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Technical Analysis – Gold short-term bullish, medium-term neutral

Posted on February 15, 2017 at 8:22 am GMT

Gold has been posting some losses is today’s trading so far after finishing the day higher the day before. The short-term outlook as given by the RSI and MACD indicators is bullish as RSI is currently in bullish territory at 58 and the MACD histogram is positive. Should the price head up, the February 8 more than three-month high of 1244.58 is likely to act as resistance to upside moves. A successful break above it would shift focus to the [..]

Technical Analysis – NZDUSD stalls decline above 200-day moving average

Posted on February 15, 2017 at 7:44 am GMT

NZDUSD has been declining to a near one-month low but has stalled its decline near the 200-day moving average. After rallying to a high of 0.7374 from 0.6860, the pair has retraced almost half of this upleg. The market is now trading below the 38.2% Fibonacci retracement level of this recent uptrend. This level at 0.7177 will now act as immediate resistance to the upside. Above this, the key psychological level at 0.7200 will act as another important resistance level [..]

European Session – Yellen signals rate hike at upcoming meetings; Dollar rallies

Posted on February 14, 2017 at 4:20 pm GMT

In stark contrast to Monday, today was filled with economic data releases from the US, Eurozone and the UK, while by late European session all eyes were fixed on the first of two days during which Fed Chair Janet Yellen will testify before Congress. US producer prices rose in January, driven by higher gasoline costs. The producer price index jumped 0.6 percent month-on-month from a prior 0.2 percent increase and was well above forecasts for a 0.3 percent increase. Meanwhile, [..]

Forex News – Pound hurt by softer UK inflation number

Posted on February 14, 2017 at 1:31 pm GMT

Sterling weakened sharply after the UK headline inflation number rose less than expected in January. The 1.8 percent year-on-year inflation rate was below the forecast of 1.9 percent but higher than the previous 1.6 percent rate. The reason the pound fell was mainly because today’s number was below the Bank of England’s target inflation rate of 2 percent and would reduce the chances of an interest-rate hike this year. The British currency dropped sharply against the dollar soon after the [..]

Technical Analysis – AUDUSD short-term bullish with a neutral medium-term outlook

Posted on February 14, 2017 at 11:18 am GMT

AUDUSD has been posting some gains in today’s trading so far. The rise in price has more than pared yesterday’s fall. The RSI is currently at 64, well above the 50 threshold distinguishing bullish from bearish short-term sentiment. This is reinforced by the stochastics as the %K line is also in bullish territory, while it has crossed above the slow %D line. On the upside, the February 2 near 3-month high of 0.7695 is likely to provide some resistance (note [..]

Asian Session – US dollar weak on Flynn resignation and caution ahead of Yellen testimony

Posted on February 14, 2017 at 8:14 am GMT

The US dollar was weak across the board in today’s Asian session in reaction to headline news that US national security adviser Michael Flynn resigned after allegations of having inappropriate links with Russian officials before President Trump took office. Flynn is accused of illegally discussing US sanctions with the Russian ambassador to the US. He failed to disclose the full extent of his conversations with Russian officials and there are concerns that he was giving signals to Moscow that Donald [..]

Technical Analysis – USDCAD extends losses to approach critical 1.30 level

Posted on February 14, 2017 at 6:08 am GMT

USDCAD has been testing the 200-day moving average in the past three weeks. The immediate risk is to the downside, as RSI is trending down. The 50-day moving average is sloping down as well, suggesting the bias has shifted to the downside. The market is now approaching a critical area where important support levels are likely to be provided by the key 1.3000 level and the level at 1.3028, which is defined by the 50% Fibonacci retracement level of the [..]

Investment Theme – Euro faces tough tests in 2017 as key elections loom

Posted on February 13, 2017 at 4:11 pm GMT

Twenty seventeen looks set to be a difficult year for the euro as concerns grow about the future of the European project with key elections coming up in the Netherlands, France and Germany. Snap elections in Italy and Greece are also a possibility, while the Greek debt crisis continues to rumble on. After last year’s shock leave vote in the UK’s EU referendum and Donald Trump’s surprise win of the US presidential election, traders are bracing themselves for a rocky [..]

European Session – Trump-Abe meeting calms markets, sets positive backdrop for dollar

Posted on February 13, 2017 at 3:12 pm GMT

Today was an extremely quiet day in terms of economic data and as a result the market’s focus remained fixed on what the meeting between US President Donald Trump and Japanese Prime Minister Shinzo Abe during the weekend might mean for the future. The approach taken by President Trump during the meeting resembled the US’s traditional foreign policy stance of strong ties with Japan while, according to reports, Trump made no comments of currency manipulation on the part of Japan [..]

Technical Analysis – Germany 30 stock index bullish in the short- and medium-term

Posted on February 13, 2017 at 8:38 am GMT

The Germany 30 stock index has been posting some gains in today’s trading so far. Should it close higher it will mark the fifth consecutive (trading) day of gains for the index. The short-term sentiment as given by the RSI is bullish, as the indicator is currently at 58, above the 50 mark separating bullish from bearish bias. The stochastics paint a similar picture with the %K line in bullish territory and above the slow %D line. Note though that [..]

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