After a strong recovery the Australian dollar moved to the level of 0.98 yesterday and fell considerably after the policy statement of the Reserve Bank of Australia. The entity left, unchanged interest rate at 2.75%, as expected, however, if you look at the graph this pair has left a gap at the beginning of the […]
Yesterday the euro moved upwardly due to a surprising drop in the ISM Manufacturing, which fell just below the 50 level, indicating that there is a contraction in the sector. As a result, the U.S. dollar depreciated against all crosses. However, this morning at the American session the euro was trading below 1.31 level. Yesterday […]
Overview: USD/JPY is consolidating with bearish bias after hitting three-week low of 98.86 on Monday. The rate is undermined by negative dollar sentiment as surprise fall in U.S. ISM manufacturing PMI to four-year low of 49.0 last month from 50.7 in April (vs forecast for rise to 51.0) and smaller-than-expected 0.4% increase in U.S. April […]
Overview: USD/CHF is consolidating with bearish bias after hitting near one-month low of 0.9408 on Monday. The rate is undermined by negative dollar sentiment; franc demand on soft EUR/CHF cross; stronger-than-expected rise in Switzerland PMI to 52.2 in May (vs 50.6 forecast) from 50.2 in April. Daily chart is negative-biased as MACD and stochastics are […]
Overview: NZD/USD is trading with bullish bias. The rate is underpinned by negative USD sentiment; firmer commodity prices; NZD-USD yield gap. But NZD/USD gains are tempered by Kiwi sales on buoyant AUD/NZD cross. Daily chart is positive-biased as stochastics is rising from oversold; negative MACD histogram bars are contracting. Trading recommendations: The pair is […]
Overview: GBP/JPY is consolidating with bullish bias after hitting near-one-month low. The rate is undermined by weak USD/JPY undertone; euro sales from Japan exporters. But GBP/JPY losses are tempered by euro demand from Japan importers; BOJ’s aggressive easing measures to help achieve its 2% inflation target. Daily chart is negative-biased as MACD and stochastics are […]
Overview From the today’s H4 chart, the metal is still trading between the Support level 22.00 and below the Resistance level 23.00 after its failure to break the Resistance level yesterday and bounced from it to take a slightly downward move and currently is re-testing the Support level 22.00 again. Presently we suggest waiting for closing […]
Overview From the today’s H4 chart, the pair failed to continue its bearish move and could not break the Support level 152.00 and bounced from it to reverse its downward move taking an upward movement and managed to close above 152.50 and the downward trend line as well. Currently the pair is approaching the Resistance […]
Overview: Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, we got our first target level at price 1.6200. Just after testing of level 1.6120 the price rejected and made corrective move and tested level 1.6330. On the daily chart we got two climatic bars (ultra high volume […]
Technical outlook and chart setups: Silver is a classic example of sideways consolidation and the game of support-resistance. Support band is 22.00/10, while resistance range is 23.00/10 respectively since several trading sessions. The overall wave structure remains constructive for bulls, hence it is recommended to hold long positions and buy further on dips. For those […]
Overview: Since our last analysis Gold has been trading in upward moves. It rejected very well from the level of 1,415.00 (our supply level) and we may expect future down. We are still waiting for our first short-term target level FE 61.8% at price 1,323.00, according to the daily chart. I saw decreasing volume in […]
Technical outlook and chart setups: The yellow metal is holding the short-term immediate line of support as depicted here. It is recommended to hold long positions for now, since the overall structure remains constructive for bulls; a possible 3 wave pullback is under way towards 1,500/20 levels. Immediate support is at 1,370.00, followed by 1,360.00 […]
Technical outlook and chart setups: The single currency pair has broken immediate line of support last week. Furthermore, it has tested resistance at 132.00 level as well. The current rally from 129.50 to 131.40/50 can still be defined as retracement of earlier fall; and an opportunity to initiate further short positions. It is recommended to […]
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level. Yesterday, the USD/CAD pair dropped sharply but remained stable above significant support 1.0260 (previous top established in April). This enhances the bullish view for the pair. As long as the USD/CAD […]
Psychological Support 1.5000 that corresponds to Fibonacci 78% pushed the GBP/USD pair strongly to the upside above 1.5130 (Fibonacci 61.8%) then above 1.5220 (Fibonacci 50%). Last Friday, the pair found it was difficult to consolidate above 1.5220 (Fibonacci 50%) which brought it back down to 1.5130 in line with the negative money flow sentiment at under -16%. Price […]
Manufacturing PMI in the UK in May was 51.3 vs. forecast for 50.1. The result is in positive territory (higher than 50.0) and it is for the first time in four consecutive months. When weak US data on ISM Manufacturing and Construction Spending was published, investors thought that the Fed would not cut QE3 […]
“The British construction sector activity improved slightly during the month of May supported by strong activity for the residential construction sector, according to data released by the economic Foundation “Market”. However, economists still expect the sector to remain within the scope of the shrinkage.” The pre-mentioned double bottom pattern was confirmed last week when we had […]
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level. Yesterday, the USD/CAD pair dropped sharply but remained stable above significant support 1.0260 (previous top established in April). This enhances the bullish view for the pair. As long as the USD/CAD […]
EUR/USD ended last week’s trading with a positive weekly candlestick. Moreover, it has confirmed its bullish direction as the pair managed to trade above 1.3050 which comes to meet a downtrend line that extends from 1.3700. Yesterday, we had a strong bullish daily candlestick that broke out off neutral zone extending from 1.2880 to 1.3050, this […]
GBP/USD: Resistance: 1.5380 (sell below this level). Support: 1.5200 (buy above this level for retesting this level for a short period). Trend (time frame: H1/H4): Upward (there is still an ongoing bullish trend). Range: 230 pips (weekly). Trading recommendations: According to the previous events, the price is still between the levels of 1.5300 and 1.5270. […]
Overview: USD/CHF’s subsequent sharp fall suggests that decline from 0.9610 yesterday had resumed to 0.9410 (strong support will be set at 0.9380). It should be noted that the price has still been trapped between 0.9450 — 0.9503 as well as the price has been set below strong resistance at the levels of […]
June 4th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist A decline in the ISM manufacturing report from the US on Monday soothed nerves over an immediate withdrawal of liquidity by the Federal Reserve, boosting Wall Street. European stock markets Tuesday morning are reacting accordingly, trading modestly higher following previous session weakness but have […]
Macroeconomic events published on Monday did not manage to create an optimistic mood. Manufacturing PMI in Eurozone in May was 48.3 vs. forecast for 47.8, Manufacturing PMI in the US in May was 49.0 vs. estimates for 506. US Construction Spending in April grew 0.4% vs. expectations for 1.0%. However, the investors considered weakness […]
The latest daily video report from easyforex.com, includes all the latest fx market moving news and pairs to watch in the forex markets. Related Posts:Weekly Forex Outlook: 12/04/2024 – More inflation data on… April 12, 2024 CPI numbers due in the UK and Japan. China to also…Video market update for April 11, 2024 April 11, 2024 […]
EURUSD: The bias on this pair is bullish: there is a Bullish Confirmation Pattern on the chart. The Williams’ % Range is in the overbought region. The next target to be violated to the upside is the resistance line at 1.3100. After this, the price could journey towards the resistance line at 1.3150. USDCHF: Since […]
FOREX Daily Outlook by Easy-Forex.com Gold on bearish outlook The euro (EUR) continues to slide against the US dollar (USD) as the pair trades at just above 1.3080. The single currency has found strong resistance at 1.3140 after it had risen from a 6 month low. The pair is heavily influenced by fundamentals such as […]
Today’s Support and Resistance levels: R3: 1.6368 R2: 1.6316 R1: 1.6265 Current spot: 1.6231 S1: 1.6185 S2: 1.6123 S3: 1.6090 Technical overview: Green wave iii ended a little earlier than we expected and green wave iv became a little deeper than expected, but that does not change the overall picture, that more upside is coming. […]
Daily chart: Yesterday, the USDX had a very bearish session, where it managed to finally break the support at the 83.22 level. Now, the USDX is trying to break the support at the 82.51 level, but to achieve this it has to form a bearish pattern, as the higher low pattern. It is possible that […]
We are glad to report on the latest free forex seminar hosted by XEMarkets in the Polish capital city, on 1st May 2013. For the first time ever, the free forex seminar world tour hosted by XEMarkets and presented by internationally renowned Forex Guru Chief Technical Analyst Avramis Despotis, chose Warsaw, Poland, as its destination. […]
Daily chart: Finally, GBPUSD broke the resistance at the 1.5266 level and approached the resistance level of 1.5394, after completion of forming a lower high pattern below that level at 1.5266. The trend of this pair now is bullish, although it is still below the 200-day moving average. Now, it is very possible that the […]
