Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
As every first Friday of the month we saw the non-farm payroll data orNFP out of the U.S. which on the headline came in better than expected and therefore plenty of currency charts have been temporarily disrupted which caused a spike in temporary floating losses in anti-USD crosses. Economists had forecasted that the U.S. economy added 165,000 jobs, but the report revealed total additions of 195,000 while theunemployment rate held steady at 7.6%.
Revisions to the prior two months showed an additional gain of 70,000 which further fueled hope at a recovery in the labor market. Those who decided to ignore the headline figure and dig a little bit deeper into the structure of the labor market were able to witness major problems. The number of discouraged workers or those who have part-time employment and seek a full time position surged to 14.3%. When you add this to the unemployment rate of 7.6% you arrive at a total figure of 21.9%.
Another sign of caution is the rise of part-time employments which rose to 28.1 Million. This eventually means that those positions will be eliminated and this will collapse the U.S. labor market which will send the unemployment rate back above double digits. Finally, over 50% of all created jobs are in the low income as well as low quality jobs which will not encourage greater economic activity. We expect the labor market to deteriorate over the course of the second-half of 2013.
Overview of profits for the week which ended July 5th
CADJPY: 195 pips
AUDUSD: 75 pips
USDCHF: 125 pips
Total Profits: 395 pips
Monday, July 1st
AUDNZD Long Recommendation
We recommended a long position at 1.1825 with a take profit level of 1.1925 (AUDNZD Falling Wedge). This pair corrected further and triggered our adjusted stop sell order at 1.1700 and currently this trade carries a floating trading loss of 162 pips. We will maintain our take profit target of 1.1925 for our long position and 1.1650 for our short hedge.
Tuesday, July 2nd
GBPUSD Long Recommendation
We recommended a long position at 1.5200 with a take profit level of 1.5525 (GBPUSD halts at Support). This pair moved lower and we canceled our stop sell order in anticipation of a negative surprise out of the NFP report which did not occur. This currency pair moved lower and we currently carry a floating trading loss of 316 pips. We will seek to add to this trade next week and maintain our take profit target of 1.5525.
Wednesday, July 3rd
AUDCAD Long Recommendation
We recommended a long position at 0.9550 with a take profit level of 0.9900 (AUDCAD Falling Wedge). This pair moved higher and we carry a floating trading profit of 31 pips. We will maintain our take profit target of 0.9900.
Thursday, July 4th
EURUSD Long Recommendation
We recommended a long position at 1.2925 with a take profit level 1.3175 (EURUSD Pre-NFP). This pair moved lower and we canceled our stop sell order in anticipation of a negative surprise out of the NFP report which did not occur. This currency pair moved lower and we currently carry a floating trading loss of 173 pips. We will seek to add to this trade next week and maintain our take profit target of 1.3175.
Exit from trades of previous weeks
CADJPY Long Position
We closed our open CADJPY long position on July 2nd for a profit of 195 pips as we closed this trade at 94.95.
AUDUSD Hedge
We closed our open AUDUSD hedge on July 3rd for a profit of 75 pips as we closed this position at 0.9075.
USDCHF Hedge
We closed our open USDCHF hedge on July 5th for a profit if 125 pips as we closed this position at 0.9630.
We had a total of four new trading recommendations this week which all remain open and have not created profits yet. Our four trading recommendations form this week carry a floating trading loss of 620pips. We have closed one trade plus two hedges from previous weeks for profits of 395 pips which total our weekly profits and mark a good start for July.
In addition to our four trades from this week we also have eight positions from previous weeks. We have two open USDCHF short positions which currently carry a floating trading loss of 694 pips. This represents an increase of 357 pips compared to last week. We will seek to add one final short position to this trade next week.
We have one open USDCAD short positions which currently carries a floating trading loss of 65 pips. This represents an increase of 63 pips compared to last week. We will maintain our take profit target of 1.0400.
We have four open NZDUSD positions, three long positions and one short hedge, which currently carry a floating trading loss of 928 pips. This represents an increase of 64 pips compared to last week. We will maintain our take profit target of 0.8235.
We have four open EURGBP positions, three short positions and one long hedge, which currently carry a floating trading loss of 1,625 pips. This represents an increase of 203 pips compared to last week. We will maintain our take profit target of 0.8275.
We have three open EURAUD positions, two short positions and one long hedge, which currently carry a floating trading loss of 2,292 pips. This represents a decrease of 62 pips compared to last week. We will maintain our take profit target of 1.3585.
We have three open AUDUSD long positions which currently carry a floating trading loss of 1,604 pips. This represents an increase of 231 pips compared to last week. We will maintain our take profit target of 0.9630.
We have four open AUDJPY positions, three long positions and one short hedge, which currently carry a floating trading loss of 900 pips. This represents a decrease of 190 pips compared to last week. We will maintain our take profit target of 94.00.
We have three open AUDCHF long positions which currently carry a floating trading loss of 1,390 pips. This represents a decrease of 297 pips compared to last week. We will maintain our take profit target of 0.9250.
Our total floating trading loss at the end of the week stood at 10,118 pips and represents a 2013 high which we expect to also represent the peak of our floating trading losses. This represents an increase of 1,109 pips or 12.31% which is also represents an all-time record. This was primarily due to the positive surprise in the NFP data which added to our losses as the USD surged against all major currencies. We expect this move to reverse over the summer.
Losses to related to the AUD accounted for 6,317 pips or 62.43% of all floating trading losses and is down 187 pips or 2.88% compared to last week. USD crosses accounted for 3,780 pips or 37.36% of all floating trading losses. Overall we expect to witness a gradual improvement albeit at a slower pace than desired in out floating trading losses.
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
The USDCHF has contracted after reaching a multi-month high as visible in this D1 chart. USDCHF bulls have called for a rally to test the 1.000 level, but this currency pair has corrected sharply and the drop was halted by this currency pair’s 50 DMA which also enforces the upper band of the support zone. The last two daily candlestick formations have formed an inverted hammer as well as hammer formation at support which is a bullish indicator. We expect this pair to stabilize within its support zone which sees its lower band enforced by its 200 DMA.
MACD has contracted, but remains in bullish territory. The sharp contraction caused a gap to form between the moving average and the histogram which we believe will be closed during the pending move higher and we do expect it to remain in bullish territory overall. RSI has contracted from extreme overboughtconditions to neutral territory and may not collapse into oversold territory.
We recommend a long position at 0.9470 with a potential second entry level at 0.9370. We also recommend a stop sell order at 0.9400 in order to hedge the initial long position.
Traders who wish to exit this trade at a loss are advised to place their stop loss order at 0.9400. We will not use a stop loss order for this trade and will execute this trade as recommended. Place your take profit level at 0.9670.
Here are the reasons we call the USDCHF currency pair higher
USDCHF has corrected sharply from recent highs and the drop was halted by the upper band of its support zone
The upper band of its support zone is enforced by this currency pair’s 50 DMA
The lower band of its support zone is enforced by this currency pair’s 200 DMA and we believe this currency pair will stabilize in the support zone given the overall strength of the zone
A short covering rally in order to lock in profits before Friday’s U.S. employment snapshot for May
Bargain hunters who seek to take advantage of the support zone
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
For Thursday, anticipate the Euro to continue threading the negative territory and show pessimism in its currency valuation, as the Euro strength is again undermined, this time due to the annual inflation data in the region, as most expect it to hold at the lowest in three years, a level that opened the door for the European Central Bank to cut the benchmark interest rate earlier this month. In addition, Markets saw some hectic movements yesterday, when gold prices bottomed at $1,400 a barrel for the first time in more than three weeks as the Greenback surged against major currencies, while the euro continues to stretch the downward trend ahead of key inflation data from the 17-nation bloc.
Furthermore, figures from the European Union’s statistics office Eurostat are expected to confirm today that the euro-area’s annual inflation rate in April stuck at March’s three-year low if 1.2%, down from 1.7% a month ago, and comfortably below the ECB’s 2% target. The signal currency fell is extended drop to $ 1.2865 as of 10:52 GMT today. In addition, Gross Domestic Product data showed yesterday that the euro area economy shrank for the sixth straight quarter at the first three months of the year, with GDP registering a rate of -0.2%. Meanwhile, German GDP was disappointing as well as data showed Europe’s largest economy grew a soft 0.1% at the start of the year, with a 0.2% slump in growth on the year, while France’s economy shrank by 0.2% from the fourth quarter and 0.4% on the year.
Moreover, the European inflation confirmed its lowest since February 2010 in April, giving more room for policymakers to cut interest rate further in the coming months. The Euro area CPI recorded 1.2% in the year ended April from a previous of 1.7%, the European Union’s Statistics Office in Luxembourg said today. In addition, the data shows that inflation resumed its drop below the ECB target as the slowdown in economic activities weighed on prices. The austerity measures used by many European economies to trim budget deficit have pushed the euro region to a drop of 0.2% in the first three months of 2012, after a sharp 0.6% fall in the last three months of 2012, while ramped up unemployment to a recoded high of 12.1% in March.
Further, European services sector showed an ease in contraction to 47.0 in April from 46.4 in March, the manufacturing sector’s contraction widened to 46.7 in April, the lowest this year, from the prior of 46.8. CPI recorded -0.1% on the monthly basis from 1.2% while annual core CPI reached 1.0%. Looking at the currency movement in April, the euro rebounded against the dollar in April to hit a high of 1.3199 from an opening of 1.2802, yet it is showing a retreat this month. A separate report showed that euro is trade balance reached 18.7 billion euros from 12.7 billion euros. However, it seems that the bank is worried of the drop in inflation below target as the rate is still in safe territories where the ECB is probably giving higher priority to bolstering growth.
Commentary
For the coming European session, anticipate further signs of pessimism for the euro area, as the Euro strength is again undermined, this time due to the annual inflation data in the region, as most expect it to hold at the lowest in three years, a level that opened the door for the European Central Bank to cut the benchmark interest rate earlier this month. In addition, Markets saw some hectic movements yesterday, when gold prices bottomed at $1,400 a barrel for the first time in more than three weeks as the Greenback surged against major currencies, while the euro continues to stretch the downward trend ahead of key inflation data from the 17-nation bloc.
In addition, figures from the European Union’s statistics office Eurostat are expected to confirm today that the euro-area’s annual inflation rate in April stuck at March’s three-year low if 1.2%, down from 1.7% a month ago, and comfortably below the ECB’s 2% target. The signal currency fell is extended drop to $ 1.2865 as of 10:52 GMT today. In addition, Gross Domestic Product data showed yesterday that the euro area economy shrank for the sixth straight quarter at the first three months of the year, with GDP registering a rate of -0.2%. Meanwhile, German GDP was disappointing as well as data showed Europe’s largest economy grew a soft 0.1% at the start of the year, with a 0.2% slump in growth on the year, while France’s economy shrank by 0.2% from the fourth quarter and 0.4% on the year.
AUDCAD Contrarian Call
The AUDCAD currency pair has been on a long corrective path as visible in this D1 chart. After forming adouble top formation is collapsed through its 50 DMA and reached new multi-months lows close to parity. The last two candlestick formations indicate that this pair is trying to build support around this key support level. We believe this pair has bottomed out and will launch a counter-trend rally back intodescending resistance levels.
MACD has completed a bearish centerline crossover and momentum has been extremely bearishwhich confirms the correction. The current level of bearishness is below its moving average and at unsustainable levels which we take as a contrarian indicator. RSI has dropped into extreme oversoldterritory and flirted with a single digit reading before stabilizing at record lows.
We recommend a long position at 1.0050 and a second entry level at 0.9950. We currently do not recommend a stop sell order as this currency pair is trading close to very strong support levels.
Traders who wish to exit this trade at a loss are advised to place their stop loss level at 0.9950. We will execute this trade as recommended. Place your take profit level at 1.0205.
Here are the reasons we call the AUDCAD currency pair higher
The AUDCAD has corrected down close to parity and approaches very strong support levels
The last two candlestick patterns indicate this pair is trying to build a bottom at support
Contrarian view on the forex chart as well as indicators
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
For the coming week, the USDCAD is now showing a strong bullish reversal stance in its movement, as prices are now showing strong traction and currently moving at 1.0118, indicating a strong bullish stance for the coming session due to its reversal stance. In addition, the bullish shift in its price action can be attributed to its 63-day SMA (olive line) and 84-day SMA (black line) and its 5-day EMA, 9-day SMA and 21-day SMA, as the 5-day EMA and the 9-day SMA as lines are now concocting a bullish reversal pattern in its moving averages showing the bullish pattern at the moment.
In its economic outlook, anticipate the Greenback to project strength in its fundamentals, since most analyst are skeptic whether the Greenback strength is justified, since the broad based USD buying was the key topic since the US jobless claims gathered great optimism this Thursday. The USDJPY finally breached above the 100-resistance while the euro and sterling both faded on the speculation that the Fed may taper the bond purchases before the end of the year. In addition, released this morning, the disappointing construction data further weighed on the negative sentiment in GBP trading. Today and through the weekend, the G7 finance ministers and central bankers will gather in London to discuss about the ways to boosts the growth and revive the economies.
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
American Weekly Fundamental Outlook, 05/13/13 to 05/17/13
For the coming week, anticipate another positive signal for the Greenback for the coming session, since most analyst are skeptic whether the Greenback strength is justified, since the broad based USD buying was the key topic since the US jobless claims gathered great optimism this Thursday. The USDJPY finally breached above the 100-resistance while the euro and sterling both faded on the speculation that the Fedmay taper the bond purchases before the end of the year. In addition, released this morning, the disappointing construction data further weighed on the negative sentiment in GBP trading. Today and through the weekend, the G7 finance ministers and central bankers will gather in London to discuss about the ways to boosts the growth and revive the economies.
Furthermore, with the recent strength of US Non-Farm Payrolls which climbed by 165k in April, beating market expectation of 140k. In addition, private sector hiring expanded by 176k, well-ahead of the consensus for 150k, while government payrolls declined by 11k. Revisions were very positive and with a net 114k to payrolls added the equivalent of another month of job growth. March payroll were revised up to 138k, while February’s were revised to a whopping 332k. On the other hand, unemployment rate dropped by 7.6% in March and unlike the decline in March, this one was for the right reasons. Household survey employment grew by 293k, and 210k workers entered the labor force. The labor force participation rate remained unchanged at 63.3%.
Consequently, the weekly jobless claims came in weaker than expected this Thursday, triggering a decent USD rally as the markets re-started talking about the tapering of bond purchases before the end of the year. The rumors on the Chinese interest in USD-denominated assets certainly reinforced the USD demand. Now this needs to be recapitulated as there has been a significant shift in sentiment regarding US economy’s health, however there has no significant justification in the recent data. Since the nonfarm payroll showed 148,000 decreases in March, meaning that the 165,000 printed in April showed little improvement in real term. The GDP registered 2.5% growth in the first quarter versus 3.0% expected and the inflation remains well below the target, while the manufacturing data across US were rather disappointing.
Consequently, the significant USD demand was clearly leaded by the massive Yen selling overnight. The JGB 10-year yields spiked to 0.6860 from 0.5900 levels in Tokyo. Now the question is it the inflows in US assetsare sustainable while no data gives support to such optimism yet. Is only a week improvement in jobless claims enough to erase the recent month weakness regarding the leading economic indicators?
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
The treatment of foreign trade statistics in the GDP estimates is tricky, confusing, and may contribute to an unwarranted aversion to imports. The reason is that we add categories of spending to get to GDP, but we subtract imports. For example, we add Consumption spending to Investment spending to Government spending to spending on Exports, but we subtract spending on Imports to get: GDP = C + I + G + X – M. It’s easy to make the leap from imports being subtracted to get to GDP to imports being a negative in a more general sense. Exports add to GDP, but imports subtract from GDP. Imports must, therefore be bad. Furthermore X > M is good while M > X is bad. Right?
No, wrong. Imports are subtracted because the other spending components , C, I, G, and even X all have import components , which generate income among our trading partners just as our exports generate income at home. It is easier to subtract imports at the end than it would be to make C net of imports, I net of imports, and so on. Imports don’t really reduce domestic income; they just don’t add to it. By subtracting them at the end, it is not necessary to make all the other spending categories net of imports. It’s merely a convenience.
Nevertheless, we tend to treat imports as some sort of negative or bad thing even though, when you think about it, imports are what we gain from international trade while exports are what we pay in international trade. We export in order to pay for our imports even though that is hard to see since importers and exporters tend to be different people with different motivations. Henry George’s famous quote clarifies it best for me. If you are in a war, why does your enemy wish to close your ports? To prevent your exports or your imports? His quote was to the effect that “Protectionists wish to do to you in peacetime [limit you imports] what your enemies wish to do to you in wartime.”
What impact did our imports and exports of goods and services have on our first quarter real GDP estimate, released last recently? Well, according to the official report, real exports of goods and services increased 2.9% in the 1st quarter, compared to a decrease of 2.8% in the 4th quarter. Therefore, exports alone accounted for a positive change in real GDP of 5.7% from the 4th to the 1st quarter. However, real imports of goods and services increased 5.4% in the 1st quarter compared to a decrease of 4.4% in the 4th. Considered alone, the increase in imports was 9.8%, making the net contribution of foreign trade in goods and services a negative 4.1%.
We continue to import more goods and services than we export, and that gap increased in the 1st quarter. Would you call that bad or good? It is good for producers and exporters that we exported more, but it is also good for consumers that we imported more, even though, on balance, foreign trade contributed more to our trading partners income than our own. A net import balance is actually a good thing in that we are getting more from foreign trade than we are paying.
The problem with it is that it is not sustainable. In the long run, we have to pay for our imports with exports although that discipline works more directly on other countries than it does on the United States since the Dollar is a reserve currency that foreigners are willing to hold and use.
When we have a net import balance, as we have for many years running, we “pay” for it with by borrowing in the form of a net foreign capital inflow. That capital inflow is a mirror image of the deficit in trade. That “inflow” of capital may take the form of drawing down our bank balances abroad or building up foreign balances in the U.S. or a foreign accumulation of bonds, stocks, real estate here or a de-accumulation of such assets that U.S. citizens own abroad. The details can get confusing (they just did), but we summarize them by saying we pay with a capital inflow or by borrowing from our trading partners.
We became a “net debtor country” around 1985 when foreign assets in the U.S. first exceeded U.S. assets abroad. If the dollar had not been a reserve currency in high demand by foreigners, we would have had to correct that foreign imbalance long ago. The special status of the dollar makes it easier to borrow (a good thing) and easier to run up a huge foreign debt (a bad thing).
It is ironic that when our trade balance worsens, it has been a sign that the U.S. economy is stronger and foreign economies are weaker because growing domestic income stimulates our demand for imports while weaker foreign income growth lessens their appetite for U.S. goods and services.
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
The second trading week of April is behind us, so let’s recap what happen here atPaxForex. We took a look at the popularity of forex trading which has been on a sharp increase despite economic conditions and while traders have reduced their activities in other sectors of the financial market (Popularity of Forex Trading). We have identifies five key factors why forex trading has enjoyed and continues to enjoy outstanding growth rates as well as popularity.
Later in the week we took a closer look at late British Prime Minister Margaret ‘The Iron Lady’ Thatcher who passed away at the age of 87 (Margaret Thatcher: Political Realism vs. Apathy). She was responsible for many great accomplishments such as reducing the power of trade unions, a surge in privatization and low tax rates in order to stimulate the British Empire. Unfortunately there have been many voices of anger directed at her all the way to happiness about her death.
We closed the week reverting back to the forex theme and published a vital piece of forex literature in order to better the understanding among novice traders as well as seasoned traders when and how forex profits are generated (Forex Profits are generated when you enter your Currency Trade). We strongly recommend you take the time to read it carefully and understand how novice as well as unprofitable traders approach a currency trade and how professional as well as profitable traders approach a currency trade.
Overview of profits for the week which ended April 12th
AUDUSD: 9 pips NZDUSD: 120 pips
Total: 129 pips
Monday, April 8th
NZDUSD Short Recommendation
We recommended a short position at 0.8475 with a take profit level of 0.8400 (NZDUSD Spinning Top at Resistance). This was an addition to our existing short position we took on March 26th at 0.8380 as well as our hedge taken on April 2nd at 0.8430. We closed our hedge for a profit of 120 pips and the two open positions carry a floating trading loss of 322 pips. This represents an increase of 270 pips compared to last week. We maintain our take profit target of 0.8400.
Tuesday, April 9th
USDJPY Short Recommendation
We recommended a short position at 99.25 with a take profit level of 97.25 (USDJPY Bump-and-Run Reversal). This currency pair has moved lower and currently carries a floating trading profit of 83 pips. We will maintain our take profit target of 97.25.
Wednesday, April 10th
USDCHF Long Recommendation
We recommended a long position at 0.9300 with a take profit level of 0.9375 (USDCHF Falling Wedge Formation). This pair has moved slightly lower and currently carries a floating trading loss of 30 pips. We will maintain our take profit target of 0.9375.
Thursday, April 11th
GBPJPY Short Recommendation
We recommended a short position at 153.00 with a take profit level of 148.00 (GBPJPY Overextended Rally). This pair has moved lower and currently carries a floating trading profit of 246 pips. We have adjusted our take profit level to 150.50.
Exit from trades of previous weeks
AUDUSD Hedge
We have closed our open AUDUSD hedge on April 9th for a profit of 9 pips. The hedge was opened on January 24th at 1.04920.
We had a total of four trading recommendations this week, all of which remain open and currently carry a floating trading loss of 23 pips. This represents a decrease of 29 pips compared to last week. We closed two hedges for a profit of 129 pips which equals our total weekly profits.
In addition to the four positions from this week we also carry seven positions from previous weeks. We have three open USDCAD positions, two long positions and one short hedge, which currently carry a floating trading loss of 248 pips. This represents an increase of 102 pips compared to last week. We have increased our take profit level to 1.0350.
We have four open GBPUSD positions, two long positions and two hedges, which currently carry a floating trading loss of 2,174 pips. This represents a decrease of 7 pips compared to last week. We will continue to monitor this currency trade and seek profitable exit levels for both sides of the trade.
We have three open GBPCHF positions, two long positions and one hedge, which currently carry a floating trading loss of 1,564 pips. This represents an increase of 84 pips compared to last week. We will maintain our take profit level of 1.4700.
We have four open EURGBP positions, three short positions and one hedge, which currently carry a floating trading loss of 1,406 pips. This represents an increase of 188 pips compared to last week. We maintain our take profit level of 0.8275.
We have three open EURAUD long positions which currently carry a floating trading loss of 605 pips. This represents an increase of 102 pips compared to last week. We will maintain our take profit level of 1.2575.
We have two open AUDUSD short positions which currently carry a floating trading loss of 327 pips. This represents an increase of 125 pips compared to last week. We will maintain our take profit level of 1.0330.
We have two open AUDCHF short positions which currently carry a floating trading loss of 311 pips. This represents an increase of 90 pips compared to last week. We will maintain our take profit level of 0.9580.
Our total floating trading loss for the week stood at 6,658 pips. This represents an increase of 655 pips or 10.91% compared to last week. This was our first increase in five weeks and we plan to reduce our floating trading losses throughout the rest of the month. GBP related trading losses accounted for 4,898 pips or 73.57% of all losses and are up 21 pips or 0.39% compared to last week. We will maintain our take profit target for April of 1,200 pips as well as our floating trading loss range between 6,000 and 6,500.
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.idVisit Us www.deryworldscorp.asia
The EURJPY has traded higher from its lows and formed a rising wedge formation. MACD formed a negative divergence and showed momentum fading while RSI has reached extreme overbought territory and formed a negative divergence as well. Will the bears force a correction down to its rising 50 DMA or can the bulls continue their stampede? Check out PaxForex Trading Recommendationstoday and find out before the move unfolds.
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
Visit Us www.deryworldscorp.web.id
The second trading week of April is behind us, so let’s recap what happen here at
