The USDJPY pair broke higher during the course of the session on Tuesday, breaking above the top of the shooting star from the Monday session. Because of this, I believe that the market is going to continue going higher, as the Bank of Japan has worked against the value of the Yen and of course the Federal Reserve looks much more likely to potentially raise interest rates in the fairly
AUDUSD continued its downward movement from 0.7755, and the fall extended to as low as 0.7500.
EURUSD’s downward movement from 1.1366 extended to as low as 1.1132.
The USDCAD pair initially fell during the course of the day on Friday, but turned around and form a hammer yet again.
The GBPUSD pair initially tried to rally during the course of the day on Friday but turned right back around to form a shooting star. The shooting star sitting just below the 1.32 level suggests that we could see more selling.
A look into next week’s economic data calendar
The recent improvement in UK data has seen many investors and analysts, ourselves included, ask a rhetorical question with a hint of sarcasm “Brexit, what Brexit?” Traders have apparently reduced their net short positions from record high levels as they realised the fallout in the immediate aftermath of Brexit was not as bad as many had feared. Granted, not all the economic pointers have been great but on the whole
The AUDUSD pair went back and forth during the course of the session here on Wednesday, as we continue to try to build up enough momentum to make a significant move.
The EURUSD pair fell slightly during the course of the session on Wednesday, as we continue to try to find buyers just below.
Oil prices swung wildly into the positive territory yesterday. The rally eventually came to a halt around the $50 handle for Brent and $48 for WTI, and both contracts have been trending lower from these levels until an hour or so ago.