Overnight losses in Asian markets sparked by a loss of momentum on Wall Street weighs on European prices this morning together with a damp set of earnings from leading blue-chips in the region. In the US Wednesday, stock markets pared gains despite the US policymakers agreeing on lifting the debt ceiling until March 2015 as […]
The Australian dollar tumbled across the board following weak jobs data. The Australian economy lost 3,700 jobs in January, which came on top of a slight downward revision in December’s figures. This resulted in raising the unemployment rate to the highest level since July 2003, at 6%. The data disappointed economists who expected a rebound […]
Forex trading caused the USD/JPY to rise modestly on Feb. 11, after global market participants reacted to the testimony that Janet Yellen provided when speaking with Washington lawmakers. The greenback rose to as much as 102.71 yen during the session, according to Reuters. This figure compared to the exchange rate of 102.33 that was obtained […]
According to the World Gold Council, Central banks added 37.3 tonnes of gold in December. Yellen’s testimony made gold move higher. Gold successfully crossed resistance, at the level of 1,294.0. Gold continues its rally for the sixth day. This is the first rally in a row of six trading days in 2014. We can expect […]
When the European market opens, some economic news will be released such as ECB Monthly Bulletin, German Final CPI m/m.The US will release the economic data too such as the US-30-y Bond Auction, US-Natural Gas Storage, US-Business Inventories m/m, US-Business Inventories m/m, US-Unemployment Claims, US-Retail Sales m/m, US-Core Retail Sales m/m, so amid the reports, […]
In Asia, Japan will release the CGPI y/y and the US will release some economic data such as US-30-y Bond Auction, US-Natural Gas Storage, US-Business Inventories m/m, US-Business Inventories m/m, US-Unemployment Claims, US-Retail Sales m/m, US-Core Retail Sales m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, […]
European markets have opened lower today, as investors preferred to book profits following a week-long rally and ahead of earnings release from several big European companies. Earlier today, the Royal Institution of Chartered Surveyors (RICS) revealed that the house price balance index in the UK eased to 53 in January from 56 in December. Later […]
Technical outlook and chart setups: 1. The EUR/JPY reversed from expected levels around 140.00, respecting the falling trend line resistance. The short positions initiated earlier could be held for further downside expectations. Risk remains at 142.00. 2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through 134.00, 131.00 and […]
USDJPY The pair went through a correction after a tremendous rally towards the 105 levels from June’s lows. The price was holding the 38.2 fib level and consolidating for three consecutive days, then started moving higher again. In the daily and hourly charts RSI gave a buy signal. But the price is facing resistance near […]
Technical outlook and chart setups: 1. The GBP/CHF rose past the trading range and broke higher yesterday. Trading at around 1.4950 levels at the moment, the setup still favors bears to take control back. As seen here, the pair has retraced up to 0.618 fibonacci resistance at 1.4950. It is expected to reverse from here […]
Technical outlook and chart setups: 1. Silver again fails to break through the $20.50 region as seen here. It is hence recommended to book profits on long positions now. Aggressive trade setups would be to initiate short positions with risk at $20.75. 2. Immediate intermediary resistance is at 20.50, followed by $21.00 and higher up, […]
We are recommending a buy call in this pair from January. It made a high at the level 0.9156 and started correcting. In the daily chart, RSI favour longs. Continuously, the pair was holding the 0.89 levels. It forms a good base around that levels. In Asia’s trading session the pair is trading at the […]
EUR/USD: The recent bullish signal on this pair has been put in serious jeopardy, but the Bullish Confirmation Pattern is not over yet. The price needs to maintain its presence below the support line at 1.3550 before it can be said that the bullish signal is over. It is very much likely for the pair […]
Technical outlook and chart setups: 1.Gold took out yet another resistance at $1,293.00/94.00 yesterday. It is expected that the metal reacts here in a bearish way. Please note that the fibonacci 0.618 resistance of the entire downswing from $1,360.00 to $1,182.00 is at the current price. A bearish reaction here would result in a pullback […]
Daily chart: The USDX continues forming a higher low pattern below the 200 SMA. During yesterday’s session, the USDX made no definitive trend movements in general, since the USDX remains above the support level of 80.62. Recall that if the USDX manages to break that level, it would be expected to drop to the level […]
Daily chart: The GBP/USD had a bullish momentum that has led it to consolidate above the support level of 1.6540. Now, it is very likely that this pair will begin to form a lower high pattern to continue rising as the bullish trend has been quite lateralized this week. For now, we recommend caution when […]
Daily pivot point: 0.9032 Overview: The AUD/USD pair closed at the price of 0.9030. Also, the price has been above the ratio of 50% Fibonacci retracement levels for two days. Equally important, the market showed imperturbability and extended further to as high as 0.9066 yesterday. Consequently, it should be noted that the price has formed […]
Overview: The GBP/USD pair movement will be continued directly from the level of 1.6483 (61.8% of Fibonacci retracement levels) in H1 chart. Moreover, this level was confirmed by the bullish market yesterday. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly resistance 1. […]
GOLD: With GOLD remaining biased to the upside, further gain is likely in the days ahead. Despite its price hesitation, its corrective recovery triggered off the 1,182.33 level is intact. Resistance resides at the 1,300.00 level, its big psycho level. A clearance of here if seen will turn focus to the 1,350.00 level. With a […]
February 12, 2014 – Indices News Asian markets went up earlier this morning after better than expected data from China and Janet Yellen’s testimony in America. Though she emphasized that the Fed wants to continue tapering, she noted, dovishly, the labor market will need to improve substantially in order to fully cease providing stimulus. Data […]
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The USD/CAD continued its downward spiral one day after the Canadian government announced its federal budget. The budget provided no immediate relief for the Canadian dollar, which has declined more than 9% over the past 12 months. The North American pair has declined nearly three-quarters of a percent over the past five sessions, as the […]
The EUR/GBP plunged in the European session after the Bank of England’s quarterly Inflation Report said the UK economy will expand 3.4% in 2014, much faster than the 2.8% rate forecast in November. This is expected to push employment below the 7% threshold sooner than expected. However, the BOE is expected to keep monetary policy […]
The EUR/USD pair fell sharply after Eurozone industrial production data failed to live up to forecasts. Meanwhile, ongoing uncertainty concerning Eurozone inflation also weighed on the pair ahead of a keynote speech from European Central Bank President Mario Draghi. Industrial output in the Eurozone expanded at an annualized rate of 0.5% in December, well below […]
The previous multiple tops as well as a recent bottom were established around 1.6250. That’s why a considerable support was provided around this price level. The 4H chart reveals an inverted bullish Head and Shoulders pattern which was expressed around 1.6220 aiming at a 1.6470-1.6500 “previous prominent resistance zone”. Four-hour breakthrough above the price zone […]
The nearest SUPPLY zone is located between 1.3680 – 1.3730 which corresponds to the 50% and 61.8% Fibonacci levels. Yesterday, the pair expressed an inverted hammer daily candlestick while retesting 1.3680 (50% Fibonacci). Fundamentally, industrial production in the euro area witnessed an unexpected decline of 0.7% on a monthly basis in December compared to its […]
Yellen put forward that the Fed will continue tapering its bond buying program, if the economy moves in the same phase. USD traded mixed against its major peers. The USDCAD pair slumped yesterday from the high of 1.1090 to the low of 1.1003. The pair closed below the 23.6 Fibonacci level and its upper trend […]
Overview: USD/CHF is expected to trade in higher range. It is supported by the positive dollar sentiment and franc sales on the buoyant EUR/CHF cross. But the USD/CHF gains are tempered by franc demand on the buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, but stochastics are turning bullish. Trading recommendation: The […]
Overview: NZD/USD is expected to trade in higher range. It is supported by the kiwi demand on NZD/JPY cross pair amid positive investor risk appetite, the hawkish Reserve Bank of New Zealand’s monetary policy stance and buoyant commodity prices. But the NZD/USD gains are tempered by the positive dollar sentiment and kiwi sales on the […]
From fundamental standpoint, positive news came from the Bank of England monetary committee which expects the unemployment rate to reach 7% by the first quarter of 2014. This accelerated the ongoing bullish impulse towards 1.6570, according to the fundamental data released earlier today. Today, the GBP/USD bulls managed to bypass/breach the previously established descending bottom […]
