Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of April 10, 2017.
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The New Zealand dollar initially fell against the Japanese yen during the day on Wednesday, but found enough support near the 74.25 level to turn things around and form a very bullish candle by the end of the day.
The NZD/JPY pair had a volatile session on Thursday, as we initially fell, but turned back around to form a bit of a hammer.
The NZD/JPY pair broke higher during the course of the day on Thursday, although did not explode to the upside showing massive bullish pressure.
The NZD/JPY pair fell slightly during the course of the session on Thursday, testing the 80 handle. We bounced from there, and ended up forming a bit of a hammer.
The NZD/JPY pair fell during the session on Wednesday, as we continue to go back and forth in the same general vicinity. The 80 handle just below is massively supportive, as we have seen over the last several weeks.
The NZD/JPY pair broke higher during the course of the session on Thursday, testing the top of the shooting star from Wednesday.
The NZD/JPY pair broke down during the course of the session on Wednesday, clearing the bottom of the shooting star from the Tuesday session.
The NZD/JPY pair initially tried to rally during the course of the session on Tuesday, but as you can see we pulled back and gave quite a bit of the gains back after seeing the 82.50 level too strong as far as resistance is concerned.
The NZD/JPY pair tried to rally during the course of the session on Friday but pulled back.
The NZD/JPY pair fell during the bulk of the session on Tuesday, testing the 86.80 region. However, as we have a New Zealand employment number announcement coming out during the session today, the fact that the New Zealand dollar would take a little bit of a break wouldn’t be that big of a surprise in my opinion.
In lackluster trading and as investors focused on currencies with higher yields, the New Zealand Dollar managed to carve out gains and then hovered close to a 3-year peak.
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So far this month, some of the biggest moves in the forex markets have been tied to the Euro. The EUR/USD had previously posted a steady advance toward the 1.40 mark but changing central bank expectations led to sharp bearish reversals.
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When we look at the forex markets as a whole, some interesting trends have developed in the first half of this year. Most of the activity as focused on the US Dollar, which is not entirely surprising given the fact that the greenback tends to define many of the larger trends that are present in the market.
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