OctaFX | OctaFX Forex Broker
Open trading account

Forex Flash: USD/CAD may take a breather; 1.0446 retest on the cards - TDS

According to Toronto-based Shaun Osborne, Chief FX Strategist at TDS, "the emergence of a “spinning top” candle signal in USD/CAD on the 6-hour chart, replicated on the daily chart below, cautions that the trend higher is susceptible to a modest pull back or consolidation at least."

Shaun adds: "If prices do slip, we continue to think that the deeply entrenched bull trend means that corrections will remain limited. We spot minor short-term support at 1.0245/50. with stronger support at 1.0205/10."

He tips that after the breakout of the mid 1.02 zone (76.4% of the 1.04/0.96 decline), "a firm close on Friday would increase the chances of a full retracement of the 2012 decline from 1.0446."

Forex Flash: EUR/USD to test 1.30 – Societe Generale

According to SG's FX Strategists: “A sharp short correction seems to have changed the market’s psychology for institutional investors. It sees itself potentially overextended and is now switching to a mentality of selling on rallies to reduce its risk profile. For now, it means mostly risk management,” the analysts say.
Read more Previous

Forex: NZD/JPY off fresh Feb lows at 75.20

NZD/JPY is currently at 75.85, off fresh Feb lows at 75.15, printed in early NY session, down so far -3.15% for the week, following yesterday's Italian election results, and recent NZ trade balance figures. As Societe Generale noted: “NZ trade balance deteriorated on weaker exports and rising imports. Strong imports may be linked to reconstruction activity and hence not such a bad development,” the analysts said.
Read more Next
Start livechat