GBPUSD has reached higher in the last few trading sessions. Today’s high was 1.38191 before the price retraced lower. All of this current leg higher resulted from a breakout of the Bull flag pattern starting on the 3rd of January, the high of which forms new support at 1.36127. The breakout occurred on Friday at […]
The dollar fell further on Monday against the Japanese Yen after the Bank of Japan’s (BOJ) move to adjust its bond-buying scheme was announced last week. Some investors consider BOJ’s decision to trim its purchases of long-term bonds as a tapering of its large quantitative easing programme. This has been perceived by the market as […]
Today is Martin Luther King’s Birthday, which is a Bank Holiday in the United States. As a result, the Economic Calendar is relatively light today. US Federal Reserve Bank of Boston President Rosengren spoke from San Diego. He made comments about Fed policy and how the policy framework should be updated. He said that further […]
The USDCHF pair has moved lower to test important support today at 0.96990. This is a crucial level because a loss here creates a lower low and a potential test on the supporting trend lines down to 0.96700. Below this level price can break down to 0.96193 and 0.69000 beyond. Support below can then be […]
Bitcoin, Ripple and Ethereum have experienced a sharp sell-off this week on concerns South Korea is preparing to ban cryptocurrency trading. South Korea is among the world’s largest cryptocurrency markets, and a ban in trading would dry up liquidity. However, the stance was softened on Friday as the South Korean Presidential Office said that a […]
US FED’s William Dudley spoke on Thursday at the Securities Industry and Financial Markets Association in New York. “Over the longer term I am considerably more cautious about the economic outlook,” said Dudley, “Keeping the economy on a sustainable path may become more challenging,” due to the risk of ‘’overheating’’. He made the point that […]
The GER30 index has experienced a pullback from the latest highs at 13426.80. After yesterday’s selling pressure it has failed to retrace the move and has instead produced a sideways consolidation pattern. The channel has been formed, and despite breaking down below the channel bottom at the end of 2017, price action returned to within […]
The Australian dollar rallied on Thursday on the release of data showing better-than-expected retail spending. The Australian Bureau of Statistics said month-on-month retail turnover rose 1.2 percent in November, triple the estimates of economists and the biggest jump in 5 years. The growth was attributed to a surge in electrical goods sales spurred by the […]
During yesterday’s trading session headlines broke that China would reduce or halt its purchase of US Treasuries. This set off moves in Currencies, Commodities, Bonds and Stock. Gold reached a high of 1327.5, the US 10-Year got to a high of 2.59%, SPX 500 fell to 2736.50, while USDJPY fell to 111.285. GBPUSD jumped up […]
EURUSD has pushed higher to 1.20000 on the back of Chinese decisions to reduce or halt the purchase of US Treasuries. This had led to moves across the board in Currencies, Stocks, Commodities and Bonds. The US Dollar has weakened further on this news, which can be seen as a counter to the muted report […]
U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for the week ending 5th January, against an expectation of 3.89 million barrels. This is the sixth week in a row that API has […]
After yesterday’s surprise move by the Bank of Japan to reduce bond purchases, the Yen has continued its move against other currencies. GBPJPY, for example, is down -0.65%, trading at 151.556, adding to yesterday’s move. Stops are being triggered in an unwind of the recent trend. Even the Japanese stock market is under pressure, with […]
GBPJPY has been trending higher of late, reaching a high of 153.651 during yesterday’s trading session. This has led to a decline today and a break under key support at 153.000 and 152.850. In fact, the supporting trend line from the middle of December had been tested and failed earlier today, despite being supported by […]
The U.S Dollar Index, which measures the greenback against six rival currencies, strengthened this week helped by a pullback in the Euro. The index is now extending the recovery to test 92.6, after three weeks of selling towards the end of 2017 amid uncertainty over the path of Federal Reserve rate hikes. This morning saw […]
Earlier today the Bank of Japan announced that it would taper its Japanese Government Bond purchases. The ‘taper’ reduces the size of 10 to 25-year debt from ¥200 billion to ¥190 billion and +25 year bonds from ¥90 billion to ¥80 billion. It’s unclear if this will be carried through to the next purchase or […]
USDJPY has found support just above 120.000 and traders have managed to push the price higher to test resistance at 113.380. Price is currently back at the old resistance level of 113.114. A break out of the resistance trend line would target the top of the range at 113.674 and then a confirmed close above […]
The Canadian dollar strengthened against the U.S. Dollar on Friday, as the probability of a rate hike by the Bank of Canada (BOC) in January soared to over 80%. The move came after stronger-than-expected domestic jobs data showed that the surging Canadian economy added 78,600 new positions in December for the second month in a […]
Canadian Jobs reports came in strongly for the second month in a row, far exceeding expectations and leading to strong moves in CAD crosses. Unemployment is at a low of 5.7% and focus is shifting today towards the Bank of Canada Business Outlook Survey at 15:30 GMT. Traders will look for any indicators that could […]
The US30 index is having a stellar start to the New Year. Since it closed 2017 around 24700.00 it has gotten to the 25150.00 in a few short days. This highlights the strength of the current bullish leg higher. Bears have been swept aside and the index has created new all-time highs on the back […]
The total market capitalization of all cryptocurrencies made new all-time highs of over $700 Billion. The growth in the overall market cap has been boosted by rises in altcoins as demand for Bitcoin (BTC) has been waning recently. Although the mainstream media continues to report on Bitcoin, there is a power shift following extraordinary price […]
Australian Trade Balance for November came in very wide of the mark at -628M v an expected 915M. The previous reading was revised down to -302M from 105M. This was the second month in a row where there was a substantial miss to the downside. AUDUSD moved lower from 0.78679 to 0.78429. Eurozone Markit Services […]
EURUSD is breaking above a Bull flag pattern in a 1 Hour Chart. This pattern has the potential to take the price towards 1.21500 and 1.22000. But first, the flag high at 1.20809 must be surpassed. Next resistance is at 1.20920 and 1.21000, which presents an area of resistance that can slow the current rally. […]
China’s Caixin services PMI showed that China’s services sector activity expanded at its fastest pace in over three years. The outlook improved to a six-month high according to the survey. The PMI for December clocked in at 53.9 versus 51.8 expected. A reading above 50 indicates growth and a reading below signals contraction on a […]
Federal Open Market Committee Meeting Minutes were released on Wednesday. Most Fed officials agreed to continue with gradual rate hikes. They highlighted the expected increase in the pace of inflation as one of the reasons to shorten the time between hikes. However, they also highlighted the failure of inflation to increase above 2% as a […]
EURGBP EURGBP has pulled back from the high it achieved on the first trading day of January at 0.89182. It has fallen back to the area of the moving average cluster around 0.88600 on the 4-Hour chart. This has pushed the price out of the rising channel, with a low at 0.88477. Should this low […]
Commodity stocks benefiting due to strength in oil and metals prices, combined with positive sentiment from gains on Wall Street are helping to support a rally on European stock markets. DAX The DAX index of German stocks rebounded as latest figures showed that the jobless rate held steady at a record low of 5.5 percent […]
Yesterday’s US trading session ended positively with the S&P500 equity index closing at a new record high, while Dow Jones and Nasdaq100 also gained and ended up close to all-time highs. Currency markets were mainly flat during the Asian session, commodity currencies AUD, NZD, and CAD retreated slightly against the U.S. Dollar. At the start […]
Crude Oil prices made a strong opening amid anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. The biggest anti-regime protests in a decade saw thousands of people take to the streets across the country in defiance of a warning by authorities of a crackdown. Iran is a major exporter of […]
The USD has been under pressure recently, with the Swiss Franc one of the currencies seeing the price action trend lower. Since early November, the pair has dropped from the 1.00365 level. Today it stands at 0.97000. The price has come lower in a channel and at the current price is close to the bottom […]
US Dollar weakened further in the first few trading hours of 2018, slipping against most of the other majors, with the exception of the Japanese Yen. Japanese markets do not reopen until Thursday and therefore USDJPY is in a tight range presently. Switzerland is also on a bank holiday today, reopening tomorrow. Caixin Manufacturing PMI […]
