{"id":113508,"date":"2017-09-25T07:15:29","date_gmt":"2017-09-25T11:15:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=113508"},"modified":"2017-09-25T07:01:32","modified_gmt":"2017-09-25T11:01:32","slug":"steady-open-on-currency-markets-after-the-german-election","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/steady-open-on-currency-markets-after-the-german-election\/","title":{"rendered":"Steady open on currency markets after the German election"},"content":{"rendered":"<div id=\"inves-2758885954\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 25, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Veselin Petkov, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p>The Bundestag elections in Germany are over, with Angela Markel\u2019s ruling party having won the most votes. Trading on currency markets this morning opened relatively peacefully.<\/p>\n<p>Parliamentary elections were also held in New Zealand over the weekend. The ruling National Party received the most votes, although it wasn\u2019t enough to win them a majority of seats in parliament and form a government. The NZDUSD pair has opened down this Monday, with a gap of around 1%.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:00 Germany: IFO business climate (Sep).<\/li>\n<li>15:30 USA: Fed member Dudley\u2019s speech.<\/li>\n<li>16:00 Eurozone: ECB President Draghi\u2019s speech.<\/li>\n<li>19:40 USA: Fed member Evans\u2019 speech.<\/li>\n<\/ul>\n<p>Today, attention will be focused on the Bank of England\u2019s Financial Policy Committee, which is scheduled to make a statement today at 12:30 (GMT+3). Any information concerning the BoE\u2019s monetary policy has the potential to increase volatility on the pound.<\/p>\n<p><strong>EUR\/USD<\/strong><\/p>\n<p>From chart analysis on the 4-hour timeframe, we can see that the EURUSD pair is testing the line of the upwards trend for the second time since the Fed\u2019s meeting:<\/p><div id=\"inves-1235849634\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2025.09.2017%20chart%201_59c8ae3c2f2fd_59c8c4666d10a.png\" alt=\"\" \/><\/p>\n<p>This calls into serious doubt whether this upwards trend will continue. So, in my view, there\u2019s currently no buy signal.<\/p>\n<p>On the hourly timeframe, the EURUSD keeps failing to renew the key top of the correctional movement and is consequently in the lower half of the price range:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2025.09.2017%20chart%202_59c8ae4fba908_59c8c47604b08.png\" alt=\"\" \/><\/p>\n<p>Still, it\u2019s relatively risky to buy EURUSD in the lower part of this range considering that the price has been unable to reach the upper half for two weeks now. As it stands, I can\u2019t see any clear buy or sell signals on this pair.<\/p>\n<p>At the time of writing, the EURUSD pair is trading at 1.1934.<\/p>\n<p><strong>GBP\/USD<\/strong><\/p>\n<p>On the 4-hour timeframe, the GBPUSD pair is once again testing the resistance line of the upwards trend:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2025.09.2017%20chart%203_59c8ae656a3ee_59c8c48877b3e.png\" alt=\"\" \/><\/p>\n<p>Considering that the GBPUSD pair is trading at the upper part of the upwards trend, I\u2019m going to refrain from buying.<\/p>\n<p>On the hourly timeframe, the GBPUSD pair is trading within this potential range:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2025.09.2017%20chart%204_59c8ae792ed14_59c8c49e52d11.png\" alt=\"\" \/><\/p>\n<p>There currently aren\u2019t any clear signals that the price will exit this range.<\/p>\n<p>At the time of writing, the GBPUSD pair is trading at 1.3542.<\/p>\n<p><strong>USD\/CHF<\/strong><\/p>\n<p>The USDCHF currency pair is testing the upper line of the downwards trend on the daily timeframe:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2025.09.2017%20chart%205_59c8ae8c1bca5_59c8c4b2c0c6e.png\" alt=\"\" \/><\/p>\n<p>I haven\u2019t changed my opinion that if the US economy recovers in the second half of this year, the USDCHF pair will break through the trend line on D1 and rise to 0.9950 by the end of the year. I have a long position on this pair, which was opened at 0.9679, with a Stop loss at 0.9390. Here, I\u2019m looking to gain around 300 pips (from 0.9679 to 0.9950), while at the same time risking a drop of similar magnitude (from 0.9679 to 0.9390). The position was opened on the daily timeframe. If some doubts start to arise about the US\u2019s economic recovery, I\u2019ll close the position myself.<\/p>\n<p>At the time of writing, the USDCHF pair is trading at 0.9708.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">Steady open on currency markets after the German election<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Veselin Petkov, Alpari The Bundestag elections in Germany are over, with Angela Markel\u2019s ruling party having won the most votes. Trading on currency markets this morning opened relatively peacefully. Parliamentary elections were also held in New Zealand over the weekend. The ruling National Party received the most votes, although it wasn\u2019t enough to win [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-113508","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=113508"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113508\/revisions"}],"predecessor-version":[{"id":113509,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113508\/revisions\/113509"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=113508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=113508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=113508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}