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Failure to hold above the 50-Day SMA (134.13) may lead to a larger correction if USD/JPY trades below the moving average for the first time since March. ....
The limited reaction to the Fed’s semi-annual testimony may lead to a near-term correction in USD/CAD as the RSI reverses ahead of overbought territory. ....
In last week’s Reducing Risk post we discussed why we reduced risk in anticipation of a pullback in the markets. However, there are some warning signs which beg the question “is a larger correction coming? Please share this article - Go to very top of page, right hand side, for social media buttons. A Tough Start What started out as a promising January, didn’t end up that way as markets dipped into the red for the year. More importantly, February tends to be a weak month which suggests the selling may not be over just yet. Such is particularly the case, as we will discuss momentarily, with many areas of the market technically stretched and over-valued. ....
In last week’s Technically Speaking post we discussed why we reduced risk in anticipation of a pullback in the markets. However, there are some warning signs which beg the question “is a larger correction coming?” A Tough Start What started out as a promising January, didn’t end up that way as markets dipped into the red for the year. More importantly, February tends to be a weak month which suggests the selling may not be over just yet. Such is particularly the case, as we will discuss momentarily, with many areas of the market technically stretched and over-valued. ....