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The news recently have supported USD rebound from the lows. EUR and GBP have dropped significantly and paused to collect more buyers. A random consolidation could last a few days. Only a break of the alredy established lows yesterday should produce a valid short signal. EUR has attempted to breakdown the lows but failed. Another leg down in EURUSD should target 1.16 and in GBPUSD 1.29.
iggy_ua's Blog
August forex forecast
Summer has brought a big dollar drop against the majors. It might be a consequence of a reduced liquidity and some sort of market making by big players. Yet reasons to be guessed. The advance in majors has reached ceiling and big resistance areas. Some sort of consolidation and pull back to be expected in the coming month. I would call for GBP drop to 1.27 and EUR to 1.15 against USD in the next two weeks.
Month end
Friday and Monday are expected to be quite days. Summer is more active in price action then anticipated. NFPs could drive the markets further. Until then I expect consolidation and little market moves. The best opportunity will arise in JPY which is net long in traders' positions and should produce a move to the downside.
Trade habits
yesterday it was the day for big profits or losses. as usually, traders are not prepared for extended runs. the market outbursts suddenly after a sleep and traders do not believe the run will continue. once again, the conclusions after yesterday which reconfirm a common knowledge: let your profits run, cut losses, never trade against momentum. and one more - do not experiment with pairs you do not understand.
Crude action
the blod is not about oil. however, it participated in the action as well. despite any in-depth analysis the price does not conform with any technical indicators or logic. vice versa, the market does in most cases looks to be irrational. oil continued it's decline following yestardays' gap up. i expected in the previous posts and still await a short term bounce in oil prices and dependent currencies. needless to say, i convinced myself in preparing to execute this view. it's a first sin of a tra…