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Forex News Update: 5th July Monday
Euro (1.2537) has come off a bit today after having risen to 1.2610 after the bad US NFP data on Friday. There is a bull-SHS on the Daily charts and further gains are possible this week. Dollar-Yen (87.88) has rallied a bit from Friday's low near 86.96, but remains bearish overall, with chances of testing 86 in the coming days. The Euro-Yen Cross (110.21) is mixed-to-bullish, having bounced well from last week's low near 107.30 seen on Thursday. Test of 111.80 possible this week.
Dollar-Swiss (1.0648) has had a spectacular fall through June, but has found some Support at its 200-day MA (1.0616) on Friday. Might see some short-covering. The Pound (1.5185) has also been rising for the last few weeks, but now faces a Trendline Resistance near 1.5235-75 on the Weekly Candles. The Aussie (0.8438) has, contrarily, been weakening over the last week or two, coming down from a high near 0.8859 (21-Jun), presumably on account of a Chinese slowdown, coupled with strength in the Yen.
I will update you with real time news as I receive them and digest it for you.
Enjoy your week ahead.
Your friendly trader,
Trading foreign currencies is a challenging and potentially profitable opportunity for educated and experienced investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose.
There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. More over, the leveraged nature of forex trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you. The possibility exists that you could sustain a total loss of initial margin funds and be required to deposit additional funds to maintain your position. If you fail to meet any margin requirement, your position may be liquidated and you will be responsible for any resulting losses. To manage exposure, employ risk-reducing strategies such as 'stop-loss' or 'limit' orders.
Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice. I am not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. I have taken reasonable measures to ensure the accuracy of the information on the website. The content on this website is subject to change at any time without notice. Trading the spot forex market is very risky, please manage your risk carefully and DO NOT overleverage your funds.
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