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Oil prices slid to fresh four-month lows Monday as a rise in the number of U.S. oil rigs fueled supply glut concerns even as weak China manufacturing activity weighed on the demand outlook. West Texas Intermediate crude for delivery in September dropped 73 cents, or 1.6%, to $46.39 a barrel in electronic trading. The contract […]
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: 1.0888, 1.0814, 1.0740
- Resistance:1.0980, 1.1036, 1.1128
The Euro is digesting losses after turning lower against the US Dollar as expected following the appearance of a bearish Evening Star candlestick pattern. A daily close below the 38.2% Fibonacci expansionat 1.0888 exposes the 1.0814-18 area (50% level, May 27 low). Alternatively, a move above the 23.6% Fib at 1.0980 opens the door for a challenge of the 14.6% expansion at 1.1036.
The available trading range is too narrow to justify entering a trade in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Bitcoin is still trading undecided. After opening at $279.27, BTC/USD dipped to $277 flat on BTC-E. From here we rallied back up to $282.70. We are currently quoted at $280.00, only 73 cents higher compared to yesterday’s opening price. Very similar price action could be seen on OKCoin. Here we opened at $280.71, fell to […]