AUDUSD has been in a bullish phase since December, reaching the key 0.8000 level today, its highest point since September 2017. The market is pausing the rally at the moment, shifting the immediate bias to neutral after becoming overstretched. The RSI on the daily chart is in overbought territory above 70. As upside momentum has […]
Just two weeks after the start of the new year, the Bank of Canada will be the first in line to decide on monetary policy and as forecasts suggest the central bank will likely go with another rate hike. Some could say, though, that now is not the best time for Canada to welcome higher […]
China’s economy is expected to slow slightly in the fourth quarter of 2017 as government measures to curb pollution and deleverage highly indebted corporations and regional authorities take hold. The slowdown is expected to continue into 2018 as the government winds down the fiscal stimulus that helped 2017 growth beat its own target of 6.5%. […]
The Euro had gotten to a high of 1.22960 against the USD yesterday, before retracing to test support at 1.22000 this morning. The rally higher over the last few days took place despite the fact that trend line support was lost on the 8th of January. The pair spent the next three trading sessions below […]
The US 30 index rose to a fresh record high of 26,084.50 during today’s trading after significant advancing in the days that preceded. The positively aligned and steep upward sloping Tenkan- and Kijun-sen lines are indicative of the bullish sentiment that is in place in the short-term. The RSI, which is rising as well, is […]
Today, the Office of National Statistics (ONS) released a series of data including the CPI, House Price Index, PPI, and RPI. However, traders were paying a closer attention to the CPI numbers for December. In December, the agency released inflation numbers of 3.1%. This was a shock to policy makers and traders. In fact, the […]
Here are the latest developments in global markets: FOREX: After considerable declines in the days that preceded, the dollar is in the green relative to other major currencies during today’s trading, though it managed to recover only a relatively small portion of earlier losses. The dollar index was 0.3% up at 90.73. On Monday it […]
In 2017, palladium was the best-performing metal, having gained by more than 40%. Its rally started in January 2016 when its price bottomed at $440/OZ. Palladium reached an all-time price of $1100 in 2001 before starting a decline that saw it trade at about $187/OZ in 2003. To starters, palladium is a metal mostly found […]
WTI oil futures rallied to a fresh 3-year high of 64.86 on Monday after successfully rebounding off the 63 level. The underlying trend remains bullish but in the near term, prices are making a correction lower. Upside momentum has weakened, and RSI is turning back down on the 4-hour chart. The market has dipped below what was […]
This morning all cryptocurrencies are sliding amid a major selloff. Most have fallen more than 10 percent, with the price of Bitcoin trading below $12,000. Earlier, it was reported that deputy governor of the Chinese central bank, PBOC, said in an internal meeting that China should ban centralized trading of virtual currencies as well as […]
NZDUSD has reversed aggressively back to the upside, after the rebound on the 0.6815 support level, posting an almost 4-month high of 0.7313 during Monday’s trading session. This top is above the 61.8% Fibonacci retracement of the down-leg from July’s more than a 2-year high of 0.7555 to November’s 18-month low of 0.6780. From the […]
USDCHF has been underperforming in the past four days, breaking back below the strong psychological level of 0.9700 and challenged a fresh four-month low near the 0.9600 handle. When looking at the bigger picture the pair lacks a clear trend and has been consolidating within the 1.0340 and the 0.9420 barriers. In the daily timeframe, […]
Here are the latest developments in global markets: FOREX: The dollar managed to recover a part of the previous days’ losses against a basket of currencies that saw it eventually fall to a three-year low during Monday’s trading. STOCKS: The Japanese Nikkei 225 and Topix indices added 1.0% and 0.55% to close at their highest […]
USDJPY found support ahead of 110.000 yesterday, with a low of 110.330. The area is a key psychological support for the pair finding buyers to reverse the recent bout of selling. A drop below the 110.000 level has prompted intervention from authorities in the past, as the countries’ Equities Indices come under pressure from the […]
GBPUSD is pausing a 2-day rally that took the pair to its highest level since June 19, 2016, in the 1.38 handle. The outlook remains bullish after the market surged above 1.3600 last Friday. The immediate bias is neutral but there is scope for a re-test of yesterday’s high of 1.3819. From this point, the […]
S&P 500 constituents Citigroup and Bank of America, the fourth- and second-largest US banks by assets, are scheduled to report their Q4 2017 results before the market open on Tuesday and Wednesday respectively. The consensus recommendation for both banks is “buy” at the moment, in line with the average consensus recommendation for the Banks peer […]
EURAUD has been outperforming in the past couple of days, jumping above the ascending trend line which has been holding since February 2017. When looking at the bigger picture the pair has a clear upward tendency confirmed by the bullish crossover of the 50 and 100 simple moving averages on the weekly timeframe. In the daily chart, prices […]
GBPUSD has reached higher in the last few trading sessions. Today’s high was 1.38191 before the price retraced lower. All of this current leg higher resulted from a breakout of the Bull flag pattern starting on the 3rd of January, the high of which forms new support at 1.36127. The breakout occurred on Friday at […]
The dollar fell further on Monday against the Japanese Yen after the Bank of Japan’s (BOJ) move to adjust its bond-buying scheme was announced last week. Some investors consider BOJ’s decision to trim its purchases of long-term bonds as a tapering of its large quantitative easing programme. This has been perceived by the market as […]
Gold continues its bullish run to hit its highest level since September 2017, maintaining its strong upside momentum since breaching the 1320 level. The commodity has been in an uptrend since reversing losses in mid-December 2017. Looking at the 4-hour chart, the market is looking a little overstretched as indicated by the stochastic and RSI […]
Brent crude oil futures rose to a new more than 3-year high on Thursday slightly above the strong psychological level of 70.00. During today’s European session, the price headed for a test of the aforementioned level and retreated over the next hours. The price continues to print higher peaks and higher troughs above the uptrend line taken […]
Here are the latest developments in global markets: FOREX: Euro/dollar challenged the 1.23 key level, rising to fresh three-year highs during the early European session as investors were increasingly confident that the ECB would trim its balance sheet, while easing political uncertainties in Germany provided further support to the common currency. The dollar index extended its downtrend towards 90.44 (-0.56%), approaching […]
UK inflation figures for the month of December will be made public on Tuesday at 0930 GMT. Annual inflation is expected to grow by 3.0%, easing a bit from the near six-year high of 3.1% recorded in November, which given that it was by more than 1% above the Bank of England’s target for inflation […]
USDJPY touched a 4-month low during today’s European session, challenging the 110.51 price level. The bearish picture is supported by the momentum indicators, while prices are in process to end the day below the 110.80 barrier. In addition, the pair recorded the fifth consecutive red day. In the daily timeframe, the MACD oscillator is strengthening […]
Last week, global stocks continued their surge led by American companies. On Friday, the Dow gained 228 points to end the week at a record $25,803 level. The climb by stocks was attributed to positive results from American banks, Wells Fargo and JP Morgan which beat analyst estimates on revenues and earnings. However, the banks […]
Here are the latest developments in global markets: FOREX: The US currency was on its fourth straight day of declines, with the dollar index falling to its lowest in two years as other majors were boosted on hopes of policy normalization on behalf of their respective central banks. The Chinese currency recorded a two-year high […]
EURUSD hit a new 3-year high above 1.2200 and is holding above this level after breaching 1.2100 last week. The pair surged to 1.2239 for the first time since December 2014, after extending a rally that started off the low 1.1900 handle. On the daily chart, trend and momentum technical indicators are bullish, keeping risk […]
Today is Martin Luther King’s Birthday, which is a Bank Holiday in the United States. As a result, the Economic Calendar is relatively light today. US Federal Reserve Bank of Boston President Rosengren spoke from San Diego. He made comments about Fed policy and how the policy framework should be updated. He said that further […]
Last week, the pound continued its upward trend against the dollar settling at the 1.3746 level. It is currently trading at the same level it was on June 2016. The question among traders is whether the current bullish run will continue. This week will be a decisive one and could determine the short-term movement for […]
The Canadian and Australian dollars will be in focus next week as the Bank of Canada holds its first monetary policy meeting of the year, while Australian employment and Chinese growth figures will test the aussie’s recent bull run. Other highlights will include inflation data out of the UK and the Eurozone. But the US […]
