Skip to main content

Forex Insights- 24 May,2018

The Forex Insight for 24th May for major currency pairs are as follows:

equidious research currency pair

EUR/USD

  • The EUR/USD pair held on to its modest recovery gains above the 1.1700 handle.
  • The ongoing US Dollar profit-taking slide, triggered by a dovish assessment of Wednesday's FOMC meeting minutes.
  • USD showed little signs of easing amid a sharp retracement in the US Treasury bond yields and following an unexpected rise in the US initial weekly jobless claims.
  • The pair would need to advance beyond 1.1790 to gain some further upward traction and retest the weekly high at 1.1829.

GBP/USD

  • GBP/USD: bulls capped by the 100-hr SMA, but if that were to give, opens risk towards key 1.3450 (50-W SMA).
  • GBP/USD is trading at 1.3387, with a high of 1.3422 and a low of 13349.
  • The technical readings lean bearish and are stacked up against the bulls. However, 1.3301 comes as the Dec 14 low and a potentially strong level of support.
  • 1.3040 is a key downside target as the Nov 3 low. On the upside, a break of the 100-hr SMA at 1.3410 eyes for a test of 1.3450 (50-W SMA) and that would open the scope towards the 10-D SMA at 1.3478.

USD/JPY

  • USD/JPY recovers after the slide that followed Trump’s announcement.
  • US President canceled a meeting with the North Korean leader and triggered risk aversion.
  • The USD/JPY pair dropped to 108.94 after US President announcement, reaching the lowest in two weeks.
  • The yen is rising for the third day in a row against the US dollar. From the weekly high USD/JPY lost more than 200 pips. 

AUD/USD

  • The AUD/USD pair rose further during the US session and printed a fresh daily high at 0.7580.
  • The Aussie was unaffected following US President Trump cancellation of the meeting with Kim Jong-un.
  • AUD/USD continues to move with an upside bias supported by an uptrend line. If it manages to end the day at current levels it would be the highest close in a month.
  • To the upside, resistance levels might be seen at 0.7590, followed by 0.7605/10 (May 22 high) and 0.7650. On the flip side, supports could be located at 0.7545, 0.7530 (uptrend line from May 9 low) and 0.7490/95.

For the Best Forex Signal| Accurate Stock Signal| Profitable Comex Signals, Try Equidious Research Services. We have a team of best and well experienced Research Analysts.

Trading is an art of making handsome amount.

Enjoy Trading!

Comments

Popular posts from this blog

Fundamental Analysis-Impacts of Non Farm Payrolls Data on Forex Market

Non farm payrolls in the US increased by 164 thousand in April of 2018, following an upwardly revised 135 thousand in March and well below market expectations of 192 thousand.  The most important payroll statistic that is analyzed from the report is the  non-farm payroll  data, which represents the total number of paid U.S. workers of any business, excluding general government employees, private  household employees , employees of  nonprofit  organizations that provide assistance to individuals, and farm employees. Non Farm Payrolls Indicator The Non Farm Payrolls indicator measures the net change in the number of people employed within the U.S. economy in jobs other than those which are farming or agriculture related. When the NFP data is rising, it means businesses within the United States are hiring more staff, usually in response to improved economic conditions and increased demand for their products or services either domestically or overseas...

Know More About- Commodity Currencies Trading

Currencies of countries that rely heavily on the export of  commodities  are often referred to as  commodity currencies . An important factor that any  forex trader  should consider is that the value of commodity currencies usually rise and fall in tandem with the value of the country's main commodity exports. What Are Commodity Currencies and Pair: Both the value of the  commodity  and the country's trade balance, with respect to the commodity, are significant factors in the valuation of commodity currencies. The most commonly traded commodity currencies are: Canada (CAD) New Zealand (NZD) Australia (AUD) The three  commodity pairs  are: USD/CAD AUD/USD NZD/USD These  pairs  are highly correlated to  commodity  fluctuations in the world markets and are the most heavily traded  commodity pairs  in  forex .  Forex  traders often trade these  commodity pairs  to gain expos...

TOP 7 MISTAKES IN FOREX TRADING

NO TRADING PLANS: A trading plan is a strict set of rules, half of which a trader draws from their trading strategy and the other one from their money management strategy. The plan may be then complemented by as many more points as the trader sees fit. WHAT IS TRADING PLAN: Specific market conditions for entering a trade; The amount of money to risk in a trade; Specific market conditions to get out if you are wrong (stop-loss); Specific market conditions to get out if you are right (take-profit); Approximate time for the market to reach your target; Note down and record everything! Write this list down as postulates and have it front of you before, after, and during your trading. RISKING TOO MUCH ON ONE TRADE: Never take too much risk in one trade. Forex brokers are allowed a lot of freedom in terms of leveraging their trading account, while beginner Traders lag behind in money management discipline. A combination of these two leads to high risk, hazard trading. Always...