FOREX market review/prognosis from Forex Cloud – 10/03/12
In the beginning of the week, the US dollar was strong. The pair EUR/USD was the only one that kept its position, the other main pairs (AUD/USD, NZD/USD, GBP/USD) moved down. The next two days will bring a few important news - The Bank of England rate decision, The Bank of Europe rate decision, The Bank of Japan rate decision and US Unemployment rate. Most likely these news will play against the US dollar in favour of risk buyers. Traders who like taking risks can enter LONG positions against the US dollar today, but a more reasonable approach will be to wait until Monday, when the market will define its direction at least for the next few days.
The pair USD/JPY continues its bullish move (unfortunately I have closed my LONG positions a few days ago) and is located now at the 78.50 level. If this pair keeps this position till Monday I will go LONG again.