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Forex market reviews

08 May 2017

Market sessions

Gabriel Ojimadu

Euro/dollar pair losing ground

Trading on the Euro/dollar currency pair in Europe continues to slide from its Asian maximum of 1.1021. It's been experiencing some additional pressure from the EUR/GBP cross. At the time of writing this review, the Euro has fallen against the greenback to 1.0940. If the daily candlestick closes below this level, it will open the road for sellers towards 1.0920.
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Media reviews

Tina Pham

Asian markets close mostly higher following landslide Macron victory in France; Nikkei surges 2.3%

Asian shares closed mostly higher on Monday following the landslide victory of Emmanuel Macron in the French polls on Sunday, with the Nikkei share average hitting its highest level since December 2015.
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Trading ideas

Gabriel Ojimadu

Short-term trading idea FX USD/JPY - bear speculation: possible rebound from the trend line

Trading opportunities on the currency pair: The price has stalled at the upper boundary of the C-C channel or trend line. Large speculators have been closing their long positions as the price approaches the trend line. According to the latest COT report, major players are doubtful of a breakout here. Typically, from the trend line, one should be looking to sell dollars with a stop level above 113.05 (depending on the level of risk as the individual trader sees it). The fall to 111 should be seen as a correctional phase for the growth from 108.13 to 113.05.
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Market sessions

Gabriel Ojimadu

EUR/USD: Macron has won, buyers cashing in

Trading on the Euro on Friday closed up. Before the US jobs report was released (Non-Farm Payrolls, NFP), the rate corrected to 1.0954. Following the release, the Euro renewed its daily minimum against the dollar, but this bearish impulse was quickly extinguished. Traders bought Euros in anticipation of a Macron victory in the second round of France's presidential election, giving the NFPs secondary importance. By the end of the day, the Euro had risen to 1.0999.
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Trading ideas

Gabriel Ojimadu

Short-term trading idea FX USD/CAD - bear speculation: weekly pin bar

Trading opportunities on the currency pair: Trading on the dollar closed down on Friday. This fall was brought about by the closing of long positions before the weekend (French elections) and by appreciating oil (technical rebound). Friday's candlestick engulfs the previous three daily candlesticks. A pin bar with a long shadow has formed on the weekly timeframe. Everything is pointing to the start of a correctional phase. A sharp drop against the trend always raises suspicion, so my forecast is predicting a drop for the dollar through a double top formation. The target is 1.3476. Traders should look to sell at around 1.3777/1.38 and to set stop levels above 1.3865.
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05 May 2017

Market sessions

Tomasz Wisniewski

Daily analytical report (05/05/17)

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Commodities, WTI, DAX, Gold
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Market sessions

Gabriel Ojimadu

EUR/USD: price exits 7-day range

Trading on the Euro/dollar pair closed up on Thursday by exactly 100 pips. After leaving its 7-day range, the Euro appreciated against the dollar as far as 1.0983. The sense of euphoria at breaking the 1.0940 level blinded buyers to the growth in US 10Y bond yields and the drop in gold quotes.
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Market sessions

Tomasz Wisniewski

Daily analytical report (04/05/17)

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FOMC, EURUSD, USDJPY, Silver, Gold
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Alexander Razuvaev
Alexander Razuvaev

Director of Alpari's analytical department

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