Technical outlook and chart setups: The metal triggered stop (at 1,250.00) on long positions taken earlier. At the moment, the metal is at 0.786 retracement level of the entire rally between 1,180.00 and 1,440.00; around 1,234.00 region. It is recommended to remain flat for now and await a reaction here. A break of 1,230.00 levels […]
Commodity currencies hit by Iran Morning Report: 08.30 London • This morning, commodities and the main commodity currencies are under pressure after the weekend’s Iran deal. Gold is off by around 0.78%, while the USD/CAD rallies around 0.40%. The Aussie is also under pressure. • The yen continues to weaken, helping Japanese exporters, while the dollar […]
The curious case of Aussie divergence Morning Report: 08.30 London • This morning, commodities and the main commodity currencies are under pressure after the weekend’s Iran deal. Gold is off by around 0.78%, while the USD/CAD rallies around 0.40%. The Aussie is also under pressure. • The yen continues to weaken, helping Japanese exporters, while the […]
AUD/USD Elliott Wave For the last few days the AUD/USD pair has been trading downwards, corrective wave c (coloured blue) of the bigger wave b (coloured red) has been developing. During Friday’s Asian and European sessions, we could observe a strong descending movement from 0.9247 towards the 0.9166 level. Therefore, during the early New York session this major […]
USD/CAD Elliott Wave Last week, the USD/CAD pair was trading upwards, impulsive wave .v (coloured black) of the bigger wave c (coloured blue) was developing. During Friday’s Asian and European sessions, we could observe ascending movements from 1.0514 towards the 1.0567 level. Therefore, during the New York session, this commodity pair did not manage to hold this resistance level and […]
Technical outlook and chart setups: The currency pair stopped us out at the 135.80/136.00 levels on short positions initiated last week. At the moment, the sequence of higher highs and higher lows is continuing and the uptrend is very much intact, keeping bulls in control. The fibonacci extensions are pointing at the 142.00 levels as […]
Technical outlook and chart setups: The currency pair is seen consolidating between 1.46-1.48 in a rising wedge format. Such consolidation patterns intend to break out north normally. It is recommended to hold on to remaining long positions for now, with an upside target around the 1.49 levels. Immediate support is seen between 1.4650 and 1.47, […]
Wave analysis: After a sufficiently dynamic growth observed recently, on Friday GBP/USD slowed down the upward movement. However, it managed to consolidate above the level of figure 62. Meanwhile, if wave structure develops according to scenario, presupposing formation of the next pattern of more complex correction, then despite the potential of the growth to the […]
The dollar resumed its upward momentum against the yen in early Asian session trading on Monday, hitting a new 4-month high of 101.90. The yen remains under pressure after Bank of Japan Governor Kuroda reiterated today that the central bank will continue with its aggressive monetary easing program until the 2% target inflation rate is […]
EURUSD: EURUSD has assumed a strong northward bias and the price could reach the resistance line of 1.3700 this week. This is possible because the EMA 11 has crossed the EMA 56 to the upside, while the Williams’ % Range gallivants are in the overbought territory, showing the strength of the bulls. USDCHF: The conditions on […]
EUR/USD, GBP/USD. On Friday, instead of consolidation, the euro formed a fully-fledged rebound. The British pound rose to the double top with highs in early and late October. It was observed amid strong economic data on Ifo Business Climate index in Germany in November, 109.3 vs. 107.4 in October. In fact it may mean that […]
The yen weakened in the Asian session as bearish sentiment on the currency kept it under pressure. There were no economic data releases during today’s session except for Bank of Japan Governor Kuroda speaking again on the central bank’s monetary easing policy. Kuroda reiterated that the BOJ will maintain its aggressive asset-purchase program in coming […]
WEEKLY CHART 8-HOUR CHART Today’s Support and Resistance levels: R3: 1.6636 R2: 1.6597 R1: 1.6523 Current Spot: 1.6487 S1: 1.6453 S2: 1.6397 S3: 1.6341 Technical summary: The decline from 1.7274 is one of the weirdest formation we have ever seen. However, when we look at the weekly chart, we are convinced, that it only was […]
Like in Japan, today in the European trading session, there is no news from the Eurozone to be released, however when the US Market session starts, there will be the US Pending Home Sales m/m released. As we know, this news will be an indication of the US economy’s condition and will influence the tapering issue […]
Today’s Support and Resistance levels: R3: 138.76 R2: 138.30 R1: 138.01 Current Spot: 137.76 S1: 137.33 S2: 137.02 S3: 136.60 Technical summary: We should be in the very last part of the ending diagonal. The maximum for this final wave v will be in the 138.21-138.31 range depending on where the high of wave iii […]
Today no important news will be released in Japan, but during the US trading session some meaningful information will be released. It refers to the US Pending Home Sales, correlated with the US economic health and with the tapering issue. TODAY’s TECHNICAL LEVELS: Resistance. 3 : 102.22. Resistance. 2 : 102.02. Resistance. 1 : 101.82. […]
Weekly technical levels: Intraday trading recommendations: EUR/USD: According to the previous events, the price has still been trapped between 1.3538 and 1.3476. The level of 1.3624 will indicate strong resistance; moreover, the price will form a new top at this level. Therefore, it will be wise to sell at 1.3624 (short term) with the first […]
Weekly technical levels: Pivot point: R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be situated between the R1 and S1 lines. Within a […]
European markets have opened higher today, as investors’ risk appetite improved after Iran and world powers reached a tentative deal to curb Iranian nuclear program in exchange of international trade and financial sanctions. Investors would also eye political turmoil in Italy and Germany, to gauge the direction of the market movement. Closer home, investors await […]
Daily chart: As we had said in previous articles, the USDX was able to make a bearish rebound at the 200 SMA and now, this is trying to break the support level of 80.62. If successful, it is expected to fall to the level of 80.11, which would strengthen the bearish trend in the USDX, […]
Daily chart: GBPUSD had a week dominated by the bulls, which strengthened the bullish trend in this pair. If this pair manages to break the resistance level at 1.6235, it is expected to rise to the level of 1.6326. However, it is very likely that this pair will make a bearish rebound at that resistance […]
Sunday Newspaper Headlines – 24th November 2013 The Sunday Times -Babcock in £1 billion raid on helicopters: Babcock International is in advanced talks on a blockbuster £1.5 billion takeover of the world’s biggest helicopter operator -Revealed: boardroom shambles at mutuals: More than 50% of building societies are breaking basic corporate governance rules, fuelling concerns about […]
Overview: USD/JPY is consolidating with bullish bias after hitting two-month high 101.19 this morning. The rate is underpinned by weaker yen sentiment after Bank of Japan governor Kuroda said the BOJ won’t hesitate to make necessary adjustments if either upside or downside risks to the Japanese economy materialize, suggesting more monetary easing could be on […]
Overview: GBP/JPY is consolidating with bullish bias. The rate is supported by positive investor risk appetite; soft yen sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales; positions adjustment before weekend. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought; five-day moving average is above 15-day […]
Overview: NZD/USD is in range-trade after hitting seven-day low 0.8171 on Thursday. The rate is undermined by positive dollar sentiment; contagion from weak Aussie. But NZD/USD losses are tempered by positive dollar sentiment; Kiwi demand on NZD/JPY cross amid positive investor risk appetite and weak yen sentiment; Kiwi demand on soft AUD/NZD cross; firmer commodity […]
Overview: USD/CHF is trading in lower range. The rate is undermined by franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by positive dollar sentiment, positions adjustment before weekend. Daily chart is mixed as stochastics is bearish; but MACD is in bullish mode. Trading recommendation: The pair is trading below its pivot point. […]
The euro has been making a come-back in the last two days, starting its rally against the dollar and yen on Thursday when European Central Bank President Mario Draghi downplayed rumours that the ECB was considering implementing negative interest rates. The euro extended gains today after strong German Ifo data. The index measuring German business […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price tested the level of 1.6587 on high volume. We are still waiting for the testing of the level of 1.6700. Since our major Fibonacci expansion 61.8% has held, we may expect re-building of bullish strength. As you can […]
Overview: Since our last analysis, Gold has been trading downwards, like we expected. The price tested the level of 1,236.52 on high volume. We expect more bearish continuation. In the daily chart, we can observe supply bar on volume above the average, which means that Gold may continue with bearish continuation. We are still likely […]
Europe’s largest economy is showing signs of steady recovery according to the Ifo Index of German business sentiment realeased today which hit a new 18-month high in November. The latest reading of the Ifo business climate index jumped to 109.3 compared to October’s 107.4 reading and beat expectations for a rise to 107.7. The stronger […]
