This week saw data from the UK surprise positively and the severally-oversold pound bounced back sharply, while the dollar fell across the board as the Fed watered down rate hike expectations in the minutes of the FOMC’s last meeting and after some weakness in US data was observed, causing the EUR/USD to climb to its best level since 24 June.
Today’s headlines that have caught the attention of our traders this morning as they prepare for the upcoming market session.
As we move towards the end of the first quarter of the new year, it is interesting to consider one of the more subtle changes to the principle US indices that appears to have passed by unnoticed,
AUDUSD has been trending higher, thanks to the pickup in risk appetite. Price stalled upon hitting resistance near .7600 and is showing signs of a pullback, possibly to the rising trend line visible on the 4-hour chart.
AUDUSD recently broke below a rising trend line support visible on the 4-hour time frame, indicating that a downtrend is starting. Price found support at the .6825 area and is showing signs of a correction.
The AUDUSD pair initially fell during the day on Wednesday, and then bounced off of the 0.72 handle.
For the YM emini futures (DIA, quote) contract there is only one game in town at present from a technical perspective, and that’s the resistance level just below the 17,800 region which like a tropical storm, continues to build in strength and develop as the days pass to weeks, and the weeks to months.
AUDUSD has been trending lower on its 1-hour forex chart, moving inside a descending channel connecting the highs and lows of price action since last month. Price is currently testing the resistance at the .7100 major psychological level and might be due for a move back to the bottom.
As the month of October draws to a close, and with the ghouls and ghosts of Halloween preparing to frighten and alarm in equal measure, it is the trick or treaters at the
Just like the children’s board game of snakes and ladders, or as it is known in the US as chutes and ladders, coming down the snakes is always much faster than climbing back up the ladders, and so it is proving for primary equity markets in the US.
