In this session LFX analyst James Harte takes a look at one of the most popular areas of techical trading; Harmonic patterns. In this session James will explain exactly what Harmonic pattern trading is and work through some of the key structures and patterns involved looking at ways you can build these elements into your own trading.
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Editors’ Picks
EUR/USD looks weak below 1.1800
EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.
GBP/USD threatens the 200-day SMA near 1.3440
GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.
USD/JPY recovers above 156.00 despite cautious markets
USD/JPY is cutting losses to regain 156.00 in the European session on Thursday. The pair recovers alongside the US Dollar, but the further upswing appears limited amid hawkish BoJ commentary, looming intervention fears and risk-off mood, which continue to support the Japanese Yen. US-Iran nuclear talks take center stage.
Editors’ Picks
AUD/USD comes under pressure, still targets 0.7150
AUD/USD reverses two daily advances in a row, hovering around the 0.7100 zone on the back of the resumption of a firm demand for the Greenback as the NA session draws to a close on Thursday. On Friday, housing data will be the salient event in Oz.
EUR/USD looks weak below 1.1800
EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.
Gold trims gains, slips back to around $5,170
Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.
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