Yen Continues to Strengthen

USD/CAD:

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 traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.

NFP Week Gives Prospects for Trend Reversals in Forex Market

Russell 2000:

According to a number of technical indicators, the Russell 2000 has reached overbought territory and is likely to fall over the course of the next day. The Relative Strength Index on the 4-hour chart is hovering right over above the upper resistance line, while the Williams Percent Range on the 8-hour chart is currently well about the -20 level. CFD traders may want to enter into short positions today, as a bearish correction is likely to occur.

Bernanke Speech to Impact Dollar

Gold:

After a few weeks of sustained upward movement, the price of Gold now appears to be gearing up for a downward slide. The daily RSI has the price floating in the over-bought region for some time now, suggesting strong downward pressure. The weekly Stochastic (slow) has almost formed a bearish cross, and will likely do so by the beginning of next week. This provides forex traders a great chance to call the reversal point on a precious commodity like Gold and ride out the downward movement for a healthy profit.

Yen Reaches 15-Year Low

CAD/CHF:

The sharp downturn in this pair has resulted, at last, in the technical indicators showing potential for a correction. The 4-hour, daily and weekly RSIs all float in the over-sold territory and just recently a bullish cross formed on the daily Stochastic (slow). All of this evidence points towards a beneficial opportunity for forex traders looking for a great opening price at the low point of a movement. Going long on this pair now seems to have the most potential for profits today.

Ireland Downgrade Shakes Forex Markets

Crude Oil:

Crude oil prices are once again dropping, and it is currently traded around $71.80 per barrel. And now, the daily chart’s RSI is giving bullish signals, indicating that oil prices might go up. This might give forex traders a great opportunity to enter a very popular trend.

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