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The falling trend line from 94.77 frustrated another attempt for the Dollar-Yen to rise, stopping it at 93.59. Then we saw the price obey the trend line and dropped almost 100 pips, entering the 92 areas. The thing is that, the technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels.

Euro / Dollar Technical Forex Analysis for Forex Traders

The Euro retreated from the post-gap top, and filled more than a third of the gap. This normal retreat after the sharp rise from 1.3281 has not done any harm for the technical outlook, since the price is still above the broken line with a comfortable margin. But the fragile consolidation above 1.3567 makes us expect more downside activity, immediately after it is broken. If this support gives way, the Euro will fall further, targeting two important levels: the first of which is the gap filling level at 1.3495, and the second has a huge importance for the short and may be medium term as well, since it combines Fibonacci 61.8% and the broken trend line which we said it is very important to stay above, in order to achieve more gains.

Euro / Dollar Technical Forex Analysis for Forex Traders

The Euro broke the resistance specified in Friday's report 1.3374 and successfully reached the first suggested target 1.3489. But what is more important is the gaps which took place at the new week's open, and managed to create a major technical event, which is breaking the medium term trend line, which is the line falling from 1.5139 on daily chart. This line, which we focused on all last week, is an important one, which managed to frustrate the Euro's attempts to rise for the past 3 months, and now it gives way, how much will that has an effect on the EURUSD? We can say that the Euro is finally free from downside pressure on the medium term, and that it will be shooting for areas hundreds of pips higher than current ones, in the next few days and weeks.

Forex market statute to be completed by end of July

The forex market statute is scheduled to be completed by the end of July to submit to the State Bank of Vietnam for approval.

Although it is completely agreed that the forex market statute is necessary amidst the current time, there remain some disagreements about some details in this statute.

According to Truong Dinh Song, chief of the banking operation department from Vietnam Bank Association (VNBA), business code of conduct or culture are very necessary in business activities in general and in forex trading activities in particular. Thus, code of conduct in forex trading is considered top criteria in this statute.

Agreeing with the above opinion a representative from Asia Commercial Bank (ACB) said that the regulations on code of conduct remain low, so it is necessary to have more detail regulations in order to promote code of conduct in the market.

Tran Khanh from Dai A Bank-Hanoi branch said that Vietnam's forex market includes two large segments, interbank and transactions between banks and clients. However, the statute mainly promulgates rules in interbank transactions without paying due attention to transaction rules between banks and clients, added Khanh.