currency meter MT4 – Page 4

Watching the euro

January 11, 2016January 11, 2016 by Quantum Trading Comment Closed

Following last week's turbulent price action, no surprise that today the markets have been a litte muted with the added bonus the Shanghai Composite only fell 5% in overnight trading. And with Japan closed for it's annual Coming of Age Holiday even the Nikkei could take a day off! Meantime last Friday the euro was the currency to watch as it ended the trading week on a burst higher against most of its counterparts, and posting very positive candles on the daily charts. However, despite an early follow through today's trading session for the euro has been marked by some great trades to the short side, in particular against the USD, the Aussie, GBP, NZD & CAD. The euro daily matrix illustrates this perfectly with the eur/usd, eur/gbp/ & eur/aud all exhibiting similar price action. The exception had been the eur/nzd, but here too the euro appears to be moving back to test the VPOC (volume point of control) at 1.6420. Against the...

NZD and USD in focus on the currency strength indicator

November 29, 2015 by Quantum Trading Comment Closed

Thanks to everyone for coming along to our forex webinar for the London session earlier, where our focus was the euro & eurodollar, particularly with some pretty heavy option expiry strike prices due up later today. Also in view was the kiwi which was in a similar state to the British pound ahead of Chancellor Osborne's autumn statement. In other words totally beaten down across multiple time frames, and despite various efforts to rise kept falling back into oversold territory. Interesting to see the Kiwi (white line) has now moved off the floor on the 30 & 60 min CSI. Also note the USD (the red line) is very overbought, so we need to keep an eye on what it is likely to do the remainder of the day. What happens in our next webinar for the US session is difficult to tell given it was Thanksgiving yesterday, and today is Black Friday. Appreciate it's not a national holiday, but given many in the...

GBP in focus ahead of Autumn budget

November 25, 2015 by Quantum Trading Comment Closed

This morning's highlight comes from Chancellor George Osborne here in the UK with his Autumn Forecast Statement, so expect lots of smoke & mirrors, volatility and opportunity to shake traders out of the market.For the British pound complex on the faster time frames, it's been a case of some good moves lower against USD, JPY & euro. The hourly currency strength indicator is also highlighting the GBP as heavily oversold, but as we have said many times in our forex webinars - currencies, markets and instrument can stay stubbornly over extended much longer than we think. And as we also say in the webinars your time horizon will always be a factor in any trading decision, and also help to quantify the level of risk associated with that trade. Discover more about the currency strength indicator here....

Cable waits on PMI

November 2, 2015 by Quantum Trading Comment Closed

New trading month sees the usual crop of PMI releases. China has already reported today we have the numbers from Italy, Spain and France as well as the UK. Although UK economy is predominantly services based, the manufacturing number has been managing to hold above the key 50 level. From a technical perspective so far best move for GBP has been against the AUD with cable confined to a relatively tight range. However, we should start to see some movement once the PMI number has been released, and the new week gets under way. Interestingly cable on the daily chart is sitting neatly between the 200 & 100 mas....

Aussie finding some bullish momentum

September 14, 2015 by Quantum Trading Comment Closed

Of the three commodity dollars, namely the Aussie, Kiwi and Loonie it is perhaps the Aussie which finally appears to be showing signs of a potential reversal from its oversold state on the slower time frames of our currency strength indicatort (the blue line). And of the Aussie pairs it is perhaps the AUD/USD and AUD/CAD which appear the most interesting. Starting with the AUD/USD it was the failure in May to break through the resistance at 0.8160 which was the start of the its downards descent which saw the pair finally find some support at 0.6906 on the Friday before the Labor Day Holiday in the US. And whilst this level was tested once again last Monday, since then the AUD/USD has managed to claw its way back to 0.7138 at time of writing. Such positive sentiment and similar price action can also be found on the daily chart of the AUD/CAD where the test of support at 0.9149 on the...

Eurodollar regains its bullish mojo

September 10, 2015 by Quantum Trading Comment Closed

At last Thursday's ECB press conference it was enough for Mario Draghi to hint at further QE for the eurodollar to sell off sharply, taking the pair from a high of 1.1243 before coming to rest at the support platform at in the 1.1087/96 region. This support platform was tested again on Friday as a degree of buying for the pair stepped in ahead of the Labor Day holiday in the US and Canada. And whilst the start of this week has seen relatively muted price action for eurodollar given Monday's holiday, the tone of this action has been overall bullish with each session threatening to take the pair through and away the volume point of control in the 1.1200 price region. This has materialised in today's trading session which has seen eurodollar move from a low of 1.1171 to trade, at time of writing at 1.1278. The 1.1171 low also coincided with the `100 ma which has also added its...

Pause in cable’s sharp move lower

September 2, 2015 by Quantum Trading Comment Closed

Last Tuesday's failure by cable to take out the 1.5818 resistance resulted in a down candle on high volume, which when it was combined with the previous day's bullish candle on very high volume gave us a two bar reversal (aka a shooting star), and the first signal that cable's preceding move away from the volume point of control region was likely to fail. This view was also validated by the volume which accompanied the shooting star, and a further clear signal of weakness to come. Against this backdrop Wednesday's sharp 267 pip sell off in cable came as no surprise with the pair also moving firmly below the VPOC to close out at 1.5463 on the session. The bearish sentiment was cable continued for the remainder of the week, as the pair closed out August 1.5390. The start of the new trading week saw cable once again come under pressure, on relatively low volume, but this is easily explained as Monday was...

Eurodollar bears take control

August 18, 2015 by Quantum Trading Comment Closed

Although the market is focused on tomorrow's release of the FOMC minutes, an event guaranteed to cause a degree of market volatility, it is the release of the CPI and Core CPI numbers earlier in the session which are probably even more important. Of the two releases it is the Core CPI the FED pays the most attention to, and a big influence on the likely timing of any rise in interest rates. Meantime, the USD appears to have found its mojo once again following last week's dramatic fall, with the eurodollar bearing the brunt of this resurgence. The daily chart for the eurodollar is particularly interesting where weakness for the pair started last week with the failure to break and hold above the VPOC (volume point of control) in the 1.1167 price region. Friday's close below the 100 ma appears to have been the catalyst for a pick up in bearish sentiment for eurodollar which saw the pair close yesterday's trading...

CSI highlights GBP sell off

August 17, 2015 by Quantum Trading Comment Closed

Ahead of the release of the Monetary Policy Minutes from the RBA, and tomorrow's CPI number for the UK, it's been interesting to see how the Aussie and British pound have been behaving in today's trading session. And of the two currencies it has been the British pound which has seen some heavy selling against both the USD and the Aussie. The hourly chart of the CSI (currency strength indicator) highlighted the extent to which the British pound was overbought, and Cable's failure to take out the resistance at 1.5688 signaled the start of a reversal in fortune for the pair and a move lower of over 100 pips. And it has only been a combination of the VPOC at 1.5585 and support at 1.5578 that has prevented any further move lower for Cable. Moving to the GBP/AUD here too we have seen a move lower for the British pound with the pair eventually finding support at 2.1094 from which we have...

USD looks set to move higher

August 13, 2015 by Quantum Trading Comment Closed

In the current media speculation surrounding the impact of the PBOC decision to revalue/devalue the yuan, particularly on how this may (or may not) affect the FED's decision about raising interest rates, it is easy to forget two things. First, the fundamental news releases which too will add their own layer of volatility, and second Greece, which today is back centre stage as the Greek parliament meets today in emergency session to ratify the latest bail out deal. Today's key releases are primarily in the US with retail sales, core retail sales and the unemployment claims due. And of these it is the retail sales numbers which the market will be focused on primarily because they may give some guidance as to the FED's thinking about interest rates. Meantime in this morning's trading the USD has been broadly higher against all the major currencies except the British pound, but with the US session due to start shortly, Cable too may simply fall...