Risk rally is still the major driving force in the forex markets with dollar and yen generally under pressure. European stocks open mildly higher following broad based rally in Asian equities while crude oil is also firm above 75 level. On the other hand, dollar index is soft below 84

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Daily Report: Dollar Pressing Trend Line Support, Reversal or Penetration?

The 4-Hour forex charts are setting up with short-Usd reversal signals, which although most are against the overall trend they could be pivotal if global equity markets hold support. The fist to trigger was Usd/Cad short, and once we can see a daily close underneath the 200 SMA at 1.0450

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Swing-Time On The Usd Index

The 4H timeframe shows the support at the 127.50/128.00 area holding up. During yesterday’s Forex Video Technical Update, I mentioned that the correction within a ‘triangle’ or rather a flag may be over according to wave counts

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GBP/JPY: Stalking Correction Rally