As the United States economic recovery starts to slow down and the euro region begins to stabilize, forex trading investors are shifting their attention to other currencies for risk aversion. The Japanese yen has benefited greatly from this turn of events as the USD/JPY currency pair hit its highest trading level for the year. The pair traded at a high of 86.82 and a low of 85.94, some great numbers for the yen that may be a sign of strong bullish trends to come, especially if the US growth continues to slip further.
The sudden skyrocketing of the yen is largely attributed to the poor data on US gross domestic product. According to the numbers, the US economic growth has slowed down to an annual rate of about 2.4% in the second quarter, as opposed to the previous 3.7% annual rate. To worsen matters, it is projected that ISM Manufacturing PMI data for the next trade day is going to weaken.
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Buy USD/CHF SL@ 1.0425, TP1@ 1.0624, TP2@ 1.0790, TP3@ 1.0874
The pair has been dropping decisively since the beginning of June, without a serious retracement yet.
At current price levels, the pair is now forming a green candlestick at the most important support levels from March- April on the daily chart (1.0500 area). After a drop like that to a stop at a support, calling the pair “oversold” would not be baseless. Counting on a reverse in the trend now, would allow an extraordinary risk/ reward ratio, with a stop loss relatively close and a huge take profit potential for a retracement.
All analysis is based on the daily chart.
For Questions comments and further information call us at + 357.220.226.68.
Last price: 1.0535
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Sell EUR/AUD – SL@1.5020, TP1@1.4745, TP2@ 1.4620, TP3@1.4556
The pair has been moving up rapidly in the past week, coming to a stop around 1.5000 levels forming a reversal pattern on the 1 hour chart. The pair is forming lower highs and lower lows for the last days, and it looks like a “head and shoulders” pattern is forming. Judging from previous reverses on the daily chart, there is a big potential for a drop down again. All analysis is based on the daily and the 1 hour charts. For Questions comments and further information call us at + 357.220.226.68. Last: 1.4850
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