December 2nd, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist. European markets have opened mostly higher today, ahead of a number of key economic releases this week, which would provide further clues on the health of the world economy and the outlook for monetary stimulus from central banks in the US and Europe. Data […]
GBPUSD has been rising steadily since the November 12, 2013 low of 1.5853 to a fresh 2-year high of 1.6441 in the Asian session today. UK manufacturing PMI for November was released today with a much-better-than expected reading of 58.4, up from the October reading of 56.0. Sentiment on the pound is overall bullish especially […]
It will be quite a busy week, full of economic data, releases and central bank events and speeches; in contrast to the relatively quiet previous week that featured the Thanksgiving holiday. Starting with Monday, November Manufacturing PMI business confidence survey data were released better-than-expected from the Eurozone and the United Kingdom. Later during the day, […]
China data trumps Thanksgiving lull Morning Report: 08.30 London • This morning, stock markets are experiencing their typical post Thanksgiving lull, but strong Chinese manufacturing data is helping to keep risk assets in the black this morning. • The big winners are the Australian and New Zealand dollars, espcially after strong Australian building approvals and company operating […]
Economic data was minimal in Monday’s Asian session, with the only tier one data being from China. Official China Manufacturing PMI data were released on Sunday and the HSBC Final Manufacturing PMI today caused big moves for the Australian dollar. China is Australia’s major trading partner so the aussie jumped on news that the world’s […]
The first trading week in the last month of this year starts with quiet of important data to generate some crucial decision by Fed, which may change the trend in equities US dollar and the Yellow metal. On Monday Fed Chairman Ben Bernanke speaks. Traders are watching very closely the footsteps of the Fed. This […]
Today’s Support and Resistance Levels: R3: 1.6727 R2: 1.6680 R1: 1.6620 Current Spot: 1.6594 S1: 1.6540 S2: 1.6446 S3: 1.6353 Technical Summary: The deep correction from the 1.6843 high and break below 1.6595 confirms that green wave v and red wave i ended at 1.6843 and that red wave ii is currently correcting red wave […]
EURUSD The pair travels towards a pretty awesome range. The longest recession in Euro zone finally come to an end and the modest recovery possibly driven by exports improved euro zone jobs and inflation data. The more concern is about deflation. Inflation rose to 0.9% in November. In November ECB surprised the street by its […]
Today’s Support and Resistance Levels: R3: 139.89 R2: 139.70 R1: 139.51 Current Spot: 139.19 S1: 138.97 – A break below this level will be the first good indication that a top is in place. S2: 138.31 S3: 137.77 Technical Summary: We are still looking for evidences that the top of wave v of 5 could […]
When the European market opens, there will be some news releases: Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI. But when the US market opens, th efollowing data will be released: the US Final Manufacturing PMI, Construction Spending m/m, ISM Manufacturing PMI, and the Fed Chairman Bernanke Speaks. So there is a possibility the EUR/USD will […]
From the Asian session today, there is only one data release: Capital Spending q/y, and BOJ Gov Kuroda Speaks and for the US market session open there will be a several data released: US Fed Chairman Bernanke Speaks, Final Manufacturing PMI, Construction Spending m/m, ISM Manufacturing PMI. There is probability the USD/JPY will move in a slow […]
EURUSD: This is a bull market – slow and steady in nature. The tardy movement brought the price to the resistance line of 1.3600, before the price closed at 1.3590 on Friday. The current reversal in the market is weak and it is not supposed to take the price below the support line of 1.3500, […]
Weekly chart: The USDX has found resistance at the 81.26 level. Near that level, the USDX formed a fractal, which could indicate a turnaround in the medium and long term. It is likely that during the month of December the USDX will fall to the support level of 80.04, but now it is at a […]
Weekly chart: The month of November was decisive for this pair because it managed to take a good bullish momentum on the 200 day moving average near the support level of 1.6033. In recent weeks, this pair has come up in a long and lateralized bullish trend, but below the resistance level of 1.6249, the […]
European markets have opened mostly higher today, ahead of a number of key economic releases this week, which would provide further clues on the health of the world economy and the outlook for monetary stimulus from central banks in the US and Europe. Data indicating steady Chinese factory growth provided some support to stocks. Meanwhile, […]
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Daily Chart Crude oil is ascending slowly after remaining at almost the same positions during yesterday’s session, thus it gained almost 60 pips from its opening, however due to strong pressure in the area of line 2 / 8 (red line), it would be very risky to buy this below as the testing of these […]
Daily Chart As we have already mentioned in our yesterday’s analysis, the pair continued descending below its weekly pivot to find support on line 2/8 (red line) and this remains an important level of reversal. We hope that this is the last day of the U.S. dollar fall and it may begin to recover next […]
On October 23, the GBP/USD pair broke initially the 1.6200 handle hitting the area of 1.6250. However, most of the bullish gains were lost when the pair established a Double Top reversal pattern around 1.6200-1.6250. Failure to break down the 1.5900 level was observed last week. Instead, bullish rejection led to another bullish swing again […]
Strong bullish sentiment was found at the support zone around 1.4830, which pushed the pair to hit 1.5700, where two prominent tops were established untill the bulls initiated another bullish impulse towards 1.6200 where other two prominent tops were established. It is important to note that the market initially expressed a bearish rejection around 1.6200 […]
Five months ago, a prominent bottom was established around 1.0260. This happened after the intensive bearish momentum that led to monthly low at 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 enabled the pair to break down 1.0455 as […]
The price zone of 1.3400-1.3460 represented a valuable supply zone that kept the price below for months. However, a significant bullish rejection was expressed around 1.3100 leading to a bullish breakout pattern. According to the final readings of the European Statistical Office disclosed two weeks ago, the European inflation was at 1.1% in September, in […]
Overview: USD/JPYis going to consolidate with bullish bias after hitting the six-month high of 102.37 Thursday. The liquidity is low as the U.S. financial markets closed early (at 1800 GMT) after Thanksgiving. USD/JPY is underpinned by weak yen sentiment amid expectations that the Bank of Japan will take further easing steps if economic growth stumbles […]
Overview: USD/CHF is to trade with bearish bias. Swiss franc sentiment is boosted by stronger-than-expected Switzerland 3Q GDP on-quarter growth of +0.5% and +1.9% on-year growth (versus forecast +0.3% and +1.7% respectively). USD/CHF is also undermined by franc demand on buoyant CHF/JPY cross amid weak yen sentiment. But USD/CHF losses are tempered by positions […]
Overview In 4H chart, closing below the Resistance level of 167.80 gives the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the Support level of 166.80 and closing 4H below keeping its move inside the bullish channel. […]
Overview: GBP/JPY is to consolidate with bullish bias underpinned by weak yen sentiment, improved euro sentiment on higher-than-expected German inflation data, demand from Japan importers. But GBP/JPY gains 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 […]
Overview: NZD/USD is to consolidate with bullish bias after hitting two-and-a-half-month low 0.8111 Thursday undermined by Kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses tempered by NZD/USD interest differential, Kiwi demand on NZD/JPY cross amid weak yen sentiment, positions adjustment before weekend. Daily chart is negative-biased as MACD & stochastics is bearish, although latter […]
Overview From the today’s H4 chart, yesterday the metal failed to break the Support level 19.70 to bounce again from it and trade between the Support level 19.70 and the Resistance level 20.20. Currently the metal is re-testing the Resistance level 20.20n, therefore we should wait for closing above to continue its upward trend […]
Overview: Since our last analysis, gold has been trading sideways around the price level of 1,247.00. We expect more bearish continuation. In the daily chart, we can observe no demand bar on volume below the average and rejection of the previous swing low at 1,252.00, which means that gold may continue bearish movement. We are […]
Currency markets were relatively quiet in the European session on Friday in thin trading volumes due to the upcoming weekend. The euro hovered near one-month highs against the dollar after higher than expected CPI data from the Eurozone and a marginal drop in the region’s unemployment rate for the first time in over three years […]
