I’m extremely trying forward to a busier week within the currency market. we must always see a good quantity of liquidity come to the market on, and maybe we’ll see the increase of some meaningful moves presently. This initial commercialism week of 2017 has simply whetted my appetency for profit, and that i can’t wait to pan out the pips within the week to come back. I hope you’re even as excited regarding commercialism the markets this week
Friday saw the USA dollar bulls smile, with the Dollar’s positive reaction to the USA employment information. The Buck strong against all the foremost currencies, with the dollar losing the smallest amount and therefore the Japanese Yen the foremost.
USD/CAD - The powerful dollar
The dollar has been pushing back the USA dollar for quite an variety of days. This recent decline within the USD/CAD has been pretty aggressive, and therefore the Buck solely managed to realize a dreadful eleven pips against the dollar on Friday. Here may be a daily chart of the combine
USD/CAD Daily Chart
In the chart higher than, you'll see that the combine did not break through the red resistance zone some days past.
Personally, i used to be expecting the combine to trade higher and clear this zone. In currency commerce, we want to be unemotional in our deciding, and not get too hooked up to an explicit aspect of the market. I likeable the long aspect of this combine a short time past, however at the instant the optimistic opportunities on this combine square measure fairly restricted.
Perhaps this combine might get into a spread from here, with a former resistance zone that might offer support within the days and weeks to return. You’ll see what I mean on the subsequent chart
USD/CAD Daily Chart
The price action on this combine may be a bit mussy, however the present levels might simply tempt the bulls to step in with some shopping for power. i might in person not enter long at the present market value. it might be knowing observe however this combine reacts at this former resistance zone initial.
If we tend to get a decent reversal candle as associate degree entry signal, for instance, it might greatly increase our possibilities of success. once a currency combine declines therefore sharply just like the USD/CAD did over the last number of days, we'd like to take care to not enter before we tend to see a extremely reliable value action signal.
Although the USA greenback might gain abundant against the Canadian dollar shortly, there ar alternative currencies that ar abundant weaker than the Canadian dollar. One such currency is that the Japanese Yen. Let’s see however the greenback performed against this currency on Friday:
USD/JPY - Back on top of the 20-EMA
As you recognize, the USD/JPY has been in a very aggressive uptrend late. Since Gregorian calendar month last year, the combine climbed nearly 2000 pips.
However, the combine entered a consolidation zone within the previous couple of weeks, followed by a unexpected dip lower on Th last week. Let’s check out a daily chart of the combine
USD/JPY Daily Chart
Although the greenback gained staggeringly against the japanese Yen on Friday, the combine continues to be rather exposed to the draw back. However, if we have a tendency to see some follow through of Friday’s greenback strength, the bulls may presumably manage to push the combine to new highs presently. On the opposite hand, if this combine breaks below the 20-day exponential moving average and manages to shut below it, a deeper correction may inherit play.
If the combine manages to shut another a hundred pips and higher within the next few days, this could re-establish its optimistic bias.
Economic information
The most necessary natural event on can in all probability be the North American nation Retail Sales numbers on Friday at 13:30 universal time.
We even have retail sales figures out of Australia on Tues at 00:30 universal time
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