Top Global Market Stories
After breaking above the descending channel that it has traded within for more than a year, the Australian dollar has failed to gather much momentum against the greenback and once again appears to be struggling to push on. I highlighted on Tuesday (AUDUSD – Bullish Breakout Unconvincing) that while the move above the channel should […]
Top Trade Ideas
Despite the overall bearish tone the ECB is having in the sense that the central bank is expected to cut the rates deeper into negative territory and to extend the quantitative easing program, I kind of like the EURAUD cross at current levels. The reason for that is the fact that the market seems to […]
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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: Short at 1.1057
- Break of 7-Month Trend Line Support Hints Long-Term Euro Down Trend Resuming
- Short Trade Triggered, Initially Targeting Move Back Below 1.10 Figure vs. US Dollar
The Euro looks to be resuming its long-term down trend against the US Dollar after a break of support marked by a rising trend line set from mid-March. Prices topped and turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern.
From here, a daily close below the October 23 low at 1.0996 opens the door for a test of double bottom support marked by the May 27 bottom at 1.0818. Alternatively, a move back above the trend line and horizontal support-turned-resistance at 1.1118 clears the way for a challenge of the 38.2% Fibonacci retracement at 1.1187.
We will now enter short, initially targeting 1.0996. A stop-loss will be activated on a daily close above 1.1118. We will take profit on half of the position and trail the stop-loss to the breakevenlevel once the first objective is reached.
Bitcoin had a highly volatile Thanksgiving session. On OKCoin we opened at $328.90 and slowly rallied until we hit a high of $369.70 around mid-day. But this $40 dollars rally came to an abrupt stop here as prices tumbled back down to hit $340.55 just few hours later. We are currently quoted at $344.54 on […]