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China and Japan to Bypass USD for Direct Yuan-Yen Trading

posted by Avatar FXTimes 15 hours ago in JPY, Fundamental, Special made popular 13 hours ago

China and Japan are planning to trade directly without the USD as the common currency to determine the “cross-rate”. Instead, the transactions from trading activities will determine the exchange rate. This is a step to promote trading between the read more
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USD/CAD Trading in an Ascending Triangle

posted by Avatar FXTimes 1 day 20 hours ago in USD, CAD, Technical made popular 1 day 20 hours ago

The USD/CAD continues to tap at the 1.03 handle. The 1.0280 and 1.0315 levels are previous resistance pivots. The 1H chart shows the market in an ascending triangle. There is also a sign of bullish momentum bias as the RSI failed to break below 4 read more
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EUR/USD Cracks 1.25; 1.2330-1.2350 is the Next Key Support

posted by Avatar FXTimes 1 day 21 hours ago in USD, EUR, Technical made popular 1 day 20 hours ago

The EUR/USD continues to hold below 1.26. We can see in the 1H chart that the attempt to break it in the 5/24 US session was quickly rejected even though 1.26 was cracked. After a bounce from the week’s low near 1.2510, there was another test of read more
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EUR/JPY and GBP/JPY at Declining Channel Support

posted by Avatar FXTimes 1 day 23 hours ago in EUR, JPY made popular 1 day 22 hours ago

Basically in both the EUR/JPY and GBP/JPY, we are ready for some corrective rally. However, there is still further downside before some more key support factors come in play. So without confidence for the bullish outlook from the current support, read more
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GBP/USD Trading at the February/March Consolidation Support

posted by Avatar FXTimes 2 days ago in USD, GBP, Technical made popular 2 days ago

The GBP/USD has been very bearish since the BoE inflation report and Mervyn King’s testimony revealed that QE is still on the table. Inflation has been checked, and recent inflation data confirmed the trend of stabilizing prices. Lower commodity read more
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USD/CHF Slowing Its Bull Run at the 2012 High

posted by Avatar FXTimes 2 days ago in USD, CHF, Technical

The USD/CHF has been rallying sharply and is now back to where it was at the beginning of the year when the market made a 2012 high at 0.9593. In January the market fell from this area first to 0.9410, then all the way down to the 2012 low of 0.8 read more
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USD/CAD Trading at Resistance Area Around 1.03

posted by Avatar FXTimes 2 days ago in USD, CAD, Technical made popular 2 days ago

The USD/CAD indeed pushed to the 1.03 level after breaking above the 1.0050-1.0060 resistance. The 1.0280-1.0315 area represent resistance pivots back in January 2012, with 1.0315 being the 2012 high. Although this resistance area sent the market read more
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EUR/CHF Pops; 1.2070 and 1.2144 are Resistance Pivots

posted by Avatar FXTimes 2 days ago in EUR, Technical made popular 2 days ago

The EUR/CHF has been in a dead quiet range just above the 1.20 SNB floor. The range was like 10-15 pips wide at max. The EUR/CHF was pretty much playing dead throughout April and into May. Then out of no where in the 5/24 US session, around 9:00 read more
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Eurozone Manufacturing (April), UK GDP (Q1) Contract Sharper

posted by Avatar FXTimes 2 days ago in EUR, GBP, Fundamental made popular 2 days ago

Note that everything is in contraction, except German services PMI. The EUR/USD made news lows over the European session after the releases, but has found support at 1.2510 heading into the US session and is showing some signs of consolidation.
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EUR/USD Shows Signs of Consolidation; Needs to Break 1.26

posted by Avatar FXTimes 2 days ago in USD, EUR, Technical made popular 2 days ago

The EUR/USD made a fresh low during the European session after manufacturing data out of the eurozone showed a sharper contraction in May than forecast. As we gear up for the US session, it remains above 1.25, and is developing a bullish divergen read more
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EU Summit Fails to Provide Answers

posted by Avatar FXTimes 3 days ago in EUR, Fundamental, Daily made popular 3 days ago

The markets did not get any reason for hope out of the EU summit. Agreement on the significance of having more concrete decision during the official summit in June sounds like “kicking the can down the road” as Jamie Coleman from Forexlive put it read more
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AUD/USD Enters a Support Area Between 0.9660 and 0.97

posted by Avatar FXTimes 3 days ago in USD, AUD, Technical made popular 3 days ago

The AUD/USD slid to the next area of support after falling below 0.98 in the 5/22 session. It dipped below 0.97 but retreated a bit as the 5/23 trading session comes to a close. This 0.9660-0.97 area provided support in March and November of 201 read more