Forex, Markets, Macro Economic News Discussion.

[ales]

USD/CAD might be forming a double bottom on the 4-hour time frame, but it's still too early to tell, I think. If it is indeed a double bottom the pair will start moving to the upside towards the resistance at 1.2840 again.

Double bottom on 4 hours chart? Only if we manage to break above yesterdays highs -> 1.2990-1.3000 ...

[ales]

Kiwi (NZDUSD) might be moving into new trading territory if we manage to close above 6950 today. Could put 7200 at least into the play...

Similar for DAX - currently trading decisively thru the 10100 resistence which has defined this years tops for the European index. We might be heading towards 10750 if we are to stay above 10000-10100 support zone.

[Eliza Abrams]

Double bottom on 4 hours chart? Only if we manage to break above yesterdays highs -> 1.2990-1.3000 ...

It was a possibility that clearly didn't happen, the pair continued falling and is currently testing the support at 1.2630. I think it will probably break below it eventually.

[rosentray]

EUR/USD is trading relatively unchanged from yesterday's level due to low volume and lack of fresh news. Current movement indicated that the Euro bulls are ready to take it to first base at 1.15. Whether or not this is gonna happen depends on who will dominate over the pair which suggests that we might get into consolidation if there are no fundamentals to stir the market.

[Eliza Abrams]

USD/CAD is still testing the support at 1.2650. It has formed a spinning top candlestick on the daily time frame, but at this point I doubt that is reason to open longs.

[rosentray]

The EUR/USD went as high as 1.14 in today's trading hours only to fall and return its gains. The pari is currently trading at 1.1290 as the US dollar is taking control. First bear target 1.1244.

[Eliza Abrams]

USD/CAD is currently retracing after falling all the way to the support at 1.2650. The retracement is likely only temporary, so far there are no signals for a reversal.

[rosentray]

The EUR/USD is trading slightly lower from yesterday's close. So far the pair reached a low at 1.1265 and is currently around 1.1271. Main short-term trend remains bullish with current price at support and short-term bull target 1.14.

[Eliza Abrams]

GBP/USD is once again testing the resistance at 1.4420 after the spinning top candlestick it formed on the daily time frame on Thursday. If it breaks above it we might see climb all the way to 1.5000 in the long term.

[Eliza Abrams]

EUR/GBP opened with a gap tonight, reaching the support at 0.7750, but it has since recovered the gap and continued rising. However, I still think it might possibly reach the support at 0.7730 in the near future.

[rosentray]

EUR/USD is up today reaching a high of 1.1319. Main trend in the short-term remains bullish with first resistance seen at 1.1338 and second resistance 1.1367. On the other hand, a decline would take the pair down to 1.1250 as first support zone.

[david_20]

Thank you so much

[rosentray]

EUR/USD is trading slightly to unchanged in today's session. Current market price is 1.1312 with a high of 1.1333. First resistance on the short-term is seen at 1.1320. If bears manage to keep price under that level then we might see a drop to 1.12 which is seen as first short-term bear target.

[Eliza Abrams]

Yesterday FED pushed USD/CAD below the support at 1.2600 and I think at this point it looks inevitable that it will reach 1.2500 soon.

[robtcutting]

I forgot what M1 and M2 meant....but from what I remember, periods of high interest rates means the fed is executing the Contractionary Policy-- meaning they are trying to control inflation by pulling dollars out of circulation.