Top Global Market Stories
Talking Points: AUDUSD triangle breakout eyes A$0.7440, A$0.7680. EURUSD triangle breakout eyes $1.1435/65. See the October forex seasonality report that favors US Dollar weakness. The US Dollar remains on weak footing, with new lows eyed in the USDOLLAR Index. In particular, the thrust appears to be driven by AUDUSD and EURUSD, as GBPUSD has more […]
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Uncertainty, ambiguety, approximation – all part of the traders’ world. So when a chart signal sets up perfectly its often welcomed as a small dose of clear instruction from the market. And the “W” reversal in AUD/CAD is as good as it gets. The chart shows the action. The double bottom gives the points of […]
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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: Flat
- Euro Poised to Continue Higher After Breaking Triangle Pattern Resistance
- Waiting to Enter Short in Line with Long-Term Trend After Upswing Fizzles
The Euro looks poised to continue higher against the US Dollar after prices took out the top of a Triangle consolidation pattern. The breakout suggests the upside correction launched in mid-March has more room to develop beforethe larger multi-year down trend resumes.
Near-term resistance is now at 1.1432, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 50% level at 1.1539. Alternatively, a move below resistance-turned-support at 1.1265 clears the way for a descent to the 1.1028-86 area, marked by the September 3 low and a rising trend line.
We continue to see Euro gains as corrective within the context of a structural decline launched in mid-2008. With that in mind, we will opt not to pursue a long position. Instead, we will wait for the upswing to show signs of exhaustion and look to enter short once an attractive opportunity to do so presents itself.
Bitcoin got rejected today after making another play for the $245 handle. This was the second try at the figure in the last 24 hours and it didn’t go well for the bulls. Prices peaked at $244.94 this time, below yesterday’s $245.04 high. Thus the September bitcoin high on BTC-E at $245.80 remains unbroken. After […]