Fri, 17 Aug 2012 00:00:00 +0200
US Data Leads to Additional Dollar Gains
The US dollar hit a fresh one-month high against the Japanese yen after a better than expected US Building Permits helped boost confidence in the US economic recovery. That being said, the dollar did take losses against some of its higher yielding currency rivals during afternoon trading, after the positive news led to risk taking among investors. As markets get ready to close for the weekend, traders will want to pay attention to US Prelim UoM Consumer Sentiment figure, set to be released at 13:55 GMT. If the news signals additional improvements in the US economy, the dollar could see further upward movement against the yen.
The weekly chart's Bollinger Bands have begun to narrow, signaling that a price shift could occur in the near future. In addition, the MACD/OsMA on the same chart has formed a bullish cross, indicating that the price shift could be upward. Traders may want to open long positions ahead of a possible bullish correction.
While the Williams Percent Range on the daily chart has crossed over into overbought territory, signaling a possible future downward correction, most other technical indicators place this pair in neutral territory. Traders may want to take a wait and see approach, as a clearer picture is likely to present itself in the near future.
In a sign of an impending shift in price, the Bollinger Bands on the weekly chart are narrowing. Furthermore, the Williams Percent Range on the daily chart has crossed into overbought territory, indicating that the price shift could be downward. Traders may want to open short positions ahead of a possible bearish correction.
The Relative Strength Index on the weekly chart is approaching the overbought zone, signaling a downward correction could occur in the coming days. Additionally, the MACD/OsMA on the same chart has formed a bearish cross. 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
Actualité du forex
- Forex Trade 22 May, Bank Of England Minutes, Fed's Bernanke Testifies On Economic Outlook
- Forex Trade 21 May, Rba Policy Meeting - May Minutes, Reserve Bank Of New Zealand 2-Year Inflation Expectation
- Forex Trade 20 May, Leading Index, Machine Tool Orders, Chicago Fed Nat Activity Index, Rightmove House Prices
- Forex Trade 15 May, German Gross Domestic Product, Jobless Claims Change, Euro-Zone Gross Domestic Product
- Forex Trade 14 May, German Consumer Price Index, German Zew Survey
- DAX 30 : les perspectives fractales de lindice leader en Europe
- L’or pourrait augmenter alors que la Fed limite les paris en faveur d’une réduction du QE3
- Indices actions : Quelle capacité de progression dans limmédiat ?
- Eur/usd : La Pression Est Haussière, Ben Bernanke Est Attendu Cette A-M
- ARGENT : paroxysme des ventes ?