www.TheLFB-Forex.com The Forex Trader Portal
Overall, the currency market moved without a clear direction during the Asian trading session, something that happens rather often. Ahead, the release calendar is practically empty, which will probably add additional pressure on the main pairs. The European and the early U.S. sessions are expected to have a relative strong momentum, but the implied volume will slowly fade away as the market is heading towards the close of the U.S. session.
The Euro (Eur/Usd) traded within the same 35-pip range seen in the late U.S. session during the Asian trading hours. Yesterday, the euro traded most of the time in a wide-range, but the U.S. trading hours sent the euro in risk-aversion mode, which caused the pair to lose approximately 100-pips.
The Pound (Gbp/Usd) appeared to have lost some of its strong volatility seen on Thursday during the Asian session, as the pair traded around the neutral pivot point (1.6330). On the daily chart, the pound is trading in a descending triangle, having the resistance trend-line connect the 6.11 and the 6.17 highs.
The Aussie (Aud/Usd) bounced off the 20-day moving average during the Asian session, something that made the pair surge 40 pips higher. On Thursday, the aussie was the only major pair that was able to advance compared to the dollar. Over the coming week, the aussie’s calendar is clear of any important releases.
The Cad (Usd/Cad) opened Friday’s session around the 1.1320 area, which was an important intra-day swing point on Thursday. Moreover, the cad had a weak attempt to test Thursday’s resistance area during the Asian session, but the attempt failed rather quickly. Over the last three days of trading, the cad appeared unable to trade anywhere decisively in a direction as it formed three consecutive doji-stars.
The Swissy (Usd/Chf) had no clear direction during the overnight session, after yesterday the swissy gained 50 pips as it bounced off the 20-day moving average. On the daily chart, the swissy is trading near the 23.6% retracement area from the downtrend that lasted since late April.
The Yen (Usd/Yen) is starting the Friday session near an area that proved to be very volatile over the last few days. For now, the yen trades near the 96.50 area, where the 20,100 and the 200-day moving averages meet. Yesterday, on Thursday, the yen traded most of the time in a tight range, but surged 100-pips throughout the U.S. session.
TeamLFB provides forex related market analysis and trade signals