British Pound Halts Slide, New Zealand Dollar Extends Decline Following RBNZ Rate Decision
The British Pound halted the three-day decline and is the best performing currency against the U.S. dollar on Thursday, while the New Zealand dollar extended the decline following the RBNZ interest rate decision, with the exchange rate slipping to a low of 0.6964.
USD/JPY’s Converging SMA’s Generating Ideal Scalping Environment
US Dollar Forecast Turns Bearish Against Euro, Canadian Dollar
EURUSD – Euro Forecast to Rise Versus US Dollar
GBPUSD – British Pound Outlook Turns Neutral
USDJPY – Japanese Yen Forecast to Pull Back against USD
USDCHF – Swiss Franc Expected to Strengthen
USDCAD – Canadian Dollar Forecast to Remain Volatile Against USD
GBPJPY – British Pound Forecast Bearish versus Japanese Yen
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GBP/USD looks like a giant coil spring - Is it ready to pop?
The GBP/USD looks like a giant coil spring, or a wedge formation on the 1 Hour chart, as we start to see signs of the three’s a crowd rule. This rule states that when the price and both the 100 and 200 MA’s converge, there is bound to be a move in one direction or another. As traders we now do our analysis and get prepared in either direction as the market loads up pressure on the GBP/USD to move.
Bobbys Corner-Open Market-March.11.2010
Good Morning:
The EUR/USD pair was little changed in the overnight session. Very narrow range bound trading with no clear direction evident.
GBP had a good day as it jumped over the 1.50 mark versus the USD, and rose across the board.
SNB at 8:00 AM. US and Canada Trade data due at 8:30
The SNB will announce their interest rate decision at 8:00 AM. The expectation is for unchanged rates. What will be of interest is if they change the wording on the value of the Swiss Franc. Will they keep the wording the same at “it would prevent an ‘excessive’ rise in the franc” . The EURCHF is down at 1.4600 level - testing the SNB to address the currency in the comments. The EURCHF had been using 1.4630 as the floor previously. If they keep the language look for a further bias to the downside for EURCHF and possibly USDCHF. The central bank is concerned about too strong a currency being deflationary but if global growth is rebounding, it may be ok at this moment. If they keep the language, look for 1.4630 to cap the topside for the EURCHF.
