February 28, 2014 – Daily Market News Today’s Hot Assets: USD, EUR, CAD, GBP Janet Yellen, the new Head of the Federal Reserve, gave her second testimony before the Senate Banking Committee in Washington. She maintained her previous stance on monetary policy and reiterated comments made before. She also said that it is too soon […]
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Asia worries keep bulls under pressure Morning Report: 08.45 London • This morning, poor data from Japan and more selling for China’s currency have set a negative tone for the morning session. In addition, markets still have a ‘risk-off’ tone as the situation in Ukraine develops.• Stock markets are managing to cling to the highs, while the […]
General overview for 28/02/2014 08:45 CET The impulsive bullish wave development has been invalidated due to wave (ii) overlapping the beginning of wave (i) and now new count has been posted. In this new count the overall corrective structure after wave (1) blue top is getting more complex ant time consuming. The current wave progression […]
Today’s Support and Resistance levels: R3: 1.6560 R2: 1.6496 R1: 1.6397 Current spot: 1.6314 S1: 1.6291 S2: 1.6253 S3: 1.6214 Technical summary: We were looking for a wave 2 correction towards 1.6445, but it has extended lower and is currently testing support at 1.6290. The downside is limited from here and under no circumstances should […]
A series of upbeat economic reports from Japan lifted the yen today, as the data indicated the economy is strengthening and suggested the Bank of Japan’s policy easing measures were helping stimulate the economy. Industrial production rose the most since 2011, while consumer price inflation increased1.1% in February from a year earlier, after a 0.7% […]
Today’s Support and Resistance levels: R3: 142.07 R2: 141.27 R1: 140.29 Current spot: 139.47 S1: 138.68 S2: 137.55 S3: 136.22 Technical summary: The downside pressure has been stronger than we expected, therefore we have to consider the possibility that wave b of the decline from 145.69 already is in place and wave c lower towards […]
Natural gas futures dived on the fifth day in New York and prepares for the greatest weekly fall in 17 years, following a government report displayed a US stockpile decrease that was smaller than predictions. Natural gas to be delivered in April dropped 1.3% in today’s electronic trading on the New York Mercantile Exchange and was set at […]
Copper traded close to the lowest in more than two months, citing concern on China’s decelerating growth and a weaker yuan may trim demand for the metal in the largest user. The contract for delivery in three months on the London Metal Exchange plummeted 0.4% to $6,998 per metric ton by 2:06 p.m. in Tokyo after trading […]
General overview for 28/02/2014 08:15 CET The market is consolidating recent gains and violation of overnight high at the level of 1.1157 means the recent swing high at the level of 1.1192 will be tested or even broken. In case this line holds, the decline to the intraday support at the level of 1.1093 is […]
EUR/USD: In spite of the temporary pullbacks that were seen on this pair in this week, it has been able to maintain the bullish bias on it. However, the situation is currently dangerous for the bulls and long trades are not recommended unless the price crosses the resistance line at 1.3750 to the upside. Any […]
The S&P 500 finished at a record on Thursday and concluded in an optimistic territory for the year following Federal Reserve Chair Janet Yellen said severe weather appeared to be behind recent US economic wimpiness. That gave some solace to investors who backed the view that massive snowstorms and unusually cold weather – and not aggravating fundamentals – […]
Asian shares plunged as the gauge wiped out advance, following China’s yuan reported its boldest one-day lump versus US dollar. China’s Shanghai Composite Index slumped 1%, prepared for a third monthly slip despite speculation a weaker currency will restrain earnings. Hong Kong’s Hang Seng China Enterprises Index slid 1%, rubbing out profits of 0.8% while Hang Seng Index […]
The US dollar remained steady versus the Japanese yen and the euro on Friday, after a surge in US equities supported investor appetite for risk and backed the currency recover some of the losses suffered earlier on geopolitical anxieties. However, the dollar stayed on shaky ground as another possible outburst in tensions in Ukraine would aid conventional safe […]
European equities are paring early gains Friday, thwarting the Stoxx600’s chance to post its biggest monthly gain since July. The Stoxx600 index kicked off the session a little firmer than where it is now – off around 15 points. That said, for the month of Feb., so far, booked a gain of 4.7%. Other assets […]
European markets have opened flat today, as investors await a raft of economic data from the Eurozone and the US. Closer home, data revealed that the GfK consumer confidence index stood unchanged at -7 in February after showing a remarkable improvement in the previous month while the Nationwide house prices rose more than expected in […]
The Dow sold off in January from the long term trend line where 16,700 is the strong resistance levels. In our previous reports, a couple of times we gave an alert to Dow close above the level of 16,700, we can’t see the upside wave. After the decline the Dow has rallied and reached towards […]
Jobless claims rose more than expected. The indicator climbed last week to one-month high. Yellen said the Fed would watch carefully the signs of further growth to remain. These factors made the US dollar weaker and gold jumped to the crucial resistance level at $1,336.0. In our yesterday’s report we stated, until gold crosses the […]
Crude completed a 5 wave up move, and daily momentum indicators are in sell mode now. The up move was stopped at 61.8%, at the level $103.79. Till a buy signal shows up again or $104 is surpassed, the best possibility is that another decline started for the targets at $99, $96 and would be […]
When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Unemployment Rate, Italian Prelim CPI m/m.The US will release the economic data such as the US-Prelim GDP q/q, US-Prelim GDP Price Index […]
In Asia, Japan will release the Manufacturing PMI, Household Spending y/y, Tokyo Core CPI y/y, National Core CPI y/y, Unemployment Rate, Prelim Industrial Production m/m, Retail Sales y/y, Housing Starts y/y; and the US will release some economic data such as US-Prelim GDP q/q, US-Prelim GDP Price Index q/q, US-Chicago PMI, US-Revised UoM Consumer Sentiment, […]
Technical outlook and chart setups: 1. The EUR/JPY pair loos to have formed a lower top around 141.00 region. Prices are pushing lower below 139.00 and hence recommendations are to hold short positions taken earlier. Risk remains at 143.00. 2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through […]
Technical outlook and chart setups: 1. Silver is preparing pullback towards $21.70/80 levels from here. It is recommended to initiate short positions there, with risk around $22.50. A meaningful retracement is expected lower towards $20.50/00. 2. Immediate resistance is at $22.20/30 (intermediary), followed by $23.00, while supports are spread through $20.50/00 (fibonacci retracement), followed by […]
Technical outlook and chart setups: 1. The GBP/CHF pair still remains below 1.4950/60. It is recommended to remain flat for now and enter again after a break below 1.4700 or 1.4950/60. 2. Immediate resistance is at 1.4950/60 (intermediary), followed by 1.5120/30, while supports are spread through 1.4620/30 (intermediary), followed by 1.4550, 1.4350 and lower respectively. […]
Technical outlook and chart setups: 1. Gold is pulling back towards $1,336.00/38.00 levels at the moment. Please note that these are intraday/interday resistance levels and recommendations are to initiate short positions there. Risk remains at $1,348.50. 2. Immediate resistance is at $1,361.00, followed by $1,375.00, while supports are spread through $1,307.00, $1,230.00/20.00, $1,210.00 and lower […]
Daily chart: The USDX found strong resistance near the 80.55 level and now the USDX is consolidating below the level of 80.35. However, it could be forming a bullish pattern to continue rising as the USDX has been in a bullish bias in recent days, so the next target would be the resistance level of […]
Daily chart: The pair managed to recover from the fall that was below the support level of 1.6663, and now the GBP/USD is trying to consolidate above this level. It is very likely that this pair will begin to be dominated by the strength of the bulls, so its bullish bias in this chart could […]
AUD/USD Elliott Wave The AUD/USD pair has managed to complete the corrective double three pattern from Feb 17 in the early London session today, so we need to focus more on upward movements in this pair next. In the 1-hour chart of the AUD/USD pair, we can see that the price has bounced exactly from […]
USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has continued trading in an uptrend, corrective wave (a) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart of the pair, we can see that the ascending move from the 1.1052 level has already showed us five waves, […]
February 27, 2014 – Indices News The Asian session traded mixed as traders reacted to previous data. The JPY rallied against the dollar following bad US data and the political situation in Ukraine which caused traders to turn to safe-haven assets. Consequently the Nikkei dropped and closed 0.32% lower. Talk of energy sector sector reforms has […]
