The USD is mixed As North American traders enter for the day, the CHF is the strongest. The NZD is the weakest currency and the USD is mixed. Today the Fed chair will be testifying at 10 AM ET. The contents of his testimony will be released at 8:30 AM ET. The Bank of Canada will also announce their current interest rate decision. They are expected to keep rates unchanged at 1.75%. The FOMC meeting minutes from their last meeting will be released at 2 PM ET.
Fundamental trading is when you follow the news for several countries and play the countries with strengthening economic trends, against the ones with weakening economic trends. This type of approach is pretty easy because it looks at how things shape up over the long term. The complicated portion of it is learning to understand the economic reports and compare them to other countries.
You don't have to follow all our signals by the book. Forex signals are trade ideas, so it's best to consider them as such and whenever possible to increase your profits. Stop loss and take profit levels are given in order to frame the range in which the market is expected to move based on a specific trend. If your trading strategy points to further gains, don’t limit your potential... extend your take profit (TP) target or remove it all together to maximize profits.
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Little happened across the FX board these last few days, with a US holiday in the middle and a scarce macroeconomic calendar exacerbating the lack of action. Such picture changed Friday with the release of the US Nonfarm Payroll report. Ahead of it, the market was convinced that the global economic slowdown would mean easy money coming. Stocks soared, with Wall Street flirting with record highs, while safe-haven assets benefited from those fears, and government bond yields fell to multi-year lows.
As always, this type of tool has to be used as an indication of a possible favorable position to be taken, but it’s necessary to combine them with other techniques. Here are the Candlesticks Patterns that our board will recognize and automatically points: Bearish engulfing, Bullish engulfing, Dark Cloud, Doji, Evening Star, Hammer, Morning Star, Piercing and Shooting Star. How to add a Candlestick Patterns Recognition indicator