The ever-evolving world of forex trading demands a diverse arsenal of tools for navigating market intricacies. Seasoned traders understand the importance of technical analysis, a methodology that utilizes historical price data to identify potential trading opportunities. Within this realm, technical indicators play a vital role, offering valuable insights into market momentum, trend direction, and potential […]
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The USD/JPY experienced a volatile session yesterday, initially moving higher before reversing lower. This decline occurred despite a modest rise in yields. Commentary from Fed officials offered mixed signals, with Fed’s Waller leaning toward a rate cut and Fed’s Bostic taking a more non-committal stance. Meanwhile, ISM data was mixed, adding to the uncertainty, but the pair still saw downward pressure.
The decline in USD/JPY pushed the price below the 38.2% retracement of the move up from the September low (150.18) and the psychological support level at 150.00. Selling momentum continued, driving the price toward the 100-day moving average (currently at 148.95). The pair came within 4 pips of this key level before finding buyers, sparking a bounce higher.
In today’s trading, the pair’s recovery has gained momentum, with the price climbing to a session high of 149.92. For the bullish momentum to continue, the pair must reclaim the 150.00 level, followed by the 38.2% retracement at 150.18. A break above these levels would provide buyers with greater confidence and pave the way for further upside, especially after the successful defense of the 100-day moving average.
However, failure to recapture these levels keeps sellers in control. While buyers have managed to defend a critical support zone, they have yet to decisively win the broader battle. For now, the pair is caught in a tug-of-war, with key support at the 100-day moving average (148.95) and resistance at the 150.18 retracement level.
This article was written by Greg Michalowski at www.forexlive.com.
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This article was written by Greg Michalowski at www.forexlive.com.
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The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
The previous close was 7.1865
The PBOC injects CNY 51.3 bln via 7 day reverse repo with the rate at 1.50%
This article was written by Greg Michalowski at www.forexlive.com.
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The Dynamic Trend and Silence Forex Trading Strategy represents a compelling approach for traders seeking to navigate the complexities of the foreign exchange market. This strategy emphasizes the dual importance of recognizing significant market trends while also identifying periods of low volatility, or “silence.” By understanding how to read these contrasting market conditions, traders can […]
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On Tuesday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1996, as compared to the previous day’s fix of 7.1865.
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The Australian Dollar (AUD) extends its downside to near 0.6470 during the early Asian session on Tuesday.
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This article was written by Greg Michalowski at www.forexlive.com.
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This article was written by Greg Michalowski at www.forexlive.com.
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Gold prices slump as the last month of the year begins. They edge lower, weighed down by a strong US Dollar sponsored by Trump’s harsh rhetoric on BRICS countries and some easing of geopolitical tensions.
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The E-mini S&P futures are opening flat. In the US stock market, the broader S&P and NASDAQ index is up close Avenue record levels.
The S&P index rose 0.24% while the NASDAQ index surged by 0.97%
This article was written by Greg Michalowski at www.forexlive.com.
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The USD/CAD pair trades flat near 1.4045 during the early Asian session on Tuesday.
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