USD The US dollar continued to advance against its forex peers at the start of the week, despite weaker than expected data from the US economy. The ISM manufacturing PMI slid from 53.5 to 52.7 in July, reflecting a slower pace of expansion in the industry and showing a decline in the employment component. The…

USD The US dollar was in for a weak start this week since traders seem to be reducing their exposure ahead of the top-tier events later on. For today, only the durable goods orders report is due and a rebound is eyed. The headline figure could show a 3.2% gain after the previous 2.2% slide…

EURGBP has been trending lower on its 4-hour forex chart, with price moving below a descending trend line connecting the highs since May. Price looks ready to pull back to the trend line, which is in line with the 200 SMA. For now, the 100 SMA is below this longer-term moving average, confirming that the…

AUDJPY has been moving sideways on the 1-hour time frame, finding support around the 91.00 major psychological level and resistance just above 92.00. The pair seems to be on its way to test the bottom of the range for another potential bounce. However, the 100 SMA just crossed below the 200 SMA, suggesting that further…

After selling off in the past few days, EURUSD is making a correction to the 38.2% Fibonacci retracement level. This coincides with a broken support level around the 1.0950 minor psychological level and the 200 SMA resistance, which could allow the downtrend to resume. Stochastic is pointing down, confirming that selling pressure is present. RSI…

NZDJPY has formed a double bottom pattern on its 1-hour chart, signaling that a short-term reversal could be possible. Price found support at the 81.00 major psychological mark and resistance at the 83.00 major psychological level, which is the neckline of the chart formation. A break above the 83.00 mark would confirm that an uptrend…

EURAUD formed a head and shoulders pattern on its 1-hour time frame, indicating that a reversal from the previous uptrend might be seen. Price is already breaking below the neckline support at the 1.4700 major psychological level and could be in for more declines. The chart pattern is around 400 pips high so the resulting…

After surging past the key resistance around 1.2800 during the BOC rate statement, USDCAD is forming a bullish flag pattern that suggests potential continuation. After all, the BOC decided to cut interest rates from 0.75% to 0.50% and lowered their growth forecasts. A break above the flag pattern around 1.2950 could mean a move beyond…

AUDUSD could be in for a reversal from its recent selloff, as the pair is creating a double bottom pattern on its 1-hour chart. Price has been unable to break below the .7400 floor earlier this month and seems ready to test the neckline around the .7500 level. An upside break from the neckline resistance…

GBPUSD had been trading below a descending trend line since mid-June but the pair recently broke to the upside. This signals that a reversal is in order, especially since price made a pullback to the broken trend line which now seems to be holding as support. The 100 SMA is still below the longer-term 200…

After the huge weekend gap, USDJPY was able to test support at the bottom of the channel near the 121.50 minor psychological level. Price could make its way back to the top to test the resistance near the 123.00 major psychological level. Stochastic is on the way up, which means that buyers have enough energy…

USDJPY is starting to move sideways on its 1-hour time frame, as resistance at the 124.25 level held. Price is now moving back to the bottom of the range near the 122.50 minor psychological support. Stochastic is starting to climb from the oversold area, hinting that a bounce might take place. If so, price could…

GBPAUD has been forming higher lows, creating an uptrend on its 4-hour time frame. In fact, an ascending trend line can be drawn to connect the latest lows and the pair is moving closer to test the rising support area. RSI is pointing down, suggesting that there’s enough selling pressure left to trigger a move…

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Talking Points: Fed says large banks are better positioned for crisis 29 out of 30 banks meet capital targets USD/JPY continues to trade below resistance Want to trade with proprietary strategies developed by FXCM? Find out how here. The Federal Reserve announced the results of a stress test today after the close of US markets,…

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What is FOREX ?  How to trade Forex? This video will give you an overview of what the forex market is, why/how currencies change value and how you can trade as a speculator.  Central banks, International Businesses and even tourists effect the value of a currency with simple supply and demand.  Like buying a stock…