Currency Trading at www.Elite-Trading-Corp.com

Japan’s Industrial Production managed to strengthen for a fourth straight month in June by 2.4%. While improving, the metric gained at the slowest pace since March

Written by Ilya Spivak, Currency Analyst
The Euro may extend recent losses in European trading hours as Germany’s unemployment rate rises to 8.4% in July, the highest since November 2007, as the Euro Zone’s largest economy sheds 43,000 jobs. Euro Zone Economic Confidence is also on tap.
Key Overnight Developments
• Japan’s Industrial [...]

Today’s London session was kind of tacky other than the quite obvious British Pound weakness throughout the night. While the GBP/USD short paid nice dividends from the pre-London entry, in this video I focus more on a completely different trade on the EUR/JPY. However, we did use the GBP weakness in the form of EUR/GBP [...]

German final June CPI was confirmed at 0.4% m/m and 0.1% y/y, as expected.

JPY came back under pressure in Asia and this left USD-JPY and the JPY crosses moderately higher compared with Wednesday’s N.Y. afternoon. Heavy fixing demand was noted via USD-JPY and the JPY crosses experienced good bargain hunting from speculative names.

The dollar and yen eased from late NY and into early Asia after the strong gains Wednesday in both currencies. The correction did not gain strong momentum though, as fears of a renewed slowdown in the global economy continued and weighed on sentiment. The fall in U.S.

The US dollar has appreciated steadily against most of its major counterparts this past week (the notable exception being USDJPY). However, the greenback’s rise has been conspicuously reserved.

The Japanese yen broke more than 2 percent higher against the majors, with as pairs like USDJPY, EURJPY, and GBPJPY (among others) broke below key support levels, suggesting we’ve witnessed medium-term turns in the JPY crosses.

The Euro tested below 1.39 while the British Pound sank to as low as 1.6063 in overnight trading as stocks fell for the sixth consecutive day on Asian exchanges, offering support to the safety-linked US Dollar.

Student’s Question: We hear about double tops and bottoms.? I know I have seen triple tops and bottoms on the charts.? Is there any special significance to them?? Thanks. Power Course Instructor’s Response: On the chart below, examples of a double bottom along with a triple top and a triple bottom can be seen.