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FXstreet.com (Barcelona) – The Market Strategy Team at UOB Group notes that while EUR /USD will likely come under upward pressure today, momentum remains weak. Key Quotes “The rally from the low of 1.3525 is suggesting that the resistant at 1.3620/25 will likely come under pressure today, the upward momentum is not very strong and even a move above 1.3620/25 is likely going to be limited to the next resistant at 1.3650.” “Overall, expect the immediate support at 1.3540 to hold for a move towards 1.3650.” See original here:
FXstreet.com (Barcelona) – Emmanuel Ng, FX Strategist at OCBC Bank notes that despite firmer UST yields, the USD /JPY capitulated slightly lower on Wednesday with PM Abe and the BOJ ’s Sato also watering down slightly the dovish rhetoric. Key Quotes “US-specific cues are still expected to be crucial and the labor market numbers due tomorrow may be all that’s needed to prod the pair above the 103.40 area. “In the interim, expect further base building behavior towards the 102.00 level barring any further deterioration in global risk appetite levels.” Go here to read the rest:
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Talking Points: Dollar Builds Pressure as Jobs Data, Beige Book Bolster Taper Euro: How Far have Markets Priced in Fresh ECB Stimulus?
FXstreet.com (Bali) – As expected, the Asian session preceding Central Banks day was extremely quiet, with all G10 currencies confined in tight ranges, with the exception of the Australian Dollar, which saw some timid activity on downbeat Australian trade deficit, yet no follow through noted. The Japanese Yen was range-bound for most of the session, only pressured after Tokyo came back from lunch, with the Nikkei 225 losing over 1%. Despite it was Gotobi Day in Japan, which implies firm demand for USD /JPY, the pair encountered sell orders ahead of 102.45/50.
Talking Points: US Dollar Continues to Oscillate in a Familiar Range S&P 500 Selloff Meets Initial Fibonacci Support Level Crude Oil Rebound Sees Next Resistance Below $100 Can’t access to the Dow Jones FXCM US Dollar Index?
Talking Points – The RSI Oscillator measures current Forex price strength using previous closing prices – The Forex closing price is the most important as it reflects money being transferred from losers to winners – Usually traders look for RSI to move below 30 and back above for a buy signal. However, an RSI move above 50 is also used to signal a buy as well RSI is versatile and popular trading indicator used by Forex traders to identify when a currency pair is oversold or overbought. When a Forex currency pair is overbought, it is like a racecar whose engine is red-lining as it is being pushed to the limit by its driver
Good Evening Traders, VIP Crew: As I look back briefly and reflect, equities have had a stellar year overall, with major indexes trending at all time highs.