Here are the latest developments in global markets: FOREX: After considerable declines in the days that preceded, the dollar is in the green relative to other major currencies during today’s trading, though it managed to recover only a relatively small portion of earlier losses. The dollar index was 0.3% up at 90.73. On Monday it […]
WTI oil futures rallied to a fresh 3-year high of 64.86 on Monday after successfully rebounding off the 63 level. The underlying trend remains bullish but in the near term, prices are making a correction lower. Upside momentum has weakened, and RSI is turning back down on the 4-hour chart. The market has dipped below what was […]
NZDUSD has reversed aggressively back to the upside, after the rebound on the 0.6815 support level, posting an almost 4-month high of 0.7313 during Monday’s trading session. This top is above the 61.8% Fibonacci retracement of the down-leg from July’s more than a 2-year high of 0.7555 to November’s 18-month low of 0.6780. From the […]
USDCHF has been underperforming in the past four days, breaking back below the strong psychological level of 0.9700 and challenged a fresh four-month low near the 0.9600 handle. When looking at the bigger picture the pair lacks a clear trend and has been consolidating within the 1.0340 and the 0.9420 barriers. In the daily timeframe, […]
Here are the latest developments in global markets: FOREX: The dollar managed to recover a part of the previous days’ losses against a basket of currencies that saw it eventually fall to a three-year low during Monday’s trading. STOCKS: The Japanese Nikkei 225 and Topix indices added 1.0% and 0.55% to close at their highest […]
GBPUSD is pausing a 2-day rally that took the pair to its highest level since June 19, 2016, in the 1.38 handle. The outlook remains bullish after the market surged above 1.3600 last Friday. The immediate bias is neutral but there is scope for a re-test of yesterday’s high of 1.3819. From this point, the […]
S&P 500 constituents Citigroup and Bank of America, the fourth- and second-largest US banks by assets, are scheduled to report their Q4 2017 results before the market open on Tuesday and Wednesday respectively. The consensus recommendation for both banks is “buy” at the moment, in line with the average consensus recommendation for the Banks peer […]
EURAUD has been outperforming in the past couple of days, jumping above the ascending trend line which has been holding since February 2017. When looking at the bigger picture the pair has a clear upward tendency confirmed by the bullish crossover of the 50 and 100 simple moving averages on the weekly timeframe. In the daily chart, prices […]
Gold continues its bullish run to hit its highest level since September 2017, maintaining its strong upside momentum since breaching the 1320 level. The commodity has been in an uptrend since reversing losses in mid-December 2017. Looking at the 4-hour chart, the market is looking a little overstretched as indicated by the stochastic and RSI […]
Brent crude oil futures rose to a new more than 3-year high on Thursday slightly above the strong psychological level of 70.00. During today’s European session, the price headed for a test of the aforementioned level and retreated over the next hours. The price continues to print higher peaks and higher troughs above the uptrend line taken […]
Here are the latest developments in global markets: FOREX: Euro/dollar challenged the 1.23 key level, rising to fresh three-year highs during the early European session as investors were increasingly confident that the ECB would trim its balance sheet, while easing political uncertainties in Germany provided further support to the common currency. The dollar index extended its downtrend towards 90.44 (-0.56%), approaching […]
UK inflation figures for the month of December will be made public on Tuesday at 0930 GMT. Annual inflation is expected to grow by 3.0%, easing a bit from the near six-year high of 3.1% recorded in November, which given that it was by more than 1% above the Bank of England’s target for inflation […]
USDJPY touched a 4-month low during today’s European session, challenging the 110.51 price level. The bearish picture is supported by the momentum indicators, while prices are in process to end the day below the 110.80 barrier. In addition, the pair recorded the fifth consecutive red day. In the daily timeframe, the MACD oscillator is strengthening […]
Here are the latest developments in global markets: FOREX: The US currency was on its fourth straight day of declines, with the dollar index falling to its lowest in two years as other majors were boosted on hopes of policy normalization on behalf of their respective central banks. The Chinese currency recorded a two-year high […]
EURUSD hit a new 3-year high above 1.2200 and is holding above this level after breaching 1.2100 last week. The pair surged to 1.2239 for the first time since December 2014, after extending a rally that started off the low 1.1900 handle. On the daily chart, trend and momentum technical indicators are bullish, keeping risk […]
The Canadian and Australian dollars will be in focus next week as the Bank of Canada holds its first monetary policy meeting of the year, while Australian employment and Chinese growth figures will test the aussie’s recent bull run. Other highlights will include inflation data out of the UK and the Eurozone. But the US […]
Oil prices rallied in 2017, with WTI finishing the year more than 12% higher as major OPEC and non-OPEC producers continued their efforts to rebalance the oil market by curbing their supply. Can this pattern persist in 2018, or will US shale producers ramp up their production in the face of higher prices, and take […]
AUDCAD penetrated to the upside of the significant falling trend line, which had been standing since May 2015, suggesting a possible trend reversal to the upside. The price has had an aggressive roller coaster ride and on Thursday it touched the daily 200-simple moving average, which acted as resistance. Following the sharp upside movement, the price has eased today after failing to end the day above the 38.2% Fibonacci retracement level from the down-leg with […]
GBPJPY shifted out of its neutral phase and has turned more bullish in the short term to regain the 151 handle. Looking at the 4-hour chart, the pair appears to have put in a base after falling to its lowest level in around 3 weeks. The pair is strengthening after making an aggressive move higher […]
Here are the latest developments in global markets: FOREX: Hopes that the ECB will step back from its monetary stimulus and bets that Germany will form a grand coalition government soon added further gains to the euro during early European trading hours. Merkel’s Conservatives and their former coalition partners Social Democrats agreed today on a blueprint to formally start […]
GBPUSD jumped to a 16-week high during today’s European session, challenging the 1.3620 price level. The price has been moving in an uptrend since March 2017 confirmed by higher peaks and higher bottoms. Prices broke above 1.3610 and are trading above their medium-term simple moving averages (50, 100 and 200). The bullish picture in the short to medium-term […]
EURUSD reached a new three-year high of 1.2136 during European session today and touched the upper boundary of the Bollinger band breaking the 1.2090 strong barrier. The single currency is poised for an upward movement against the greenback and could extend those gains until the 161.8% Fibonacci extension level, at 1.2420, from the down-leg with the low at […]
Here are the latest developments in global markets: FOREX: The US dollar index traded marginally lower on Friday, extending the notable losses it posted on Thursday on the back of weaker-than-expected US producer price data and a stronger euro. STOCKS: Asian markets were mixed. Japan’s Nikkei 225 and Topix indices traded lower by 0.2% and 0.6% respectively, but […]
USDCAD remains weak following a drop below the key 1.2700 level and out of a 2-month range. In the near-term, the pair has a firmer undertone after making a recovery off 3-month lows and is now testing 1.2500 which is seen as a strong support level. The odds for a sustained rebound are low at […]
China’s central bank, the People’s Bank of China (PBOC), attracted some attention this week after it was revealed that it has suspended using the counter-cyclical factor in calculating the daily fixing for the yuan. Having been introduced in May 2017 to counter speculative bets in forex markets, the surprise move is seen as a reflection […]
The German DAX managed to gain 12.5% in 2017, even despite the withdrawal of some stimulus by the European Central Bank (ECB) and a stronger euro. So far in 2018, the popular index has posted one of its strongest starts to a year, rising by more than 2.5% in just a few days. The DAX […]
The Japan 225 index has eased somewhat after recording a multi-decade high of 23,997 earlier in the week. The Tenkan-sen line being above the Kijun-sen line is a positive alignment pointing to bullish momentum. However, both lines are flat at the moment, this being a sign of positive short-term momentum losing steam. Also, the picture in […]
WTI crude oil futures have been skyrocketing over the last four weeks, recording a new three-year high of 64.05. In the daily timeframe, the price has just successfully surpassed the 161.8% Fibonacci retracement level of the last big bearish movement with the high at 55.40 and the low at 42.00. The aggressive run started after the rebound on the […]
Here are the latest developments in global markets: FOREX: The US currency remained in the green relative to most majors though it – for the most part – gave up on a portion of gains made earlier in the day. The dollar index traded 0.1% higher at 92.45. The antipodean currencies were the ones advancing […]
Raising interest rates is what the Fed is highly anticipated to do in 2018 as part of its plan to tighten monetary policy. However, the timing and the speed of the rate adjustment remains in question as long as inflation shows little sign of accelerating towards the central bank’s target. On Friday, the Bureau of […]
