General overview for 28/01/2014 08:30 CET The lack of an immediate bullish bounce to the upside above the area of 141.01 – 141.14 prevents from ruling out a more downside wave development possibility. Currently the market is at the very important key level zone and breakout higher is needed to confirm the low for wave […]
Today’s Support and Resistance levels: R3: 1.6643 R2: 1.6599 R1: 1.6558 Current spot: 1.6491 S1: 1.6492 S2: 1.6463 S3: 1.6410 Technical summary: We have seen the expected decline towards support at 1.6492 to finish the flat correction, which has developed the last couple of days. Once this flat correction is finished, we should expect a […]
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January 28, 2014 – Commodities News Hot Asset For Today: Gold The price of Gold returned down to $1,252/ounce during yesterday’s trading hours. The price has reacted on the speculation over the FOMC meeting where we expect another cut in monetary stimulus to $65 billion/month. The physical demand also remained weaker as the price jumped […]
January 28, 2014 – Forex News Hot asset for today: GBP/USD On the first day of a week the EUR/USD pair moved sideways without higher volatility. The pair slightly increased to 1.3715 level after better-than-expected German Ifo Business Climate results but fell afterwards to 1.3650. Today we should pay attention to U.S. Core Durable Goods […]
General overview for 28/01/2014 08:10 CET The idea of a price formation called head and shoulders yesterday did not work out really and it has been abandoned for now. Instead of that the count has been updated and now it suggest a possible top in this market. The downside reaction is not that much impulsive […]
The risk-off sentiment in the currency markets has dwindled as the emerging market worries have waned for now and focus shifts to the Federal Reserve policy meeting on Wednesday. Expectations of continuation of Fed tapering has provided support for the dollar. In its last meeting in December, the Fed announced it will trim its bond […]
EUR/USD: The Bullish Confirmation Pattern on the EUR/USD is still valid and the price would go further upwards after it leaves the current consolidation phase. The Williams’ % Range has retraced southwards a little that means there is a hidden weakness in the market – a good point from which the price can rise further. […]
The global deterioration of equity markets paused overnight in Asian markets, a day after stocks in the region fell to six-month lows. Slowing growth in China together with Fed’s tapering of QE prompted fresh fears about the outlook for emerging markets. Last week’s slide in the Argentinian peso after the central bank there halted policies […]
European markets have opened higher today, as investors mulled over corporate earnings from several European companies. However, investors mostly avoided taking big bets before the Federal Reserve monetary policy meeting that is scheduled to commence today. Closer home, investors eyed preliminary data that might show that the nation’s economic growth expanded 2.8% YoY in the […]
In Asia, Japan will release the CSPI y/y and the US will release some economic data such as US-Core Durable Goods Orders m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session. TODAY’s […]
The biggest event yet to come on Wednesday through the Fed decision expecting for $10 billion tapering. The yellow metal has already factored it, rallied towards 2-month’s high. Chinese physical demand ahead of lunar New year celebrations and weakness in the US dollar makes gold more attractive. Gold made a 5-week upmove in the weekly […]
When the European market opens, some economic news will be released such as German Import Prices m/m. The US will release the most important economic data such as the US-Core Durable Goods Orders m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index, so amid the reports, EUR/USD will move with low to medium volatility during this day. […]
Technical outlook and chart setups: 1. At the moment, Silver remains unchanged, trading within $19.50 and $20.20/30. It is recommended to remain flat and look to initiate longs towards the sub $19.00 region. 2. Immediate resistance is at $22.00, while supports are spread through $19.30/40, followed by $19.00 and $18.75 respectively. 3. Structure reveals that […]
Technical outlook and chart setups: 1. The metal has retraced from its recent highs at $1,276.00/79.00. It is still expected to fall further in a corrective manner though, hence recommendations are to remain short for now. Risk remains a $1,283.00/84.00. 2. Immediate resistance is at the $1,290.00/95.00, while supports are spread through $1,230.00, followed by […]
Technical outlook and chart setups: 1. EUR/JPY looks to have initiated its counter trend rally ahead of the major fundamental event tomorrow. It is recommended to sell on rallies into 143.00/50 region from here on. 2. Immediate resistance is 143.00, followed by 145.50, and supports are spread through 138.50, followed by 134.00, 131.00 and lower. […]
Technical outlook and chart setups: 1. The GBP/CHF pair has staged a counter trend rally, as discussed and expected, into the sub 1.4900 region. As seen here, the fibonacci 0.618 resistance is at 1.4960, which could be the next point of reversal. It is recommended to remain short and add further on rallies. Risk remains […]
A slide in emerging forex markets was led by the Argentina’s peso and Turkish lira. Global macroeconomic data was mixed, with the euro zone PMI reading for January showing a recovery, while China’s GDP fell to a 14-year low of 7.7%. The biggest 1-day fall of Argentina’s peso on last Thursday was more than a […]
In the US dollar front, it made a double high at the level of 80.56 and it is trading below 21DEMA that is the major bearish factor. Until it crosses it, we remain in bearish mode. After hitting a 2-months high of 81.39, the dollar index sharply declined to 80.15 In the technical front, oscillators […]
Overview: The price of the USD/CHF pair is supposedly going to form strong support at the level of 0.8903 (00% of Fibonacci retracement levels in the H4 chart, it had formed the last bearish wave last week. It should be noted that the price is going to form a double bottom at this level, but […]
Trading recommendations: Pair: GBP/USD Date: 28/1/2014 According to the previous events, the price of the GBP/USD pair has still been moving between 1.6640 and 1.6515. Long buying: Buy above 1.65 in the short term with the first target of 1.6566, it might resume to 1.6634 (the weekly resistance 1). Short selling: Outlook 1: Swing trade […]
Daily chart: The USDX is forming a higher low pattern below the level of 80.62, so it is a clear confirmation that the USDX is trying to continue falling below the 200 SMA. However, the USDX had already formed a fractal near the support level of 80.11, so the USDX would probably try to climb […]
Daily chart: After the sharp drop this pair had last week, during yesterday’s session the pair managed to recover. However, this pair is trying to consolidate above the support level of 1.6540, but it still has high chances of falling in the medium term. If this pair manages to break the resistance level of 1.6663, […]
January 27, 2014 – Weekly News WEEKLY REPORT 27/01-31/01 EUR/USD Last week the EUR/USD pair had been moving sideways for first 3 days but on Thursday with strong European data and weak American data the pair jumped from 1.3540 level to almost 1.3700 level. The pair tried to climb more on Friday but lost momentum […]
80% taxpayer owned bank, Royal bank of Scotland (RBS.L) released news near the end of trading today detailing its plans to set aside another £3.1Bln to pay for fines, damages and customer compensation relating to the credit crisis and market rigging allegations. Boss Ross McEwan said “The scale of the bad decisions during that period […]
CRUDE OIL: With its bullish offensive cut short following a two-day weakness, further decline cannot be ruled out. On further decline, the 94.51 level, its .50 Fib Ret (its 91.27-97.24 move) will be targeted where a violation will aim at the 93.74 level, representing its .618 Fib Ret. Additionally, support comes in at its psycho […]
Good afternoon and good trading week eToro’s Community! We have some interesting developments to start the week with; let’s take a look at them: Two of the major stocks that we have in eToro are making noise in the newspapers. After months of speculation about a potential multi-billion dollar deal, AT&T have announced they are not planning to buy out Vodafone any time soon. The news […]
This is the final instalment of my 3-part series of a seminar I attended about a year ago in Durban, South Africa. Part 1 gave the background to this seminar and told about The Man And The Helicopter. You can read it here if you have not seen it yet: Part 2 was about Stampeding […]
The EUR/USD pair faces heavy action this week, as economic data from the United States and European Commission make headlines. The pair opened the week trading to the downside despite positive IFO data from Germany, the Eurozone’s largest economy. The IFO Business Climate Index rose 1.1 points to 110.6 in January. The pair was dragged […]
The USD/CAD will look to test new highs this week, as traders bid up the greenback in anticipation of further stimulus cuts from the Federal Reserve. The pair soared last week to 1.1156, a four-year high. The bearish Canadian dollar will be at the mercy of the greenback this week, as Ottawa has very little […]
