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Crude prices traded in a narrow range on Thursday as optimism over equity markets helped offset a surprise increase in U.S. oil inventory levels and a firm U.S. dollar. A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, also helped hold oil prices […]
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Commodity prices are weighing on currencies of significant producers, such as CAD, NOK, NZD and AUD. However, not all commodities are the same, and more subtle FX traders may look for exposure to particular commodity groups via the relevant currency pairs. Those expecting agricultural commodities to outperform metals and energy could have AUD/NZD on their […]
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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: Pending Short at 1.1224
- Euro Breaks Monthly Rising Trend Line Support Against US Dollar
- Looking for Rebound Above 1.12 Figure to Trigger Short Position
The Euro turned sharply lower, breaking support guiding the upward correction against the US Dollar set from early August and hinting at deeper losses. The single currency tumbled after the ECB hinted it may expand its stimulus efforts at yesterday monetary policy meeting.
Near-term support is now at 1.1118, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.1052. Alternatively, a rebound above rising trend line support-turned-resistance at 1.1225 opens the door for a challenge of the September 1 high at 1.1331.
Prices are too close to support to justify entering short from a risk/reward perspective. With that in mind, we will set up an entry order to sell the pair at 1.1224. If triggered, the trade will initially aim for a return to test 1.1118 and carry a stop-loss activated on a daily close above 1.1331. We suspect a correction higher may be triggered by the upcoming release of US employment data.
Bitcoin is still within the bounds of the symmetrical triangle pattern discussed in yesterday’s article. The chart below shows the range during the past eight days marked with a yellow rectangle. The daily range for today on BTC-E is only $3.49 dollars. This is a low in volatility we haven’t seen since early July. Is […]