Gold prices come under pressure with the strong dollar being likely to reduce demand for yellow metal. The metal is likely to remain under pressure before the Fed meeting this month end. Traders eye on FOMC meeting, what the outcome will be? IF the US Fed further cuts its bond purchasing program, the journey of […]
Technical outlook and chart setups: 1. The EUR/JPY pair remains locked between 141.00/50 for now. It is still recommended to remain flat and look towards the 143.00/50 region to initiate short positions. 2. Immediate resistance is at 143.00/50, followed by 145.00/50, while supports are spread through 138.50, followed by 134.00 and 131.00 respectively. 3. The […]
Technical outlook and chart setups: 1. The GBP/CHF rallied yesterday and in early trading session today it went through the level of 1.5120. The weekly chart setup depicted here is pointing towards possible extensions at 1.5140/50 and 1.5340/50 respectively. It is recommended to remain flat for now after being stopped out at 1.5030 yesterday. 2. […]
Daily chart: The USDX fell to the 200 SMA and there made a bullish rebound, so it is very likely that the USDX will continue to be firm in the current bullish trend. Recall that the next target of the USDX could be the resistance level of 81.50. However, there is still the possibility that […]
Overview: This week, the GBP/USD pair has an upside movement from 1.6415 to 1.6517, and today the market has opened at the price of 1.6566. Furthermore, the uptrend represents the double bottom of the channel emerging at the level of 1.6415. It is equally important that the RSI has still been positive in the daily […]
Technical outlook and chart setups: 1. Gold fails at $1,268.00 and retraces lower taking out support at sub $1,235.00 levels during early trading hours today. It is recommended to sell on rallies towards $1,249.00/50.00 from here on. Risk remains at $1,262.00/65.00. 2. Immediate resistance is now at $1,260.00/61.00 (intermediary), followed by $1,267.00/68.00, while supports are […]
When the European market opens, some economic news will be released. It will be French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PM, German Flash Services PMI, Current Account, Flash Manufacturing PMI, Flash Services PMI. The US will release some economic data such as the US-Unemployment Claims, US-Flash Manufacturing […]
In Asia, Japan will release the BOJ Monthly Report, and the US will release some economic data such as US-Unemployment Claims, US-Flash Manufacturing PMI, US-HPI m/m, US-Existing Home Sales, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories . So there is a big probability the USD/JPY will move with low volatility during the […]
Daily chart: GBP/USD failed to break the resistance level of 1.6540, after it had formed a bullish pattern below this level, so it is very likely that the bullish trend will remain strong for the rest of the week. The next goal of this pair will be the resistance level of 1.6663, so this pair […]
Overview: The AUD/USD pair had a breakdown and extended further to as low as 0.8760 last week, and it closed at 0.8844 today as well as the price was placed below 61.8% of Fibonacci retracement levels for two days. Additionally, it should be noted that the price had formed a strong support at the level […]
GOLD: The commodity remains weak and vulnerable to the downside following its Tuesday failed recovery. As long as the 1,267.75 level, its Dec 10’2013 high and its declining trendline continue to hold as resistance, risk remains lower. Support comes in at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent […]
Robert Prechter: “Charts tell the truth. Let’s look at some charts.” By Elliott Wave International During QE3, the latest round of the Fed’s quantitative easing, the stock market rose. We all know that. But did you also know that commodities fell? That’s right: QE3 had zero effect on commodities — or maybe even a negative […]
Robert Prechter: “Charts tell the truth. Let’s look at some charts.” By Elliott Wave International During QE3, the latest round of the Fed’s quantitative easing, the stock market rose. We all know that. But did you also know that commodities fell? That’s right: QE3 had zero effect on commodities — or maybe even a negative […]
Another day, another dollar… or Pound Sterling; Swiss Franc – well, you get the idea. Today, our traders eagerly awaited the news out of the UK and of course it delivered! Everyone gave their two cents this morning on logo600′s thread – click here to see who was right. And exhale! Phew! Now the big […]
Unemployment rates in the UK fell at a slower pace than forecast, but were still enough to send the GBP/USD to multi-week highs. The British pound continues to be supported by strong fundamentals. As UK recovery deepens, this trend is expected to continue. In total, 24,000 fewer Britons applied for unemployment benefits, according to official […]
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Overview: USD/JPY is expected to consolidate as markets await the Bank of Japan’s interest rate announcement.The BOJ is expected to take no action, according to all the 10 economists polled by The Wall Street Journal. USD/JPY is undermined by the broadly weaker dollar undertone, Japan exporter sales. The ICE spot dollar index was recently trading at […]
Overview: USD/CHF is expected to trade in higher range after hitting two-month high 0.9156 on Monday. It is undermined by the broadly weaker dollar undertone and franc demand on retreating EUR/CHF cross. Daily chart is mixed as MACD is bullish, 5 and 15 day moving averages are advancing, but stochastics is turned bearish in overbought zone. […]
Overview: NZD/USD is expected to trade with risks skewed higher. It is supported by stronger-than-expected New Zealand 4Q CPI, the hawkish Reserve Bank of New Zealand’s monetary policy stance and Kiwi demand on soft AUD/NZD cross and broadly weaker dollar undertone. The daily chart is mixed as MACD is bullish, but stochastics is neutral. Trading […]
Daily chart In the daily chart, we can see that the USD/CHF is hovering around the same position for the third day in a row. However, we could observe few moments yesterday when it tried to break its strong resistance at 0.9155. So far the price had no more momentum to prove it again. At […]
Overview: GBP/JPY is expected to range-trade supported by the demand from Japan importers. But GBP/JPY upside is limited by subdued risk appetite and Japan exporter sales. Daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling, but stochastics is turning bullish in oversold zone. Trading recommendation: The pair is trading […]
The USD/CAD pair was in consolidation mode in the early North American session, as investors shift their attention to the Bank of Canada rate decision. While no changes to monetary policy are expected, investors will look to determine whether the BOC remains dovish about interest rates. The BOC has held its benchmark lending rate steady […]
The EUR/GBP extended its losing streak to three days after the UK posted another strong jobs report. The single currency, meanwhile, is reeling from the latest European Commission report, which said the failures of the Eurozone could undermine the European Union’s core objectives. The UK Claimant Count Change was -24K in December, the Office for […]
The pound was the currency that rose the most during today’s European session as unemployment in the UK dropped to within striking distance of the Bank of England’s threshold in order to consider an interest rate hike. The September-November unemployment rate dropped to 7.1% compared to expectations of a rate of 7.3%. The previous reading […]
The upward correction in Gold prices from $1,180 will soon reach an end. Prices could very well have already topped and the downward move could already have started. However as long as prices trade above $1,234 there is still a chance that we can see gold prices reach $1,270. Gold’s rising wedge seems broken but […]
The Dollar index continues to be in an upward short-term trend. This bullish trend remains intact as long as prices trade above the upward sloping trend line support. The short-term support is found at 80.90. The short-term resistance is found at 81.20. Prices make a pattern of higher highs and higher lows. This is bullish. […]
Overview: Since our last analysis, gold has been trading sideways, around the price of 1,242.00, we are still waiting for bullish movement and a possible test of previous swing high at 1,260.00.We can observe lacking of supply and volume leveling off around the price of 1,238.00, which is a good sign that gold may start […]
GBP/USD has been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place. Since this breakout, the bulls have been defending 1.6250 as a prominent support for them. Further successful retesting took place on mid of December that pushed the pair again to the upside. […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upwards,as we expected, the price tested the level of 1.6328 on average volume. As you can see in the chart, after the selling climatic action at 1.6270, EUR/NZD started upward movement. Currently, we can observe volume leveling off at the price of 1.6246 which […]
This week, the bulls managed to reach new price levels (around 1.1000) that haven’t been reached since September 2009. This bullish momentum is purely fundamental-induced due to the positive data from the United States. Yesterday, Fed watcher Jon Hilsenrath comments about the probability to reduce further monetary easing in the next week applied further bullish […]
