Wave summary: The failure to hold important support at 1.6062 has tilted the picture upside down. Instead of a possible new rally building, consolidation from the 1.5748 low has developed into a triangle consolidation. Besides, a break below support at 1.6062 has completed formation calling for more downside pressure towards 1.5000 over the coming weeks. […]
Wave summary: EUR/JPY tried to break above resistance at 121.98 but failed. The risk has again turned to the downside for one more low just below 120.80 before the ending diagonal is completed. A new rally can be expected. A break below the minor support at 121.30 will confirm the final decline just below 120.80 […]
The US dollar index is at important support levels and should start a bullish reversal today or tomorrow. The dollar bears should protect their positions and use tight stops. The short-term trend at least is expected to change to bullish. Continued weakness today and tomorrow will be a very bearish sign for the longer-term trend. […]
Global macro overview for 09/06/2016: Another good news was delivered from the United Kingdom as the industrial production data outperformed most economists’ expectations in April. According to the Office of National Statistics, the manufacturing production increased 2.3% against March’s 0.1%, and industrial production advanced 2% as well (0.0% was the market expectations for both releases). […]
Gold price has reached our target of $1,260 and has most probably completed the entire upward move from $1,200. Is this a start of a new uptrend or just a part of a bigger correction that will eventually push prices below $1,200 to complete the corrective period? Black line – long-term resistance Gold price broke […]
Markets are surprised by South Korea’s move to decrease its main policy rate to a record low, a step that aims to support the economy as expectations of a Fed interest rate hike grow dimmer this June and to respond to increasing pressure to moderate policies and stimulate growth. The Bank of Korea dropped its […]
Honda Motor Co. recalled around 780,000 vehicles in Japan on Thursday due to defective airbags manufactured by Takata Corp., which includes models such as Honda’s Fit subcompact and Odyssey minivan. Car companies are increasingly recalling vehicles as part of the Takata recall to substitute the faulty airbag inflators after the car parts maker pronounced more […]
Russian firm Irkut Corporation unveiled at a ceremony on Wednesday its new MC-21 passenger plane, also known as MS-21, that is described by the state media to be of higher standard than its western-made peers in several facets and is expected to be picked up immediately by Russian and international carriers. The two-engine and medium-range […]
Morgan Stanley will pay a $1 million fine to resolve U.S. Securities and Exchange Commission charges of violating the Safeguards Rule over security blunders that enabled its former employee Galen Marsh to tap into its computer system and steal client data from over 700, 000 accounts and took the sensitive information to his home in […]
With less than a month away from the EU referendum, market watchers are paying extra close attention to any updates related to the Brexit. The British pound has been particularly volatile in the past few weeks, as early opinion polls are showing a slight lead in favor of staying in the EU, although the actual […]
Global macro overview for 09/06/2016: The Reserve Bank of New Zealand (RBNZ) has decided to leave the official cash rate unchanged at the level of 2.25% (in line with expectations). During the press conference, the RBNZ’s Governor Graeme Wheeler said that further policy easing may be required as it will continue to be accommodative. Moreover, […]
The hiring pace in April by U.S. employers hit its lowest in almost two years. Employers are opening more jobs, a sign that companies have a hard time finding workers. The monthly Job Openings and Labor Turnover Survey of the Labor Department showed the hiring rate dropped from 3.7 percent in March to 3.5 percent […]
Today’s Highlights will include ECB President Mario Draghi speech where the focus will be on additional comments following last week’s meeting. US will also release initial jobless claims which are related to the NFP numbers, and could spark volatility. Currencies: Overnight, the NZD shot higher as the RBNZ kept rates unchanged at 2.25%. EURUSD is […]
USD/JPY is under pressure. On Wednesday, US stock indices continued to grind higher, chalking a winning streak of three straight sessions. The Dow Jones Industrial Average rose 0.4% to 18004, the first close above the 18000 level since April 27. The S&P 500 increased 0.3% to 2119, and the Nasdaq Composite was also up 0.3% […]
USD/CHF is expected to continue its downside movement. The pair failed to break above its horizontal resistance at 0.9640 yesterday and remains capped by its descending 20-period and 50-period moving averages. Besides, the relative strength index is bearish below its neutrality area at 50 and calls for further downside. To conclude, as long as 0.9640 […]
NZD/USD is expected to continue its upward movement. The pair remains on the upside, backed by a rising trend line (since June 7), and is now challenging its nearest resistance at 0.7185. Even though the relative strength index is within its “overbought” area (above 70), it is still bullish and has not yet displayed any […]
GBP/JPY is expected to trade with a bearish bias, with key resistance at 155.55. The pair has broken below a rising trend line since June 6 and remains under pressure below its key resistance at 155.55. Meanwhile, the relative strength index lacks upward momentum. As long as 155.55 holds as the key resistance, target 154.10 […]
When the European market opens, some economic news will be released such as the Italian Quarterly Unemployment Rate, German Trade Balance, and French Final Non-Farm Payrolls q/q. The US will release economic data too such as the 30-y Bond Auction, Natural Gas Storage, Wholesale Inventories m/m, and Unemployment Claims. So amid the reports, EUR/USD will […]
In Asia, Japan will release the Prelim Machine Tool Orders y/y, M2 Money Stock y/y, and Core Machinery Orders m/m. The US will release some economic data such as the 30-y Bond Auction, Natural Gas Storage, Wholesale Inventories m/m, and Unemployment Claims. So there is a probability the USD/JPY will move with low to medium […]
General overview for 09/06/2016: After the top for the possible wave i was made at the level of 122.68, the market has started the corrective cycle to the downside. The low of this decline was labeled as wave ii, so now it is possible to develop another up wave that will break out above the […]
General overview for 09/06/2016: The projected target zone has been hit overnight and even slightly violated to the downside. Nevertheless, the growing bullish divergence between the price and momentum oscillator supports the view that an upside rally is the next possible wave development. The first confirmation comes with the intraday resistance at the level of […]
We can see here the AUD/NZD (daily chart) major support since March 2014 at 1.0500. This graphical support is also a fibonacci retracement level and a fibonacci projection level (1.0490). The RSI is also on a major support level. Our strategy for this week is a bounce above this key level on AUD/NZD for a […]
EUR/AUD has formed a bullish divergence vs RSI since our analysis yesterday, and this gives us a good conviction of it making a strong bounce from here to the divergence potential of 1.5330, which is also a fibonacci retracement level. Trading recommendation: Entry now Take profit at 1.5330 and 1.5300 Stop loss at 1.5175 The […]
EUR/USD: The EUR/USD has been making some faint bullish effort, following the equilibrium phase it experienced in the last few days. The resistance line at 1.1400 is now under siege, and with renewed bullish pressure, that resistance line would be broken to the upside, as the price targets two more resistance lines at 1.1450 and […]
The Index continues to strengthen the bearish bias below the 93.89 level, and now it’s finding strong support around the 93.50 level, where a breakout should open the doors for more downside to the 93.04 level on a short-term basis. The 200 SMA on the H1 chart is also pointing to the south, but the […]
GBP/USD moved sideways, heading lower yesterday, as it has been trying to consolidate again below the 200 SMA on the H1 chart. Currently, the Cable could start to extend the decline toward the 1.4464 level, where a breakout can happen for a bearish consolidation. The overall structure is still telling us that the Cable is […]
A Bank of Japan official hinted at implementing further monetary easing, if necessary, in order to combat deflation. Deputy Governor Hiroshi Nakaso, addressing company officials in Akita city, said a decisive monetary policy is needed to make the Japanese economy return to a sustained growth direction. The policymaker added implementing more monetary easing should not […]
China’s May consumer price inflation jumped only 2.0 percent from last year, below market expectations, The National Bureau of Statistics said. Analysts had a forecast rise of 2.3 percent, the same pace in April. Producer prices dropped 2.8 percent in May from last year, compared with market expectations for a drop of 3.3 percent and […]
South Korea’s Finance Minister Yoo Il-ho said the decision of the Bank of Korea to lower the policy rate sooner is positive for the economy. The country’s central bank had its benchmark rate cut by 25 basis points to a record-low 1.25 percent, as policy makers aimed to push up inflation amid weak and slow […]
Good morning!This is going to be quite a brief report, as unfortunately a technical glitch here caused half of my report yesterday about Boohoo.Com (LON:BOO) to disappear. Cheese, Fkybe results, so what? Buggerations! Flybe results. So ####ing what? pink or purple planes, an enchanted, restlastd warranted. TOMIGHT! cheese. restless wide-eyed wanderer/ can you see the thing – […]
