General overview for 03/03/2014 03:30 CET There is one more wave to the downside needed to complete wave B green of the correction before the upside trend will resume. The most important area right now is the grey rectangle zone between the levels of 1.1016 – 1.1027, marked as supply breakthrough zone or the key […]
Crude oil hit a 5-month high early on Monday as geopolitical tensions between Russia and Ukraine escalated. Threats of sanctions on Russia could disrupt supplies to Europe which receives a third of its supply from there. Oil prices opened on Monday with a gap higher at 103.14 compared to Friday’s close of 102.65 and hit […]
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General overview for 03/03/2014 08:40 CET The blue wave (b) turned up to be a ZigZag correction to the upside instead of a simple abc purple that I labeled last Friday. Now it looks completed and another leg down in this corrective sequence may be in progress. The gap that traders can see is a […]
Flows were to the safe haven yen on Monday due to geopolitical risks as Russia threatens to invade the Ukrainian region of Crimea. Europe could be affected by a disruption of oil and gas supplies from Russia if sanctions are imposed on Russia. One third of Europe’s natural gas supplies come from Russia. In other […]
The pair broke a 2-month support trend line, but managed to close above the trend line. The pair is trading at the level 1.1058 in Asia. In the hourly chart the RSI gives a positive indication, expect some pullback towards 1.1084 and 1.109. If the pair breaks below 1.1055, more panic is expected towards 1.0968 […]
The pair broke the strong support at the level of 0.8800 on Friday. It made a low at 0.8878. The pair is trading in a descending pattern for more downward. During the Asia’s trading session, the pair is trading at the level of 0.8795. More downside action is expected below 0.8770 towards 0.8648 and 0.8568.The […]
The US government revised its economic growth for the fourth quarter as consumer spending and exports were less than calculated earlier. The annual GDP expanded 2.4%, down from 3.2%. The US dollar fell to 79.69, a one-year low. In Friday’s trading session, USD made a low at the level of 79.69, taking support from October […]
In Asia, Japan will release the Capital Spending q/y and the US will release some economic data such as US-Core PCE Price Index m/m, US-Personal Spending m/m, US-Personal Income m/m, US-Final Manufacturing PMI, US-ISM Manufacturing PMI, US-Construction Spending m/m, US-ISM Manufacturing Prices, US-ISM Total Vehicle Sales. So there is a big probability the USD/JPY will move with […]
EUR/USD: The market was able to skyrocket from the support line at 1.3650 towards the resistance line at 1.3800. That was a movement of at least, 150 pips. The resistance line at 1.3800 itself is under furious attack, and it is currently giving way for the price to move further north. It is possible that […]
When the European market opens, some economic news will be released such as Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI, and the ECB President Draghi Speaks. The US will release the economic data too such as the US-Core PCE Price Index m/m, US-Personal Spending m/m, US-Personal Income m/m, US-Final Manufacturing PMI, US-ISM Manufacturing […]
Daily chart: The USDX opened this week with a bullish gap, but remember that the USDX has been in a strong bearish bias, so this gap can help the USDX begin to form a higher low pattern to continue falling. The nearest support level is at the level of 79.50 and it is very likely […]
Daily chart: GBP/USD opened this week with a bearish gap although the pair remains very strong in the current bullish bias. For this week, it is likely that this pair have to contend with the strong resistance level of 1.6766. If the pair manages to make a breakout at that level, it would be expected […]
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USDCHF: With continued weakness seeing USDCHF testing a low of 0.8776 before closing lower at the 0.8801 level on Friday, further decline remains intact. It requires a break and close below the 0.8798 level, its Dec 27 2013 low and the 0.8776 level, its past week low to decline further. Further down, support lies at […]
Overview: USD/JPY is expected to consolidate after hitting its one-week low at 101.72 on Thursday. It is underpinned by the yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge eased 2.16% to 14.04; S&P rose 0.49% overnight) as Fed Chairwoman Janet Yellen in her testimony before U.S. Senate Banking Committee said harsh weather […]
Overview: USD/CHF is expected to trade with bearish bias. It is undermined by the weaker dollar sentiment, flows to haven CHF amid tensions in Ukraine and franc demand on rebounding CHF/JPY cross and on soft EUR/CHF cross. But CHF sentiment are dented by weaker-than-expected Switzerland 4Q GDP growth of +1.7% on-year (versus forecast +2.1%). USD/CHF […]
Overview: NZD/USD is expected to consolidate with bullish bias after hitting its eight-day high 0.8391 Thursday. It is supported by the weaker dollar sentiment, improved risk appetite, kiwi demand on soft AUD/NZD cross and hawkish Reserve Bank of New Zealand’s monetary policy stance. But NZD/USD gains are tempered by the concerns over economic slowdown in […]
Overview In H4 chart, the pair failed more than once to break the Support level of 169.75 and it has been trading above it since yesterday. In today’s H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 170.50 which is already […]
NZDUSD has been locked in strong uptrend since the February 26 low of 0.8280 until today’s high of 0.8424. The market found resistance at this high and has since pulled back, heading towards the 23.6% Fibonacci level of the move up from the February 26 low to today’s high. This support level is found at […]
Eurozone inflation data printed a higher-than-forecast number today and lifted the euro to a new 2014 high against the dollar. The annual flash estimate showed consumer prices rose 0.8% in February, beating estimates of 0.7% while keeping the same pace as in the prior two months. The upbeat data lowered expectations that the European Central […]
It will be a busy week in terms of economic data, central bank meetings and geopolitics. First of all, if the situation in the Ukraine deteriorates and in particular if Russian armed forces become involved (an unlikely scenario at present), safe haven assets and currencies could gain. On the other hand, if that particular situation […]
FOREX Daily Outlook by Easy-Forex.com The EU Morning Report – The aussie tumbles down to its monthly low – 28 February 2014 Written by the easy-forex team Currencies The euro (EUR) moved even lower touching the level of 1.3642 before the rebound up to 1.3726 against the US dollar (USD). The pair moved lower after […]
Overview: GBP/JPY is expected to trade in higher range. It is supported by the improved risk appetite, demand from Japan importers and loose BOJ’s monetary policy. But EUR/JPY gains are tempered by the Japan exporter sales, tensions over Ukraine, and speculation that the European Central Bank might ease monetary policy at its meeting next week […]
The pair remains in the bearish impulse initiated off its peak price around 1.6820 as long as this highest price doesn’t get broken through. The breakdown of 1.6600 is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of […]
Successive ascending bottoms are being established on the daily chart. This means the uptrend line established on September 2013 is still intact. The ongoing bullish impulse is probably targeting at 1.3900 corresponding to 100% Fibonacci Expansion. The pair failed to reach this price level on the previous attempt that took place on December 2013. As […]
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Considerable support was provided around 1.6250. This price level corresponds to the previous multiple tops as well as the recent bottom. A breakthrough above the price zone of 1.6590-1.6660 opened the way directly towards the upper limit of the depicted channel around 1.6820 where the bears established a prominent top. As expected, a bearish impulse […]
After fresh highs have been hit recently, the USD failed to keep its gains against the CAD. The pair established a prominent top around 1.1220 that pushed the USD/CAD pair back to the previous congestion zone between 1.0850 and 1.0960. This congestion zone provided considerable support at retesting on February 19. This led again towards […]
On January 24, the EUR/AUD pair initiated a downside movement. This movement was maintained within the depicted bearish channel. On February 13, the bulls expressed a bullish breakout above the upper limit when the bearish momentum expressed considerable weakness. Simultaneously, the bulls established a bullish Head and Shoulders pattern off 1.5000. The neckline is roughly […]
