Check out this Week's Forex Forecast- trading forextrading
The US Dollar was again the strongest currency over the past week, while the Yen was the weakest, putting this pair in focus.The former short-term bullish trend seems to have become a valid long-term bullish trend, with the price trading above its level of 3 months ago.
The trend is not well established or stable, but there could be good day trading opportunities here on the long side over the coming week, as the new Governor of the Bank of Japan appears keen to stick to the existing ultra-dovish monetary policy of his predecessor.Last week again saw the S&P 500 Index fall, printing a fairly large bearish doji candlestick. Conditions seem to be becoming more bearish on increasing gloom over US interest rate hikes and a higher terminal rate.
It is worth noting that while the NASDAQ is very positively correlated with the wider S&P 500 Index, the NASDAQ is not showing a golden cross, unlike the S&P 500, and has been held for longer by an obvious resistance level. This suggests that the NASDAQ is looking relatively weak, so a bullish play should use the S&P 500 Index as a more appropriate vehicle. If you think the US stock market is about to break down and you want to trade short, the NASDAQ might be a better betUs Treasury Yields rose again last week, notably the 2-year yield, after US economic data and statements/minutes from the Fed continue to show a hotter economy than had been expected, raising expectations for rate hikes.
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