News

Canada to add more jobs in July as recovery gathers pace, loonie strengthens – Forex News Preview

Posted on August 5, 2020 at 1:44 pm GMT

The Canadian economy is expected to have added more jobs in July as the phased easing of the lockdown across the country continues to boost employment. The jobs report, due on Friday at 12:30 GMT, could give the Canadian dollar a further helping hand in erasing its year-to-date losses versus the tumbling greenback. But with troubles brewing across the border in the United States, can Canada’s recovery stand on its own two feet? Jobs bounce set to continue It’s so [..]

Nonfarm payrolls: Great expectations? – Forex News Preview

Posted on August 5, 2020 at 12:45 pm GMT

The US employment report will hit the markets at 12:30 GMT Friday, and forecasts suggest the American economy added another 1.6 million jobs in July. Why is the consensus so optimistic even though the US recovery is losing steam? The answer lies with the period which the data were collected in. Overall, the risks seem tilted towards a disappointing, but positive NFP print. As for the dollar, whether the recent downfall continues will depend mostly on what Congress does. Too [..]

Technical Analysis – USDJPY downside risks endure under SMAs and diagonal line

Posted on August 5, 2020 at 7:51 am GMT

USDJPY is following a downward trajectory despite efforts to recoup recent losses, mirrored in the stalled blue Kijun-sen line and the improvement in the MACD oscillator. The negative direction appears to persist backed by the gradual declining simple moving averages (SMAs) and the unbroken bearish tone of the Ichimoku lines, with a falling red Tenkan-sen line. The MACD, in the negative region, has pushed above its red trigger line while the RSI slowly glides lower in bearish territory. To the [..]

Technical Analysis – EURGBP halts decline below trendline

Posted on August 5, 2020 at 7:12 am GMT

EURGBP could not sustain strength above the ascending trendline that seems to have adopted a resistance role following its downside violation, with the price retreating slightly below the 0.9000 level on Monday. The 38.2% Fibonacci of the 0.9497-0.8670 downleg came immediately to the rescue thereafter, helping the pair to rebound near 0.8980 and hold above its previous low of 0.8937, a break of which would raise concerns about the short-term upward pattern. From a technical perspective, the short-term bias is [..]

Technical Analysis – USDCAD edges sideways near 2-month bottom levels

Posted on August 4, 2020 at 3:21 pm GMT

USDCAD appears to have adopted a neutral nature around the lower levels of the last two months, confined between 1.3330 and 1.3459. The flattening out of the 50-period simple moving average (SMA) and the Ichimoku lines further reflect this view of weak directional momentum. The short-term oscillators suggest conflicting signals of momentum. Although the RSI points downwards under the 50 threshold, the stochastic oscillator is bullish, coming out of the oversold region. Adding to this, the MACD and red signal [..]

Bank of England to hold rates and QE, may clarify stance on negative rates – Forex News Preview

Posted on August 4, 2020 at 1:59 pm GMT

The Bank of England is getting ready for ‘Super Thursday’ this week when it inundates investors with its meeting minutes, the latest outlook report and a press conference on top of its policy decision. But having already beefed up its quantitative easing (QE) programme at the last meeting in June, the Bank is not expected to make any adjustments to its policy when it announces its decision at 11:00 GMT. Instead, Governor Andrew Bailey’s press conference at 11:30 GMT will [..]

Technical Analysis – EURCHF stalls above 200-day SMA as negative tensions grow

Posted on August 4, 2020 at 1:20 pm GMT

EURCHF remains confined between 1.0837 and 1.0733 as it consolidates above the 200-day simple moving average (SMA), something also reflected in the flattened Ichimoku lines and cloud. The pair’s recent weakening in this section is further mirrored in the short-term oscillators. The MACD, some distance in the positive region, has dipped below its red signal line, while the RSI is decreasing towards the 50 threshold. Moreover, the stochastic oscillator has turned negative with weak momentum. Nevertheless, the positive bearing of [..]

Daily Market Comment – Nasdaq conquers new heights as US infections slow down

Posted on August 4, 2020 at 8:37 am GMT

Stocks gain altitude on slowing contagion and encouraging data Most currencies trade in wide ranges, but go nowhere Overall, market focus remains on Congress, where little progress is apparently being made Nasdaq hits new records as tech keeps the dream alive Positive sentiment dominated financial markets at the onset of the new week, with global stock indices and risk-sensitive commodities like oil edging higher, powered by a persistent slowdown in US infections and some encouraging manufacturing numbers. America reported fewer [..]

Technical Analysis – GBPUSD gains take a blow; positive signals relatively intact

Posted on August 4, 2020 at 7:31 am GMT

GBPUSD hit a snag after its recent appreciation reached a near five-month high of 1.3169, slightly below a significant resistance at the 1.3200 level. The minor retreat in price is mirrored in the reduced bullish slopes of the Ichimoku lines and the bearish orientation of the stochastic oscillator around the 80 level. That said, the MACD and RSI maintain a paused positive demeanour, while the rising 50- and 100-day simple moving averages (SMAs) uphold a positive charge. The MACD, deep [..]

Technical Analysis – EURJPY bulls battling against 200-weekly SMA

Posted on August 4, 2020 at 7:29 am GMT

EURJPY had another constructive week thanks to the ascending trendline that provided strong protection against downside pressures, helping the price to rally towards a 15-month high of 125.19 on Friday. Despite that, the pair could not successfully claim the 125.00 mark as the 200-period simple moving average (SMA) in the weekly chart is blocking the way higher at the same location. Hence, there are some doubts about whether the pair can overcome that line and speed up towards the familiar [..]

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