Overview: NZD/USD is trading in lower range. The rate is underpinned by recovering commodity prices; rejuvenated risk appetite and by yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge tumbled 19.17% to 13.96; S&P rose 1.43% overnight) on higher-than-expected 7.0% increase in U.S. housing starts (vs. +1.7% forecast) to five-year high of 1.04 […]
Overview: The price is probably going to form a strong support at 0.9170 (above 23.6% of Fibonacci retracement levels in the H1 chart, it is formed the last bearish wave for the last week and the level of 0.9170 acts as strong support). The saturation is likely to take place around 0.9170 because this level […]
Looking at 1.5060 tested on April 4, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5235 which represents the upper limit of the depicted movement range which was broken-through shortly after. Reversal Head and Shoulders pattern was expressed on testing April 5 high around 1.5360, confirmation requires fixation below 1.5270 (neckline) […]
Overview: USD/CHF is consolidating with bearish bias after hitting near-two-month low of 0.9204 on Tuesday. The rate is undermined by weaker USD sentiment; broadly softer demand for safe-haven USD amid increased investor risk tolerance. But USD/CHF losses tempered by CHF sales on buoyant EUR/CHF cross. Daily chart is negative-biased as MACD is bearish, while stochastics […]
The euro had a very choppy European session on Wednesday, pretty much reversing all of yesterday’s gains made against the dollar. There was some market chatter that a sell off was caused by the European Central Bank’s executive board member Bini Smaghi said that the ECB has to find ways to avoid the euro from […]
Pivot point: 1.3136 Overview: The EURUSD’s resistance has been broken and it was turned to support around the price of 1.3135 yesterday (April 16, 2013). Therefore, the pair has already formed a strong support at 1.3135. Moreover, after it could close below 1.3135 and the pair started signing for bullish market above this level, it […]
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USD/CAD Elliott Wave For the last few days the USD/CAD pair has been trading downwards, corrective wave (A) (coloured blue) of the bigger wave B (coloured red) was developing. Yesterday during the European session we could observe descending movement from 1.0257 towards the 1.0204 level. Therefore, during the New York session this commodity currency […]
Yesterday data on UK Inflation was in line with forecasts. Inflation was estimated to slow down (CPI 0.3% vs. 0.7%, PPI Input -0.1% vs. expectation for -0.3%). The Bank of England kept its so-called quantitative easing program of bond purchases unchanged at 375 billion pounds on April 4. The minutes will show whether Governor Mervyn […]
AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading higher, just like we expected, impulsive wave 1 (coloured blue) of the bigger wave (1) (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe ascending movement from 1.0308 towards 1.0383 level. Therefore, during the early New […]
Having no considerable prerequisites for growing, the euro managed to rise 90 points during the European session. Data on ZEW Economic Sentiment both in Germany and Eurozone was published yesterday. Both indices showed the worst outcome for three months, 36.3 and 24.9 respectively. Positive news was revealed amid the US session (US Housing Starts and […]
Read the Daily Market Report from Dave Evans, Professional Trader Yen slips as safe haven demand dropsMorning Report: 08.30 London • This morning, the yen pairs are slipping back as safe haven demand slips. World markets have settled after the Boston bombing and worse than […]
EURUSD: This pair has gone up this week, testing the resistance line at 1.3200. The price could succeed in breaking that line to the upside, especially if it tests it repeatedly enough. The indicators on the chart support the bullish outlook and the price would eventually go towards the resistance line at 1.3250. USDCHF: There […]
Gold approaches the lower limit of its medium-term bearish channel at 1,325 suggesting a rebound. However, a break of this level will free a large potential and initiate a more violent bearish channel. Technical indicators provide sell signals, but the price evolves in oversell zone and until the support is not broken the assumption […]
RECOMMENDATION: BUY stop (pending order) at 1.5376. Take profit at 1.5390. Stop loss at 1.5366. Alternative: SELL stop (pending order) at 1.5349. Take profit at 1.5335. Stop loss at 1.5359. Best regards, Arief Makmur Official Analyst of InstaForex Companies Group InstaForex Companies Group http://instaforex.com Email: [email protected] Yahoo Messenger and Skype: Arief.ifx_jakarta blog.mt5.com/arief http://www.mt5.com/forex_analysis_award/profile/index/arief Disclaimer: Trading […]
The spot rate approaches the upper limit of its medium-term bullish channel at 1.3200 suggesting a decline. However, a break of this level will initiate a more violent bullish channel. Technical indicators provide sell signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much […]
The spot rate approaches the upper limit of its medium-term bearish channel at 1.5390 suggesting a decline. However, a break of this level will initiate a violent bullish channel. Technical indicators do not provide clear signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have […]
Euro held onto gains after a stellar performance on Tuesday when it gained 1.2 percent against the dollar to hit $1.32 for the first time in seven weeks. The dollar was weakened on Tuesday after US data supported the case for ongoing Federal Reserve monetary stimulus. CPI data for March showed that consumer prices in […]
Currency markets were calmer today as risk sentiment picked up after Monday’s turmoil which led to large declines in risk currencies and gold and pushed the safe haven yen up. Yen weakness resumed today, while euro rebounded to a near two-month high above $1.31. Gold moved off a two-year low hit yesterday when the metal […]
Overview Like we expected yesterday, the H4 chart demonstrates today that silver continued its downward movement after breaking the Support level 23.90 yesterday. Currently silver is trading between the Support level 23.00 and the Resistance level 23.90 we should wait closing 4H below the Support level to get a new opportunity to sell again. If […]
The European Session on Tuesday was more active and upbeat, seeing a turnaround in sentiment compared to Monday’s gloomy market which saw risk currencies fall sharply. This led to a strong surprise rally in the euro against the dollar, despite weaker than expected German ZEW data. The German sentiment index for economic expectations fell in […]
Technical outlook and chart setups: The single currency pair has bounced off 125.00 level, strongly, in the last trading session. Also, as shown here, the region is re-enforced by the past resistance turned support and the 0.5% Fibonacci support of rally between 119.00 and 131.00. Currently it is trading well above 128.00 level, the pair […]
Technical outlook and chart setups: The structure remains unchanged from what was discussed yesterday. The single currency pair may rally intraday but it would be recommended to remain short and consider selling on rallies further. Support levels are spanned across 1.42, followed by 1.4030, and 1.4 while, resistance is spanned from 1.5340/50, 1.44, and 1.4480, […]
USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading higher to finish corrective wave B (coloured red) of the triangle D wave (coloured blue). Yesterday, during the Asian and European sessions we could observe strong ascending movement from 1.0133 towards the 1.0224 level. Therefore, during the New York session this […]
AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading downwards, corrective wave (C) (coloured green) of the bigger wave 2 (coloured purple) has been developing. During the Monday’s Asian and European sessions we could observe strong descending movement from 1.0522 towards the 1.0395 level. Therefore, during the New York session […]
Looking at 1.5060 tested on April 4, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5235 which represents the upper limit of the depicted movement range which was broken-through shortly after. After breakdown of price zone 1.5315 – 1.5340, the pair has just retested the lower limit successfully expressing some bearish […]
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Amid the market drop induced by weak data on China and the US, yesterday the pound fell 60 points. Today at 12:30 GMT+4 data on Inflation in the UK in March is published. CPI is expected to be flat 0.3% vs. 0.7% in February, Core CPI is estimated to be flat, 2.3%. Retail Price Index […]
Lack of the bullish steam seemed to exist during the last few weeks and the pair seems to be under negative pressure which was manifested on March 26 in the massive bearish daily candlestick. Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 – 1.0330 until […]
EURUSD: The best thing to do on the EURUSD pair right now is to go long. Any bearish correction this week is not supposed to bring the price below the support line of 1.3000. So the overall bias remains to the upside. It would be possible for the price to go upwards as far as […]
