Today’s Support and Resistance levels: R3: 130.43 R2: 130.00 R1: 129.79 Current Spot: 129.73 S1: 129.39 S2: 129.06 S3: 128.63 Technical overview: We are still locked between the two converging lines. One of this two lines has to give away soon as we are getting close to the apex. We still think the most likely […]
Overview: GBP/JPY is trading in higher range. GBP/JPY is supported by positive investor risk sentiment; sell-yen orders from Japan importers. But GBP/JPY gains are tempered by buy-yen orders from Japan exporters. Daily chart is mixed as MACD is in bullish mode, but stochastics is neutral, five-day moving average is meandering sideways. Trading recommendation: The pair […]
Overview: USD/JPY is consolidating. Liquidity thin in Asia is observed today as financial markets in Japan are shut for holiday. USD/JPY is underpinned by positive USD sentiment (ICE spot dollar index last 82.92 versus 82.77 early Friday) after smaller-than-expected drop in University of Michigan preliminary July consumer sentiment index to 83.9 (versus 83.6 forecast) from […]
TODAY’s NEWS RELEASE: 1. Japan Bank Holiday. 2. US- Retail Sales. TODAY’s TECHNICAL LEVELS: Resistance 3: 99.76. Resistance 2: 99.57. Resistance 1: 99.37. Support 1: 99.12. Support 2: 98.93. Support 3: 98.73. DESCRIPTION: Please pay attention to the levels of support 3 (98.73) and resistance 3 (99.76). Normally, when a level is touched, USD/JPY will […]
TODAY’s NEWS RELEASE: US – Retail Sales. TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3152. Strong Resistance: 1.3144. Original Resistance: 1.3131. Inner Sell Area: 1.3118. Target Inner Area: 1.3087. Inner Buy Area: 1.3056. Original Support: 1.3043. Strong Support: 1.3030. Breakout SELL Level: 1.3022. DESCRIPTION: Today EUR/USD has support and resistance at 1.3043 and 1.3131. The rate […]
Weekly pivot point: Trading recommendations: GBPUSD: According to previous events, the price has still been trapped between 1.5140 and 1.5100. Long buying: Buy above 1.5050 with the first target at 1.5133, it might resume to 1.5221 in order to form double top. Short selling: Outlook –1–: Swing trade at 1.5280 in order to sell with […]
Weekly pivot point: Overview: The EUR/USD pair has broken a major resistance at 1.2980. Moreover, it should be noted that the weekly pivot point is calculated at 1.3009 and it is now approaching from it. Therefore, an upside movement will probably start at this area and recovery will begin again. Thus, the market will […]
Daily chart: CL begins a decisive week for the development of the general trend, because currently CL is forming a lower high pattern, above the support at 103.85 level. If CL manages to break the resistance level of 106.70, it is expected to rise to the level of 109.93. Furthermore, there is a possibility that […]
France lost its prized “triple A” credit rating again after being downgraded this time by Fitch ratings agency on Friday. France’s credit rating was lowered to AA+ from AAA as Fitch cited large debt and uncertain economic outlook as well as a need for structural reform. The outlook remains “stable”. Standard & Poor’s was the […]
China’s second quarter growth was reported as expected by the country’s National Bureau of Statistics. The world’s second largest economy’s annual economic growth slowed to 7.5 percent from 7.7 percent, recording the second straight quarter of slower growth. Currencies did not react negatively since this was already discounted by the markets. Many investors were even […]
Overview As it was expected yesterday, the pair would reverse its downward move taking an upward move in case of trading out of its bearish channel. Today and as shown from the H4 chart, the pair has bounced from the Support 149.35 to trade out of the bearish channel after breaking its upper boundary […]
July 15th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist A sigh of relief for investors in Europe this morning as Chinese GDP comes in at 7.5% for the second quarter of 2013, in line with expectations. That being said, the figure does confirm that the country is facing a considerable slowdown with this […]
For today, please pay attention to EUR/JPY because the Japan market is having a holiday, so beware of an illiquid market that is ranging. This currency pair is now stuck between the 129.00 – 130.00, this ranging situation confirmed too by all the three moving averages moving in a narrow band. For this market, the ideal trading […]
EUR/USD: The significant bullish reversal that started on this pair culminated in a northward bias last week. And, in spite of the sideways movement with which the market is currently characterized, the northward bias is valid. The price could reach the resistance line of 1.3200 this week. USD/CHF: USD/CHF also was able to trend downwards […]
Currency markets were very quiet during Monday’s Asian session, as volumes were light due to markets in Japan being closed for a holiday. Dollar held onto last week’s gains as major currency pairs consolidated. The only headline news of importance was GDP data from China, which markets were quite satisfied with. Asian stock markets rose […]
The market focus was on the dollar again but this time it was to buy it back after a huge sell-off two days ago when comments from Federal Reserve chief Ben Bernanke spooked investors that the central bank’s quantitative easing (QE) program will continue for longer than expected. QE involves $85 billion worth of bond […]
The Cable witnessed a rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5150 then support zone around 1.5000-1.5020. The demand level around 1.5000 (also a psychological support) was broken, supported by the positive fundamental data from the U.S. last Friday. On Wednesday, while the pair was consolidating […]
The USD/CAD pair rose steeply last week approaching the key resistance level of the ascending channel around at 1.0530 as depicted in the chart. Since then, the pair has established a consolidation range between 1.0450-1.0560. Despite the signs of bearish reversal expressed around 1.0550, all trials for breakdown below 1.0450-1.0425 had been aborted untill we had a false […]
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted in the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020. Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the […]
Gold’s four-day rally has paused on Friday, turning back lower but still on track for t he biggest weekly gain in nearly two years. The rally began on Monday and accelerated after Federal Reserve Chairman Ben Bernanke said late on Wednesday that the Fed will continue with stimulus measures until more improvement in the U.S. […]
Technical outlook and chart setups: The metal is retracing for now as expected; but an upside extension should materialize towards 21.00 levels soon. It is recommended to remain long and add further on intraday dips. Immediate support is seen between 19.30 and 19.50 for […]
The dollar received some relief from the sharp sell-off two days ago, as investors returned to buy it back at a better bargain. Many expect the greenback to remain bullish especially against the euro, due to the difference in performance between the economies of Europe and the U.S. Despite Fed Chief Ben Bernanke saying on […]
Technical outlook and chart setups: After hitting the first measured extension at 1,290/92 levels, the metal is retracing lower as expected and discussed yesterday. As depicted here, support is expected between 1,260/64 levels for the next upside move towards 1,320.00 levels. It is recommended […]
Technical outlook and chart setups: The currency pair is preparing to extend lower, as per chart setups for now. As depicted here, a head and shoulder formation could be materialized soon. Bottomline is, the resistance at 133/132 should hold well. It is recommended to […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upward movement, as like we expected, price tested level 1.6792. The price rejected from level 1.6221 and tested 1.6792 on very high volume. I placed Fibonacci expansion to find levels where down corrective phase may finish and I got FE 100 % at price […]
Technical outlook and chart setups: The currency pair continues to provide range trading opportunities. It is recommended to enter buying at support of 1.4250/1.4300 and selling at 1.4500. As discussed earlier, this could well be the wave 4 flat/consolidation move before pushing lower. Overall […]
AUD/USD Elliott Wave Since our last analyses the AUD/USD pair has been trading lower, just like we expected, corrective wave .i (coloured green) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 0.9304 towards the 0.9192 level. Therefore, during the New York session this currency has […]
USD/CAD Elliott Wave Since our last analyses the USD/CAD pair has been trading slightly higher, impulsive wave 5 (coloured blue) of the bigger wave [1] (coloured red) has been developing. Yesterday, during the Asian session we could observe descending movement from 1.0360 towards the 1.0330 level and we can consider this move as the end of the […]
Gold after reaching our target of 1,294, has been sliding downwards towards 1,274 forming until now a three wave move from 1,298. According to our Elliott wave analysis, this could very possible be wave 4 of wave C up from 1,208. Prices are now near the upward sloping trend line support and this bullish scenario […]
Overview: Since our last analysis, Gold has been trading sideways around price 1,283.00,we are still waiting larger move and testing of level 1,151.00. I placed new Fibonacci expansion levels to find the potential end of up corrective phase. Thus, I got FE 100 % at price 1,295.00 and if that level holds, we may see […]
