Markets Lack Momentum as Trading is of Low Volume!

Daily Forex Fundamentals | Written by Crown Forex | Nov 10 08 15:19 GMT |

Despite having a inflationary data from the United Kingdom, trading remains of low volumes with majors attempting to recover the market gaps witnessed since early morning where no currency was able to do except for the sterling pound. Calendars remain fundamental free and the trend could remain neutral for the rest of the day. The 15 nation currency is still trading within a contracting triangle that is getting narrower yet the euro failed to cover the market gap as we see the 14 hour MA on the 4 hour charts at 1.2790 offering a strong support as the pair so far recorded a low of 1.2791 for the day so far. Technical indicators show no specific trend for the pair suggesting this sideways channel to remain for the rest of the day. As for the Royal pound, it was able to recover the market gap trading within a narrow range between the 1.5670 support level and the resistance level at 1.5830 where it is currently being pressured to the downside but is facing troubles breaching the mentioned support. However, overall trading isn't expected to be of high volatility or of high volume as technical indicators are still supporting the sideways trend as it is limited between the two levels. The USD/JPY pair was retesting the resistance level at 99.30 but failed to breach it and maintain trading above it after it slightly inclined to record the high for the day so far at 99.48. The 50 day MA on the four hour charts at 99.50-99.60 is currently an obstacle for the pair as it limits further losses. We see the pair slowly exiting the oversold bought area as seen on the stochastic indicator, where similar to the other majors, a neutral pattern will be undergone. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.