Week in review: Is volatility here to stay?

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Investors entered the trading week adopting a cautious stance as the number of coronavirus cases worldwide exceeded 10 million, with the death toll topping 500,000. Markets displayed sensitivity to Covid-19 fears during the early parts of the week but still concluded the quarter on a risk-on note thanks to positive economic data from the world’s second-largest economy. So much has happened the start of 2020 with the shocking events sparking explosive levels of volatility. On Tuesday, we discussed the FX winners and losers of 2020 so far... Read More


--
To keep reading this article, please navigate to: FXTM Global.

XAUUSD 5th Wave Now Underway!

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

xauusd elliott

The XAUUSD structure shows a bullish impulse consisting of waves ①-②-③-④-⑤.

A double zigzag completed the corrective move in wave ④. The complex pattern consists of intermediate waves (W)-(X)-(Y).

This is now followed by the final impulse move in wave ⑤.

With intermediate waves (1)-(2) and (3) complete, we could expect wave (4) prices to lift up to 1816.60.

At that level, primary wave ⑤ will reach 150% of wave ③.xauusd

An alternative scenario sees the corrective wave ④ as incomplete.

The primary-degree move takes the form of a triple zigzag. This consists of sub-waves (W)-(X)-(Y)-(X)-(Z).

With most of its parts complete, we expect a decline in intermediate wave (Z). This indicates that the triple combination could end near 1689.50.

At that level prices will interact with the trendline support.

A rejection at the said level can be expected to trigger the last upside leg in wave ⑤.

Test your strategy on how gold will fare with Orbex - Open your account now. 

The post XAUUSD 5th Wave Now Underw...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

What Would a Second Wave Mean for the World Economy?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

second wave covid-19

The markets lost their appetite for risk in the latter part of June. This was mainly due to reports of increased cases of COVID-19 around the world, leading to fears of another lockdown.

But, whether we are heading into a second wave is still a controversial subject – even among scientists, let alone politicians.

The uncertainty of how the pandemic will evolve and what governments will do about it has significant economic consequences.

Businesses and consumers are holding onto liquidity in case they are subject to another prolonged period of a lack of income. And this inability to plan and develop future projects depresses the economic outlook, making investment less appealing.

Therefore, the mere threat of a second wave could be just as bad as the second wave itself, in economic terms.

Is This a Second Wave?

The recent global uptick in cases has different interpretations, depending on where you are.

For most of Europe and China, in particular, a significant increase in cases cou...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

USDNOK Ready to Recoil After ‘Golden’ Bounce

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

usdnok technical analysis

On June 10 USDNOK found support at the 9.1909 lower channel. It has since rallied to a high of 9.8136.

While the overall scope is bearish, a hidden divergence points to a window of opportunity towards the upper channel.

A bounce at 9.4260 Fibonacci of the aforementioned bullish leg has stymied bears. Sentiment will remain bolstered by the base support but will hang on momentum in the short-term.

usdnok

Limited by the median regression of the short-term ascending channel at 9.5708, bulls need pivotal gains at R1.

The corrective drop is an initial rebalancing that will boost the pair should the structure maintain its impulsive nature above 9.4852.

A standard divergence signals more downside on the RSI (14), however, we bank on a recoil at the said level.

More short bets will increase the risk of further weakness below the 61.80% Fibonacci at 9.4260. Breaking that support will add doubt to the near-term upside continuation.

Got your risk management sorted? Open your account now!

The post USDNOK...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Metals Breakout on Second Wave Fears

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

forex metals

Gold

The yellow metal broke out to new 2020 highs this week as swelling concerns around the prospect of a second wave drove safe-haven inflows.

The rally in gold this week comes despite fairly resilient moves in equities markets, which worked to shrug off virus concerns across the week to trade higher.

However, the broader risk environment is now looking a little more vulnerable in response to the headlines we’ve seen this week. As a result, gold is retaining a bid tone into the end of the week. And it looks like it will continue trading higher in the short term, at least.

The governor of California amended his closure of bars and restaurants in seven counties last week to 19 counties across the state. This decision came as the number of new infections, and also the death toll, continue to rise.

The US has been plagued with a slew of higher infection numbers across several states over recent weeks. As a whole, the number of new daily virus cases around the country is far higher than it...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Gold pares losses in an attempt to regain bullish momentum

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

xauusd

The precious metal is paring losses as prices are somewhat bullish on the day.

Following the downside breakout from the rising wedge pattern, XAUUSD is retracing the losses back to the breakout level.

However, gold prices now need to rise above the previous highs of 1788 in order to confirm the move to the upside.

However, price action remains mixed at the moment as there is scope of a move lower.

Test your strategy on how gold will fare with Orbex - Open your account now. 

The post Gold pares losses in an attempt to regain bullish momentum appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Oil Prices Retesting Technical Resistance Once Again

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

wti crude oil

WTI Crude oil prices are back near the technical resistance level once again.

This comes amid price action remaining caught within the trend line and the horizontal resistance level.

Price action needs to breakout higher above this technical level. A strong close above will signal a further upside in price action.

However, prices are still not out of the woods. In the event that prices fail to break out, then this potentially opens the downside which could lead to a sharper correction lower.

Test your strategy on how Oil prices will fare - Open Your Orbex Account Now

The post Oil Prices Retesting Technical Resistance Once Again appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

GBPUSD Pulls Back Off the 1.2516 Level

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

gbpusd

The British pound sterling rallied to the resistance level near 1.2516 level. However, price action is pulling back after a rally to that level.

We could expect the pullback to continue to the trend line breakout. In the process, watch the price action to potentially form an inverse head and shoulders pattern.

If the right shoulder forms, then we expect to see a potential breakout in the event that prices rise above the 1.2516.

To the downside, if prices close back below the 1.2344 level, then this bias will be invalidated.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

The post GBPUSD Pulls Back Off the 1.2516 Level appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

EURUSD Continues its Hold Amid a Sideways Range

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

eurusd

The euro currency continues to maintain a sideways range. Prices are showing a strong consolidation around the 1.1261 level. Another attempt to rise above this level was met with resistance.

For the moment, the falling trend is also acting as a dynamic resistance. However, prices need to break out above 1.1261 and the trend line will then change the direction in the trend.

For the near term, as long as the consolidation continues, the bias remains to the downside.

The lower support level near 1.1132 remains the downside target for the moment.

Test your strategy on how the euro will fare with Orbex - Open your account now. 

The post EURUSD Continues its Hold Amid a Sideways Range appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Pound ready to party?

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


The Pound has seen a slight lift and is holding steady in the run up to the so-called ‘Super Saturday’ – as pubs, restaurants, and hotels reopen on July 4 after spending the past three months on lockdown. Sterling has been the third best performer among G10 currencies so far this month, gaining 0.56 percent against the US Dollar since Tuesday. The recent gains has set GBPUSD’s 50-day simple moving average on a possible course of convergence with its 100-day SMA.[[{"fid":"11653","view_mode":"default","fields":{"format":"default","field_file_image_alt_text[und][0][value]":false,"... Read More


--
To keep reading this article, please navigate to: FXTM Global.

Record jobs report, stocks on fire

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Today was all about the US June non-farm payrolls report and it didn’t disappoint. After a catastrophic combined fall of 22 million jobs in March and April, last month saw a surprising rebound of 2.5 million. Today’s data continued that bounce, with the US economy adding 4.8 million jobs, a record pace and well above the forecast 3 million.However, there are a few caveats to the numbers. The report used data collected up until mid-June so is slightly stale, as the possible second wave of infections and re-closing was yet to kick in, while the number of permanent jobs losers continued to... Read More


--
To keep reading this article, please navigate to: FXTM Global.

Will Australian Retail Sales Rise Tomorrow?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Australian Retail Sales

There’s been quite a bit of talk in the media of late about increasing cases in Australia, which has gotten many worried the county will return to lockdowns.

It led to the suspension of flights between Melbourne and Auckland in the middle of negotiations to set up a trans-Tasman bubble. In parallel, risk appetite has taken a turn for the worst.

However, a closer look at the numbers shows that well over 80% of the new cases are concentrated in the state of Victoria. In fact, only one other state – New South Wales – reported cases.

For sure, a hotspot of cases is something to be worried about in terms of potential spreading. But Australia remains largely free of COVID cases, especially in its larger, more commercially relevant regions.

On top of that, the majority of cases have been traced to overseas contagion.

How to Revive Commerce

That last part is a matter of concern for the retail sector in Australia and might keep the AUD under pressure.

If the government is worr...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Kluczowa strefa wsparcia na USDJPY

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Pod koniec czerwca na rynku USDJPY to kupujący zaczęli dominować. Tydzień przed zamknięciem miesiąca na wykresie widoczny był kurs w okolicach 106,00. Była to jednocześnie najniższa wycena tej pary walutowej od blisko dwóch miesięcy.

Jednak w ostatnim tygodniu czerwca amerykański dolar wyraźnie umocnił się do japońskiego jena. Po kilku sesjach rynek przekroczył barierę 108,00 i wyznaczył lokalne maksimum. Biorąc jednak pod uwagę tę parę walutową, widoczna w ostatnim czasie zmienność nie należy do zbyt wygórowanych.

EURUSD H1

Czwartkowy handel opiera się przede wszystkim o poziom cenowy 107,35. Jest to bowiem kluczowa strefa ZZB dla tej pary walutowej. Bardzo silna biegunowość widoczna jest prawie na całym horyzoncie powyższego interwału. Istotnym potwierdzeniem jest mierzenie Fibonacciego 38,2%, które opiera się na całym swingu wzrostowym.

Walka o utrzymanie tej strefy popytowej toczy się juz od wczorajszego popołudnia. Na formacjach świecowych pojawia się coraz więcej optymistycznych...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

AUDCAD Breaks Symmetrical Consolidation

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

audcad elliott

AUDCAD continues inching higher, well supported above the regression channel that started in Oct ’19.

Breaking out of a symmetrical consolidation only recently, bulls could strike the 0.9445 resistance out next.

Despite trading above TS1 at the time of writing, prices could slide lower in the short-term before registering fresh highs. There are two underpinned lows down below: one at TS1 and one lower at TS2.

Since the RSI (14) trades near 58, bears might not have settled just yet. This contributes to our short-term expectations. With positive momentum continuing to support AUD above the 50 neutrality barrier, the short-term bias hints at a fall.

A decline to the median regression channel in the below chart will ease downward pressure. It will likely act as a retest region for bulls.

audcad

There are chances of a close below TS2. This will be an indication of further weakness towards the lower regression channel near 0.9250.

Remaining above TS1, however, will increase expectations of b...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

First Crude Inventories Drop In A Month

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

crude oil prices

Huge Inventories Drop

Oil markets managed to retain a positive tone this week as the latest data from the Energy Information Administration offered some support.

The EIA reported that in the week ending June 26th, US crude inventories declined by 7.2 million barrels.

This downward adjustment to inventory levels far exceeded analyst expectations for a 710k barrel drop. It also brings inventory levels down from previous record highs of 540.7 million barrels.

However, despite the move, inventories remain 15% above the five-year seasonal average. This is on the back of the massive drop in demand noted during the worst of the COVID-19 lockdown period.

Imports Reduce

Net US imports were greatly reduced over the week, falling by 506k barrels per day.

Prior to this reading, imports had been one of the key drivers of the rise in inventory levels. This is due to the receipt of shipments booked during the price crash suffered in the Saudi – Russia price war earlier in the year.

Shipments from Sau...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Teri Ijeoma’s Adventurous Trading Strategy, Ep #15

This article was first published on Trading Strategy Guides.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Teri Ijeoma graduated from MIT and interned at Morgan Stanley but realized she wasn’t interested in a life where she worked 24/7. So she decided to start consulting straight out of college. One of her clients was Teach for America, whom she ended up working with before she fully transitioned into education. But education doesn’t […]


--
To keep reading this article, please navigate to: Trading Strategy Guides.

Upbeat data and vaccine hopes keep the rally alive

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Stock markets across Asia tracked Wall Street higher today following upbeat data from the US and early positive results from Pfizer’s first phase of its Covid-19 vaccine trial.Investors seem to be focusing on the half full portion of the glass and not the other way round. That is evident in Hong Kong where the Hang Send index is leading today’s rally by rising more than 1.5% after China’s national security law came into effect.Higher appetite to risk has pressured safe haven asset classes like the US dollar, Treasury bonds and gold. This has come in part due to the ADP jobs report... Read More


--
To keep reading this article, please navigate to: FXTM Global.

All eyes on June jobs report

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Markets will be focusing on the latest US employment data that will be released later Thursday, ahead of the three-day weekend. US markets will be closed on Friday due to the 4th of July celebrations.Here’s what markets are forecasting for today’s key figures: The non-farm payrolls report to show over three million jobs added last month The unemployment rate to fall by 0.8 percentage points to 12.5 percent Initial jobless claims to moderate further to 1.35 million, far fewer than the over six million jobless claims registered per week in late March/early April. Despite the... Read More


--
To keep reading this article, please navigate to: FXTM Global.

Dolar słabnie przed protokołem FOMC

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Poniższy wykres przedstawia notowania pary walutowej EURUSD na interwale godzinowym. Patrząc na ostatnie sesje rynek porusza się w łagodnym trendzie wzrostowym, który zapoczątkowany został podczas sesji 23 czerwca. Zwrot notowań nastąpił na dość znaczącym poziomie cenowym, gdyż pojawił się tam okrągły poziom 1,1400.

Patrząc na cały zakres notowań z ostatnich dni, uwagę zwraca silna strefa biegunowości, która została ukształtowana przez kupujących i sprzedających. Rynek kilkukrotnie testował i wybijał zaznaczony obszar, jednak w dalszym ciągu odgrywa on ważną rolę dla sentymentu traderów.

EURUSD H1

Po wejściu do gry kapitału ze Stanów Zjednoczonych, notowania wykonały gwałtowny wzrost na północ. Naruszone zostały minima z ostatnich sesji, a kurs buduje kolejną w serii świecę wzrostową. Znajdujemy się już coraz bliżej kluczowej strefy podażowej, która w tym przypadku otrzymuje potwierdzenie w postaci mierzenia Fibonacciego 61,8%.

Potwierdzenia dla schematu pod krótkie pozycje szukamy te...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

EURUSD Retreats on Double Zigzag?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

eurusd elliott

The current EURUSD structure suggests that we are on a bullish impulse in wave (C). The 5-wave formation consists of minor sub-waves 1-2-3-4-5.

 Waves 1-2 and 3 are fully completed, whereas wave 4 completed two parts of its double zigzag ⓦ-ⓧ-ⓨ pattern.

In the midst of wave ⓨ, we could see a minuette impulse in wave (c) completing the correction near 1.108. At that level, wave 4 will be at 61.8% of impulse 3.

Then, prices are expected to rise in minor wave 5 above the previous high registered by wave 3.

eurusd

An alternative scenario suggests that correction 4 has already been completed as a simple zigzag ⓐ-ⓑ-ⓒ.

Wave 5 is expected to end in a minute ending diagonal.

In the medium term, we could see a gradual rise to the area of wave 3 – 1.142. That is along the trajectory of the upper diagonal trendline.

Join our responsible trading community - Open your Orbex account now! 

The post EURUSD Retreats on Double Zigzag? appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Confusing US data

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Stock futures have started the third quarter fairly tamely so far, after the best second quarter since 1938. Interestingly, although quarterly gains of 20% are quite rare, future strong gains are quite normal after a big quarter. That said, the third quarter has historically been the weakest of the year.A widely followed indicator for the upcoming US non-farm payrolls figure was released today, with the ADP employment report coming in slightly less than consensus. However, the big surprise was in the May data which saw a stunning revision from a loss of 2.76 million jobs to a gain of 3.... Read More


--
To keep reading this article, please navigate to: FXTM Global.

Getting Ready for June US NFP

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Forecasters were caught off guard (the polite way of saying their prediction was way off) by the sudden increase in job creation in May.

Now, they have switched to being optimistic about the release on Thursday. They are now projecting millions of new jobs being added for this month. But, is that an overcorrection?

As pointed out last time, there was a high chance of a significant beat of expectations, because, during May, businesses were reopening.

That means they were calling back furloughed workers who were being counted as unemployed for purposes of the NFP because it was a requirement to get unemployment benefits.

The Money Isn’t Available

Some states, such as Georgia, put an end to those benefits by June. This means that there was an increased motivation for people who were technically on unemployment to return to formal work.

While more openings happened in June, the pace has slowed, especially near the end of the month as new cases started to tick up again. The implicatio...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

CADJPY Momentum Decelerates

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

CADJPY’s strong rebound from the 73.76 low on March 09 seems exhausted, based on the RSI (14) reading.

The pair has not yet filled the long-term descending regression channel range at the upper trendline near 83.00. However, the miss of the 82.00 round resistance on June 05 raises the chances of a July decline.

Shorts at the 81.90 area provide a short-term descending regression channel that limits potential long bets at the upper trendline near 81.00.

A minor breakout of the 79.88 R1 resistance will make room towards the said level. A breakout of the short-term channel, however, will provide an initial base for a higher top at the long-term channel’s trendline near 83.00, as indicated in the chart below. Both can be expected.

cadjpy

With sentiment mixed, the current structure can be characterized by a flatness. Both sides of the sideways market are prone to a breakout.

The lower side of the range at the median regression trendline illustrates a strong bottom. While short bets are...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

UK GDP Suffers Worst Crash in 41 Years

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

uk gdp

Downside Surprise

The latest economic data released this week provided further insight into the extent of the damage COVID-19 caused to the UK economy.

The GDP print came in, falling by 6.9% over the month and 2.2% over the quarter as a whole. This was a huge disappointment given the forecasts which anticipated a 5.8% fall in March and a 2% drop over Q1 as a whole.

These figures, released yesterday by the Office for National Statistics, reveal the largest decline in GDP in 41 years. The last time we saw such poor numbers, was in 1979.

Looking at the details within the data makes for fairly miserable reading. Consumption fell by 2.7% between Q4 2019 and Q1 2020. This, in cash terms of £9.5 billion, marks the steepest nominal decline on record.

Services Sees Biggest Fall

On a sector by sector basis, services took the biggest hit. The non-manufacturing sector, which accounts for 80% of the UK economy, fell by 2.3% over the quarter. This was 0.4% worse than expected.

Production output also...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

How to Trade VIX – Wall Street’s Fear Index

This article was first published on Trading Strategy Guides.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Learn how to trade VIX with our in-house developed VIX trading strategy. Often quoted as Wall Street’s fear gauge, VIX trading is a popular way to measure the level of risk in the stock market. But, how does trading the VIX work, how to use the VIX in trading, the best way to trade VIX […]


--
To keep reading this article, please navigate to: Trading Strategy Guides.

Gold On Track to Make The Best Quarterly Gains in Four Years

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The precious metal is somewhat bullish as price action inches closer to the 1800 level.

Overall, the precious metal is making the best quarterly gains, last seen in March 2016. However, the current momentum remains somewhat weak.

While prices are settled into the uptrend price channel, there is a possibility of a downside breakout.

If gold breaks out from the rising wedge pattern, we could see a move back to the 1732.65 level of support.

Test your strategy on how gold will fare with Orbex - Open your account now. 

The post Gold On Track to Make The Best Quarterly Gains in Four Years appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Crude Oil Trades Weaker as Trend Line Holds For Now

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

WTI Crude oil prices once again dipped back to the major trend line to find support.

Prices are inching closer to the 41 level of resistance which has held up firmly so far. This potentially puts the trend line at risk.

If oil prices break the trend line, we expect a move toward the 34.41 level of support.

Therefore, price action will have to breakout strongly above the 41.00 price region to continue the uptrend.

Test your strategy on how Oil prices will fare - Open Your Orbex Account Now

The post Crude Oil Trades Weaker as Trend Line Holds For Now appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Pound Sterling Rebounds Off A 5-Week Low

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The British pound sterling is trading choppy following the recent economic data out of the UK.

However, the cable managed to break out following a drop to a 5-week low earlier in the day.

As a result, GBPUSD has cleared the 1.2344 level which did not offer much of a resistance.

But a dip back to this level might cement the support area giving an upside bias to the currency pair.

Still, GBPUSD will have to contend with the falling trend line. A breakout above this level will see the potential for a rise towards the 1.2516 level of resistance next.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

The post Pound Sterling Rebounds Off A 5-Week Low appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

EURUSD Double Bottom Pattern In The Making

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The euro was back near the 1.1261 level on Tuesday. But prices failed to make any major gains beyond this level.

As a result, we have a double bottom pattern near the 1.1192 level. If there is a successful breakout, we expect the gains to push the euro back to the 23 June highs near 1.1347, with a possible move even higher.

But for now, the bias remains mixed. If the euro loses the 1.1192 handle, we expect a drop toward the previous lows at 1.1171 followed by a test of 1.1132 level of support.

Test your strategy on how the euro will fare with Orbex - Open your account now. 

The post EURUSD Double Bottom Pattern In The Making appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

What’s next after Q2 rally?

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Risk appetite is stepping hesitantly into the second half of the year, with Asian stocks edging higher while US futures slipped into the red. Over the past three months, the S&P 500 posted its best quarterly performance since Q4 1998 with a near-20 percent advance while the Dow climbed 17.8 percent.It’s highly unlikely that US equities can better its Q2 performance over the coming months, with the rally having stalled of late. Last month, the Dow Jones index has been sandwiched mostly between its 200-day and 100-day simple moving averages, with the 50-SMA offering support.[[{"fid... Read More


--
To keep reading this article, please navigate to: FXTM Global.