February 11, 2014 – Daily Market News Today’s Hot Assets: Gold, USD, WTI Crude Oil Today the new Fed chairwoman, Janet Yellen, will be speaking about the Semiannual Monetary Policy Report before the House Financial Services Committee. Although Yellen isn’t expected to bring anything new to the market, traders are eager to hear any clues […]
Today’s Support and Resistance levels: R3: 1.6550 R2: 1.6527 R1: 1.6485 Current spot 1.6455 S1: 1.6390 S2: 1.6344 S3: 1.6310 Technical summary: There has been range trading between 1.6417 and 1.6527 since yesterday without much indication of the next direction. However, we still think that a break towards the upside is most likely and will […]
Today’s Support and Resistance levels: R3: 141.26 R2: 140.54 R1: 140.03 Current spot: 139.68 S1: 139.17 S2: 138.72 S3: 138.17 Technical summary: The rally from 136.23 extended and has forced us to change the short term count. Our new preferred count shows that a series of waves i-ii is developing. If this count is correct […]
February 11, 2014 – Forex News Hot asset for today: EUR/USD The EUR/USD pair slightly increase yesterday and several times bounced on its resistance at 1.3650. During the Asian session after the Australian results came out slightly above expectation, the pair jumped by 25 pips as the resistance was broken. We can see some speculation […]
The S&P paused its long-term rally after reaching all-time highs at 1845.75 on January 2. This level proved to be tough resistance to breach and after stalling around this level for a few weeks, prices fell, breaking below the 50-day moving average and below the key 1800 psychological level. The S&P found strong support around […]
Crude oil is trading above $100.0. Traders eye today’s Fed chairwoman first semi-annual monetary policy report and Wednesday’s inventory report from the US Energy Information Administration. These are the key triggers for the further move. Oil production of the Organization of the Petroleum Exporting Countries framed higher to 29.87 million barrels a day. Libyan production […]
Overview: NZD/USD is expected to traded in higher range.It is supported by Kiwi demand on NZD/JPY cross amid positive investor risk appetite, Kiwi demand on soft AUD/NZD cross, weaker dollar sentiment and hawkish Reserve Bank of New Zealand’s monetary policy stance. Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive […]
Daily chart: The USDX has touched the support level of 80.62, so it is very likely that the USDX will start forming a bearish pattern for a breakout at that level. If successful, it is expected to fall to the level of 80.11. However, remember that this support level is very strong and could slow […]
Overview: GBP/JPY is expected to trade in higher range.It is underpinned by the positive investor risk appetite and demand from Japan importers. But EUR/JPY gains are tempered by the Japan exporter sales. Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting. Trading recommendation: The pair is […]
Daily chart: The GBP/USD had a session yesterday rather slow, as this pair failed to climb to the resistance level of 1.6447. For now, it is very likely that this pair will begin to form a bullish pattern to try to climb up to that level. However, the GBP/USD could perform deeper correcitve movements to […]
Weekly technical levels: Trading recommendations: According to the previous events, the price of the USD/CHF pair has still been trapped between 0.8960 and 0.9005. As it is known, if the trend is upward, then the strength of the currency pair will be defined as following: USD is in uptrend and CHF is in downtrend. Consequently, […]
General overview for 11/02/2014 06:25 CET The corrective cycle continues on this pair and currently wave b purple is being made. The is one more wave to the downside left, wave c purple, and then the corrective cycle is over. The target level for wave c purple in regular flat correction is at the level […]
Weekly technical levels of the NZD/USD pair: The movement of pivot point among resistances and supports. If the price is at pivot point, watch for a move back to resistance 1 or support 1. If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point. If the price […]
General overview for 11/02/2014 06:10 CET The golden trend line has been broken and the red bearish count has been invalidated. This means that wave (ii) purple will be either irregular or running correction and when it is finished the downtrend should resume. Only a new high would invalidate this scenario. The target level for […]
The GBP/USD pair failed to fixate above 1.6600 on January 24. Instead, a strong bearish impulse was initiated quickly pushing the pair towards 1.6250. Around 1.6250, previous multiple tops as well as a recent bottom were established. That’s why a considerable support was provided there. On the 4H chart, a price zone of 1.6250 – […]
There is no economic news to be released in Eurozone today. But the US will release some economic data such as the US-NFIB Small Business Index, US-JOLTS Job Openings, US-Wholesale Inventories m/m, and US-Fed Chair Yellen Testifying, so amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY’s TECHNICAL LEVELS: […]
Chinese traders returned to the market last Friday. Gold is around 1% higher than where it was when the holidays started, still demand has been upon China’s return. China’s gold consumption jumped 41% in the year 2013. Traders eye today’s Fed chairwoman first semi-annual monetary policy report. Her words will give a hint whether the […]
The bulls managed to hit fresh highs (around 1.1220) that haven’t been visited since 2009. Recently, the USD is failing to keep its gains against CAD, and the USD/CAD pair was pushed to the downside, thus indicating weakness of the ongoing bullish momentum. This is manifested in the recent weekly candlestick that came as bearish […]
USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has continued trading upwards, just like we expected, corrective wave a (coloured blue) of the bigger wave [z] (coloured green) has been developing. In the 1-hour chart of the USD/CAD pair, we can see that the price has break above the upper trend line yesterday […]
In Asia, Japan will not release any economic data because of the Bank Holiday, but the US will release some economic data such as US-NFIB Small Business Index, US-JOLTS Job Openings, US-Wholesale Inventories m/m, and US-Fed Chair Yellen will Testify. So there is a big probability the USD/JPY will move with low volatility during this […]
Technical outlook and chart setups: 1. Silver is well within the trading range defined yesterday between $19.00 and $20.00 effectively. Please note that the channel resistance line has been broken for now and a push above $20.50 from here on would accelerate rally further. It is recommended to hold on to long positions from earlier […]
The GBP/USD pair successfully achieved its projected target around 1.6600 after the bullish breakout above 1.6250 was initiated. Price level of 1.6600 is acting as a daily resistance for the pair until now. Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed from […]
AUD/USD Elliott Wave The AUD/USD pair has started this week higher, impulsive wave (v) (coloured black) of the bigger wave [i] (coloured green) has been developing. Yesterday, at the early London session, we could observe strong ascending movements from the 0.8900 level that we labeled as the end of the (v) wave. Wave [i] should […]
EUR/USD: The EURUSD is trading above the support level at 1.3650, and the next target is the resistance level at 1.3700. Why is it so? There is a Bullish Confirmation Pattern in the chart, and since the market shrugged off further bearish threat on it last week, the price has gone upwards by over 180 […]
Technical outlook and chart setups: 1. Gold takes out the recent swing highs at $1,279.00 early morning today. The next challenge for bulls is $1,294.00/95.00 levels. We have been stopped out and recommendations are to remain flat for now. Please note that the metal is out of the channel line resistance since last 2 trading […]
Obvious bearish rejection was expressed at 1.3850 thus the pair failed to reach 100% Fibonacci Expansion at 1.3904. Instead, a strong bearish impulse was expressed to reach 1.3520 then 1.3475. Recently, the pair expressed a false breakdown of the demand zone of 1.3550-1.3500 (long-term uptrend line). This opened the way directly towards 1.3475 which pushed […]
Technical outlook and chart setups: 1. The EUR/JPY pair had reached our minimum expected level of 140.00. As seen here, the resistance line is dropping through the same region at the moment. It is recommended to book profits on long positions taken earlier last week and remain flat for now.Aggressive trading setup would be to […]
Overview: USD/JPY is expected to trade in higher range. It is underpinned by yen-funded carry trades amid positive investor risk sentiment (VIX fear gauge eased 11.26% to 15.29; S&P gained 1.33% Friday) as lower-than-expected 113,000 increase in U.S. January non-farm payrolls (versus +189,000) raised hopes the Federal Reserve would slow its tapering of its stimulus […]
Technical outlook and chart setups: 1. The GBP/CHF pair remains unchanged from what was discussed yesterday. Trading around 1.4700 levels at the moment, one can expect a break below 1.4500 soon. All counter trend rallies should be well capped below 1.4950/60. It is recommended to hold short positions, and also look to sell rallies from […]
Overview: USD/CHF is expected to consolidate with bearish bias after hitting six-day low 0.8956 Friday. It is undermined by franc demand on buoyant CHF/JPY cross and weaker dollar sentiment. But USD/CHF downside is limited by the reduced safe-haven appeal of CHF amid improved investor risk appetite and franc sales on buoyant EUR/CHF cross. Daily chart […]
