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Forex Trading Tips - Week ahead of Mar 10, 2014



Last week was full of wild swings. Start of the week was dominated by escalating tensions between Russia and the Ukraine. Risky assets sold off. However, by Tuesday, the markets were able to put the Ukraine crisis aside. Friday’s solid US payrolls report provided a good break.

EURUSD


  • EUR/USD pulled back in the beginning of the week before moving higher on Thursday
  • MACD still modestly bullish, Stochastics not yet overbought
  • Bias bullish above key 1.3825 level
EUR/USD is trading above strong previous resistance around the 1.3825-30 level. The secondary indicators are also generally bullish. For this week, the bias for the pair remains to the topside as long as rates hold above the 1.3825 level

USDJPY
  • USD/JPY breaks 1.0255 resistance
  • MACD turning higher, about to cross the “0” level
  • Testing Fib resistance at 103.65, break above could take it to 104.00/40 levels
Rates rallyed up through previous Fibonacci retracement resistance around 102.55. The pair had touched this level about nine times in February, but finally was able to close above it on Thursday. The secondary indicators are modestly supportiveThe Slow Stochastics not yet overbought . For this week, the technical signs are pointing to the potential for more gains, but fundamental data releases will also have a big impact. The 78.6 retracement level is at about 104.4


NZDJPY

  • NZD/JPY hit the new 6-year  high last week
  • MACD bullish, but Slow Stochastics now overbought
  • Bias bullish above 87.25-45 zone
NZD/JPY had a stellar week, rising nearly 350 pips from Monday’s low to break out to a new 6-year high. For this week, fundamental data will play a big factor, but the technical bias will remain to the topside as long as it hols above the previous resistance, now the support zone of 87.25-45 zone 


- By our Forex Order Management team. You can use the 'Forex Order Manager' along with any manual or  automated forex trading systems to maximize your benefits.