Morning Report: 07.00 London The dollar index is rallying on hopes for a successful round of trade talks between the US and China. The dollar index is nudging back to the neutral line after gapping lower at the open. Dollar pairs are mixed with a positive bias following this morning’s dollar gap lower. The AUD/USD […]
EUR/AUD is approaching its support at 1.5897 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1.5977 (50% Fibonacci retracement, horizontal overlap resistance). Stochastic (55, 5, 3) is nearing its support at 3.2% where a corresponding bounce could occur. EUR/AUD is approaching its support where we […]
XAU/USD is approaching its resistance at 1316.81 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1311.71 (38.2% Fibonacci retracement, horizontal pullback support). Stochastic (89, 5, 3) is nearing its resistance at 98% where a corresponding reversal is anticipated. XAU/USD is approaching its […]
When the European market opens, no economic data will be released, while the US will publish the economic data such as Mortgage Delinquencies, so amid the reports, the EUR/USD pair will move with a low to a medium volatility during this day. TODAY’S TECHNICAL LEVEL: Breakout BUY Level: 1.1381. Strong Resistance: 1.1374. Original Resistance: 1.1363. […]
In Asia, Japan will not release any economic data today, but the US will publish the Mortgage Delinquencies. So there is a probability the USD/JPY pair will move with a low to a medium volatility during this day. TODAY’S TECHNICAL LEVEL: Resistance. 3: 110.40. Resistance. 2: 110.18. Resistance. 1: 109.97. Support. 1: 109.71. Support. 2: […]
The Bank of England joined its dovish counterparts on Thursday after leaving interest rates steady as expected amid mounting fears that Brexit coinciding with a global economic slowdown could further sink British markets. Of more importance, policymakers surprisingly decided to cut growth forecasts to 1.2% for 2019 which is the lowest since financial crisis, turning the spotlight to […]
Japan and the United Kingdom will be next to publish economic growth numbers for the final quarter of 2018, while the Eurozone will release its second GDP estimate for the period. Inflation data out of the US and the UK will also be watched. The Reserve Bank of New Zealand will be among the last […]
The Japanese multinational corporation Sony Corp. announced the launch of the largest share repurchase program (buyback) in the history of the company in the amount of 100 billion yen ($ 910 million). Last year, the company did not make major purchases of its own shares. The current buyback started on Tuesday, February 5, and will […]
To open long positions on EUR / USD pair, you need: Euro buyers returned to the market after good reports in Germany, where the balance of foreign trade increased and the industrial output increased in Italy. At the moment, the main task is to fix above the resistance level of 1.1343, which will lead to […]
To open long positions on GBP / USD, you need: Pound buyers coped well with the support level of 1.2922, which I paid attention to in my morning forecast, which is expected, led to the continuation of the formation of an upward correction. The main goal for the second half of the day will be […]
Gold has been an important metal around the world for centuries. Its special characteristics have made it to become a reserve ‘currency’. Indeed, the metal is owned by most central banks, with the Fed being the biggest holder. The total gold owned by US treasury is worth more than $11 trillion. Just recently, it was […]
This week was mixed for the market. Asia was a bit slow with the Chinese markets closed for the new year celebrations. This article will highlight some of the biggest stories that happened during the week and the implications going forward. Bank of England Yesterday, the Bank of England released its monetary policy decision. In […]
Hong Kong is an important region in Asia because of its economic proximity to mainland China. The city is a special administrative district for China. As such, it has its own local government, currency, and a central bank that is responsible for setting the monetary policy. The city is one of the biggest financial district […]
Since June 2018, the EUR/USD pair has been moving sideways with slight bearish tendency within the depicted bearish Channel (In RED). On November 13, the EUR/USD pair demonstrated recent bullish recovery around 1.1220-1.1250 where the current bullish movement above the depicted short-term bullish channel (In BLUE) was initiated. Bullish fixation above 1.1420 was needed to […]
On December 12, the previously-dominating bearish momentum came to an end when the GBP/USD pair visited the price levels of 1.2500 where the backside of the broken daily uptrend was located. Since then, the current bullish swing has been taking place until January 28 when the GBP/USD pair was almost approaching the supply level of […]
The European currency cannot get out of the tangle of fundamental problems. At the beginning of this year, almost all macroeconomic indicators of the eurozone disappointed. Germany’s consumer price index, data on the growth of GDP in Italy, France, and the entire eurozone, all of these indicators were in the “red zone”, showing a negative […]
Today, the single European currency continues to develop a “bearish” momentum, declining against the dollar for the past five trading days in a row. Another portion of negative news for the euro on the eve came from the European Commission, which worsened the forecast for 2019 for GDP growth in the currency bloc from 1.9% […]
The US dollar punished its critics for arrogance, soaring to the maximum level against the euro since the end of January. It was then that Mario Draghi puzzled the EUR/USD “bulls” with a message about conversations inside the Governing Council about the launch of LTRO. Then, the pair began to buy back in the hope […]
Copper futures with delivery in March 2019 have been moving in a sideways channel over the last six months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is easing below the 38.2% Fibonacci retracement level of the downleg from 3.3290 to 2.5480 around 2.8410, having rallied strongly so far […]
GOLD PRICES again held $5 per ounce lower for this week so far in London on Friday, trading just below $1313 as the US Dollar edged higher once more on the currency market. European stock markets fell for a second day, erasing the week’s earlier 1.9% on the EuroStoxx 600 index as Paris and […]
The GBP/USD pair has been trading upwards. We found strong impulsive upward move followed by the breakout of the bullish flag pattern, which is sign that buyers are in control and that upward movement is expected. The price is trading above the Ichimoku and kijun-tenkan sen lines, which is another sign of the strength.Short-term support […]
Gold has been trading upwards. The price tested the level of $1.310.00. I found that price finally made a break of the downward channel in the background, which is a sign that there is potential change in trend dynamic from bearish to bullish. Also, I found that a breakout of the intraday bullish flag pattern, […]
USDCHF has moved considerably higher after the bounce off the 0.9715 support zone, which overlaps with the ascending trend line. The price returned back above the 1.0000 strong psychological level and seems promising for further bullish structure. Having a look at the momentum indicators, the RSI lies in the positive territory but is flattening, while […]
Our second scenario from yesterday came into the play. Bitcoin did a successful breakout of the resistance at the price of $3.434 and the supply trendline (white line) in the background, which is a sign that buyers took control from sellers. Intraday support is set at the price of $3.425. Trading recommendation: We are bullish […]
Today, the February option contract will expire, implying an increase in volatility in the American session. This fact may accelerate the implementation of the descending priority model. Yesterday, there was a consolidation below the weekly CZ of 0.6798-0.6784. The next downward target is 1/2 CZ of 0.6714-0.6707. Reaching this zone will allow fixing the rests […]
Overview: The USD/CHF pair continues to move upwards from the level of 1.0003. Today, the first support level is currently seen at 1.0003, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9982, which coincides with the 50% Fibonacci retracement level. […]
Overview: The NZD/USD pair breached resistance which had turned into strong support at the level of 0.6705 this week. The level of 0.6705 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. The RSI is considered to be overbought, because it is above 70. The RSI is […]
Large-scale graphics: The vector of the dominant direction of the short-term trend of gold is directed upwards. The wave completes a larger ascending design, the preliminary target zone of which is in the region of $ 1400 / oz. Medium scale graphics: The rising wave of November 13 formed the final part (C) in the […]
According to Bloomberg, citing the updated forecast of the European Commission (EC), this year the eurozone economy will grow only by 1.3%, not 1.9%, as previously reported. Recall that in the euro area includes 19 European countries, and their official currency is the euro. In November last year, the EC forecast was more optimistic. He […]
AUD / USD pair The decline in prices for most commodities increases the pressure on the Australian currency, which was observed yesterday. Oil, copper, as well as, coffee and sugar fell by 2.48%, 0.36% and more than 1.0%, respectively. On both daily and the four-hour charts, the downward trend is fully maintained, which allow us […]
