Majority of the forex traders use technical analysis approach to trade, most of these technical traders want the currency pair to follow the trend, may be up or down. When I say about forex trading there are many currency pairs available for trading. Suppose the trader want the trending currency pair, here is how to find which currencies are trending. For doing so there is a simple trick, it is if ... [Continue Reading]
Bullish divergence spotted on NZDUSD, Forex pair trade near support
Today's trade setup on NZDUSD we see a nice bullish divergence trading opportunity, we see that this pair may bounce from its support level which lies at 0.8125 zone. ON 1 hour chart slow stochastic was making higher high, but price action was showing lower low, hence in near term this pair can move higher if risk in market comes back. There is no fundamental news for New Zealand today, hence ... [Continue Reading]
Why is USD Strong across the Globe, Strong USD Responsible for Panic Selling by FII
FII are selling from last 6 months, USD has been showing strength across the board. Panic selling by FII can be justified by strong USD, as most of these foreign players hold portfolios in USD and index they track for nifty stocks is NSE defty index. This index is simple conversion of USD asset to present INR asset, so for foreign players it’s quite common to keep track on USD investments. ... [Continue Reading]
EURCHF Trades below SNB Floor Price of 1.2, SNB Intervention Possible
EURCHF traded below the floor price set by SNB (Swiss National Bank), we have seen it trading at 1.1987 today. However SNB stepped in and soon EURCHF shot towards 1.2025 level, this fall in EURCHF will be short lived as SNB has promised that it is going to buy unlimited amount of foreign exchange to prevent CHF to strengthen further. Just after breaking below 1.20 level, SNB chief said that Swiss ... [Continue Reading]
UK Released Weak GDP Data: Short Sell GBPUSD, Bearish for Medium Term
Today UK has released its Q4 and annual GDP numbers, we saw UK's economy slowing in its last quarter of FY11-12. The data that came out was -0.3% QoQ basis and 0.5% YoY basis as compared to -0.2% QoQ and 0.7% YoY previously. We may see under-performance in GBP currency in forex market, so taking view of medium term we advice forex traders to take short positions on GBPUSD around 1.595 level for ... [Continue Reading]
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