www.TheLFB-Forex.com The Forex Trader Portal
Overall, the Asian session seems to have started on a strong note, something that does not happen often. This might be a late reaction to the gains posted by the S&P futures throughout the U.S. session, but can also be interpreted as a re-adjustment ahead of Friday’s close. For now, investors are focusing on the London open, when investors will be able to see if the moves done during the Asian session are sustainable.
The Euro (Eur/Usd) moved on weak momentum on Thursday. The pair gained only 60 pips and failed to break above the 20-day moving average, even though the S&P futures advanced strongly during the second part of the U.S. session. However, the breakout eventually came during tonight’s Asian session, as the pair surged higher by 60 pips.
The Pound (Gbp/Usd) daily chart denotes a lot of uncertainty, as investors question the state of the U.K. public finance. Over the last two weeks of trading, the pair had a 300-pip range in which it only moved up and down, unable to break anywhere decisively thus far. Moreover, the pound formed two consecutive pin-bars on Wednesday and Thursday, from which one was bullish and the other one was bearish.
The Aussie (Aud/Usd) had a weak overnight session, but the pair was pulled higher during the U.S. by the positive S&P futures. The pair advanced 80 pips during the second part of the day, and closed Thursday’s session just below TheLFB R1 (0.8040). Moreover, the aussie extended its gains throughout the Asian trading hours, gaining another 50 pips.
The Cad (Usd/Cad) rose as much as 90-pips on Thursday, but the cad reversed all those gains during the U.S. session, creating a pin-bar formation on the daily chart. For now, the cad is trading near the 50-day moving average, as it did over the last four days.
The Swissy (Usd/Chf) had roughly a 90-pip range on Thursday, but even so, the pair failed to break any important price points. During the Asian session, the swissy declined 35 pips and managed to break below the low set on Thursday, around the 1.0920 area.
The Yen (Usd/Yen) gained approximately 80 pips in the first part of Thursday’s trading session, but retraced most of the upside move during the second part of the day. As such, the yen closed Thursday’s session posting a 30-pip advance, but the pair continued to move to the downside, also shedding this small gain during the Asian trading hours.
TeamLFB provides forex related market analysis and trade signals