OctaFX | OctaFX Forex Broker
Open trading account

Forex Flash: GBP/USD, premature to abandon bullish H&S pattern - BBH

FXstreet.com (Barcelona) - Following what appeared to be a head and shoulders bottom for sterling, as Marc Chandler, Global Head of Currency Strategy at BBH, notes, "it is not uncommon for a retest of a neck line at 1.52 in a head and shoulders pattern, though this time it was rather deep." However, "technicals suggest it may be premature to abandon the idea" Marc says.

The reasoning behind Mr. Chandler notes that both "the RSI and MACDs are still trending higher and sterling held above the 20-day MA, with sterling finishing the month above the down trend line drawn of the Jan 2 high near $1.6380, mid-February high just below $1.5850, and March 22 high near 1.5250."

Forex: NZD/USD finding bids above 0.8350

NZD/USD is last at fresh session lows 0.8353, down on broad USD strength, following disappointing PMI manufacturing figures coming out of China. Even though better than previous, PMI data was lower than expected.
Read more Previous

Session Recap: Yen the big winner, USD follows thru

A quiet session today to the start the week off in Asia-Pacific with only a big push higher on USD across the board but against Yen, putting EUR/USD down to 1.2780, AUD/USD to 1.0385, and USD/CHF up to 0.9530. Yen was the big winner though on the back of soft Tankan survey results, ending as the strongest currency among all majors.
Read more Next
Start livechat