7 -weeks of chop The AUDUSD today moved toward the low of a “value area” where most of the trading has taken place in the pair over last 7-weeks of trading (see red box on the 4-hour chart below). That “value area” comes in between 0.7343 and 0.7443 – so about 100 pips.
Worries about a Canadian house price bust fade The Canadian housing market is one of those things that doesn’t make much sense. Prices are far beyond incomes and in the big cities price are out of control.
Closing changes for the main European bourses On the week: – UK FTSE 100 -0.6% – German DAX -1.9% – French CAC -0.7% – Spain IBEX -1.4% – Italy MIB -1.9% We will have to wait and see for the next twist in the trade and Brexit sagas.
Commitment of traders report for the week ending July 31, 2018 – EUR long 23K vs 29K long last week. Longs trimmed by 7K – GBP short 47K vs 47K short last week. Shorts increased fractionally The underlying theme is a preference for US dollars. The question is whether it’s an overcrowded trade. Certainly some of…
GDP forecast trimmed It’s still early in the quarter. We don’t get the preliminary reading on Q3 until October. “Negative surprises from exports and imports data and from the ISM surveys accounted for most of the decrease,” the NY Fed .
The pairs at the weekly lows GBP/JPY A close here at 144.67 is close to the weekly low and will be the lowest weekly close since September 2017. In the big picture, the theme of higher lows is still intact but it’s in danger. A close below 143.00 in the next week or two would…
MAs,, retracements The USDCHF is following the dollar lower and in the process, is testing a cluster of support defined by the 200 and 100 hour MA, 38.2% and 50% retracement and a broken trend line retest. All comes in the 0.9915-27 area (see yellow area in the chart below).
The global economy doesn’t work the way we thought I stumbled across an aged but relevant post from Mark Dow about from the great financial crisis and the aftermath.
From CNBC Washington correspondent Kayla Tausche The good news is that discussions are up in month-over-month terms. ForexLive
A ranking of the major currencies If you took the % changes of the major currencies (USD, EUR, GBP, JPY, CHF, CAD, AUD and NZD) vs each other, and added up those values, you could rank the strongest and the weakest. Note the changes are not weighted (like the DXY index is weighted), but just…