29.08.2016 – Midday Snapshot by Dukascopy

By | August 29, 2016

We’re halfway through this week’s first trading day, so it’s time for the Dukascopy Midday Snapshot.
Euro/Dollar hit the daily high at just slightly above the 1 12 level shortly before 6 o’clock, but a following decline resulted in a loss of point 26%. Traded volume is average and the neutral sentiment of the traders is 6% long. Early trading hours were in favor for bulls, but the change in trend was good news for bears.
Pound/Dollar declined by 70 pips after 6 o’clock to trade point 46% in the red at noon. The Cable sees 38% less than typical funds and most of the traders have been bullish in their expectations. Steep decline makes losses more likely for investors, but they should be limited by the passive trading.
Dollar/Yen surged early in the day and rise puts the pair point 35% up from the opening level at midday. Turnover is high and the neutral sentiment of the traders is 12% short. Uptrend puts bullish market players in better positions.
Pound/Yen’s trend changed after the high of 134 41 was reached and the pair returned back near the opening level at 12 o’clock. Traded volume is average and sentiment of the traders is neutral, 5% long. Success depends on the timing of the trades as the trend has shifted.
Euro/Yen gave up most of the early gains as the pair retreated from the high of 114 70. Traded volume is average and most of the market players have been forecasting the rate to head higher. Trading should be successful if it was done before the daily high was reached.
I’m Sam Meredith and that’s all for Monday’s Midday Snapshot. Stay tuned for the hourly updates.

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