Here are the latest developments in global markets: FOREX: The dollar index – which tracks the greenback’s performance against a basket of six major currencies – traded almost unchanged on Wednesday, after posting significant gains earlier on Tuesday as the new Fed Chair Jerome Powell appeared quite optimistic on the US’ growth outlook in his testimony before Congress. […]
Overview: The NZD/USD pair continues to move downwards from the level of 0.7336. Yesterday, the pair dropped from the level of 0.7336 to the bottom around 0.7230. Today, the first resistance level is seen at 0.7256 followed by 0.7336, while daily support 1 is found at 0.7200. Also, the level of 0.7200 represents a weekly […]
The European Commission hosted a conference entitled “Cryptocurrencies – Opportunities and Risks”, including the impact of cryptocurrencies on financial markets and problems arising in connection with Initial Coin Offers (ICO). The meeting was chaired by Valdis Dombrovskis, Vice-President of the Commission responsible for financial stability, financial services and the union of capital markets. The Commission’s […]
The Asian session does not bring a change in the market balance of power. EUR/USD is close to 1.22. GBP/USD is at 1.39. Volatility on the market is low.The US Dollar remains strong after yesterday’s Powell speech before the US Congress. Stock markets are reversing downwards: Wall Street is more than 1.0% down already, and […]
Daily Outlook In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal. As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That’s why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target). Evident signs of […]
Monthly Outlook In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100-1.2200 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450. In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997. […]
As we mentioned yesterday the Dollar bounced off the critical support area but price remains below the recent high at 90.60. Only a break above this level will confirm that a bigger bounce is in play for the Dollar index. The chances of this break out have increased dramatically. Red line – resistance trend line […]
Gold price broke below support yesterday after a wave of strength in the Dollar was the result of the new Fed chair’s testominy. Gold is making lower lows and lower highs. Price got rejected at the cloud resistance but is still holding above $1,310-07 support area. Gold price is trading below the cloud resistance in […]
Find out how the interbank compares with the technicals at 8 AM GMT. These are the Dukascopy Daily Trading Signals. Euro/Dollar’s technical indicators are mostly pointing South in all three time scales, but the less than 9% long interbank sentiment is neutral. The Cable’s 1 and 4-hour charts both have 5 red prompts. There are […]
AUDUSD retreats over the last couple of sessions and risk is still to a bearish correction as price continues to drift lower from the 0.7990 resistance level. The price posted a pullback on the 20-day simple moving average on Monday and slipped below the 23.6% Fibonacci retracement at 0.7826 level of the upleg from 0.6820 to 0.8135. Price […]
Morning Report: 07.00 London This morning, the US dollar is backing off after heft gains made yesterday on the back of Fed Chair Powell’s testimony. The speech appeared to cement previous analysis that rate hikes were on the cards. Dollar pairs are making small gains this morning, with the NZD/USD and AUD/USD making good some […]
German Buba President Weidmann spoke about the Bundesbank’s Annual Report, in Frankfurt, with the following comments made: policy normalisation will take a long time and if the economic upswing continues and prices rise, there is no reason to not end QE this year. He said it is important to “gradually and dependably” reduce ECB stimulus. […]
The EUR/USD pair dropped to the lowest level since February,09. The pair fell as the dollar strengthened against the Euro following hawkish statements from the new Fed chair. In his first testimony to congress, Powell indicated that the Fed would raise the rates about four times. This was unlike how the analyst community thought that […]
Technical outlook: Once again we are presenting the daily chart view with the last wave (5) being highlighted here. More specifically, please pay attention to the last leg within wave (5). It is expected either to complete at 1.2550 levels earlier or to unfold as a potential diagonal structure, pushing the prices higher towards the […]
Forex Market Reviews: http://thefxlounge.com/#Market-Review -The Dollar firms GBP and Euro ease slightly. -Bitcoin a new uptrend in the offing? -Powell round 2. -UK shop prices fall in Feb says BRC. -Indian PMI data fall short of forecasts. -EZ inflation recent trends. The overnight changes and price moves to be aware of by Pepperstone’s Market Analyst, […]
Wave summary: We continue to look for more upside pressure towards 1.6999 and 1.7102, and a break above the later resistance will accelerate the upside towards the next targets seen at 1.7470 and 1.7777. Support is now seen at 1.6843 and is expected to protect the downside for a break above 1.6945 on the way […]
Wave summary: EUR/JPY continues to develop as expected, and a clear break below support at 130.89 will cause acceleration lower to the next downside targets seen at 128.69 and at 127.87. The ongoing decline from 137.50 is the wave (E) of a huge triangle consolidation, that has been developing since July 2008. Once this (E) […]
When the European market opens, some Economic Data will be released such as German 10-y Bond Auction, Italian Prelim CPI m/m, CPI Flash Estimate y/y, German Unemployment Change, French Prelim GDP q/q, French Prelim CPI m/m, French Consumer Spending m/m, and German GfK Consumer Climate. The US will release the Economic Data too, such as […]
In Asia, Japan will release the Housing Starts y/y, Retail Sales y/y, and Prelim Industrial Production m/m data, and the US will release some Economic Data such as Crude Oil Inventories, Pending Home Sales m/m, Chicago PMI, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, there is a probability the USD/JPY will move […]
The price has broken major descending resistance-turned-support line signaling a possible rise from here. However, we’re still seeing major resistance at 0.9406 (horizontal swing high resistance, Fibonacci retracement) and price needs to break this level to open a strong move upwards towards 0.9462 resistance (Fibonacci extension, horizontal swing high resistance). We’re seeing Ichimoku clouds support […]
The price has broken major support-turned-resistance at 1.2731 (horizontal overlap support, bullish Ichimoku cloud) and we expect to see a bullish acceleration from here to push price upwards towards 1.2908 resistance (Fibonacci extension, horizontal swing high resistance). RSI (34) sees an ascending support line hold up our bullish momentum really well while seeing strong resistance […]
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Thanks to an improving external background and unexpected growth of US stocks by 1.6 million barrels, by the end of the week by February 16, oil futures managed to close 8 out of the last 9 trading sessions in the green zone. Where are the fears that the extraction of black gold in the United […]
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The British Pound (GBP) has come under renewed pressure amid the ongoing Brexit drama. Hopes of an orderly Brexit, supported by the main opposition Labour Party, were dashed on Monday as the party took a different stance. Labour is seeking a completely different Brexit deal involving a new customs union with the E.U., which raises […]
A sense of anticipation was felt across financial markets on Tuesday as investors prepared for Fed Chair Powell’s testimony. The British Pound remained depressed thanks to a stabilizing #Dollar. In the commodity arena, #Gold was pressured by renewed US rate hike expectations. Dollar bulls could receive a welcome boost if markets interpret Jerome Powell’s first […]
CADJPY has been plunging in the past three weeks, breaking below the 85.45 key level during the previous sessions. The aggressive sell-off drove the pair below the 20 and 40 simple moving averages in the daily timeframe, while the short-term indicators seem in confusion. It is worth mentioning that the pair recorded a fresh 8-month […]
Eurozone flash inflation figures for the month of February are scheduled for release on Wednesday at 1000 GMT. Price pressures are anticipated to ease on an annual basis, with market participants potentially extrapolating from the numbers to what European Central Bank policymakers will likely decide on when they next meet in March. Headline CPI […]
EUR/JPY On this cross, the southward journey may soon be over this week, which could have been harbingered by the slight rally in the context of a downtrend (which happened on February 26), and which would eventually remove the current Bearish Confirmation Pattern in the market. The outlook on JPY pairs is bullish for this […]
USD/JPY The market was bearish in the long-term. On Monday, nothing significant happened except a tight, sideways movement. There are demand levels at 106.50 and 106.00, which would impede bearish movements and they would eventually help bring about a bullish reversal, which is expected to take place before the end of this week. When a […]
