structure.
Dollar falls and mixed data reaction read on Bloomberg:
http://www.bloomberg.com/news/articles/2016-08-11/asian-futures-tip-gains-after-u-s-records-oil-extends-rebound
Crude oil gained 3 dollars this week read on Reuters:
http://www.reuters.com/article/us-global-oil-idUSKCN10N03T
Please turn to Bloomberg for global bond yields:
http://www.bloomberg.com/markets/rates-bonds
USDX 95.702 -0.212 -0.27%
EUR/USD 1.116600 +0.002545 +0.23%
GBP/USD 1.29730 -0.00493 -0.38%
USD/JPY 102.0140 -0.7215 -0.71%
USD/CHF 0.974780 -0.000110 -0.01%
10 yr US T-Notes 132.546875 +0.500000 +0.38%
Crude Oil 44.74 +1.25 +2.88%
Gold 1336.180 -4.180 -0.31%
SP500 2184.05 -1.74 -0.08%
Dow 18576.47 -37.05 -0.20%
1. Always use your own better judgment as an FX trader and try to build a picture of trade logic combining both technical and fundamental understanding of the Forex markets.
2. Use Day Charts Japanese Candlesticks as the preferred interpretation of daily price action.
3. Use FX trading as 50% of your trading plans and balance with safe conservative wealth building plans. Please read:
Consistent Wealth Building Program
Proper Planning Prevents Poor Performance.
Do not rush but plan out your Forex trading career to consistently become profitable and successful.
Pieter Bergli - Trader X16
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