Today’s Support and Resistance levels: R3: 139.23 R2: 138.66 R1: 138.24 Current spot: 137.89 S1: 137.39 S2: 136.97 S3: 136.67 Technical summary: We have finally seen a break below the base channel support line, which heralds acceleration lower. In the short term we will be looking for minor resistance at 138.32 to protect the upside […]
Last week’s risk-off tone filtered through to the start of the new trading week while caution is also keeping markets subdued ahead of a risk-filled week. The Bank of England and European Central Bank both hold policy meetings on Thursday. Meanwhile, the Reserve Bank of Australia is also having a policy meeting on Tuesday. One […]
February 3, 2014 – Weekly News WEEKLY REPORT 03/02-07/02 EUR/USD Last week the EUR/USD pair decreased by 1.73%. The pair mainly fell on Thursday – the day after Fed announced another cut in monetary stimulus (from $75 billion/month to $65 billion/month). On Thursday and on Friday we saw that German and EU CPI came out […]
Trepidation in European equity markets on first trading day of the month as investors in the region await PMI manufacturing data out of the euro zone, UK and the US. The euro zone PMIs should confirm an encouraging picture of manufacturing activity in the region since the start of the year. Stronger business confidence out […]
European markets have opened slightly higher today, as investors awaited a slew of economic data from the European countries, due today, to gauge the direction of the market momentum. However, gains were limited as China reported a slowdown in its manufacturing activity on Friday and a drop in its services activity earlier today. Closer home, […]
The dollar index has been in a difficult situation recently because of the divergent trends of its key components – JPY, EUR and GBP. In the chart there is a potential triangle. We see the index might break out above the level of $81.5 because the European currencies showing strength slowly reversed the trend. We […]
Gold does not see any buying interest due to the Lunar New year festival. The US data showed that the consumer spendings rose above expectations (+0.4%) in the month of December. Earlier hours in this week gold started its trading day with a bearish note. Last Monday, gold made a high at the level of […]
When the European market opens, some economic news will be released such as Spanish Manufacturing PMI,Italian Manufacturing PMI,Final Manufacturing PMI. The US will release the most important economic data such as the US-ISM Manufacturing PMI,US-Construction Spending m/m,US-ISM Manufacturing Prices,US-Total Vehicle Sales, so amid the reports, EUR/USD will move with low to medium volatility during this […]
In Asia, Japan will not release any economic data’s and the US will release some economic data such as ISM Manufacturing PMI,Construction Spending m/m,ISM Manufacturing Prices,Total Vehicle Sales. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session. […]
EUR/USD has broken the seven-month raising lower trend line. Oscillators gave a negative divergence indication. We recommended selling at the level of 1.3655 in our previous report dated January 29, 2014. Yesterday’s low was very crucial in coming trading session. Due to oversold zones we could expect a pullback of the price, cmp 1.3484. A […]
Daily chart: The USDX is near a very strong resistance at the level of 81.50. If the USDX does make a breakout at that level, the bullish trend will strengthen and eventually the USDX could rise to the level of 82.51 in the long term. However, if the USDX makes a bearish rebound at current […]
EUR/USD: The weakness in the EUR/USD may continue this week, especially when the price breaks the support line at 1.3450 to the downside. However, this may not occur without some upwards bounces along the way, which would tend to be opportunities to go short in the downtrend. USD/CHF: The stamina in the USD/CHF may continue […]
Daily chart: The GBP/USD continues to fall below the level of 1.6447, and starting this week, this pair is showing bearish patterns that indicate a clear weakness in this pair. If GBP/USD manages to consolidate below this level, it is likely that it will fall to the support level of 1.6326, which would be a […]
Weekly technical levels: Overview: It should be noticed that we got a weekly pivot point of EUR/USD pair for February 3-7, 2014 at the level of 1.3560. In addition, a gap has opened below the weekly pivot point. Therefore, the market will probably indicate a bearish opportunity at the level of 1.3560 and the weekly […]
Weekly technical levels of GBP/USD pair: Description of pivot point: Most of the professional traders and market makers use pivot point to determine potential resistance and support levels. Simply put a pivot point and its resistance and support levels are areas at which the direction of price movement can probably change. To identify the pivot […]
GOLD: With GOLD failing to hold above the 1,267.75 level, its Dec 10 2013 high and turning lower the past week, further decline is likely in the new week. Support comes in at the 1,231.48 level. Further down, support resides at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent […]
GOLD: Turns Lower, Set To Extend Weakness GOLD: With GOLD failing to hold above the 1,267.75 level, its Dec 10 2013 high and turning lower the past week, further decline is likely in the new week. Support comes in at the 1,231.48 level. Further down, support resides at the 1,218.35 level, representing its Jan 08’2014 […]
EURUSD: With EUR reversing its previous week gains and returning below its rising trendline, further decline is envisaged in the days ahead. Support comes in at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level. Further down, support comes in at the 1.3300 […]
USDCHF: With the pair reversing most of its previous week losses to close higher the past week, immediate risk remains to the upside. Resistance resides at the 0.9156 level, its Jan 21 2014 high. Further out, the 0.9200 level, its psycho level comes in as the next upside objective where a violation will aim at […]
The EUR/GBP failed to generate support in mid-week trading, as negative data from the Eurozone weighed heavily on the common currency. The pair rose to a session high of 0.8267 in Europe after German employment data beat forecasts. Fewer Germans were unemployed in January, official data from the German Statistics Office showed. In total, Germany’s […]
The EUR/USD plummeted toward the end of the week, after the Federal Reserve announced it would taper asset purchases by another $10 billion, beginning in February. The decision marks the second time in as many months the US central bank decided to reduce record stimulus. The economic data certainly didn’t help the pair. Although Germany […]
January 31, 2014 – Indices News Asian markets are mostly closed today due to the lunar new year. However, Japanese markets remained open and initially rose after better than expected unemployment data. However, worse than expected Household Spending and Industrial Production data eventually dragged the Nikkei down. It closed down 0.62%. European markets fell today […]
GOLD: Outlook for GOLD remains lower while holding and trading below its declining trendline currently seen at 1,274.25 level. This leaves it targeting its minimum support located at the 1,231.48 level, its Jan 23’2014 low. On a turn below that level, more weakness should occur follow towards the 1,200 level, representing its psycho level. This […]
Risk aversion dominated the currency markets on the last day of the month, causing volatility and buoying the safe haven yen, while the dollar was stronger against the euro and the pound. Month-end repositioning also played a role in directing currency flows. The euro had a rough week, falling down to 2-month lows after extending […]
Overview: GBP/JPY is expected to consolidate with bearish bias. It is undermined by the weak EUR/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers and improved investor risk tolerance. It is also affected by the positions adjustment of traders before weekend. Daily chart is negative-biased as MACD […]
Overview: USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment, reduced safe-appeal of franc as emerging-market currencies are stabilized and weaker-than-expected Switzerland January KOF economic barometer of 1.98 (versus 1.99 forecast). But USD/CHF gains are tempered by the positions adjustment before weekend. Daily chart is mixed as […]
USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading upwards, corrective wave .c (coloured black) of the wave [y] (coloured green) has been developing. According to our last forecast, we expected this commodity currency to break below the lower trend line before opening the short position, but if the price breaks […]
Overview: USD/JPY is expected to trade in higher range. Liquidity was thin in Asia as financial markets in many countries in the region were shut for holiday. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 81.07 versus 80.55 early Thursday) as advance estimate of fourth-quarter U.S. GDP matched forecasts with […]
AUD/USD Elliott Wave The AUD/USD pair continued moving downwards yesterday, so our primary count is still valid and we are still going with an idea that wave .c (coloured black) of the bigger wave iii (coloured blue) is developing at the moment. In the 1-hour chart, we can see that the AUD/USD pair has missed […]
Daily chart: Again, the USDX has consolidated above the support level of 80.62 and now above the 200 SMA. This bullish momentum indicates much indecision in the market, because the USDX has not got out of the range between the levels of 81.50 and 80.11. However, it is very likely that the USDX will try […]
