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Technical Analysis – EURJPY falls to 2 1/2 year low, bearish bias strong

Posted on February 19, 2016 at 7:54 am GMT

EURJPY touched a fresh 2 ½ year low at 125.37 on Friday. The pair fell further within the descending channel that started back in June 2015 when prices fell from the high of 141.04. The technical indicators are supporting a bearish bias, as can be seen by MACD, which is below zero. The moving averages are negatively aligned and falling. The 50-day moving average crossed below the 100 and 200-day moving averages in September 2015, giving a bearish signal. Immediate [..]

European Session -Sterling rises on hopes of EU Summit deal to avoid Brexit

Posted on February 18, 2016 at 3:35 pm GMT

Currency markets were relatively subdued today as there was nothing new in the headlines but this kept risk appetite in the markets, which flowed over from Wednesday. Data out of Europe showed that the Eurozone reported a slightly smaller current account surplus in December for a total of 25.5 billion euros. The Account of the ECB’s January policy meeting was released today showing that members of the Bank’s governing council were concerned about downside risks to the Eurozone economy and [..]

Technical Analysis – German 30-stock index futures rally on upside bias

Posted on February 18, 2016 at 2:38 pm GMT

The German 30-stock index futures extended their week-long rally today on strong upside momentum that saw prices climbing above 9500. The weekly gains have driven the stochastics into overbought territory, indicating possible consolidation or profit taking in the near term. If prices continue to climb higher, they’re likely to find resistance at around 9620, which is a previous closing resistance and support level. Looking at the MACD chart however, the upside bias has not been strong enough to form a [..]

Oil rebound brings relief to markets but outlook remains uncertain

Posted on February 18, 2016 at 1:09 pm GMT

Crude oil prices extended their gains on Thursday as the deal announced between OPEC and Russia continued to provide support. On Tuesday, OPEC members Qatar, Venezuela and Saudi Arabia agreed with Russia, a non-OPEC member, to freeze output at January levels in a bid to halt the freefall in oil prices. Markets were initially disappointed with the outcome of the Saudi- and Russia-led talks in Doha as the deal did not involve any production cuts. There were also fears of [..]

Asian Session – Dollar steady after FOMC minutes and oil surge

Posted on February 18, 2016 at 9:12 am GMT

A late surge in oil prices yesterday helped global equities extend their gains on Wednesday and Thursday. US oil futures surged by 8% yesterday and were last trading at $31.16 a barrel. Prices were boosted after Iran voiced support to the latest deal between OPEC and Russia to freeze output at January levels. The yen was slightly firmer today despite disappointing trade data out of Japan. Exports from Japan slumped by 12.9% year-on-year in January, missing estimates of an 11.3% [..]

Technical Analysis – AUDUSD remains neutral above 0.7000

Posted on February 18, 2016 at 8:06 am GMT

AUDUSD maintains a neutral bias on the daily chart at the moment, bottoming out around the key 0.7000 level after declining from the May 2015 high of 0.8162. The horizontal 50 and 100-day moving averages indicate this sideways trend in the market. As long as prices remain above 0.7000, the outlook will remain neutral but could turn more bullish if there is a daily close above 0.7200. This would give scope to rise above the 200-day moving average to break [..]

European Session – Dollar rises as US industrial production posts big gain

Posted on February 17, 2016 at 3:50 pm GMT

Risk appetite was positive up today. This was evident as the yen, a safe haven currency, was weaker in European trading and resulted in the USD/JPY pair bouncing back above the 114 yen level from a low of 113.36. Oil also acted as a barometer of market sentiment. US oil rose steadily throughout the European session from $28.71 to breach the key $30 a barrel level. In afternoon trading it eased lower as skepticism builds over a deal with Iran [..]

Technical Analysis – EURAUD loses momentum but remains on uptrend

Posted on February 17, 2016 at 3:09 pm GMT

EURAUD has declined by almost 4% from the February 11 high of 1.6250 when it had retraced about 85% of the August-December downleg from 1.6562 to 1.4344. It’s been struggling to hold above the 61.8% Fibonacci retracement level for the second day. The 61.8% Fibonacci level at around 1.5710 has previously acted as a closing resistance level and could again cap the pair’s advance in the near term on weakening momentum. RSI is looking neutral after levelling off around 50, [..]

Pound firms after better-than-expected jobless data

Posted on February 17, 2016 at 11:10 am GMT

The number of people out of work in the UK fell by 60,000 to 1.69 million in the three months to December as labor market conditions continued to improve even as economic growth moderated during 2015. The LFS measure of the unemployment rate was unchanged at a 10-year low of 5.1%, which was short of expectations of a drop to 5.0% in the final three months of last year. The claimant count, which measures the number of people eligible for [..]

Asian Session – Oil pares back losses as dollar retreats

Posted on February 17, 2016 at 8:48 am GMT

Risk appetite waned on Tuesday after top oil producers disappointed markets by agreeing to a freeze in output instead of a cut. Oil prices tumbled after the decision but stabilized on Wednesday as markets became hopeful of further measures later in the year to support prices. WTI crude futures were down 0.7% in late Asian session at $28.83 a barrel. The yen was back in favour on Wednesday as investors turned to safe haven assets. The dollar slipped back below [..]

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