Dollar Weakens on Japanese Minister Comments and Other Top Forex News.

By simongray on May 20, 2013 08:04:56 GMT

The dollar weakened against most of its major rivals on Monday, after japanese economy minister, Akira Amari said that further depreciation of the yen could harm Japan’s economy. The Bank of Japan has enacted massive monetary easing measures to steer the country away from deflationary decline and more towards growth, as a result the yen [...]

Trade of the Day for May 20th – Long AUD/USD

By Ed Ponsi on May 20, 2013 11:37:26 GMT

Time to Buy Aussie AUDUSD shorts have been very successful, and the Aussie’s plunge has been front page news. Now that the rest of the world is looking for a weaker Aussie, it may be a good time to cover shorts and take a shot at the long side for a quick bounce. There are [...]

Chart of the Day for May 20th, 2012 – USD/CHF

By DailyFX on May 20, 2013 11:27:45 GMT

By Jamie Saettele, CMT

An inverse head and shoulders pattern that began exactly 8 months ago (9/14/12) was confirmed Tuesday in the USDCHF. The target from the pattern is 1.0111. In the ‘year of the breakout’, ignore such patterns at your own risk. Wrote Wednesday that “channel resistance won today but look for support at the broken upward sloping channel line and neckline (both in blue).” The neckline served as support Thursday and price is putting corrective channel resistance to the test. A break above the channel would indicate that the rally is accelerating from that point to much higher levels…and eliminate a corrective interpretation of the advance from .9021. The blue channel is a microcosm of the black channel. Any setbacks are viewed as opportunities to buy against .9520.