Risk aversion had been the primary theme in global financial markets during today’s London session. An attempt by bulls to wrest control from the bears after the release of better than expected US news proved futile during the New York session. Traders who waited patiently for the post-news volatility to subside before shorting the EUR/USD currency pair, were rewarded with a profit of at least 90 pips before the London close.
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GBP, CAD and JPY all had HUGE days today. The rest of the market was choppy in their wake. Moving averages and pivots helped with entries and exits today. Live FOREX Training | Everyday! http://www.fxbootcamp.com
The US dollar had attempted, but failed, to make new gains against multiple currencies for a full round-the-clock cycle. During the final hour of European trading, the USD bulls seemed to give up, and the bears stepped in. Currency correlation, identification of basic support and resistance, and a Fibonacci study contributed to creation of a trade plan to go long on the GBP/USD currency pair. Those traders who took the shot, then closed the trade at the next significant level of resistance, earned a 60-pip profit at today’s London close.
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Today’s New York session traders certainly weren’t given a cold shoulder by the currency markets. The greater part of a right shoulder the third and final piece of a head and shoulders pattern was formed on the charts for the EUR/JPY currency pair during today’s Asian and European sessions. The subsequent drop on the euro yen finished the shoulder and completed an M3 to M1 move. Up to 200 pips in profit was the reward for traders who took the shot.
There was a big FOMC interest rate decision last night that really drove the market up. Today was a “cool down” period. Price returned to a reasonable level… a 50% retracement and the 200 EMA. Did the prevailing trend continue? LIVE FOREX TRAINING | EVERYDAY! http://www.fxbootcamp.com
The EUR/USD found support at the 21 ema on the 4-hour chart during the day’s prior sessions, then rose above the central pivot point. The break of the 1.4100 psychological level at the open of the New York session produced a 27-pip move which ended at the M4 pivot point in timely fashion — just 15 minutes before the release of U.S. news.
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The US dollar continued its recent strength across the major currency pairs during a day light on economic reports. A blend of fundamentals and technical analysis pointed to the EUR/USD as a viable prospect for a short trade at the open of the New York session. Pivot points and currency correlation provided excellent guidance on selection of the profit target for a 60-pip trade on the euro.
The US FOREX Trading Session started flat for the USD, so we focused on the Canadian Dollar today. After a break of resistance, price topped out at the R1 Pivot Point for a very technical trade. Oil is at a 17 monthly low and with CAD having an 80% correlation to the price of oil, the Loonie was expected to fall… and fall it did. Live FOREX Training | Everyday! http://www.fxbootcamp.com