Mon, 28 May 2012 00:00:00 +0200
Heavy News Week Set to Cause Market Volatility
The EUR/USD fell to an almost two-year low on Friday, as concerns regarding Spanish debt sent investors to safe-haven assets. The currency pair dropped to 1.2495 during mid-day trading before staging a slight recovery to close out the week at 1.2514. This week, traders can anticipate volatility in the marketplace, as a batch of significant US data is set to be released. In addition to the all-important Non Farm Payrolls figure on Friday, attention should also be given to Tuesday's CB Consumer Confidence and Thursday's Prelim GDP figures. Any better than expected news could help the dollar extend its recent bullish run.
A bullish cross on the weekly chart's Slow Stochastic indicates that this pair could see upward movement in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed into oversold territory. Going long may be the preferred strategy for this pair.
Technical indicators on the daily chart, including the Relative Strength Index and the Slow Stochastic, indicate that this pair could see an upward correction in the near future. In addition, the weekly chart's Williams Percent Range has crossed into oversold territory. Opening long positions may be the wise choice for this pair.
While the Williams Percent Range on the weekly chart is in oversold territory, most other long term technical indicators show this pair range trading. Traders may want to take a wait and see approach, as a clearer picture is likely to present itself in the near future.
The weekly chart's MACD/OsMA has formed a bearish cross, indicating that downward movement could occur in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed into overbought territory. Going short may be the wise choice for this pair.
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard
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