Orbex - Forex Trading Library

The current USDJPY structure shows the formation of a bearish trend. This takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. It is possible that the sub-waves Ⓦ-Ⓧ-Ⓨ have ended. However, the second intervening wave Ⓧ…
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USDJPY tests resistance The Japanese yen struggled as the Q4 GDP fell short of expectations. The pair’s latest retracement found support over the psychological level of 130.00 which coincides with a resistance level from a previous…
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Following the last FOMC meeting, it seemed the Fed was quite happy with how much inflation was coming down. The rhetoric shifted from "keep raising" to "only a couple more hikes left". That was a dovish shift that was welcomed by the…
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In the long run, GBPUSD seems to be forming a global triple zigzag w-x-y-x-z. The final wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Now the focus in on the development of the primary wave Ⓩ. It can take…
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USDCAD to test major support The Canadian dollar surged after a blowout jobs report fuelled speculation about further tightening. The recent consolidation has failed to secure a foothold above 1.3370, which has turned into a fresh…
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USDJPY awaits BOJ boss nomination The Japanese yen steadies as markets expect a new face at the top of the Bank of Japan. Eyes are now on the successor to incumbent Governor Haruhiko Kuroda, whose term ends in April, as traders look…
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Overnight, there was considerable movement in the USDJPY with rampant press speculation over who would be nominated as the next governor of the BOJ. There has been a lot of anticipation about the announcement, since the new governor is…
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We talked about the EURUSD pair a few reviews ago. The construction of a bearish cycle impulse, consisting of five main sub-waves I-II-III-IV-V continues. Most likely, correction IV is under development. This complex correction looks…
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GBPUSD stages recovery The pound retreats as traders reposition ahead of a series of UK data. After coming off December’s high of 1.2440, the pair is staging a bounce from the demand zone around the psychological level of 1.2000. The…
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