Momentum Gathering for GBP/USD as Breakout Eyed Above 1.6260, 1.6355

Talking Points: - UK GDP came in line with expectations at +0.8% (q/q) and +1.5% (y/y). - Short covering rally in British Pound – every other major suffers. - Implications for GBPUSD breakout are of high significance. A scan of this morning’s best and worst performers via the Strong/Weak app shows that the British Pound is having an incredibly strong day, netting nearly +1000-pips cumulatively against the major currencies covered by DailyFX Research....

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GBPUSD Range-Bound Conditions Continue

Trading Setups / Chart in Focus: GBPUSD – Sterling/dollar stuck in trading range The GBPUSD is still stuck in a trading range between about 1.5900 – 1.6260. Until we break outside of this range one way or the other, or get a price action signal from one of the boundaries of the range, there’s not much to do. Price has shown strength this week off 1.5900 support and could challenge 1.6260 resistance again before moving lower. ...

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Dollar Suffers First Two-Day Drop Since Debt Ceiling Standoff Ends

Dollar Suffers First Two-Day Drop Since Debt Ceiling Standoff Ends We are a day away from the release of the 3Q US GDP release and two from the October NFPs – event risk that can materially alter FOMC taper forecasts and thereby the US dollar’s bearings. In the lead up, however, a lack of conviction and lingering volatility can create unusual trading conditions. The 0.1 percent slip from the Dow Jones FXCM Dollar Index (ticker = USDollar) marked...

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Weekly Forex Trading Forecast: Market Weighs Fed Taper, ECB Stimulus

US Dollar Forecast - US Dollar Ready for Further Gains, but What Stands in the Way? What a difference a week makes. The US Dollar surged versus the Euro and other major forex counterparts and the Dow Jones FXCM Dollar Index posted its single-largest weekly gain in 5 months. Euro Forecast – Euro Collapse Versus Dollar as Much an ECB Factor as Risk Trends The Euro was the worst performer of the majors – and the drop it suffered was nothing short...

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3 Steps to Day Trade an FOMC Breakout

Talking Points Trading a breakout strategy affords many benefits when day trading. Order placement can be aided through the use of Camarilla Pivots. Learn to place stops and limits using support and resistance. Trading intraday breakouts continues to be a favorite methodology for trading news events such as todays FOMC (Federal Open Market Committee) rate decision. While rate expectations are forecasted to remain the same, it can increase...

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GBPUSD setback far from damaging whilst above 1.5885; risk still higher through 1.6255

A notable Tuesday dip, but still resilient digestion whilst above chart props at 1.5895/85 We favour consolidation through midweek, but still see the skewed threat of a re-energized bull theme with the 1.6255 Sept peak key. Only below 1.5885 signals a bear shift. WHAT CHANGES THIS? Upside: Above the peak at 1.6255 re-energizes upside pressures through the cycle high, 1.6382 with overshoot risk into Nov towards a 2011 failure peak at 1.6617 Downside:...

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What to Expect From Your Forex Account ?

As they place trades & orders in our account, keep in mind that your strategy of when to place orders is THE technique & do not require over emphasize each pip, trade, or market movement. Each trade is of a thousand insignificant trades. Trading is a game of three steps forward then two steps backward. When you expect perfection, you will be disappointed. Therefore, expect losing trades. You may be wondering, how plenty of losses are...

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EURUSD Retraces

EURUSD – Euro/dollar retraces The EURUSD has begun retracing lower over the last two days as the uptrend takes a rest for now. We still consider the uptrend in place whilst this market is trading above 1.3650 on a daily closing basis, as mentioned in this week’s weekly price action outlook, and we can watch for price action buy signals from support as this market rotates lower, in order to trade in-line with the existing uptrend. ...

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Weekly Trading Forecast: Focus Remains on US Risk as NFPs Print Tuesday

US Dollar Forecast - US Dollar Traders Link Long-Term Trend to Key NFPs Release The Dow Jones FXCM Dollar Index (ticker = USDollar) dropped 1.2 percent this past week – the sixth drop in seven weeks. Euro Forecast – Euro Gaining versus Dollar but Struggling Elsewhere amid Middling Data The Euro failed to capitalize on bolstered risk flows thanks to a medium-term resolution to the US fiscal deadlock, although it did manage to make significant...

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EUR/USD. Forecast for October 8, 2013

Yesterday data on labor in the US was not revealed. Now it is not clear when Nonfarm Payrolls are to be issued; probably it will happen this week.   Today optimistic data on Europe is expected. Trade balance in Germany in August (at 10:00 UTC+4) is expected to be 15.1 billion euro vs. 14.5 billion in July; France’s trade balance is estimated to be -4.8 billion euro vs. -5.1 billion euro. At 14:00 UTC+4 data on Factory orders in Germany...

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Forex: Dollar Eyes Fed-Speak, Impact of US Fiscal Woes on QE Taper Key

Talking Points US Doller Recovers, Yen Declines as Markets Digest Yesterday’s Volatility Quiet European, US Economic Calendar Keeps All Eyes on Washington DC Fed-Speak in Focus to Gauge Impact of US Budget Impasse on QE “Taper” Financial markets were in corrective mode in overnight trade. The US Dollar mounted a cautious recovery after posting the largest daily drop in nearly three weeks over the preceding 24 hours. Meanwhile, the Japanese Yen declined as the Nikkei 225 advanced, sapping demand for the safety-linked...

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