European markets have opened lower today, as investors await the release of US non-farm payroll report, which is expected to shed more light on the US Federal Reserve’s outlook towards its bond-buying programme. Closer home, investors look ahead to UK trade balance and Eurozone construction output data, due today. Related Posts:Disney to report higher earnings […]
Trading recommendations: According to the previous events, the price of the EUR/USD pair is still between the levels of 1.3350 and 1.3420. Moreover, it should be noted that the market was so stable and the trend was also very clear (downward). Similarly, the range was around 107 pips last week. Additionally, the value of 50% […]
Overview: GBP/USD: According to the previous events, the price has been trapped between 1.6050 and 1.6090; hence, it is of the wisdom to be careful in this area. Therefore, the first step is to wait for a period of a tight sideways range market before breakouts. Then, it is probable that the market is going […]
The US dollar made a U-turn against the yen after surging on US GDP data today. The dollar rallied above the key 99.00 yen level after data indicated the quickest rate of growth in the US economy in a year during the third quarter. The strong growth raised speculation that the Federal Reserve may be […]
Four months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254. An important key level was located around 1.0505. This was the key level for the previous weeks’ movement as the re-closure below it […]
The previous bullish swing targeted 100% Fibonacci Expansion level. However, the current bullish swing was strong enough to bypass this level, when the pair stepped above 1.6035 recording a daily high at 1.6262, which is 70 pips higher than 127.2% Fibonacci Expansion level. However, most of the daily gains were lost resulting in an Inverted […]
Strong bullish sentiment was found at the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400, then 1.5700, where two prominent tops were established. Bullish pressure was applied off 1.5430-1.5400 which managed to break through 1.5720, thus matching the August highest level and the recently established top. The market expressed obvious closure […]
The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the daily candlesticks as seen on October 10, a bearish engulfing daily candlestick. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection […]
Daily chart Crude Oil rose during the Wednesday session, reaching above 95.00 to close finally in 94.84. Prices rose after the Energy Information Administration EIA U.S. said Wednesday that crude inventories rose 1.6 million barrels for the week ended November 1, less than the 2.5 million barrels analysts expected. Late Tuesday, the American Petroleum […]
Daily chart The USD/CHF pair has been doing range between 0.9094 and 0.9155 for the last three days and during the early hours fell slightly. However, at this time of morning it either ascends slowly or finds resistance at 0.9125. To this day publication expected consumer rates by the State Secretariat for Economic Affairs […]
(US GDP growth, quarter-on-quarter, annual rate %) The announcement of advance third quarter GDP growth estimate at 2.8% initially looked very impressive as the figure smashed expectations of growth of 2.0%. However, on closer inspection, GDP was boosted by temporary inventory accumulation, which is likely to be reversed in the future as firms will try […]
Overview: USD/JPY is consolidating in higher range as markets await 13:30 GMT U.S. 3Q preliminary GDP (forecast +2.0%). USD/JPY is underpinned by yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 4.52% to 12.67; S&P rose 0.43% overnight) on expectations of continued stimulus policies from major central banks; and a research paper by […]
Overview: GBP/JPY is trading in higher range. The rate is buoyed by positive investor risk appetite; improved euro sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish at oversold. Trading recommendations: The pair is trading above its […]
Overview: NZD/USD is consolidating with bullish bias after hitting two-week high 0.8414 on Wednesday. The rate is buoyed by Kiwi demand on NZD/JPY cross amid positive risk sentiment; broadly weaker dollar undertone; firmer commodity prices; Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold, […]
Overview: Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6129, we are still waiting for testing the level 1.5940. I placed Fibonacci expansion to find a potential end of bearish corrective phase, and I got FE 61.8% at the price of 1.5940. We also got Fibonacci retracement 61.8% […]
Overview: Since our last analysis, Gold has been trading sideways around the level of 1,314.00, we are still waiting for more downward movements and bearish continuation. In the daily chart, we can observe lack of demand on volume below the average, which is a sign that Gold started bearish continuation. We are still likely to […]
Overview: The resistance for USD/CAD is set at the level of 1.0494; thus, the bears are going to sell below 1.0495, because there is a new top at the price of 1.0486 (between 78.6% Fibonacci retracement levels and 50%). So it should also be noted that the resistance is set at the level of 1.0495; […]
Trading recommendations: NZD/USD: According to the previous events, the price has still been trapped between 0.8390 and 0.8355. Buying: Buy above 0.8335 with the first target of 0.8365, it might resume to 0.84. Selling: Swing trade at 0.8403 in order to sell with a traget of 0.8373 then it will continue towards 0.8340, if […]
The European session was dull for the most part until the Bank of England and European Central Bank policy decisions. These were the biggest risk events today, and most market participants preferred to wait on the sidelines until the announcements were made, which kept most major currency pairs locked in trading ranges before breaking out […]
The latest daily video report from easyforex.com, includes all the latest fx market moving news and pairs to watch in the forex markets. Related Posts:Why does the 10-year US yield remain so high? – Special… April 7, 2024 The 10-year US yield is a key determinant of FX…Weekly Forex Outlook: 05/04/2024 – ECB decision and […]
November 7th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist. European markets have opened slightly lower today, as investors observed caution before the monetary policy decisions from the European and UK central banks, scheduled today. Investors also eyed the third-quarter US GDP and jobless claims data, due today, to determine the US Federal Reserve’s […]
The balance of the macroeconomic data in the Eurozone was positive. PMI Services in the Eurozone was 51.6 vs. expectations for 50.9. German Industrial Production in September grew 3.3% vs. forecast for 0.6%. Retail sales declined 0.6% vs. forecast for -0.3%. The euro grew 40 points. In the UK Industrial production in September grew 0.9% […]
Gold continues trading inside the sideways triangle as shown in the chart below. Prices are trendless for the time being and we are waiting with a neutral stance as long as this sideways move continues. Gold has paused its decline at the 50% Fibonacci retracement of the upward move from 1,250 to 1,360. This downward […]
We look for lower levels in the Dollar index as the prices are expected to make a downward correction. The upward move from 79 is most probably complete as the current price action has pushed the chart outside of the upward sloping channel. The dollar index is curently magnetised by the 80.50 support area. We […]
Markets quiet ahead of deluge Morning Report: 08.45 London • This morning, financial markets are decidedly cautious ahead of a day or reckoning for economic data. This caution is understandable when you consider what lies ahead today – Two central bank meetings and the latest US GDP figures (with NFP to come tomorrow). • This far this […]
Overview Based on the H4 chart above, silver stabilized below the Resistance level of 22.00 after hitting it yesterday then bouncing from it to take a slightly downward move as shown. If silver continues its bearish move and manages to break the Support level 21.50, it will produce a strong indicator for the downward […]
Overview As it was expected yesterday, we should wait for breaking the Resistance level 159.00 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level to reverse its bullish move taking a bearish move to trade below the Resistance […]
USD/CAD Elliott Wave Since our last analysis the USDCAD pair has been trading downwards, just like we expected, corrective wave .y (coloured black) of the bigger wave b (coloured blue) has been developing. During the Wednesday’s Asian and European sessions we could observe descending movement from 1.0457 towards the 1.0434 level. Therefore, during the New […]
Today data on German Industrial Production m/m and the Minimum Bid Rate for the interest with the expectation unchanged at 0.50% will be released. It seems today the price movement for this currency will be in a small range after the London opens and they will be normal again after the release of the bid […]
AUD/USD Elliott Wave For the last few days the AUDUSD pair has been trading upwards, corrective wave b (coloured blue) of the bigger wave [b] (coloured black) has been developing. Yesterday, during the Asian and European session we could observe ascending movements from 0.9485 towards the 0.9541 level and we can consider this move as […]
