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 – 9 February

Weekly Currency Index Technical Analysis – 9 February

Technical Analysis
Currency Index Notes There was not much of a follow up from last week's analysis. Our only recommendation was to look for long positions in EURNZD on a dip. Looking back at last week's price action, we do however notice that there hasn't been any significant change to EURNZD price action. Australian Dollar Index: The Aussie Dollar is up 0.19% for the month and week, while closing 0.65% higher for Friday We notice a consolidation near the lower trend line of the price channel When using the RSI, there is a clear bullish divergence with RSI printing a lower higher low while AUD prints a lower low This indicates a short term move to the upside and the most likely rally towards the broken support/resistance level at 1.54 - 1.53 We need to see a H4 or preferably daily close abov...
Weekly Currency Index Technical Analysis – 2 February

Weekly Currency Index Technical Analysis – 2 February

Technical Analysis
Currency Index Notes With no trades from last week's analysis, this week we get some new trades with some good potential after having readjusted the analysis across most of the currency indices AUDLFX: Within the down sloping larger price channel, the major support at 1.54 - 1.53 was broken last week Next major support comes in at 1.40 Friday's candle closed as a spinning doji indicating indecision Price could either head back to 1.54 - 1.53 or continue to drop Conclusion: Our best case scenario is to look for AUD shorts after the retracement to 1.54 - 1.53 is completed. Stay aside AUD until we get further clues this week. CADLFX: Price broke down from the support level at 1.59 and promptly stalled near the lower support line of the price channel We could expe...
Weekly Currency Index Technical Analysis – 26 January

Weekly Currency Index Technical Analysis – 26 January

Technical Analysis
Currency Index Notes From last week's analysis, our recommendation to short NZDJPY resulted in a clear profit, while USDJPY was ranging for most part. AUDLFX: The weekly bearish flag was indeed validated and price reached its target Friday's close coincides with the lower support line of the falling price channel We could therefore see a minor bounce from here. It is unsure whether we will a rally or if price will break down from the price channel Note the confluence of the price channel's support line and a horizontal support level Daily charts indicate a possible retracement to 1.534 Conclusion: Look to the daily charts after Monday for signs of continued bearish momentum in AUD pairs. CADLFX: The break out from the rising trend line has been rapid with week...
Dealing Desk or Non Dealing Desk? – The SNB Aftermath

Dealing Desk or Non Dealing Desk? – The SNB Aftermath

Trading Articles
Last week's Swiss National Bank shocker caught the markets off guard posting heavy casualties which was felt more with the retail forex trading industry. Traders and brokers alike got caught up in a black swan event which led to quite a few brokers going bust while some reputable brokerages seeking capital to continue to keep up with the operations. The event has also given rise to the age old debate of which of the two main models of trading execution is better, market makers (also referred to as dealing desk brokers) or agency model brokers (referred to as non dealing desk brokers). In the aftermath of the Swiss shocker, in a typical reactionary mode, market makers were hailed as the heroes as they (the brokerages) managed to come out unscathed. But does this one instance justify h...
Weekly Currency Index Technical Analysis – 19 January

Weekly Currency Index Technical Analysis – 19 January

Technical Analysis
Currency Index Notes Last week's SNB induced volatility has thrown most of the analysis out of gear. We would therefore recommend caution this week. According to our trading strategy and analysis, readers who followed our recommendations from last week, would have had no exposure to the Swiss franc volatility last week.  From our trade recommendations from last week, NZDJPY moved as expected including AUDUSD despite the volatility (where we mentioned our readers to cover to break even as soon as possible). The only loss was that of the EURUSD. AUDLFX Weekly candlestick has resulted in a bearish engulfing candlestick This week's high coincides with an intermediate low in the downtrend, indicating that we could see possible downside moves in the Aussie this week Conclusion: