The dollar weakened against all its major counterparts in reaction to news that Lawrence Summers withdrew his bid to become Federal Reserve chairman. Summers was seen to be less “dovish” than his rival candidate Janet Yellen and was expected to be in favour of tapering. Therefore markets took the news of his withdrawal as a […]
TODAY’s TECHNICAL LEVELS: Breakout BUY level: 1.3425. Strong Resistance: 1.3417. Original Resistance: 1.3404. Inner Sell Area: 1.3391. Target Inner Area: 1.3357. Inner Buy Area: 1.3327. Original Support: 1.3314. Strong Support: 1.3301. Breakout SELL level: 1.3293. DESCRIPTION: Today EUR/USD has support and resistance at 1.3314 and 1.3404. The rate is accompanied by strong support at 1.3301 […]
Today’s Support and Resistance levels: R3: 1.6485 R2: 1.6421 R1: 1.6364 Current Spot: 1.6297 S1: 1.6271 S2: 1.6227 S1: 1.6181 Technical summary: We have now seen two attempts to break below 1.6247 and both of them has been rejected. However, we need a break above resistance at 1.6364 and more importantly we need a […]
Today’s Support and Resistance Levels: R3: 133.37 R2: 133.17 R1: 132.64 Current Spot: 132.13 S1: 131.63 S2: 131.17 S1: 130.98 Technical Summary: We are still looking for a bottom for this red wave ii and next impulsive rally higher towards 133.37 and higher towards 138.00. To confirm the bottom for red wave ii we […]
Daily chart: The USDX opened this week with a deep bearish gap due to the announcement that former Secretary of the U.S. Treasury Lawrence Summers, told President Barack Obama that he was resigning to be the candidate to succeed Ben Bernanke as a chairman of the Federal Reserve. The USDX fell to the bullish trendline […]
Daily chart: The pair opened the week with a bullish gap above the resistance level at 1.5883, close to the 1.5960 level. It is very likely that in the early days of this week, GBPUSD will fall to support at the 1.5883 level, to fill the gap. Furthermore, it is possible that the GBPUSD forms […]
EURUSD: This pair is still caught in a bullish bias in spite of the turbulent consolidation that is presently going on. It is very much likely that when the momentum is gathered, things would be favorable to buyers. The near-term target is at the resistance line of 1.3350. USDCHF: In a converse manner, USDCHF is […]
Strong bullish sentiment was found in 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. The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August’s highest level. The market expressed […]
Two months ago, the USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted in the chart. This happened when the pair established a consolidation range between 1.0450-1.0560 that expressed a false bullish breakout above 1.0555, which was followed by intensive bearish pressure that led to the breakdown […]
Immediate bullish pressure was expressed on testing the depicted uptrend line around 1.3100 resulting in a bullish engulfing daily candlestick that closed above 1.3170. This was followed by a full-body bullish daily candlestick representing accelerated momentum that pushed towards 1.3275 reaching 1.3315-1.3330 Yesterday. Price Zone 1.3330-1.3350 is a prominent SUPPLY zone for the EUR/USD pair […]
Daily view: The cable invalidated the reversal Head and Shoulders pattern maintaining a quite strong bullish momentum to the upside. Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied so that the bulls could step above 1.5760 (the highest level in June). Previous bullish swing targeted 100% Fibonacci […]
H4 chart USDCHF seen in 4 hours chart listed at this point at the line eighth of Murrey lines, considered an extreme overshoot line. From the next candle close below this level could lead to seek their support line located around 0.9225 which is very wax overrun the last line of -2/8 (white). On the […]
After disappointing U.S. Retail Sales data on Friday, the Thomson Reuters/University of Michigan consumer confidence index was released with not so good numbers as the index fell to the lowest in five months. This raises concerns about America’s consumers who seem to be feeling increasingly wary about the economic recovery. The Thomson Reuters/University of Michigan […]
The U.S. retail sales report for August was released today, showing a less than expected increase from July and the weakest gain in four months. According to the BLS report, growth in retail sales was a little softer with the headline number up only by 0.2 percent, compared to July’s 0.4 percent and lower than […]
The dollar is higher against most major counterparts in the European Session on Friday ahead of key U.S. data which is forecast to show retail sales rose in August. Any positive data will boost the chances of the Federal Reserve tapering dollar-weakening stimulus measures this month. Meanwhile, unconfirmed reports have been circulating that the White […]
Overview: Since our last analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6300 (FE 261.8 %), like we expected. We are still waiting for an upward movement and testing the level of 1.7360. The current situation in (4H) timeframe is that we have got downward move on decreasing volumes. […]
The Dollar Index has found support at the 61,8% Fibonacci retracement or 81.50. Prices have broken out of the downward sloping trendline but not higher from the previous high at 81.97. We remain neutral as we need to see more evidence that the trend has reversed. This downward corrective wave is very possible to have […]
Overview: (bearish outlook for September 13, 2013) The EUR/USD’s resistance was broken and it was turned to support for three days (September 9 – 13, 2013), thus, the pair has already formed strong support at 1.3205 and minor support at the level of 1.32370. Moreover, it could not close below 100% Fibonacci retracements levels and […]
Trading recommendations: NZD/USD: According to the previous events, the price has still been trapped between 0.8130 and 0.8160 Long buying: Buy above 0.8060 with the first target at 0.8115, it might resume to 0.8160. Short selling: Outlook -1-: Swing trade at 0.8162 in order to sell with a traget of 0.81. Outlook -2-: Below […]
Gold remained yesterday below the 1,668 resistance which was our line in the sand for our bearish view. Prices broke below the support level of 1,330 and then reached our next target of 1,307 making a new low at 1,304. The daily chart clearly portreys the downward trend and the fact that even in the […]
Overview: Since our last analysis, Gold has been trading downward movement, as like we expected, the price tested the level of 1,304.76 on volume above the average. We started bearish trend continuation. We are still likely to see its testing the weekly FE level of 161.8% (Weekly third target) at the price of 1,151.00. I […]
September 12th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist. So the Fed taper fears driving the dull price-action in European financial markets Friday; stocks range bound on the soft side, US dollar winning versus rivals, core government bonds in favour, commodities get a beat down, particularly gold which is off around 19 bucks. […]
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:Video market update for May 01, 2024 May 1, 2024 Potential for the further drop on NAS100 and BTCThe material…Will the post-FOMC jobs report move the dollar? – Preview May 1, […]
Wave analysis: The area of 1.5835-1.5850 provided rather strong resistance for the further rise of the GBP/USD pair. As a result, wave 3 in terms of uptrend starting from the low of August 28, has a rather completed form. Thus, taking into account the fact that the indicators are considerably overbought, we expect further reverse […]
General outlook for 13/09/2013 10:00 CET Due to wave i-iv overlapse the count has been re-labeled and now alternate count is in play. This count indicates, that the top of wave (iii) is already at 133.35 and now the price is in corrective cycle of wave (iv). This cycle might have been finished now at […]
General overview for 13/09/2013 10:00 CET Not much of price development since yesterday and definitely it is not impulsive one. Moreover, it looks like corrective wave (iv) has not been finished yet and the price might be developing a triangle formation. On the other hand, there is a possibility that the price has finished the […]
Yesterday the whole trading day was under the control of traders; in the beginning they did not allow the euro to drop amid weak data on Industrial Production in the eurozone in July (-1.5% vs. forecast for -0.1% and 0.6% in June), then the single currency was straightly bought amid strong data on US Initial […]
EURUSD: This pair is currently experiencing some southward correction which is not expected to go below the support line at 1.3200 (in a worst-case scenario). Any move below that support line would render the bullish bias invalid, but as long as the price is above it, the condition in the market can be turned bullish. […]
USD/CAD Elliott Wave Since our last analyses the USDCAD pair has been trading upwards, corrective wave .4 (coloured green) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe an ascending movement from 1.0305 towards the 1.0335 level and we can consider this move as […]
AUD/USD Elliott Wave Since our last analyses the AUDUSD pair has been trading sideways, corrective wave Y (coloured black) of the bigger wave .4 (coloured green) has been developing. Yesterday, during the European sessions we could observe an ascending movement from 0.9222 towards the 0.9280 level. Therefore, during the New York session this major pair did not manage to […]
