German Chancellor Angela Merkel said that she saw no possibility that the United Kingdom can still revert its choice to leave the EU. Merkel stated at the end of the first day of an EU summit, the chancellor depicted the discussions with outgoing British PM David Cameron as ‘serious’ yet ‘friendly’. She added that it […]
Toyota Motor Corp will recall approximately 1.43m hybrid Lexus CT200h and Prius model cars globally due to possibly faulty airbag inflators. The automaker’s recall involves 2010-2012 cars with air bag inflators that may have a small fissure in a weld, which may lead detachment of the inflator chambers. Safety issues are also a major concern […]
In response to the requests of US representatives Maxine Waters and Al Green to audit government regulators, the Government Accountability Office (GAO), added three more agencies for investigation as an added measure. The request came from the perception that financial regulators have been too soft and too polite towards the bankers they are supposed to […]
Ataturk Airport, the largest in Turkey and third busiest airport in the world, was the target of suicide bombers on Tuesday. Witnesses testified seeing 3 gunmen who opened fire to the people before setting off explosives. Justice Minister Bekir Bozdag said that a total of 31 were killed while 150 got wounded as a result […]
Overview Positive attempts of the USDJPY pair stopped yesterday at 102.45 making the price bounce lower and close the daily candlestick below the 102.00 barrier. This supports the chances for resuming the overall bearish trend, which targets begin at a break of 100.70 levels, confirming the extension of the bearish correctional wave to 96.76 on […]
Overview The GBPJPY price repeated forming bearish waves yesterday increasing the pressure on 133.00 levels that form an initial barrier against the main bearish bias. The continuation of the negative pressure, which comes from the main indicators, increases the possibility of surpassing the current barrier to target 130.00 levels, reaching the extended support at 127.80. […]
Overview The gold price shows some slight bearish bias now approaching from retesting the support base formed above the 1,303.58 level, accompanied by stochastic, which enters the oversold levels to provide positive motive that we waited to push the price to resume its main bullish track. Therefore, our bullish trend expectations will remain valid and […]
Overview The sideways range dominates. The silver price continues fluctuating around 17.75 levels. Stochastic gradually heads towards the oversold areas to support the chances of resuming the bullish trend in the upcoming sessions. Therefore, we still expect the bullish trend on the intraday and short-term bases, which gets continuous support by the EMA50. Positive targets […]
Bullish persistence above 0.6550 (the depicted support) was necessary to keep the price moving towards higher bullish targets. In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed. Later on May 6, daily candlestick […]
On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations. On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant […]
Britain’s decision to quit the European Union (EU) by a margin of less than 4 percentage points shocked the world, which was widely expecting the Remain camp to prevail after polls showed growing momentum for continued EU membership. In the wake of the shocking results, more than 3 million British voters have signed a petition […]
If there’s one thing that George Soros is known for, it’s for being the “Man Who Broke the Bank of England” with his infamous pound short position during the UK Black Wednesday crisis. This trade was actually a few years in the making, leading up to the creation of the European Exchange Rate mechanism (ERM). […]
Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market. However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur. The prominent demand level located at 1.3845 (historical bottom that goes back to March […]
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450. In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in […]
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5769 in a low volume. There is the strong supply in the background and I found normal reaction (bullish correction). Be careful when buying EUR/NZD at this stage, since I expect a lower price and potential re-test of the low at 1.5450. The […]
Technical outlook and chart setups: The EURUSD pair has dropped lower to 1.0925 levels last week before pulling back sharply. The pair should be looking to rally towards 1.1225/30 levels, which is the Fibonacci 0.618 resistance of the drop between 1.1425 and 1.0925 levels. The wave structure indicates that the downtrend is set and the […]
Technical outlook and chart setups: The USDJPY pair seems to have completed its deep corrective drop between 126.00 and 99.30 levels as depicted on the weekly chart here (a-b-c). The wave structure reveals that the pair has rallied from 75.00 to 125.00 levels in 5 waves (impulse) earlier. It has now produced a 3-wave corrective […]
Technical outlook and chart setups: Crude oil has already resumed its downtrend, possibly wave 5, which is setting up for a drop below 26.00 levels going forward. The journey has begun from 51.50 levels, and the price is now trading around 47.50 levels, after hitting fresh lows at 45.80 earlier. Please note that this counter-trend […]
Technical outlook and chart setups: The US Dollar Index rallied up to 96.70 levels last week, but it has been drifting sideways since then. The index is looking to produce a flat A-B-C structure and form a bottom around 94.80/95.00 levels before resuming its rally again. Please note that it can also drop towards 94.40/50 […]
Since our previous analysis, gold has been trading downwards. The price tested the level of $1,305.25 in a low volume. According to the 4H time frame, I found a strong upward trend in the background. The price went into a bearish correction, which is a normal reaction after the massive demand in the background. I […]
Overview: The NZD/USD pair movement was debatable as it took place in a narrow sideways channel for a while. The market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.7131 and 0.6962. The daily resistance and support are seen at the levels of 0.7131 and 0.6962 […]
Overview: The USD/CHF pair broke resistance which turned to strong support at the level of 0.9694 last week. The level of 0.9694 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support […]
Japan’s Line Corp. and its owners are looking to obtain around 112B yen or $1.1 billion in what is expected to be the largest technology IPO this 2016. Supported by South Korean’s Naver Corp., the Japanese firm and its current investors are offering a total of 35 million shares with prices ranging from 2, 700 […]
Oil prices edged on Tuesday as an impending Norway strike looms to stop the supply from the biggest producer of oil in western Europe, while the British ‘Leave’ vote from the EU still affects the markets. Around 755 Norwegian workers are threatening to go on strike from Saturday, impacting supply if a new wage agreement […]
Is the Turn-of-the-Month (TOTM) effect, a concentration of relatively strong stock market returns around the turns of calendar months, persistent over time and robust to different market conditions. Does it exist for all calendar months? Does it persis…
Is the Turn-of-the-Month (TOTM) effect, a concentration of relatively strong stock market returns around the turns of calendar months, persistent over time and robust to different market conditions. Does it exist for all calendar months? Does it persist throughout the U.S. political cycle? Does it work for different indexes? To investigate, we define TOTM as the […]
The Bank of Japan attracted offers for the $1.475 billion it supplied at a regular dollar financing operation following the United Kingdom moved to sever relations with the European Union in the previous week. The central bank’s funding came after global financial markets plummeted, the biggest amount since December 24, when $1.528 billion was provided, […]
ECB President Mario Draghi expressed his deep sadness following the United Kingdom voted to cut its connection to the European Union during a referendum last week. Speaking at the European Central Bank’s yearly summit of economists and policymakers in Portugal, the ECB head said sadness is the apt term to describe the impact of Brexit. […]
This week the main event in the headlines is the very unexpected result for the Brexit. Here’s a quick recap of the carnage from the UK’s vote last Friday to exit the European Union: The GBP/USD immediately crumbled after the result dropping by a staggering 8.1%, while on Monday it dropped another 3% trading as low as 1.3150 which is a 30-year low. Financial markets worldwide […]
Just a few days after the results of the referendum came out, almost 4,000 Brits came to Ireland Embassy on Monday to discuss about passport inquiries. This is a huge number compared to the usual 200 residents they receive on a daily basis. The volume of people who flocked to ask for passport queries is […]
