All the Right Instruments Making All the Wrong Moves This Morning
Skerdian Meta • 1 min read
Last night before going to bed I checked my forex platform. The chart formation in most forex pairs seemed in favour of the US Dollar, so I thought that I would wake up this morning with a couple of winning forex trades in my account.
It’s a rollercoaster of a market forex
EUR/USD turned lower in the evening and it was only a few pips away from the take profit target of our signal. It had also broken the 50 SMA (yellow) on the hourly chart, so the picture seemed bearish.
The Aussie was also sliding lower, but the 50 SMA was holding its ground here, so that was a worrying sign. But the H4 chart was overbought while still being in a downtrend, which is a bearish setup as well.
This morning though, the situation has changed. EUR/USD jumped around 20 pips in the last hour and it is approaching our entry price again. Although, the resistance level at 1.18 still remains strong and we’re still in profit, so our forex signal here doesn’t look that bad actually. .
AUD/USD doesn’t look though. It has climbed from 0.7520 to 0.7560 overnight and it is still climbing. That’s not good and I blame the Kiwi for this. It made a decent climb the day before and it is pulling the Aussie and the Euro higher.
The other forex majors are not moving at all, so it’s just these three forex pairs which are making all the noise this morning. EUR/USD is moving back down bow and EUR/GBP is following suit, so these two pairs don’t look that bad now, but the Aussie is being too stubborn. We just moved our SL 10 pips higher though, above the 50 SMA hopping it will discourage the buyers.