Tuesday, June 18, 2013
During today's trading webinar, we discussed the importance of Wednesday's FOMC meeting and the reasons behind the whipsaw price behavior in EUR/USD and other currency crosses. Market jitters are still managing to keep the common currency confined within a range, although we saw it break to a 4-month high during yesterday's trading session.
It appears that investors are taking the stance of "buy the rumor, sell the fact" ahead of today's FOMC announcement and Chairman Ben Bernanke's Press Conference.
In today's V.I.P. trading webinar, we also reviewed price action in the EUR/USD and AUD/USD, and looked for opportunities to place orders in the market using the Slumdog Forex Trading System.
Friday, May 17, 2013
The forex market is closing the trading week with another rally in the greenback as speculation over an imminent reduction of QE3 continue to support the dollar. Prior to the opening of the NY trading session, there was market chatter that the ECB was considering the possibility of a negative deposit rate so the common currency began to weaken and sell off at the 1.2885-90 resistance level. Later, The US Dollar Index or DXY, broke above it's 2012 high of 84.10, which created broad dollar gains across multiple currency crosses. This was the catalyst that initiated the deeper selloff in the EUR/USD pair. Once the EUR/USD broke through the 1.2840 support (May 15th low), stops were triggered and shorts were added to send price to the 1.2800 psychological level where price eventually found support at 1.2796.
In today's V.I.P. trading webinar, we discuss price action in the EUR/USD and NZD/USD, and look for opportunities to place orders in the market using the Slumdog Forex Trading System.