A Quick Look At The Market, What’s Up And What’s Down

Written by: Skerdian Meta • Tuesday, July 18, 2017 • 1 min read

• Last updated: Tuesday, July 18, 2017

Last night, before heading to bed, I took a look at the charts and saw that the USD was trying to fight its way higher.

In fact, most of the day yesterday the market was consolidating in a tight range in all forex majors. After the selloff on Friday, the Buck was consolidating as well due to the disappointing US economic data.

This morning is a different story though; the USD is not doing well again and it´s been slipping lower all morning.

USD/JPY dropped about 60 pips lower overnight, which was in our favor since we had a sell forex signal in this forex pair.

We opened the signal after this pair retraced higher to the 50 and 200 SMAs on the hourly forex chart. It was trading in a downtrend since last Wednesday and the downtrend stretched further today, so we got our pips.

USD/CAD is near the lows again, but it hasn´t broken yesterday´s low. Although, it was enough for our forex signal to reach take profit.

The most interesting thing though is the break of the 1.15 in EUR/USD. This is the first time we resurfaced above 1.15 since May 2015 before Brexit and Trump.

A long term sell forex signal in this pair is looking more and more tempting, but the climb higher has been too strong. So, we´re waiting to see some signs of weakness before jumping in. We´re also looking to buy USD/JPY for the long term, so hang around, maybe today is the day.

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ABOUT THE AUTHOR See More

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.