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(click to enlarge) Oil has been dropping recently on expectations that the deal between Iran and six major powers will lead to increased supply of Iranian oil to the markets. Oil for short-term delivery fell to 91.24 on Thursday 9th January, which is a 7-month low. It should be pointed out however that the break […]
January 13th 2014, Daily Market Bite from Ishaq Siddiqi Market Strategist. European markets have opened higher today, as investors speculated that the US Fed might not opt for additional stimulus cuts, after data yesterday showed surprisingly weak payroll data. Investors also eyed fourth-quarter earnings results from several US banks due this week to gauge the […]
General overview for 13/01/2014 08:30 CET The SUPPLY ZONE that has been described here the whole last week has been providing a good resistance and finally the market has broken to the downside. Currently, it is moving in rather tight golden channel and traders should wait for either further channel downside price continuation or an […]
Today’s Support and Resistance levels: R3: 1.6499 R2: 1.6475 R1: 1.6446 Current spot: 1.6442 S1: 1.6397 S2: 1.6342 S3: 1.6288 Technical summary: Red wave extended to its maximum retracement target at 1.6575, but it also stopped there for a reversal lower in red wave v. We will be looking red wave v lower to 1.6342 […]
General overview for 1301/2014 08:20 CET The last two zones indicated in the last week analysis both has been hit but they hasn’t provided the expected resistance and the price has broken through them to hit even higher degree confluence levels. It looks like the wave v black of wave 5 green has been finally […]
Today’s support and resistance levels:В R3: 141.94 R2: 141.81 R1: 141.67 Current spot: 141.46 S1: 141.08 S2: 140.59 S3: 139.99 Technical summary: We have seen a clear break below the support level at 142.04, which confirms that the powerful wave iii lower is developing. We will normally be looking for extension in wave iii; therefore, […]
Dollar dips following jobs drop Morning Report: 08.15 London • This morning, we’re seeing some strong pressure on the US dollar following Friday’s US jobs numbers which showed one of the slowest increases for three years. Asian markets appeared to shrug off the news, but the dollar index is really feeling the pressure. […]
The US dollar extended losses from Friday’s tumble following the dismal nonfarm payrolls which cast doubt on the Fed taper. The weak jobs number in December leads to speculation that the pace of tapering could possibly be a bit slower than expected going forward. A mere 74,000 jobs were created last month which was well […]
Apple is one of the prime stocks, trading at the price of $532. It made a good rally from June’s lows. Correcting itself after an up move. It shows the bull image in the charts. In the longer term the company sales show a solid growth.В Apple trying to expand their customer base in China. […]
When the European market opens, only one economic news will be released – the Italian Industrial Production m/m. The US will release only one economic data too. It is the US-Federal Budget Balance, so amid the reports, EUR/USD will move with low to medium volatility during this day.В TODAY’s TECHNICAL LEVELS: Breakout BUY level: 1.3731. […]
In Asia, Japan today will not release any economic data because of a bank holidayВ and the US will release only one economic data В – the US-Federal Budget Balance. So there is a big probability the USD/JPY will move with low volatility. В TODAY’s TECHNICAL LEVELS: Resistance. 3 : 103.93. Resistance. 2 : 103.73. Resistance. 1 : […]
Gold is trading near the crucial zones. Gold started very well in the new year. It holds June lows and trading marginal higher at the level $1,251. Disappointing US data makes gold fly towards higher levels. Unemployment rate fell to 6.7% from 7%. It seems a last bull leg for gold towards drifting the new […]
Daily chartВ The crude oil opened today under its weekly pivot, then that is the last Friday move more than 130 pips above the support that is at 92.00. We believe that the trend for this new week will be bullish. This is due to its weekly pivot located at the bottom line of its […]
European markets have opened higher today, as investors speculated that the US Fed might not opt for additional stimulus cuts, after data yesterday showed surprisingly weak payroll data. Investors also eyed fourth-quarter earnings results from several US banks due this week to gauge the market direction. Closer home, the latest Business Trends survey from BDO, […]
Technical outlook and chart setups: 1. Gold has rallied towards $1,250.00 in early trade today. Another high around $1,267.00/70.00 could be expected in 1-2 trade sessions before a meaningful correction takes place. The best level to go long would be around $1,206.00-$1,210.00. 2. Immediate resistance is at $1,267.00/70.00, while support is at $1,220.00, followed by […]
Daily chart shows the USD/CHF dropped to the low of 0.9004, the lowest point since the January 3, and closed at 0.9024, with a drop of 0.49% during the day. This reverse was about to touch the level of 50.00 of Fibonacci, the same that is very close to the 3/8 line (green line). Therefore, […]
Technical outlook and chart setups: 1. The metal has rallied from sub $19.00 levels as expected last week. It is recommended to remain long at the moment since further rally could be expected after a correction. Risk remains at the $18.50/60 levels. 2. Immediate resistance is at $20.50, while support is spread through $19.20/30 (intermediary), […]
Technical outlook and chart setups: 1. The EUR/JPY has been drifting sideways since several trade sessions as seen here. Implications from here, should be a rally towards 144.00 atleast. Going long now with a risk of 141.00 would remain an aggressive trade strategy. 2. Immediate resistance is at 145.50, while support is at 141.00, followed […]
Technical outlook and chart setups: 1. The currency pair has retraced down up to 1.4850 as expected and discussed last week. Please note that this level is the past resistance having turned support now. It is recommended to initiate long positions at the current price (1.4880). Risk remains at 1.4800. 2. Immediate resistance is the […]
EUR/USD: В After moving sideways for most of the last week, this pair was able to break out upwards, thus rendering the recent bearish bias almost invalid. The bearish bias is not yet completely invalid. What would make it invalid is a situation in which the pair trades above the resistance line at 1.3700, which would […]
Daily chart: The USDX has fallen to the support level of 80.62, after it has found dynamic resistance in 200 SMA near the level of 81.05. Now, the USDX is forming a higher low pattern. If the USDX managed to break the support level of 80.62, it’s expected to fall to a level of 80.11 […]
Daily chart: This pair has formed a doji candlestick, which might imply that the GBP/USD is in a stage of indecision in its trend, as this pair is within the range between the levels of 1.6540 and 1.6447. Now, the GBP/USD is trying to form a bullish pattern to continue rising. If this pair manages […]
Trading recommendations and outlooks for today:В The weekly technical levels of the EUR/USD pair on January 13, 2014. Besides, the market was trapped between the level of 1.3600 and the 1.3725 level, consequently it expects:В First outlook: Buy (buy limit) above 1.3630 with the first target of 1.3690, it might resume to 1.3730.В Second outlook: […]
The weekly technical levels of the GBP/USD pair. В Overview:В As it is known, historic rates should be used to determine future prices. According to the previous events of the last week, the GBP/USD pair has still been moving between 1.6405 and 1.6550 for five days. It should be also noticed that the price has […]
The U.S. Dollar Index is battling hard with the important resistance area of 81-81.50 we are mentioning for so long. This is good for traders as it cofirms how important a resistance level is. There are two ways to treat such a situation. Either wait for the confirmation of the break out and go long, […]
Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Few days later, the bulls managed to break down the lower limit of […]
Gold prices are rising as expected from the first support area of $1,220 that was tested. Gold is most probably unfolding in an upward wave C that could put to the test the $1,275 resistance level. Our target for a complete wave C is $1,290 ($15 higher or lower). The $1,290 target is derived if […]
(click to enlarge) The announcement of much lower-than-expected nonfarm payrolls for December caused a temporary upset for the markets but its longer-term significance might prove questionable. Payrolls for December came in at only 74 thousand versus economists’ expectations of gains of 196 thousand. On a positive note, November’s nonfarm payroll figure was revised upwards to […]
Breakthrough above 1.6240-1.6300 took place at the end of November. Another consolidation range was established between 1.6240-1.6450. The last bullish impulse was initiated towards 1.6570-1.6600 in an attempt of bulls to record new highs in 2013. The last bearish rejection took place on Thursday (January, 2) when bearish pressure was applied near the level of […]
