An undecided market this Monday - Forex News by FX Leaders

An undecided market this Monday

Posted Monday, August 22, 2016 by
Skerdian Meta • 1 min read

The Forex Market has been quiet choppy today. It looks like the market is undecided what direction to take. USD/JPY opened with a 60 pip gap higher and it moved 30 pips higher during the Japanese session. But, during the London session it resumed the downtrend again. We're not complaining about this reverse because it suited us well. It went in line with our sell forex signal which hit the take profit target a while ago, giving us 25 green pips.

EUR/USD declined about 50 pips in the early hours of trading but it has been making its way back up to 1.13 in the last few hours. We saw this as a good opportunity to open another sell forex signal in this forex pair. I mean stochastic indicator is already overbought on the 1 hour forex chart and the RSI indicator is getting close to the overbought area as well. The forex market doesn't seem two have a clear idea what direction to take. We are at the peak of the holiday season so the liquidity is low and there isn't any economic data releases today apart from the Canadian wholesale sales which is not expected to move the forex market. I guess it's going to be like this until the forex traders come back from their holidays in about a week, so bear with us.

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
Comments

Leave a Reply

avatar
  Subscribe  
Notify of