Technical News | GDMFX Brokerage

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2013.01.16 : A direction will finally be decided today?

EUR/USD

The Pair tried two times yesterday to break the resistance level of 1.3380 and failed, resulting in a move lower and even a clash late in the evening with the support zone created around 1.3290. Both the US Retail Sales and the Core Retail Sales came out better than expected, strengthening the US Dollar, while the Producer Price Index was lower than anticipated, although the difference was almost insignificant: actual -0.2% from an anticipated value of -0.1%.



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GBP/USD

The pair remained under the resistance level of 1.6130 and had a rather hard to predict movement throughout the day. UK’s CPI (Consumer Price Index) that was announced today remained unchanged (2.7%), as anticipated and that contributed probably to the sideways movement experienced.



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[pasfx]

2013.01.17 : Trading in Mixed Market

EUR/USD

The pair makes intraday trading difficult and shows no signals of a clear direction as yesterday it hovered almost all day around the S/R zone of 1.3290 – 1.3300. The US Core Consumer Price Index posted a small decrease from an expected value of 0.2% to 0.1% but not a lot of volatility was generated at the time of release and overall we had a slow, ranging and hard to trade session.



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GBP/USD

Throughout the day the pair had an overall bearish movement and even appeared to break the strong support formed at 1.6000. At the moment price action offers no clear indication about a clear break or a false one because the pair is hovering close to the mentioned S/R level.



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[pasfx]

2013.01.18 : Currency wars – Can a winner emerge today?

EUR/USD

The pair is finally showing some volatility and clear direction. The buyers that gathered around the support level of 1.3290 proved to be stronger than the sellers and they won the battle, at least for yesterday’s trading session.



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GBP/USD

It seems like the correlation between the two pairs gets thinner and thinner as the GBP/USD pair moved significantly lower today and broke the support located at 1.6000.



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[pasfx]

2013.01.21: CHANNEL BREAKOUT

EUR/USD

After the strong move up generated by Mario Draghi’s hawkish remarks the pair started to move inside a horizontal channel, forming a consolidation pattern. During Friday’s trading session the sellers controlled the market and brought price down for another touch of the lower boundary of the channel (1.3290).



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USD

After the break and re-test of the support level located at 1.6000, Throughout Friday’s trading session price moved strongly to the down side and the buyers seemed to be completely overpowered.



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[pasfx]

2013.01.22: Slow Monday is gone. It’s time for some movement

EUR/USD

Throughout yesterday’s trading session neither the bulls nor the bears had control over the pair’s direction and it appeared almost like none of them truly wanted to obtain it. Price moved in a 30 pip range, the market seemed to completely lack any directional bias and a break of a channel border was out of the question.



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GBP/USD

Unlike the EUR/USD pair, the GBP/USD continued to move lower after a small retracement and touched the support at 1.5825 late in the London trading session.



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[pasfx]

2013.01.23 : The greenback failed again to break support. What’s next?

EUR/USD

We anticipated movement, but the roller – coaster that proved to be yesterday’s trading session was definitely a surprise. This kind of trading session is rarely seen and it is definitely not what we call normal, with price falling 100 pips, rising another hundred and then falling again.



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GBP/USD
The pair had a more calm movement but it wasn’t an easy ride all the way as it had some swift turns that could trap traders.



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[pasfx]

2013.01.24 : A breakout will clear the indecision

EUR/USD

During yesterday’s trading session, price action confirmed the down trend line that we talked about in our previous article, touching it for the third time and bouncing lower. However, the US Dollar again failed to break the strong support zone created between 1.3290 and 1.3270



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GBP/USD

The recent down trend has certainly slowed down and during yesterday’s trading session the pair tried again to break support but failed.



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[pasfx]

2013.01.25 : The correlation between the two pairs is almost gone

EUR/USD

Finally the chart moved in a single direction for the most part of the day and the pair showed some decision throughout yesterday’s trading session, breaking the down trend line to the up side. Almost all the economic data released yesterday for the Euro zone posted better than anticipated numbers and this certainly helped the Euro in its upward path.



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GBP/USD

It seems like the correlation between the two pairs is almost gone judging by yesterday’s totally different movement displayed on the charts and the break of support located at 1.5825.



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[pasfx]

2013.01.28 : Slow Monday is here again

EUR/USD

As we mentioned numerous times before, usually Monday is a slow, ranging day, but last week finished with the bulls in control of the market and maybe the upwards momentum will be maintained throughout today’s trading session as well.



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GBP/USD

The pair tried several times to break the support located at 1.5760 but it proved to be a task impossible to achieve and at the moment price is confined between support and resistance.



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[pasfx]

2013.01.29 : A day influenced by Consumer Confidence economic indicators

EUR/USD

All the pair managed to do yesterday was to print a double top at 1.3477, accompanied by a lot of indecision candles. The United States posted mixed data, with the Core Durable Goods Orders coming out better than expected (actual 1.3%, forecast 0.8%) and the Pending Home Sales worse than expected (actual -4.3%, forecast 0.5%) and this contributed to the ranging movement experienced throughout the trading session.



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GBP/USD

The horizontal channel that we talked about yesterday was broken and price moved significantly lower in spite of the fact that Mondays are usually slow days.



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