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Technical Analysis – EURGBP climbs to 14-month high; still bullish

Posted on February 24, 2016 at 3:01 pm GMT

EURGBP touched 14-month highs of 0.7908 today on increased upside momentum. The pair has been on an uptrend since November 2015 and has risen sharply above the 200-day moving average, strengthening the bullish outlook. Today’s rally was capped by the upper Bollinger band and this may restrain further gains in the near term. Other indicators also suggest limited scope for more gains. RSI is still rising and fast approaching overbought levels but the stochastics have already started moving into overbought [..]

Oil in retreat after Saudi Arabia rules out cut; doubts remain over freeze

Posted on February 24, 2016 at 2:07 pm GMT

Crude oil prices erased their gains made after the deal to freeze output was struck as Saudi Arabia’s oil minister yesterday ruled out cutting production anytime soon. Saudi Oil Minister Ali Al-Naimi, who was speaking at a conference in Houston, Texas, said on Tuesday that a production cut is “not going to happen” because he was sceptical about other countries enforcing it even if such a decision was taken. On February 16, OPEC members Saudi Arabia, Venezuela and Qatar reached [..]

Asian Session – Yen eases as oil stabilizes; Pound falls below 1.40 dollars

Posted on February 24, 2016 at 9:16 am GMT

The Japanese yen pulled back from intra-day highs in late Asian trading on Wednesday after oil prices attempted to move higher again. Oil futures fell sharply on Tuesday after Saudi Arabia ruled out output cuts anytime soon. US crude futures fell back below $32 a barrel and were last trading at $31.34 a barrel, slightly up on yesterday’s close. The US dollar rebounded from a low of 111.63 yen to jump to 112.21 yen in late Asian session. The euro [..]

Technical Analysis – USDCAD pauses decline, turns neutral

Posted on February 24, 2016 at 7:55 am GMT

USDCAD has been declining ever since hitting 1.4689 in January – a more-than 12-year high. After failing to break above the key 1.4700 level, prices consequently fell to reach the 50% Fibonacci level of the upleg from 1.2831 to 1.4689 (October 2015 to January 2016 rise). Prices are now testing this level at 1.3760. Immediate support is being provided by the 100-day moving average around 1.3673. If the market makes a sustained advance higher above the 50-day moving average then [..]

European Session – Oil drops on Iran minister comments, pound below $1.41

Posted on February 23, 2016 at 3:37 pm GMT

The safe haven yen was the top performing major currency in today’s European Session due to a souring in risk appetite. The 112 yen level was being tested by the dollar at more than one-week lows. The pound remained under pressure from ongoing Brexit concerns, taking down the euro with it since the risk of the UK leaving the EU is not just a threat to the British currency but also to the single currency. Both political as well as [..]

Technical Analysis – US Oil Futures move into cloud; looking less bearish

Posted on February 23, 2016 at 3:03 pm GMT

US oil futures have been stuck in sideways movement since the January low despite the increased volatility. Prices look set to enter the Ichimoku cloud following the recent consolidation in a possible sign of the current neutral pattern extending into the near term. The 50-day moving average has been capping prices for the past week. A break above 35 is needed to take prices decisively above the 50-DMA and the January 28 high of 34.79. This would help shift the [..]

Sterling and euro united in pain amid rising Brexit fears

Posted on February 23, 2016 at 12:15 pm GMT

The pound and the euro under pressure The pound was under severe pressure at the beginning of the week after the Mayor of London, Boris Johnson, an important member of the ruling Conservative party’s leadership, decided to take a stance against the position of the leader of his own party, Prime Minister David Cameron. Specifically, Boris Johnson said he would back the “Leave” campaign on the upcoming June referendum for Britain’s EU membership. In hindsight, as Britain’s conservatives have been [..]

Mid-European session – Euro dips below 1.10 dollars after weak German Ifo

Posted on February 23, 2016 at 11:43 am GMT

Yesterday’s risk rally faded today and European stocks followed Asia to open lower on Tuesday. Oil prices were around 2% lower, while gold was up 1%. The US dollar was mixed as it fell against the yen but was firmer against the euro. The greenback dipped below 112 yen several times before rising just above it in mid-European session as risk-off sentiment boosted the yen. The euro continued its descent against the Japanese currency and was last at 123.30 yen [..]

Asian Session – Yen rises as oil and Asian stocks fall back

Posted on February 23, 2016 at 8:49 am GMT

Asian equities were unable to hold on to earlier gains today despite a strong rise in European and US stocks on Monday. Gold and the Japanese yen were the main beneficiaries of today’s risk aversion which set in after oil prices started retreating. WTI oil futures surged 4% yesterday on signs of US producers struggling to maintain output in the current environment. However, traders expect output from Iran to more than compensate any reductions in US production. This drove prices [..]

Technical Analysis – AUDUSD bullish bias above 0.72

Posted on February 23, 2016 at 8:04 am GMT

AUDUSD rallied sharply on Monday to rise above the key level of 0.7200 to hit its highest level since January 4 at 0.7246. There is potential for more upside movement in this pair since the technical indicators are giving bullish signals – MACD is above zero and rising and RSI is above 50. Prices would target resistance at the 200-day moving average which is around 0.7276. Support is at the key 0.7200 level. If this support fails this would weaken [..]

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