Forex new for US trading on May 13, 2016
- US stocks end session lower. Down on the week
- CFTC Commitments of Traders: Positions pared in most currencies
- Forex Trading Education: Managing your trades by listening to the market price action
- Here's what on the agenda at the upcoming G7 meetings
- Baker Hughes US oil rig count 318 vs 328 prior
- USD/JPY: Outlook and targets - Deutsche Bank
- This is the worst-possible news for gold bulls
- German direct investment to UK is down 6.0% in Q1says BDI
- European stocks went around the houses this week but finished up
- Who is going to be the last one out the EURUSD parity door?
- Is Morgan Stanley selling USDJPY?
- Forex technical analysis: EURUSD gets a second push....
- AUD/USD breaks 200-day moving average for first time since early March
- Fed's Brainard: Attentive to signs of softer US growth
- March US business inventories +0.4% vs +0.2% expected
- May 2016 US Michigan consumer sentiment flash 95.8 vs 90.0 exp
- Consumers spent money, but are they happy?
- Chinese economic growth is like sausages. It's better not to know how it's made
- US stocks not enamoured by better retail data at the open
- US dollar is the definition of safety says Jack Lew
- USD sellers stick the pin into the rally balloon
- Goldman Sachs joins the pack abandoning euro-parity call
- BOE Weale: Referendum concern has had material impact on pound
- April US retail sales +1.3% vs +0.8% expected
- April 2016 US PPI final demand 0.2% vs 0.3% exp m/m
For the EURUSD, the pair finally had a more normal trading range day. In fact the pair trended down for most of the day before a NY PM corrective rally. The move lower took the pair below the 200 bar MA on the 4 hour chart, the low for the week, the 38.2% retracement of the move up from the March low at 1.1312 and is ending the week near that level. If you did not see my latest video (managing the EURUSD short trade is the focus, CLICK HERE)
Stocks were not impressed by the better US data and that led to the JPY pairs moving lower. IN fact the JPY was the strongest currency of the day on the "flight into the safety of the JPY" trade reaction. For the USDJPY, the road lower was interrupted by a rally first as the better retail sales and consumer sentiments gave the dollar (and the USDJPY) a bid. That trade started to unwind after the pair ran out of steam above the 61.8% retracement level at 109.46. The pair did not quite make it all the way back to the session lows, but it did stall the fall near the 100 bar MA on the 4 hour chart at 108.61.
GBPUSD loved the US data, has the Brexit negative bias and fell to and even below the 100 day MA at the 1.4353 level. That break failed and the final 5 hours were spent above the MA level. The 100 day MA will be a key level next week.
The AUDUSD fell below it's 200 day MA about an hour at 0.7259. The price moved back above and like the GBPUSD, spent the last 5-6 hours above the key MA line. Key technical level in next weeks tradin.
The USDCAD based off the 1.2830-60 area. AND closed up at 1.2929. IF the aforementioned support can hold next week, there is a chance for further upside.
Good fortune with your trading and have a GREAT WEEKEND.
PS Congrats to my son Bobby who graduates from High School today. Target hit. Next target in the trend ahead.
