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Forex market reviews

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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26 May 2017

Media reviews

Tina Pham

China ups control of currency with yuan fix tweak (news: 26/05/17)

BEIJING--China's central bank said it was tweaking the mechanism for setting the yuan's daily fix to smooth out fluctuations against the dollar, an acknowledgment that the country is hitching the yuan's value closer to the U.S. currency.
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Market sessions

Gabriel Ojimadu

EURUSD: price trading in the middle of a narrowing range

Trading on the Euro on Thursday closed down. The price continued to trade within a daily range of 1.1160 to 1.1270. The pair fell to 1.1194. Buyers didn't allow sellers to push the price down any further as they received some support during the US session from the EUR/GBP cross.
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Alexander Razuvaev
Alexander Razuvaev

Director of Alpari's analytical department

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