The market sentiment keeps driving the market around - Forex News by FX Leaders

The market sentiment keeps driving the market around

Posted Monday, July 11, 2016 by
Skerdian Meta • 1 min read

Today the economic data has been very light with the only a few pieces of it with very light impact on the forex market. In the first hours of the morning the core machinery orders fell 1.4% in Japan and the home loans declined by 1.0% in Australia. During the European session, the data showed that the industrial production declined by 0.6% last month. 

So, the economic data has been negative and although it was of low importance it has sparked a risk aversion sentiment in the forex market. The risk currencies such as the commodity Dollars have been on the retreat, which the reason we opened the AUD/USD sell forex signal a while ago. It just hit take profit. 

USD/CAD has found support at the 20 MA on the hourly chart

During such times the Japanese Yen would benefit because it has a reputation for being a safe haven and we all know that safe haven currencies benefit during risk aversion periods in the forex market. But, the Japanese PM Abe announced additional monetary easing steps and the Yen has been on the backfoot since then. We opened another buy forex signal in USD/JPY and hope it goes well. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
The AUD/USD currency pair hit the bearish track representing 0.18% losses today, ahead of RBA keeping its easing bias
2 hours ago
AUD/USD has retraced lower this week, but it has formed a bullish reversing pattern on the H4 chart now which might turn this pair bullish
2 hours ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of