Author: Editorial Team

ForexPromos Editorial Team is comprised of a selection of hand picked editors that bring you the latest breaking news from the financial markets. We also provide forex educative articles as well as comprehensive fx broker reviews.
Weekly Currency Index Technical Analysis – 23 February

Weekly Currency Index Technical Analysis – 23 February

Technical Analysis
Currency Index Notes: From last week's analysis, we recommended to go long on NZDUSD, exit CADJPY longs and to go short on USDCAD. For the week, NZDUSD longs gained +0.4% and USDCAD is -0.53% Australian Dollar Index: Last week, the Aussie closed bullish after a spinning bottom candlestick pattern. This shows that a retracement to 1.5344 is the next level the Aussie will head to From the daily charts, price managed to close above 1.5128 support level. We expect a dip down to this price point as the ideal set up to go long However, price action could simply continue its bullish momentum and rally towards the 1.5344 levels Conclusion: Look for long positions on AUD Canadian Dollar Index: Last week the Canadian dollar was weaker and the weekly candlestick shows a bear...
Getting an edge with Forex Tools – Order Book

Getting an edge with Forex Tools – Order Book

Trading Articles
Order books, which are largely prevalent among exchange based trading instruments is one of the ways some traders tend to trade. An order book is nothing but a record of the buy and sell transactions, similar to what an accountant would maintain at a regular office. Trading with the order book has been around for many years as far as exchange traded assets such as stocks or ETF's are concerned. When it comes to the currency markets, given the fact that they are unregulated and traded over-the-counter, it can be difficult to get hold of the order book. However, there are some forex brokers that do offer these tools. While the forex order book can be viewed at in the same way, traders should first understand its limitations. Of the many brokers, Oanda is one such broker that offers tra...
Weekly Currency Index Technical Analysis – 16 February

Weekly Currency Index Technical Analysis – 16 February

Technical Analysis
Currency Index Notes: From last week's analysis we noted that CADJPY, EURAUD made for ideal long positions, while looking for short positions in EURNZD. Looking at the week's performance, CADJPY rose 0.48%, EURAUD was up 0.7% and EURNZD short position gained 0.58%. Australian Dollar Index: Weekly charts continue a second week of choppy price action but still near the lower end of the smaller price channel We would need to see a rise above 1.5128 in order for AUD to target 1.5344 support/resistance level From the daily charts, we notice a reversal candlestick pattern, but nothing very conclusive. Conclusion: Look for long positions in AUD only on a daily bullish close above 1.5128. Canadian Dollar Index: The sharp bullish reversal from the lower end of the major pr...

EUR/USD: Fed’s Rhetoric Becomes More Hawkish

Technical Analysis
GROWTHACES.COM Forex Trading Strategies Trading Postions EUR/USD trading strategy: long at 1.1285, target 1.1500, stop-loss 1.1180 GBP/USD trading strategy: long at 1.5280, target 1.5480, stop-loss 1.5185 AUD/USD trading strategy: long at 0.7780, target 0.7930, stop-loss 0.7710 EUR/JPY trading strategy: long at 134.10, target 137.00, stop-loss 134.10 AUD/NZD trading strategy: short at 1.0610, target 1.0380, stop-loss 1.0540 Pending Orders EUR/CHF trading strategy: buy at 1.0400, target 1.0700, stop-loss 1.0345, risk factor * NZD/USD trading strategy: buy at 0.7340, target 0.7660, stop-loss 0.7270, risk factor ** EUR/USD: Fed’s Rhetoric Becomes More Hawkish (stay long) San Francisco Federal Reserve Bank President John Williams (voting, dovish) said the time

GBP/USD: Waiting For Thursday’s BOE Inflation Report

Technical Analysis
GROWTHACES.COM Forex Trading Strategies Trading Postions EUR/USD trading strategy: long at 1.1285, target 1.1500, stop-loss 1.1180 GBP/USD trading strategy: long at 1.5280, target 1.5480, stop-loss 1.5185 AUD/USD trading strategy: long at 0.7780, target 0.7930, stop-loss 0.7710 EUR/JPY trading strategy: long at 134.10, target 137.00, stop-loss 133.10 AUD/NZD trading strategy: short at 1.0610, target 1.0440, stop-loss 1.0570 Pending Orders EUR/CHF trading strategy: buy at 1.0400, target 1.0700, stop-loss 1.0345, risk factor * EUR/USD: Investors Are Watching Greek Soap Opera (we stay long) The Fed’s hikes in the middle of the year are still highly uncertain especially given strong USD and more dovish FOMC composition this year than it was in 2014. Federal Rese