Singapore’s central bank pressed financial institutions to heighten the security of their vital IT systems in the wake of recent cyber attacks via SWIFT. The Monetary Authority of Singapore, referring to the MAS Technology Risk Management Guidelines, expects banks to maintain a high level of security for their IT systems, including the financial messaging scheme. […]
A UK regulator urged banks to limit its monthly maximum fee levied on clients for exceeding the amount in their checking accounts. The Competition and Markets Authority, in a statement, said banks should also notify clients before they go overdrawn to give them ample time to avert such charges. In 2014, financial institutions generated £1.2 […]
Global macro overview for 17/05/2016: The Chinese data regarding industrial production, retail sales and investment disappointed investors worldwide. The National Bureau of Statistics revealed that industrial output increased only 6.0% in April, down from 6.8% in March, way below the expected gain of 6.6%. Retail sales increased 10.1% in April , which was again lower […]
The Dollar looks like it has run out of fuel and needs to see some selling before another attempt to the upside. The Dollar index is breaking below the black trend line support and this implies more short-term weakness ahead. Black line – trend line support Short-term support is found at 94.2 and at 94. […]
Gold bulls tried to break above the trend line resistance yesterday at $1,290 but got rejected. The price remains above the critical support of $1,260 but yesterday’s rejection is an important weakness sign. A confirmation of this weakness will come once the price breaks below support at $1,260. Black line – resistance Green line – […]
Global macro overview for 17/05/2016: The Reserve Bank of Australia’s Monetary Policy Meeting Minutes have been released overnight. The RBA has expressed concerns in two main fields of the Australian economy: inflation and unemployment. According to the minutes from its May meeting, where the cash rate was cut to 1.75%, the RBA was worried about […]
We’re six weeks away from Britain’s referendum on European Union (EU) membership, and the race appears closer than ever. Should the United Kingdom stay in the European Union or go its separate way? British voters will have the opportunity to express their views on June 23 in what has been described as the most crucial […]
French Republic President Francois Hollande said the economy progress in the country is reality even though all citizens have yet to fell the improvement. In a an interview on Europe 1 radio, the president said the nation’s GDP will increase by 1.5% this year, and the budget deficit will be less than 3% of the […]
A filing with the U.S. SEC revealed on Monday that hedge fund Paulson & Co. slashed its stake in the gold-backed exchange-traded fund SPDR Gold Trust in the first quarter of 2016. The 13F-HR filing showed Paulson $ Co. maintained 4.8 million shares worth $561.7 million on March 31 in the ETF Paulson also cut […]
Today’s focus turns to US and UK CPI inflation as well as US Industrial production figures for the US. Overnight, we saw a quiet session with OIL’s recovery being the main theme. Stocks: Asian stocks have recovered from 2 month lows on Tuesday after a rebound in US where stock markets gained around […]
Online social networking service provider Twitter Inc. has appointed Viacom Inc. subsidiary BET Networks chief executive Debra Lee to its board, the company said. It added that Marjorie Scardino has been appointed as lead independent director, replacing Peter Currie, whose term will end after the annual meeting of Twitter. The meeting will be on May […]
General overview for 17/05/2016: After the lading diagonal wave (i) has been made, the first corrective cycle to the upside looks completed as well. Nevertheless, please remember that the invalidation of this structure is at the level of 124.65, so as long as the internal corrective cycle in a potential wave (ii) green is developing […]
Wave summary: Blue wave ii is becoming more complex that first anticipated, as blue wave ii has turned into a double zig-zag correction. The important short-term support at 1.6479 still needs to protect the downside to keep this count as the preferred count. In the short term, we are looking for a break above the […]
Wave summary: After a perfect 61.8% correction of wave [i] to 122.61, we are now looking for wave [iii] higher towards at least 125.78 and possibly even higher. In the short term, we will ideally see minor support near 123.20 protect the downside for a break above minor resistance at 123.510 and, more importantly, a […]
When the European market opens, some economic news will be released such as the German Buba Monthly Report, Trade Balance, and Italian Trade Balance. The US will release economic data too such as the Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core CPI m/m, CPI m/m, and Building Permits. So amid the reports, EUR/USD […]
In Asia, Japan will release the Revised Industrial Production m/m, and the US will release some economic data such as the Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core CPI m/m, CPI m/m, and Building Permits. So there is a probability the USD/JPY will move with low to medium volatility during this day. TODAY’S […]
EUR/USD: This pair went slightly upwards on Monday – an insignificant thing in the context of a downtrend. As it was mentioned last week, the outlook on this pair is bearish, and further southward movement is expected this week, which could make the price go towards the support lines at 1.1250 and 1.1200. USD/CHF: The […]
USDX is looking to re-test the support level of 94.35, after the Index has been rallying for several days. However, bear in mind that the correction could be extended, and eventually the price could reach the 200 SMA on the H1 chart in order to gain momentum. Otherwise, if USDX does a breakout of the […]
General overview for 17/05/2016: The current corrective structure might be evolving into a more complex pattern as the top for the wave (b) green has been established at the level of 1.2960. An impulsive breakout above this top must occur to invalidate the complex pattern that is now unfolding. The projected target for the wave […]
The Cable has been doing a rebound since the start of the week, as it’s very close to the 200 SMA price zone, where a resistance can be found. If GBP/USD does a pullback around it, then we can expect another decline to test the support level of 1.4316. Another scenario could be a possible […]
Overview The USD/JPY pair found difficulty to confirm surpassing of the 109.00 barrier to trade negatively again. It is hovering around the 108.60 level as the price is affected by the negative momentum. We are waiting for positive momentum that will push the price to resume the bullish wave again. In general, we will continue […]
Overview The gold price failed to break the bullish trend line (shown on the above chart) to trade positively and breach the minor bearish channel’s resistance. The latter forms bullish flag continuation pattern that we expect to lead the price to achieve more gains in the upcoming period, especially given that the EMA50 supports the […]
Overview Silver price attempted to break the neckline of the head and shoulders pattern that appeared on chart without managing to break it. It also made an attempt to visit the bullish channel resistance located at 17.75, supported by breaching of the EMA 50. Besides, stochastic is heading upwards in the four-hour time frame. Therefore, […]
Since our previous analysis, gold has been moving upwards. The price tested the $1,283.64 level in a high volume. On the 5M time frame chart, I found an upward trend line and successful rejection in a low volume. The price is testing an upward diagonal and there has been no selling power for breakout so […]
Recently, EUR/NZD has been moving sideways at the 1.6650 level. Previous analysis is still valid. According to the 30M time frame chart, there is a trading range between the 1.6640 (support) and 1.6800 (resistance) levels.The level of 1.6640 is on the test. Watch for a breakout of the trading range in a high volume to […]
Wave summary: The correction that we looking for in wave [ii] extended lower to the 61.8% corrective target at 122.68 before turning higher in wave [iii]. We will now be looking for a break above 123.81 to confirm that wave [ii] indeed terminated at 122.61 and wave [iii] is moving higher towards at least 125.78. […]
Wave summary: Nothing comes as a surprise anymore as long as it concerns EUR/NZD. The slightly deeper correction to 1.6604 is neither a surprise, but we do believe that the downside should be in place or very limited from here and a new rally to above 1.6931 should be seen anytime now confirming that wave […]
A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). A significant bearish rejection was observed around 1.3450. Hence another consolidation range was established from 1.3450 down to 1.2800. On December 7, a bullish breakout above 1.3450 (upper limit of the recent consolidation […]
Overview: The GBP/USD pair broke support which turned into strong resistance at the level of 1.4257 last week. The level of 1.4414 is expected to act as major resistance today. From this point, we expect the GBP/USD pair to continue moving in a bearish trend from the resistance levels of 1.4257 and 1.4390. Currently, 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 above a few weeks ago. Bullish persistence above 0.6550 (depicted recent support) was necessary to keep the price moving towards higher bullish targets. The price zone of 0.6750-0.6840 constituted a significant […]
