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Forex market reviews

30 May 2017

Media reviews

Tina Pham

Greece denies report it may opt out of receiving more bailout money (news: 30/05/17)

Greece on Tuesday denied a German newspaper report it could opt out of receiving bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms to the crisis-hit country despite it having passed more reforms.
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Market sessions

Gabriel Ojimadu

EURUSD: support broken

Trading on the Euro on Monday closed 6 pips lower than it did on Friday. Trading was calm due to national holidays in China, the USA and UK. In the first half of the day, the Euro corrected to 1.1190, and in the second, returned to the support at 1.1160.
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29 May 2017

Trading ideas

Gabriel Ojimadu

Short-term trading idea FX EUR/AUD - bear speculation: expected breakout of the trend line

Trading opportunities on the currency pair: A doji has formed on the weekly chart. On Friday the 26th of May, trading closed with the formation of a reversal hammer. Between the price and the AC indicator, a double bearish divergence has formed. This increases the risk of a breakout of the TR3 trend line. I'm predicting some correctional movement towards the TR4 line at 1.4690. This scenario for decline will remain in place unless the price manages to break out of the 1-1 channel.
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Trading ideas

Gabriel Ojimadu

Short-term trading idea FX GBP/USD - bear speculation: expected drop below the 1.2550 - 1.2710 support zone

Trading opportunities on the currency pair: The British pound's slide began on Thursday the 25th of May, after the release of downwards revised GDP data for the first quarter. Pressure on the currency increased after a breakout of the upper boundary of the A-A channel and the TR trend line. The GBP/USD rate returned to the 1.2550 - 1.2710 zone, which had been acting as a resistance until the 18th of April. My base scenario sees the rate falling to around 1.2643 in time for the FOMC meeting on the 13-14th of June.
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Market sessions

Gabriel Ojimadu

EURUSD: the market is thin on US's day off

Trading on the Euro closed down on Friday. After an unsuccessful attempt at returning to 1.1250, buyers started closing their long positions before the long weekend. Pressure on the single currency increased with the release of US statistics. Their second GDP reading for the first quarter of 2017 came out better than expected and was revised upwards from 0.7% to 1.2% (forecast: 0.9%). During the New York session, the EUR/USD rate fell to 1.1161. Drifting into the support area at 1.1160/70, the pair has entered a phase of sideways movement.
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