Troubled coal and steel producer Mechel on Monday said its shareholders were in favor of series of debt restructuring deals. The Russian company reached agreements in principle to restructure $5.1 billion of debt with creditors, but shareholders had since refused. In a statement, CEO Oleg Korzhov was quoted saying, “we are very grateful to our […]
Gold price held above $1,200 yesterday and bounced towards our first important short-term resistance of $1,215. Price remains inside the bearish channel and as long as we are inside it we can even see it near $1,190-80. I believe a bigger bounce has already started towards $1,250. Black line – long-term resistance Blue lines – […]
The Dollar index remains in a bullish short-term trend as long as price is above 95.40. I expect a pullback towards 94.50 at least over the coming weeks. Blue lines -bullish channel Price is trading inside the bullish channel and above the Kumo (cloud). The trend is bullish. Short-term support is at 95.40 and at […]
The central government of Brazil posted on Monday a primary budget surplus of 9.751 billion reais ($2.16 billion) in April, above market expectations. The central government in March posted a deficit of 7.9 billion reais due to tax revenues declining. The central government account had been expected to post a surplus of 600 million reais, […]
Pemex, Mexico’s state oil company, had already restarted company operation at its Salamanca refinery in the central state of Guanajuato, the company on Monday said. A spokesman at Pemex said the plants had resumed operation on Friday only hours after there were put off due to an interruption in its steam supply. The Salamanca refinery […]
Wave summary: We continue to look for a rally above minor resistance at 1.6715 to accelerate prices higher towards resistance at 1.6931 and 1.7220 on the way higher to the long-term target at 1.8420. In the short term, support is seen at 1.6525 with important back-up support at 1.6424. We must admit that this currency […]
EUR/USD: There is still a Bearish Confirmation Pattern on the 4-hour chart, in spite of the shallow bullish attempt that occurred yesterday in the context of a downtrend. The price might test the support lines at 1.1100 or even go below that. This expectation is logical, unless the USD shows any signs of vulnerability. USD/CHF: […]
Wave summary: We continue to look for more upside progress after a minor consolidation between 123.50 and 124.15 with the next minor upside target to look for seen at 124.65, and above here the important short-term resistance at 126.47 will be the target. To confirm that a long-term bottom has been seen, as we expect, […]
When the European market opens, some economic news will be released such as the Unemployment Rate, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Private Loans y/y, Italian Monthly Unemployment Rate, M3 Money Supply y/y, German Unemployment Change, French Prelim CPI m/m, and German Retail Sales m/m. The US will […]
The life of a financial trader is filled with colourful charts and squiggly lines, but what do they actually mean? In the following article we’re going to introduce traders to the basics of financial charting. By the end of this discussion, you should be able to read a basic technical chart and summarize what all […]
In Asia, Japan will release the Housing Starts y/y, Prelim Industrial Production m/m, Unemployment Rate, Household Spending y/y, and the US will release some economic data such as the CB Consumer Confidence, Chicago PMI, S&P/CS Composite-20 HPI y/y, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So there is a probability […]
USDX pulled back at the start of the week, looking to correct the recent upside moves, and now we could expect another decline toward the 200 SMA price zone, which is very close to the support level of 95.22. However, a breakout can still happen to re-test the 96.03 level in coming days, and that […]
As we expected, GBP/USD is doing a rebound above the 200 SMA on the H1 chart, in an effort to resume the bullish bias toward new highs on a short-term basis. The next resistance is still placed at the 1.4662 level, where a breakout should happen for further momentum in favor of the upward trend. […]
Apple Inc. is planning to prolong the product cycle of its iPhone, saying it might take the company approximately three years to redesign their devices. Normally, a phone will undergo a major upgrade after two years. But the modifications on the model, to be unveiled this autumn, will be minimal including enhanced camera quality. In […]
Chinese economic woes and the Federal Reserve’s brewing interest rate hikes have pressured investors to sell its Asian bonds and currencies. An HSBC data indicated a net $3.2 billion ditched equity markets in the region, excluding Japan, the biggest outflow since January. The report added bond markets in Indonesia and South Korea are now receiving […]
Oil is slated to record its longest run of monthly increases in five years as production disruptions in different countries, including Canada and Nigeria, slash supply. Canadian output plunged despite wildfires, but companies have continued its operations following the fire eased. Nigerian crude supply hit its lowest in over two decades as militants attacked the […]
On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. The 0.6550 level was broken a few weeks ago. Bullish persistence above 0.6550 (depicted recent support) was necessary to keep the price moving towards higher bullish targets. During February’s consolidations, the price zone of 0.6750-0.6840 constituted […]
Overview The USD/JPY pair managed to confirm surpassing of the EMA50 after ending last week above it. Today, the pair began with a clear bullish rally towards the 111.00 barrier that supports the continuation of the bullish trend scenario efficiently for the upcoming period. It is also supported by the positive signal offered now by […]
Overview The EUR/JPY pair formed a strong positive rebound after hitting support at 122.20. The initial resistance is currently located at 123.50. The price is attempting to surpass the moving average 55 to put it under new positive effect. It is waiting for surpassing the previous mentioned resistance to begin to target positive levels that […]
Overview Gold price opened this week with a clear decline towards the main target at 1,205.80. It was pushed negatively to surpass the target and settles below it. This opens a way for the extension of the correctional bearish wave on the short-term basis to target 1,175.60 areas as next main station. Therefore, we expect […]
Overview Silver price resumed its negative trading to reach our first main target at 15.87, which represents the 50% Fibonacci level for the rise measured from 13.74 to 18.00, thus, breaking this level will push the price to head towards 15.37 as a next main target. The EMA50 forms continuous negative pressure on the price, […]
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6651 in a high volume. According to the 30M time frame, I found an upward trend and successful testing of supply in a low volume and narrow spread of the bar, which is a good sign of a further upward movement. Be careful […]
USD/JPY is expected to trade with bullish bias. On Friday, the U.S. indices closed higher lifted by bank and technology shares. The Dow Jones Industrial Average rose 0.3% to 17,873, the S&P 500 climbed 0.4% to 2,099, while the Nasdaq Composite gained 0.7% to 4,933. Trading volume was thin ahead of the long weekend, with […]
USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair resumed its bullish trend, backed by the ascending 20-period moving average. A strong support base at 0.9905 was formed. It should limit any downward attempts. In addition, the relative strength index is bullish and calls for further advance. In […]
Since our previous analysis, gold has been trading sideways at the price of $1,207.00. According to the 30M time frame, I found that supply in a high volume has entered the market. Simple moving average 50 held successful. Be careful when buying and watch for selling opportunities on pullbacks. Take profit level is set at […]
NZD/USD is expected to continue its downside movement. The pair remains on the downside, capped by its falling 20-period and 50-period moving averages. The relative strength index is also under pressure below its declining trendline. At the current stage, the pair is pulling back to challenge its nearest horizontal support at 0.6680. The risk is […]
GBP/JPY is expected to trade in a higher range. The pair has crossed above both 20-period and 50-period moving average, and is continuing its rebound. The immediate trend is upward and the momentum is strong. The bias remains bullish and further bounce is expected with the next target set at 163.10 and 164.10 in extension. […]
On December 7, a bullish breakout above 1.3450 (upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence a bullish visit to the resistance at 1.4120 (Fibonacci Expansion 100%) occurred. Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish […]
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 and 1.2000 where historical bottoms had been previously set in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450. In March 2015, the EUR/USD bears challenged the monthly demand level of 1.0570 which had been previously […]
