Global macro overview for 28/06/2016: The Statistics New Zealand had released merchandise Trade Balance data regarding imports and exports figures for the previous month. The data showed that economy posted a trade surplus of 358 million New Zealand dollars in the month of May. The data has beaten the analysts forecasts which called for a […]
Leaders Barack Obama, Enrique Pena Nieto, and Justin Trudeau of US, Mexico, and Canada vow to have their three countries running in 50% of clean, renewable energy by 2015. This is a pact they will make in the Tres Amigos summit that will be held on Wednesday. As ambitious as it may seem to others, […]
Chief Executive Officer Shigehisa Takada of airbag maker Takata Corp volunteered to step down after a new regime is decided for the company, which is looking for a financial backer to help it deal with a massive global recall of potentially deadly air bags. Takada said in a meeting that he would stay in his […]
Boris Johnson, a known advocate of Leave campaign prior the UK’s referendum of Brexit firmly believes that UK will still be able to continue access to single market despite the Brits decision to stay out of the EU. European leaders have since set aside the claim, as they cannot allow UK to access free trade […]
UK’s Finance Minister George Osborne on Tuesday said taxes have to be increased and spending needs to be cut in order to deal with the economic challenges after the British voted to exit the European Union. “We are absolutely going to have to provide fiscal security to people, we are going to have to show […]
Technical outlook and chart setups: Silver is seen to be trading at $17.60/70 levels at this moment, after easing out from $18.30 levels last week. The metal has been drifting sideways since then in a dropping wedge format. The immediate wave structure indicates that Silver is trading above its trend line support for now and […]
Technical outlook and chart setups: Gold had rallied through $1,358.00 level last week, a relatively less probable move. The metal is seen to be trading at $1,316.00 levels at this moment, drifting sideways since last Friday. The wave structure indicates that Gold might have produced a bottom at $1,200.00 level now, and should be looking […]
Global macro overview for 28/06/2016: The Consumer Confidence Index data is scheduled for release today at 02:00pm GMT and market participants expect them to be better than last months (93.2 vs. 92.6 prior). Consumer attitudes cooled a bit in May, but today’s release from the Conference Board (CB) will offer more perspective on the mood […]
Technical outlook and chart setups: The EUR/JPY pair seems to have formed a meaningful bottom at 109.50 level last week and it should be looking higher from current levels (112.90). According to the larger picture as well, the pair has bounced within the confines of fibonacci 0.618 support (weekly chart) level and should be looking […]
Technical outlook and chart setups: The GBP/CHF pair reacted well on the technical direction laid out earlier and the fundamental trigger helped it achieve the down target at 1.2800/50 levels as expected. The pair has been looking to produce a flat correction (a-b-c), and should rally through 1.3600/3800 levels to complete the same. Please note […]
Brexit continues to be the main focus in the markets, especially after rating agencies cut down the growth outlook for the UK to “negative” citing “less predictable, stable and effective policy framework in the UK”. After two days of selloffs, stock markets and the GBP managed to recover today despite US markets closing deep in […]
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The Dollar index remains below its recent high at 96.70 and has formed a double top yesterday. The price is pulling back, but the overall trend remains bullish as this pullback is considered corrective in nature. The weekly breakout implies that more upside should be expected for the Dollar. The price action in the Dollar […]
General overview for 28/06/2016: Not much has changed since yesterday as the market is trading inside of a very narrow congestion zone, and the price is still trying to complete wave (Z) of the overall corrective structure in wave B before the uptrend eventually resumes. The most important level for bulls is the technical resistance […]
General overview for 28/06/2016: As anticipated yesterday, another marginal wave up has been made in order to complete the five-wave pattern. Currently, the market is in a corrective sub-cycle that should reach the level of 1.2911 before the uptrend resumes. Moreover, the most important level is intraday support at 1.2858, and any violation of the […]
Gold continues to consolidate sideways. I expect this consolidation to break to the upside towards new highs soon. There is a triangle being formed, and we will have a clear picture of the breakout when it occurs. Green lines – triangle pattern Gold is trading inside the triangle pattern with support at $1,308 and resistance […]
Wave summary: We are looking for minor resistance at 113.24 being able to protect the upside for the next stage of the decline towards 107.87 to end wave iii and set the stage for a larger correction in wave iv to 113.28 before moving down again in wave v. In the short term, a break […]
Wave summary: We are looking for slightly more correction in wave (ii) closer to 1.5895 before turning lower in wave (iii) towards 1.4490. In the short term, a break below minor support at 1.5484 will confirm that the correction in wave (ii) is complete and wave (iii) lower towards 1.4490 is developing. Trading recommendation: We […]
AUD/USD is under pressure. The pair broke below the key support at 0.7430 yesterday turning the intraday outlook bearish. A bearish pattern of lower highs has been produced. While the pair is currently off yesterday’s low of 0.7315, the 20-period moving average stays below the 50-period one, and the intraday relative strength index is under […]
GBP/USD is under pressure. On Monday, US stock indices posted losses for the second consecutive session.The US dollar maintained its upward momentum as the British pound and the euro were heavily sold. The pair stays below its key resistance at 1.3470 and remains capped by its descending 50-period moving average. At the same time, the […]
A source said Volkswagen AG’s diesel emissions settlement would cost almost $15 billion. Nearly 500,000 U.S. owners and government regulators are involved in the settlement. The settlement would be announced on Tuesday, and would include just over $10 billion to offer buybacks to owners of polluting vehicles and nearly $5 billion in funds to offset […]
USD/JPY is expected to trade with a bullish bias. On Monday, US stock indices posted losses for the second consecutive session. The Dow Jones Industrial Average fell 1.5% to 17140, the S&P 500 dropped 1.8% to 2000, and the Nasdaq Composite was down 2.4% to 4594. Commodity and financial shares performed the worst, while utilities […]
USD/CHF is expected to extend its upside movement. The pair stands above its nearest support at 0.9720 and is expected to post a new rise. Meanwhile, both the rising 20-period and 50-period moving averages are playing support roles. Besides, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. […]
When the European market opens, some economic news will be released such as German Import Prices m/m. The US will release economic data, too, such as the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Final GDP Price Index q/q, and Final GDP q/q. So amid the reports, EUR/USD will move with low […]
In Asia, today Japan will not release any economic data, but the US will release some economic data such as the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Final GDP Price Index q/q, and Final GDP q/q. So there is a probability the USD/JPY will move with low to medium volatility during […]
USDX continues rallying above the 200 SMA on the H1 chart, and the bullish consolidation is still in place. The next resistance lies around the 96.60 level, where a breakout should happen for another advance to the 97.19 level, where a pullback would perform a corrective move. The moving average mentioned above is slightly bullish, […]
NZD/USD is under pressure. The pair has failed to break above the horizontal resistance at 0.7085 and remains weak below the threshold. Meanwhile, both the 20-period and 50-period moving averages are heading downward. Even though a continuation of the technical rebound cannot be ruled out at the current stage, its extent should be limited. To […]
GBP/JPY is expected to trade in a lower range as the key resistance lies at 133.30. The pair stays below 133.30 and remains capped by the 50-period moving average. And the relative strength index lacks upward momentum. As long as 133.30 holds as the key resistance, a drop toward 131.90 is possible. Trading recommendations: The […]
EUR/USD: This pair opened with a minor gap this week and merely fluctuated on Monday, without any directional movement. The outlook on the pair is bearish, and further southward movement could be witnessed this week, which would enable the price to reach the support lines at 1.0950 and 1.0900. USD/CHF: Last Friday, the USD/CHF price […]
Pound Rallies After Second Wave of Turmoil Morning Report: 07.00 London• We’re seeing a repeat of Monday morning so far, but let us hope the rest of the day does not follow suit. The pound suffered follow on selling as the day progressed yesterday after a promising start, but so far today, markets appear calmer. […]
