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  • GBPUSD Hourly Consolidates After Last Week’s Drop

    Past performance is not an indicator of future results Source: Last week's decision by the BoE to hold rates steady surprised the market and GBPUSD was heavily sold. The left chart shows the daily timeframe. Here, GBPUSD is in the weak area – between the lower blue and lower red bands. The right chart shows the hourly timeframe. Here, cable has managed to stabilise in a sideways pattern (red…

  • USDOLLAR’s Momentum Holds At Start of Week

    Past performance is not an indicator of future results. Last week's price action confirmed the USDOLLAR's reference low, by closing above the previous week's high (aqua horizontal). It's important to acknowledge that the reference low does not guarantee a bullish swing. However, for a bullish swing to chart, this confirmation was necessary. Moreover, the confirmation respected the current USDOLLAR's momentum. Past performance is not an indicator of future results. Trends…

  • GBPUSD Reacts Swiftly As BoE Hold Rates Steady

    The BoE kept its policy rate at 0.1%. The votes came in at 7-2, with Ramsden and Saunders as the dissenters. Comments from the summary refer to an expectation of inflation dissipating over time, with the central bank viewing supply chain disruptions and global demand as normalising. The market was divided as to whether or not the BoE would hike. This was fuelled by the number of hawkish comments over…

  • USDOLLAR Charts Continuation Pattern on Daily

    In our previous article, we suggested that the USDOLLAR was at a potential swing low point. That is still the case after the Fed announcement yesterday. The next challenge for the greenback will be tomorrow when the non-farm employment change (NFP) is released. Given that this is one of the most anticipated data releases on the monthly calendar, it will be interesting to see if the swing low continues to…

  • EUR/USD And The Post-Fed Path of Least Resistance

    The US Federal Reserve announced on Wednesday the tapering of its Quantitative Easing program (QE) by $15 billion/month, to begin later in November. However, this was largely dovish, as the bank did not commit to the tapering pace beyond December and did not link the unwinding its asset purchases with future rate hikes, delivering overall the minimum of what was expected. The US Dollar dropped on the news, sending the…

  • USDOLLAR At Important Potential Swing Low Ahead Of FOMC

    Past performance is not an indicator of future results The above shows FXCM's USDOLLAR basket on a weekly chart. Given the expectations of a tapering announcement from the FOMC statement today, the analysis here is important. Last week's candle is a potential swing low reference candle (aqua arrow). To be considered as such, this week's candle will need to close above the reference candle's high (aqua horizontal line). The FOMC…


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