Author: FX
In the world of forex trading, staying ahead of the curve is crucial. Traders are constantly seeking ways to gain an edge, and one such tool that has gained prominence is the Aroon MT4 indicator. In this article, we will delve into the details of this powerful indicator, explaining its significance, how it works, and how traders can leverage it to make informed decisions. Understanding the Aroon Indicator What is the Aroon Indicator? The Aroon indicator, developed by Tushar Chande in 1995, is a technical analysis tool used to measure the strength and direction of a trend in financial markets.…
Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter AUD/USD price action on the longer-term weekly chart now sees AUD bulls retesting the downward trendline resistance level (black) for the fourth time since February 2021. A major area of confluence like this could be central to traders and their directional biases in 2024. A confirmation close above could see a runup towards the 0.7000 psychological handle, while a failure may bring back into consideration the 0.6500 support level and beyond.This article is specifically dedicated to analyzing the…
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Happy New YearIt was a lively year in the FX market with the yen going on a particularly wild ride but ultimately it was the Swiss franc that came out on top as USD/CHF fell nearly 9%.At the other end of the spectrum was the Japanese yen as it was the G10 laggard for the third straight year, falling 7.6% in spike of a huge rally over the past six week.sRight in the middle was AUD/USD, which started the year at 0.6813 and finished the year at 0.6810. That’s a whole three pips for the patient shorts :)We hope you…
The major US stock indices could not keep the momentum going and is ending the day and the year with a down day. The declines today, however, were not large enough to close the week lower. As a result, the major indices are ending higher for the 9th consecutive week to end a strong year for US indices.The closing levels for the day are showing:Dow Industrial Average fell -20.58 points or -0.05% or 37689.55S&P fell -13.54 points or -0.28% at 4769.82Nasdaq fell -83.79 points or -0.56% at 15011.34The small-capRussell 2000 index fell -31.26 points ro -1.52% at 2027.07. For the…
Share: USD/JPY stuck to 141.00 as markets head towards 2024. Greenback shed a third of a percent against the Yen on the last Friday of 2023. USD/JPY down a full percent on the week, but up 7% on the year. The USD/JPY is back into the 141.00 handle as the pair struggles to accelerate momentum in either direction as markets wind up the 2023 trading year. Post-holiday markets saw a thin week ahead of the New Year’s long weekend, and the US Dollar (USD) is down 0.3% against the Japanese Yen (JPY) for the last Friday of the…
Share: The DXY jumped towards 101.30 after bottoming near 101.20. The only highlight during the session was December’s Chicago PMI, which came in lower than expected. US Treasury yields gained some ground but remain near multi-month lows. The DXY will post a modest 2% yearly loss, opening the 2023 above 103.00 and closing just above 101.00. The US Dollar (USD) remains on a subdued tone on the last trading day of 2023. The US Dollar Index (DXY) is positioned at 101.30, shedding daily gains as dovish bets on the Federal Reserve (Fed) weigh heavily on the Greenback. Soft Chicago…
Looking for new strategies for 2024? Explore the top trading ideas developed by DailyFX’s team of experts Recommended by Diego Colman Get Your Free Top Trading Opportunities Forecast The Federal Reserve’s unexpected pivot at its December monetary policy meeting has significantly reduced the probability of a downturn in the coming year, making the soft-landing scenario the most likely outcome for the economy.For context, policymakers have signaled that they will prioritize growth over inflation and indicated that they will deliver numerous rate cuts over the next 12 months, sending yields reeling in late 2023 – a situation that has eased financial…
Share: The EUR/GBP suffers losses, positioned at 0.8660 with a decline of 0.30%. Daily chart indicators reveal signs of bearish momentum with RSI’s negative bias and MACD’s waning positive momentum. Despite a temporary bearish outlook, the broader term sees bulls in control. The Cross will close a 2% yearly loss. In Friday’s session, the EUR/GBP slipped down to 0.8660, shedding a small 0.30%. Breathing room for bearish activities emerged after the pair gained 1% last week. Both daily and four-hour charts signal a neutral to bullish bias, with buyers slightly dominating and significant strides marked in the four-hour indicators.…
Share: The Mexican Peso is rebounding from Thursday’s US session backslide. Mexico’s government budget balance to wrap up economic calendar for 2023. US data continues to print in the red, US Chicago PMI misses the mark. The Mexican Peso (MXN) is back on the rise for the last trading day of 2023, recovering modestly after a late-day topside break in the US Dollar on Thursday sparked by a broad-market pause in risk appetite after US Treasury yields briefly spiked. A late-Friday reversal pulled the US Dollar (USD) back into the high side just ahead of the year’s closing bell,…