Trading Room: New York Session

[makaro167]

New York Open Summary 4/25/2016

The trading day for the most part has been boring with only the false continuation gap among yen pairs at the open to excite the market. That said we are looking at the EURUSD chart for a possible trade with the days move so far appearing as a classic pullback to an SHS breakout. Note that today's R1 from Pivot is pretty close at 1.1281 and could provide ample resistance to push the pair down.

 

[makaro167]

New York Open Summary 4/28/2016

Though not a complete surprise the days big news was the BoJ's decision to keep rates steady and NO NEW QE. This quick greater than 100 pip drops among the yen pairs in less than a munite wth USDJPY now under 395, EURJPY down 393 and GBPJPY by a whopping 551 point so far forcing previous longs to head for the exit. Elsewhere ranges for the day has been decent already suggesting there is not much incentive for huge PA in the rest of the US session.

 

[makaro167]

New York Open Summary 4/29/2016

Currency Markets have remained tight through out the day with the excepetion of the Yen pairs that saw follow thrugh gains for the Japanese currency albiet at a more normal degree. For now we find GBPUSD as among the most interesting of possible movers as we get closer to a key resistance at 1.4666 the February highs. Note here that we have previously triggered an inverted head and shoulder pattern in the daily chars, one that calls for a rally all the way to the 1.5150s.

 

[makaro167]

New York Open Summary 5/06/2016

The days big event turned out tobe a dud as market failed to see a follow throught to the knee-jerk dollar dumping response. Note we had the US Non-Farm Employment change figure following the ADP version for purely private sector jobs turning out at 160,000 as against a consensus forecast of 203K while prior numbers were also revised lower to 208K from 215K, enough for a spike among the dollar pairs then nothing more. Looking at its accompanying numbers we also saw Average Hourly Earnings up 0.3% and the unemployment rate remaining stable to suggest that the jobs recovery remains strong though a bit out of steam from the prior pace. For now we do not expect to see serious price action going forward though a close for a firmer USD among the pairs should set us up for a follow through in Asia on monday.

 

[makaro167]

New York Open Summary 5/12/2016

The earlier decision by the BoE to keep rates steady say spike in Cable before settling back to where things started after hitting R1 from the daily pivot. That said we will be taking our cue from that brief spoke as the daily charts show us coming off the 21D EMA and 38.2 Fib retracement level of the rally from Febraury lows. This should continue our pattern of higher lows and higher highs and underscore the healthuy pullback to the neckline of our inverted head and shoulder pattern.