New York
London
Tokyo
FX Weekly Report
The FX Weekly Report provides the latest, in-depth forex technical analysis about the FX market each week. By Pierre Charlebois.

Dollar strength still not a given… But

October 18, 2009 at 2:10 pm • Posted in fxweeklyreport

I don’t think there is much downside left on the USD but the price action is still not clearly Bullish USD. My view is that although more correction may take place however until we clearly change direction in a big way it is tough to call a Dollar Bottom.

 

USD Index – May be forming an ending diagonal

USDindx_Oct_16_09

 

EUR/USD – Not a clear candle pattern – Risk is however to the downside – Any new highs should be considered as a sell opportunity

EURUSD_Oct_16_09

 

GBP/USD – Correction is due and it could be strong, but there appears to be 5 clear waves up which could mean following the correction a return to the old tops is still a possibility.

GBPUSD_Oct_16_09

 

USD/JPY -Direction unclear but the last daily candle is suggesting a bearish move on the chart

USDJPY_Oct_16_09

 

USD/CHF – Further correction is possible and any new lows should be bought

USDCHF_Oct_16_09

 

AUD/USD – Somewhat overbought

AUDUSD_Oct_16_09

 

NZD/USD – Not sure if top is in place

NZDUSD_Oct_16_09

 

USD/CAD – The price action up is choppy so it may not be turning just yet

USDCAD_Oct_16_09

 

EUR/JPY – Correction due however not quite overbought

EURJPY_Oct_18_09

SocialTwist Tell-a-Friend

Leave a Response

Trading Metro
Disclaimer

Before diving into the legalese below, use your common sense when trading. Rely on yourself to define trade execution, don't trade with money you cannot afford to lose, and know the risks of trading. Be responsible, be honest, and use common sense.

Online trading, especially that on margin carries a high level of risk and may not be suitable for all investors. Opinions expressed at Trading Metro are those of the independent authors and do not necessarily represent the opinion of Trading Metro. Trading Metro has not verified the accuracy of any claim or statement made by any independent author. It's your responsibility to ensure the veracity of information presented.

Any solutions, opinions, news, research, analyses, prices or other information contained on this website, by Trading Metro, its employees, partners or contributors, is provided as general market commentary and tools, and does not constitute investment advice. Trading Metro will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Information on Trading Metro is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on Trading Metro is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy and our Privacy Notice.

Feedback Form