Last week: I’d mentioned last week that I was looking to the Yen pairs as potential candidates for trading opportunity and they did not disappoint. The USD/JPY gave a great TC LONG signal early in the week, posted in real time through this link, and it yielded up to 150 pips before stalling. It was a pretty messy week apart from that though but I have new technical patterns to monitor for potential breakout opportunity in the coming week with the Yen pairs still in prime focus. The correlation between Stocks and Bonds is worth considering at the moment as well given recent Bond weakness. Continue reading
The US$ index closed higher for the week but printed, essentially, an indecision-style ‘Inside’ candle and continues to hover near the weekly 50% fib level. A clear make or break from this zone is needed to underpin decent trend-trading conditions for FX traders.
The US$ rally has paused and this has helped to develop some technical patterns across a number of FX pairs. However, some of these might be better monitored with next week’s trading.
There hasn’t been a lot of action across FX but the US$ is a bit stronger and there have been a couple of decent TC signals.