Daily Forex Market Analysis with Michael Florentiades – Chief Economist – Head of Investment Research at XM.COM. (yen supported by falling stock markets; euro attempts to break 1.39 against dollar) Related Posts:What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024 Walt Disney reports earnings before Wall Street’s opening bell on May 7…Technical Analysis […]
Technical outlook and chart setups: 1. The EUR/JPY produces a bullish bounce right at the cone support around 140.50 levels. The pair is trading at 141.40/50 levels at the moment and resistance is now seen at 142.60/143.00 levels. Please note that cone consolidation resistance line remains key for the next big move. 2. Support is […]
The Bank of England keeps rates low. Growth is looking healthier in the UK and inflation is still below the target, so it’s unlikely the bank will its benchmark interest rate from the current 0.5%. Bank of England policymakers allows the UK’s recovery to gather pace. The Committee also voted to maintain the stock of […]
Technical outlook and chart setups: 1. The GBP/CHF pair reverses ahead of the 1.4850 mark. At the moment the pair is trading well below 1.4700. It is expected to receive interim support at 1.4600 levels for now. a bullish reversal there should prompt us to exit short positions. 2. Support is seen at 1.4650/60, followed […]
Last week when the Dollar index broke out of an ending pattern, it should have seen a strong rally, but for the 9th time it failed to get past the 20-week and 20-month averages. This keeps open the possibility that a larger triangle is forming. Below the recent low of 79.27, the last support exists […]
Apprehensions on overvalued technology shares took its toll on Wall Street, which plummeted the Nasdaq by 3.1% and ignited deep plunges in the wider stock market on Thursday. Dow Jones Industrial Average declined 266.96 or 1.62%, to 16,170.22. S&P 500 dropped 39.10 or 2.09%, to 1,833.08. Some analysts described the sell off as moderately indiscriminate even though […]
The US dollar was all set for the largest weekly decline in eight months versus a basket of its major counterparts prior to US data the economists said would reflect inflation pressures are still restrained. The greenback dropped against the Japanese yen as Treasury yields hit a four-week low yesterday, the day after the Federal Reserve’s minutes […]
Asian stocks suffered losings on Friday as an abrupt sell off on Wall Street eclipsed mellow Chinese consumer inflation figures. China’s consumer prices climbed 2.4% in March from last year but producer prices dropped at an annual 2.3%. Japan’s benchmark index declined below 14,000 points for the first time since October because of a firmer yen as the currency […]
Crude oil has recently looked like forming a 5-wave decline. But the subsequent rally has gone past key retracement, so I have reworked the wave counts. Most momentum indicators are now in buy mode and holding weekly and monthly averages prepared for wave 3 up to 112. The Goldman energy ndx also shows a wave […]
The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in almost seven years, which could bolster views of an acceleration in job growth after a cold winter dampened hiring. Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended […]
Daily chart: The GBP/USD remains above the support level of 1.6766, it’s expected to continue corrective movements since the GBP/USD has been in a lateralized bullish trend. The goal remains the resistance level of 1.6851. However, a breakout in the support level of 1.6766, this pair could lead to fall to the level of 1.6663. […]
In Asia, Japan will release the Monetary Policy Meeting Minutes, CGPI y/y, M2 Money Stock y/y, 30-y Bond Auction; the US will release some economic data such as PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations. So there is a big probability the USD/JPY will move with low volatility during […]
When the European market opens, some economic news will be released such as German Final CPI m/m, 30-y Bond Auction.The US will release the economic data too such as the PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations, so amid the reports, EUR/USD will move with low to medium volatility […]
Daily chart: The USDX is maintained in the current bearish trend, so it is very likely that the USDX will touch the support level of 79.19 soon. However, we must be cautious to a bullish rebound at current levels, as the USDX is oversold and it is normal to perform corrective movements. The MACD indicator […]
EUR/USD: From the support line at 1.3700, this market has moved upwards by roughly 190 pips. The weakness in the USD/CHF is giving the EUR/USD a good leverage, plus the market would go upwards as long as the USD/CHF is weak. The resistance line at 1.3900 is now subject to the bulls’ assault. USD/CHF: The […]
Around the price zone of 1.6780-1.6800, a double-top pattern scenario was established with the neckline located around the price zone of 1.6620-1.6660. Daily fixation below this price zone enabled the pair to reach 1.6464 (61.8% Fibonacci) as a projection target. The recent low at 1.6465 then 1.6555 ( corresponding to the depicted uptrend line) prevented […]
Daily fixation below 1.3870 gathered enough bearish pressure to push the pair towards the recent demand zone around 1.3700. At the end of the previous week, there has been an intraday demand level expressed at 1.3700 which paused the recent slide off 1.3965 pushing again above 1.3800. It’s important to note that the EUR/USD pair […]
The depicted uptrend line remains intact since it was established in November 2013. Successive ascending bottoms were established around 1.5850, 1.6250, and 1.6460, and recently another ascending bottom around 1.6565 was established. The pair has established new resistance levels between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in […]
This week, the USD/CAD pair has returned to test the previous support zone around 1.0900 (50% Fibonacci level) which provided a considerable support at retesting on February 19 where the USD/CAD pair established a consolidation zone between 1.0960 and 1.1190. The depicted chart shows that the USD/CAD bulls didn’t show enough bullish momentum above 1.1200. […]
On March 12, the bulls failed to establish an ascending top. Instead, a Double Top reversal pattern was established at 1.5500. The neckline was located at 1.5200-1.5170 also corresponding to the lower limit of the depicted channel. The Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but also confirmed a bigger […]
In this edition, we will be talking about yesterday’s FOMC minutes and its impact on the markets; BOE’s rate decision and US jobless claims – just some of today’s market events; the economic situation in China and, finally, Facebook’s latest decision that will impact your use of the social network. Yesterday’s FOMC minutes showed the […]
The March Indices Competition is over, we have counted up and verified all the results, and we have our list of winners! Ninety two people from our eToro OpenBook community have qualified for the prizes, with the big $20,000 prize going to ZamOpusStrategy from Malaysia. We want to sincerely congratulate all our winners and thank […]
Overview In the shown H4 chart, the pair failed more than once to break the Support level of 170.50 and is still trading above it since yesterday. The pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 171.50. Currently, it is preferred to wait […]
The rejection of the Dollar index at the 80.60 price level was very important as we noted in previous analysis. I also mentioned that support at 80 and 79.70 was very important and if the price breaks below these levels, we should expect a sharp decline that will challenge the lows near 79.20. This is […]
Overview: USD/JPY is expected to trade in higher range. It is underpinned by the reduced safe-haven appeal of yen and yen-funded carry trades amid positive global risk sentiment (VIX fear gauge eased 7.19% to 13.82; S&P rose 1.09% overnight) after minutes from last month’s Federal Reserve policy meeting showed no signs of accelerated interest rate […]
Overview: USD/CHF is expected to consolidate with bearish bias after hitting a three-week low at 0.8786 on Wednesday. It is undermined by the negative USD sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank’s monetary policy stance. Daily chart is negative-biased as stochastics is bearish, […]
Overview: NZD/USD is expected to consolidate with bullish bias after hitting two-and-a-half year high at 0.8725 on Wednesday.It is underpinned by the Kiwi demand on NZD/JPY cross amid positive risk appetite and negative USD sentiment, buoyant commodity prices and hawkish Reserve Bank of New Zealand’s monetary policy stance, hopes of further stimulus in China and […]
Overview: GBP/JPY is expected to trade in a lower range. It is supported by the positive global risk sentiment and demand from Japan importers. But GBP/JPY gains are tempered by the reduced expectations of further easing from the Bank of Japan and Japan exporter sales. Daily chart is still negative-biased as MACD and stochastics are […]
FOREX Daily Outlook by Easy-Forex.com The EU Morning Report – Greece returns back to the markets today – 10 April 2014 Written by the easy-forex team Currencies The euro (EUR) continued its bullish momentum by gaining ground against the US dollar (USD) and climbed up to 1.3870. The single currency remains strong as the European […]
Overview: Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5930, we are still waiting for larger movement. According to the daily chart, we can observe weak supply bar on the volume just above the average, which is a sign that we may see possible smaller bullish correction before […]
