Yahoo Finance Midday Forex Snapshot – November 7, 2017
It`s time for the Dukascopy Midday Snapshot where we`ll see how traders have managed to work out the rate movements during the morning session on this Tuesday. Euro/Dollar has declined by a total of 62 pips to trade point 36% in the red at noon. Turnover is the average and neutral sentiment of the traders is 6% long. Decline makes a successful morning session more likely for those who had short positions.
Pound/Dollar had moved slowly South by 49 pips and a loss of point 3% has been posted. The Cable sees just close to half of the monthly average funds and most of them have been driven by bullish expectations. The gradual decline has brought some risks, but they should be limited by the narrow price movement range and the passive trading approach. Dollar/Yen’s uptrend has resulted in a gain of point 32% at 12 o’clock. Traded volume is average and neutral sentiment is leaning towards the short side by 8%. The pair has been trending higher during most of the day, making profits more likely for bulls. Pound/Yen gave up most of the gains in a late decline. This pair has attracted just half of the monthly average funds and most of the traders have been in long positions. Traders have seen both chances and risks, but the passive trading and narrow rate movement range both are limiting factors. Euro/Yen’s gradual rise was followed by a decline as well and the pair stood a fraction in the red at midday. Traded volume is low and most of the traders have been forecasting the pair to head South. Traders had their chances after the daily high was reached.
This article was originally posted on FX Empire
