What is Fundamental Analysis in Forex
Many forex traders rely on fundamental analysis to understand which direction the price of a currency pair could move in.
Market Update 11/8 – November is for turkey!
DXY continues to trade at/just above a major long term level. Nothing has changed. This is support until broken (daily closing basis at least). The UUP (see below) warns that last week’s drop is a trap. The red bars on the UUP chart show when price closed at a 52 week low with volume at least as high as it was last week (1.8 x the 13 week average). Every instance except one (highlighted in yellow) was a capitulation low. Stay tuned.
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Market Update: November 4
EURUSD traded into resistance as early polls closed, tanked to its lowest since 7/24 and then ended the day unchanged. So 2020. Bottom line, resistance was hit so I favor the short side. Weakness below 1.1700 (most recent high volume level and support in August and October) would warrant taking a shot.
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Market Update 11/3 – All About the USD!
We got the bounce as suspected and Nasdaq futures are approaching proposed resistance near 11415. I’m on alert for a turn lower from that level.
Market Update: November 2
USDOLLAR traded into the center line of the channel from the September low today and immediately pulled back. Proposed support is 12050 or so. The top of the channel intersects where the rally would consist of 2 equal legs at 12268 on 11/18. The 38.2% retrace of the decline from the March high is just above there at 12283 and the 200 day average is currently 12284 (see below). So, a slight pullback and then higher? It certainly ‘fits’ with general seasonality and election seasonality.
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A No-Deal Brexit Economy – How Brexit Could Devastate The UK
Back in 2016, Brexit was seen by many as a bold and daring move. Today, the majority of Brits are anxious about a no-deal Brexit economy.