EURUSD challenged a fresh 3-year high above the 1.2300 price level during the previous week but currently, the price is holding below the aforementioned level. The price jumped to 1.2320 for the first time since December 2014, after extending a strong rally that started from the low of the 1.1900 handle. Looking at the daily timeframe, it […]
The Bank of Japan and the European Central Bank will follow in the footsteps of the Bank of Canada to hold their first policy of 2018 in the next seven days. With speculative trade on the timing of the eventual stimulus withdrawal by both central banks driving the euro and the yen higher over the […]
The euro started the year with a bang, buoyed by expectations that the European Central Bank (ECB) is likely to begin scaling back its massive stimulus program later this year. Can the single currency continue to gain, or have markets discounted too much too early, setting the stage for a near-term correction? While the financial […]
GBPAUD remains under pressure and risk is still to the downside as prices continue to trade below the 1.7430 resistance level. The price had a strong sell-off following the rebound near the 1.8000 strong psychological level. The short-term technical indicators are holding near their neutral levels. The RSI indicator is flattening near its 50 level, […]
Here are the latest developments in global markets: FOREX: The dollar index remained pressured near three-year lows, at 90.34 (-0.16%), as investors were waiting for US Senators to prevent a potential government shutdown today. Traders were also pricing that the dollar might lose steam versus its peers if other central banks follow the Fed by tightening monetary […]
EURGBP appears poised for further losses and slipped beneath the 0.8850 barrier in the prior couple of days. Currently, in the short-term timeframe, the pair is developing between the 38.2% and the 50.0% Fibonacci retracement levels of the last significant upward movement with the low at 0.8690 and the high at 0.8923. The aforementioned levels […]
WTI crude oil futures have traded lower in the prior three days following the pullback on the fresh three-year high of 64.80. When looking at the bigger picture the price is endorsing the scenario for further gains, however, in the short-term timeframe a bearish correction is possible. The price slipped below the 161.8% Fibonacci retracement […]
Here are the latest developments in global markets: FOREX: The US dollar index was marginally lower on Friday, after also trading lower yesterday, even though yields on longer-term US Treasuries were on the rise. STOCKS: Asian markets were in a sea of green today. Japan’s Nikkei 225 and Topix indices were up by 0.2% and 0.7% […]
GBPJPY remains in a bullish phase but has stalled its recent rally after reaching its highest level since mid-June 2016. On the 4-hour chart, the market became overbought and subsequently made a corrective move lower. This is indicated by the RSI reaching above 70 after GBPJPY surpassed the prior high of June 8 (153.70) and moved higher. […]
USDCAD remains neutral on the daily chart, pivoting around the key 1.2500 level since the start of January. The pair has been unable to sustain gains after a break of this level last week and consequently, the market has been stuck in a multi-week range roughly between 1.2350 and 1.2600. Technical indicators that were strongly […]
Wheat futures for March delivery bounced higher after posting the biggest daily fall since August on January 12 and eventually reaching a one-month low of 4.1215 on January 16. Technical indicators send bearish signals for the market. The RSI is a breath below 50 and is pointing to the downside, while the bearish cross between the 50-period simple moving average and the […]
The Japanese currency posted gains versus the US dollar, reaching four-month highs – equivalently the dollar/yen pair fell to four-month lows – with the yen appreciating on the back of what market participants interpreted as a form of tapering by the Bank of Japan. Such an evaluation though may not be justified, with the market […]
AUDJPY is edging higher and is trying to retest the more than two-month high slightly above the 89.00 strong psychological level. The price was supported by the 20-day simple moving average several times during the previous sessions, failing to drop below it. Momentum indicators are moving in the positive areas in the short-term with the RSI just below the 70 level, heading to […]
UK retail sales data for December are due for release at 0930 GMT on Friday, with forecasts pointing to a tumble in monthly terms, but a rebound on a yearly basis. The actual prints could show whether the squeeze in real incomes continues to weigh on consumer spending, and may go a long way in […]
Here are the latest developments in global markets: FOREX: The dollar index deviated below one-week highs reached earlier in the Asia session, edging down to 90.62 (+0.10%). Higher US Treasury yields and hopes on corporate tax repatriations contributed positively to the index’s performance earlier. Dollar/yen was flat at 111.24 (-0.03%) and dollar/swissie tumbled to 0.9592 […]
EURCHF has eased in the previous two days after it hit a three-year high of 1.1830 earlier this week. Prices broke above the 1.1800 psychological level on January 12 and are trading above their moving averages in the daily chart. It is worth mentioning that the pair has been developing within an upward sloping channel since August 2017. Short-term momentum indicators […]
Gold reached a more than a four-month high of 1344 during the past week, after an aggressive bullish rally from the 1236 support level. However, over the last two daily sessions, the price bounced off on the aforementioned resistance obstacle and posted a bearish move. The short-term technicals seem to be negative and point to more weakness in […]
NZDUSD is hovering at 4-month highs close to the key 0.7300 level. After extending a rally to 0.7330 on Wednesday, the market took a breather and is consolidating gains. The uptrend from December remains intact and NZDUSD maintains a bullish bias, with scope for another leg higher. NZDUSD is currently testing the 0.7300 level and focus […]
Here are the latest developments in global markets: FOREX: The US dollar index continued to recover on Thursday, trading nearly 0.4% higher and extending the gains it posted on Wednesday on the back of rising US treasury yields. STOCKS: Asian markets were mixed. Japan’s Nikkei 225 and Topix indices fell by 0.4% and 0.7% respectively, while Hong Kong’s […]
USDJPY has made a recovery to regain the 111 handle but the pair essentially remains in a neutral phase since mid-September. Momentum oscillators have improved and could potentially lead to another leg higher. There is immediate resistance at the 200-day moving average at 111.68. Prices need to at least rise above the 50-day MA (currently […]
CADJPY remains under pressure after the pullback on the 4-month high of 91.60. The pair plummeted towards the 88.50 support level and is now developing within the two medium-term simple moving averages of 50 and 100, at 88.60 and 89.12 respectively. Looking at the daily timeframe, technical indicators are holding near their neutral levels. The MACD oscillator slid below its trigger line […]
Here are the latest developments in global markets: FOREX: The US currency remained in the green versus a basket of currencies, while it is of note it managed to rebound after touching its lowest since December 2014 earlier on Wednesday. The dollar index was last up by 0.35% at 90.70. STOCKS: Most European bourses were […]
AUDCAD surged to a fresh almost 5-month high during today’s European session above the strong psychological level of 0.9900. The price headed for a test of the 0.9915 barrier and successfully surpassed it confirming the recent scenario for further gains. In addition, the pair jumped above the downward sloping channel, which has holding since May 2017 and […]
Australia’s employment report for December is likely to attract attention and is scheduled for release on Thursday at 0030 GMT. The unemployment rate is forecasted to remain unchanged at 5.4% for the month of December, while the employment change is expected to show that the economy added 9000 jobs, much less from the previous month. Meanwhile, the participation […]
EURJPY is in a neutral phase after the recent rally off the 113 area was exhausted and found strong resistance at the key 136 level. Short term price action is expected to continue sideways if the market fails to break out of the current consolidation range very soon. Looking at the 4-hour chart, the RSI […]
Here are the latest developments in global markets: FOREX: The dollar – as gauged relative to six other currencies – is on the rise after recording its lowest since late 2014 earlier on Wednesday. The euro retreated after climbing above $1.23. STOCKS: The Japanese Nikkei 225 and Topix indices lost 0.35% and 0.2% respectively after […]
AUDUSD has been in a bullish phase since December, reaching the key 0.8000 level today, its highest point since September 2017. The market is pausing the rally at the moment, shifting the immediate bias to neutral after becoming overstretched. The RSI on the daily chart is in overbought territory above 70. As upside momentum has […]
Just two weeks after the start of the new year, the Bank of Canada will be the first in line to decide on monetary policy and as forecasts suggest the central bank will likely go with another rate hike. Some could say, though, that now is not the best time for Canada to welcome higher […]
China’s economy is expected to slow slightly in the fourth quarter of 2017 as government measures to curb pollution and deleverage highly indebted corporations and regional authorities take hold. The slowdown is expected to continue into 2018 as the government winds down the fiscal stimulus that helped 2017 growth beat its own target of 6.5%. […]
The US 30 index rose to a fresh record high of 26,084.50 during today’s trading after significant advancing in the days that preceded. The positively aligned and steep upward sloping Tenkan- and Kijun-sen lines are indicative of the bullish sentiment that is in place in the short-term. The RSI, which is rising as well, is […]
