Dollar Gains as Attention Turns to Fed Rates Meeting

USD/NOK:

Following a modest increase in value, the price of this pair now appears poised for a bearish correction. The 4-hour Stochastic (slow) indicator is showing a fresh bearish cross, suggesting that the next major movement will be in a downward direction. The 4-hour RSI also shows the price being over-bought, which highlights the downward pressure already present on this pair. Forex traders can take advantage of this impending downward movement by entering their short positions now, and at a great entry price.

EUR/USD Nears $1.2500, but Declined Sharply Thereafter

Gold:

Gold prices dropped following a rise to a new record price at $1262.20. But the price then quickly fell and is now trading near the price of $1238. The buying binge may have exhausted itself for the time being as the daily chart’s RSI 14 has dipped below the 70 line, indicating the potential for further price declines. A new buying opportunity for CFD traders may be found at $1216.

Yuan Speculation has Market in Frenzy; USD in Decline

CHF/JPY:

Most technical indicators are currently showing this pair trading well in overbought territory. These include the Relative Strength Index on the 8-hour chart and the Stochastic Slow on the daily chart. Forex traders are advised to go short for this pair today, as a downward correction may occur.

Euro Continues to Rebound on Successful Spanish Debt Auction; Swissie Soars

NZD/USD:

This pair’s sustained upward movement has finally pushed its price into the over-bought territory on the 4-hour chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.

Crude Oil Trades Above $77 a Barrel

Crude Oil:

Oil prices rose significantly in the last week and peaked at $77.20 a barrel. However, the 4-hour charts’ RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.

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