Top Global Market Stories
Oil recovered to about $50 a barrel on Tuesday after touching a six-month low in the previous session, although high global production and concern over the economic outlook in China weighed on the outlook. The bounce came as a weaker dollar and a rally in Chinese equities helped commodities post gains following a steep slide […]
Top Trade Ideas
Last week GBPCAD arrived at a swing equivalent level where the last swing (“CD”) was the same size as the swing leading into it (“AB”). It’s quite common for trends to end at this point, setting up for a significant correction. The uptrend in GBPCAD had been losing momentum as it approached this swing equivalent […]
MT4 Trading & Education
Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 3 minute video, I’m going to introduce you to the Parabolic SAR indicator for MetaTrader 4. If you don’t already have a demo account, you can follow along for free with an OANDA account by clicking the link below this video. Register For A […]
- EUR/USD Technical Strategy: Flat
- Support: 1.0814, 1.0740, 1.0648
- Resistance:1.0888, 1.0980, 1.1128
The Euro moved lower against the US Dollar as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is in the 1.0814-18 area (50% Fibonacci expansion, May 27 low), with a break below that exposing the 61.8% level at 1.0740. Alternatively, a push above the 38.2% Fib at 1.0888 clears the way for a test of the 23.6% expansion at 1.0980.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlook from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
Bitcoin edged up smaller gains today as the slow summer season takes hold. We opened at $279.79, fell to $276.89 before rallying to $282.18. Prices closed off the session at $281.52, a gain of $1.73 dollars. We are currently quoted somewhat weaker at $280.52 on BTC-E. On rival exchange OKCoin BTC/USD opened at $282.59, fell […]