Despite the upward move yesterday in Gold price, short-term trend remains down as Gold price did not manage to make a higher high and did not manage to break above the downward sloping trend line resistance that connects $1,279 and $1,270. Short-term support and critical pivot point for the trend is the lows as noted […]
SoftBank Corp. founder Masayoshi Son’s U.S. ambitions are taking a toll at home. SoftBank sagged down today for a 10th consecutive day in Tokyo exchange, dragged down by concerns about Sprint Corp. the U.S. carrier it purchased last July. Undaunted, Son is considering doubling down in the region with a transaction for T-Mobile US Inc.– […]
International Business Machines Corp. has cut down its tax rate to a two-decade low with aid from a tax method that sends profits through a Dutch subsidiary. The approach, which involves routing almost all sales in Europe, the Middle East, Africa, Asia and some of the Americas through the Netherlands unit, helped IBM as it […]
Inflation-adjusted interest rates are still too low in developing nations for Goldman Sachs Group Inc. and Citigroup Inc. to foresee an end to the weakest emerging-market currency sell off in five years. One-year borrowing costs in Turkey are 3.6 percent, lower than half of the average in the three years before the 2008 global financial […]
February 4, 2014 – Forex News Hot asset for today: GBP/USD The EUR/USD rebounded on Monday from a 10 week low as the U.S. ISM Manufacturing PMI plummeted. The actual figure was 51.3 which would be the lowest result since June 2013. This number is very disappointing but could be caused by the bad weather […]
February 4, 2014 – Daily Market News Today’s Hot Asset: USD The US ISM Manufacturing PMI was released yesterday and surprised the market with its low figure. Instead of the expected 56.4 it was 51.3 which is the slowest rate in 8 months. This brought speculation that the economy is slowing and that Friday’s NFP […]
February 4th 2014, Daily Market Bite from Ishaq Siddiqi Market Strategist. Big correction for Asian markets overnight; Hang Seng, Nikkei 225 all in correction mode. Japan’s Topix fell 4.8% and down by 12.5% year-to-date after registering stellar gains for 2013. Asian markets followed the declines on Wall Street Monday after the US ISM manufacturing report […]
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February 4, 2014 – Forex News Hot asset for today: GBP/USD The EUR/USD rebounded on Monday from the 10 weeks lows as the U.S. ISM Manufacturing PMI plumed. The actual figure showed 51.3 which would be the lowest result since June 2013. This number is very disappointing but might be caused by bad weather and […]
General overview for 04/02/2014 09:30 CET Five impulsive waves from the level of 1.1222 has been done and currently the price is in the corrective cycle wave (ii) blue. The shape of the correction starts to look like a zigzag pattern, therefore one more wave to the upside is needed to complete the cycle. The […]
Bullish RBA lifts Aussie Morning Report: 08.45 London • This morning, markets are holding steady after heavy losses last night. Those losses, inspired by by some lack luster earnings could see the S&P 500 fall for two months in a row for the first time since May 2012. • It’s not all bad news […]
General overview for 04/02/2014 08:30 CET For last two weeks we have been tracking this downside sloping triple zigzag correction in wave 4 purple. Currently, the market is very close to invalidate the main purple count as the invalidation line is at the level of 135.44. The alternate count has been labeled in the H4 […]
GBPJPY on the daily chart is currently bearish and has retraced 61.8% of the up-leg from the November 5 low (156.61) to the January 2 high (174.74). The decline accelerated after the pair broke below an important support level at 167.80 (which is the 38.2% Fibonacci retracement level). Support is currently being provided by the […]
Today’s Support and Resistance levels: R3: 1.6723 R2: 1.6702 R1: 1.6683 Current Spot: 1.6638 S1: 1.6600 S2: 1.6577 S3: 1.6512 Technical summary: After reviewing our count, we have moved wave iii higher to 1.6787. The reason is that the sub-wave four of iii was a running triangle and then we saw the wave five of […]
Today’s Support and Resistance levels: R3: 138.09 R2: 137.65 R1: 137.10 Current Spot: 136.72 S1: 136.18 S2: 135.81 S3: 135.33 Technical summary: With the break below the base channel support line we have seen the expected acceleration lower. Blue wave (iii) has extended slightly further than we first expected and has reached a low of […]
The Australian dollar was the main currency that stood out today after it surged by over 1% against the US dollar on the back of a more upbeat Reserve Bank of Australia policy statement. The RBA left its main interest rate on hold at a record low 0.25% and issued a less dovish statement that […]
EUR/USD: This pair remains a weak market irrespective of the rally that is currently taking place on it. As long as the price stays below the resistance line at 1.3600, it is safe to assume that the bears are in control. The support line 1.3500 was once breached and it will likely be breached to […]
Big correction for Asian markets overnight; Hang Seng, Nikkei 225 all in correction mode. Japan’s Topix fell 4.8% and down by 12.5% year-to-date after registering stellar gains for 2013. Asian markets followed the declines on Wall Street Monday after the US ISM manufacturing report slapped investor confidence by dropping to 51.2 from 64.4, the biggest […]
The GBP/USD pair had been trapped inside a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place. Since then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in the mid-December that pushed the pair again to the upside. Based […]
A bullish breakout above 1.6250 took place on November 27. The GBP/USD pair successfully achieved its projection target around 1.6600. This price level 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 […]
A breakout above the previous resistance level of 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650, and then 1.3750. Later on, obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, a breakdown of the lower limit of the depicted bullish […]
Technical outlook and chart setups: 1. The EUR/JPY pair has been drifting lower without producing a pullback as expected. It is now recommended to await prices towards 135.00 levels before going long. 2. Immediate resistance is at 143.00, followed by 145.00/50, while supports are spread through 134.00, 131.00, and 128.00/29.00 respectively. 3. The structure reveals […]
When the European market opens, some economic news will be released such as Spanish Unemployment Change, Italian Prelim CPI m/m, PPI m/m. The US will unveil the most important economic data such as the US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So amid the reports, the EUR/USD will move low to medium volatility during this day. […]
In Asia, Japan will release the Monetary Base y/y, and the 10-y Bond Auction. Meanwhile, the US will disclose some economic data such as US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So there is a big probability the USD/JPY will move with low volatility during this day. Today’s technical levels: Resistance. 3: 101.81. Resistance. 2: 101.62. […]
Technical outlook and chart setups: 1. Silver has produced a morning star at our expected levels of $19.00, as seen here. It is recommended to hold long positions. For now. the risk remains at $18.50. 2. Immediate support is at $18.75, followed by $18.00, while resistance is at $20.50 (intermediary), followed by sub $21.00 and […]
Technical outlook and chart setups: 1. The yellow metal has reversed from ahead of $1,229.00/30.00 support. This could still be a retracement and hence recommendations are to hold short positions. Risk remains at $1,285.00. 2. Immediate resistance remains at $1,279.00 (intermediary), followed by $1,294.00, while supports are spread through $1,238.00/37.00 (intermediary), followed by $1,230.00/20.00 and […]
Technical outlook and chart setups: 1. The GBP/CHF has finally reversed sharply after testing back side of the support turned resistance line as seen here. It is still recommended to remain short, with risk at 1.5120/30. 2. Immediate resistance is at 1.4930, followed by 1.5120/30, while supports are spread through 1.4550/60, 1.4370/80, 1.4200 and 1.4000 […]
European markets have opened lower today, tracking negative cues from an overnight selloff on the Wall Street after an eight month low in US factory activity heightened fears of a slowing US economy. Closer home, investors await data that might reveal that the UK construction PMI slowed to a reading of 61.5 in January from […]
The gold price closed positively on Monday having found support from the previous two days’ low of $1,237.7 and resistance at Thursday’s high of $1,267. After a closely-watched US factory barometer dipped in January posting a 7-month low. Purchasing managers index fell to a record low of 51.3, while analysts expected it to be 56.4. […]
