In forex trading, the dollar index dropped at the outset of the session on weaker than predicted prints on the ADP employment and ISM non-manufacturing reports. The index located support on the 72.72 level, prior to speedily paring losses to end fractionally higher on the session.
The pullback was supported by a late-day rally in stocks which closed well off the lows and also by forex traders who trashed dollar shorts prior to tomorrow's rate decisions and Friday's employment statement. The dollar is probably going to continue to be range bound amongst the 72.72 and 73.30 support/resistance levels.
A fast glimpse at the majors sees the yen besting the majors contrary to the greenback as broad based declines in stocks and commodities supported risk-off trades. Tomorrow's event risk had traders unwilling to maintain positions in the sterling, the euro, and the neighboring swissie, all of which finished flat on the day.
EUR/USD forex trading signals strategies: Yet again, the EUR/USD has been the range trader's pleasure and 1.4750-1.4900 contained things once again with support on the dip emerging from the Portugal bailout endorsement. It appears like continuing for the next 24 hours prior to the rate statement as traders proceed to factor in higher rates yet patient investors seem to be content to wait and obtain better levels to purchase.
GBP/USD forex strategy signals: As earlier mentioned in yesterday's report, the split of 1.6590 produced an extremely bearish signal and on the release of worse than envisioned UK PMI which added cold water on possible rate rises tomorrow as well as traders aggressively selling GBP versus both USD & EUR. There appears to be support around 1.6440 nevertheless sentiment has moved to sell the rally from here.
USD/JPY forex strategies signal: USD/JPY persists to break lower as traders are still happy selling on any rally. We start the Asia session mid-range and whilst most investors are still calling it lower, individuals not already short from higher up appear to be waiting for better levels to sell and anywhere back in direction of 81.75 appears to be their preference.
The pullback was supported by a late-day rally in stocks which closed well off the lows and also by forex traders who trashed dollar shorts prior to tomorrow's rate decisions and Friday's employment statement. The dollar is probably going to continue to be range bound amongst the 72.72 and 73.30 support/resistance levels.
A fast glimpse at the majors sees the yen besting the majors contrary to the greenback as broad based declines in stocks and commodities supported risk-off trades. Tomorrow's event risk had traders unwilling to maintain positions in the sterling, the euro, and the neighboring swissie, all of which finished flat on the day.
EUR/USD forex trading signals strategies: Yet again, the EUR/USD has been the range trader's pleasure and 1.4750-1.4900 contained things once again with support on the dip emerging from the Portugal bailout endorsement. It appears like continuing for the next 24 hours prior to the rate statement as traders proceed to factor in higher rates yet patient investors seem to be content to wait and obtain better levels to purchase.
GBP/USD forex strategy signals: As earlier mentioned in yesterday's report, the split of 1.6590 produced an extremely bearish signal and on the release of worse than envisioned UK PMI which added cold water on possible rate rises tomorrow as well as traders aggressively selling GBP versus both USD & EUR. There appears to be support around 1.6440 nevertheless sentiment has moved to sell the rally from here.
USD/JPY forex strategies signal: USD/JPY persists to break lower as traders are still happy selling on any rally. We start the Asia session mid-range and whilst most investors are still calling it lower, individuals not already short from higher up appear to be waiting for better levels to sell and anywhere back in direction of 81.75 appears to be their preference.
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