TheLFB-Forex.com A Forex Trader Portal
Trade Desk Thoughts
Global Outlook Is Long- Usd Is Mixed
Traders await the open of the Asian markets, and are look to see whether the bullish moves in oil, gold, and equity trade last week can allow the major pairs to hold steady against the Usd. "Who knows" said TheLFB Trade Team, "we may even have enough momentum to this week break the eleven week channel that the major pairs are at the top of."
"Take care on the first session of the week, the major pair trend and momentum reads are all over the place, there is no pattern across the dollar index components at all. They split on Friday, and went their own ways in regard to break-outs and reversals, and that may take a session to put right. That situation will not be aided by the global dollar index drivers (equities, oil, and gold) are all overbought" they added. A long-Usd play may have to be seen before things can move too far on the long side of those markets.
"The trade team are delighted to announce the expansion of the global commodity trade plans, and each now has a comprehensive daily analysis to review" the team said. "The member plans can be found in the drop-down Menu> Trader Services> Global Plans> Chose either Equity, Oil, Gold, or Dollar Index. We have provided a complimentary link to show traders what we produce each day, on six major currency pairs, and now on the four global market drivers as well". Detail can be found here.
We will update the signal area once the Asian market is underway, but say once again, this is not a clear dollar index picture at all, and the global markets may need to test support before getting aligned to sell the Usd.