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USD corrected to the upside after losing value post FOMC. All major USD crosses showed a minor correction apart form commodity currencies AUD & NZD. Kiwi has been in a major down spiral since RBNZ indicated possible rate hike in the nearest future. Since then the pair dropped from 0.73 to 0.68.
Data from the Eurozone was mixed with industrial production rising less than expected and German investor confidence falling short of forecast. However expectations for Eurozone growth rose sharply last month, which could be a reflection of the recent improvements in the region's economy.
USDJPY finally found some resistance around 118.30 area. The pair formed our favourite pattern = double top + lower low. This is an excellent bearish reversal pattern. On the top of this, JPY seasonal bullishness is also at play. JPY tends to gain value in the first 3 weeks of the trading year – every year.
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