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Asian Session – Kiwi tumbles after RBNZ; euro pressured by European political woes

Posted on February 9, 2017 at 8:16 am GMT

The Kiwi was in focus in today’s Asian session as the Reserve Bank of New Zealand (RBNZ) announced its decision to leave rates on hold at a record low of 1.75 percent. This was no surprise but the central bank signaled that inflation remained subdued and any tightening in policy might be at least two years away. In a statement, RBNZ Governor Graeme Wheeler said a decline in the exchange rate is needed. The New Zealand dollar fell sharply against [..]

Technical Analysis – USDJPY short-term bullish with neutral medium-term outlook

Posted on February 9, 2017 at 8:15 am GMT

USDJPY has been posting some gains in today’s trading so far, roughly paring yesterday’s fall in price. The short-term sentiment as indicated by the RSI is bearish as the indicator is currently at 43, below the 50 level that separates bullish from bearish short-term bias. This is reinforced by the MACD which is below 0 and has recently crossed below the red signal line. The recently congested area around 113.30 is likely to provide some resistance to upside movements in [..]

European Session – Euro and pound firmer as dollar slips back below 112 yen

Posted on February 8, 2017 at 4:08 pm GMT

Markets remained mired in risk-off mood in Wednesday’s European session as global uncertainty regarding Trump’s presidency, European elections, Brexit and the Greek debt crisis all weighed on risk sentiment. The US dollar found itself back below 112 yen as the Japanese currency benefited from safe-haven demand and the yields on US Treasury Notes fell. The greenback was struggling around 111.90 yen in late European session in the absence of any major data release out of the US today. The euro [..]

Technical Analysis – AUDUSD short-term bullish, challenges bearish cross previously recorded

Posted on February 8, 2017 at 11:29 am GMT

AUDUSD is currently up for the day following 2 straight days of downside movement. The RSI indicator is at 63, well above the 50 threshold that separates bullish from bearish short-term sentiment. Adding to this, the MACD is positive with the histogram above the red signal line. On the upside, the February 2 near 3-month high of 0.7695 comes into view as immediate resistance. If the price breaks above this level, the pair would eye the early November 9½-month high [..]

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

Posted on February 8, 2017 at 8:50 am GMT

Gold is experiencing some losses in today’s trading so far. It’s the second consecutive day of falls for the precious metal after yesterday’s slight decline in price. In yesterday’s intraday movement it also reached a near 3 month high of 12355.64. Delving into the Ichimoku analysis, a positive short-term signal was recorded in early January when the Tenkan-sen line (red) crossed above the Kijun-sen line (blue). The positive near-term sentiment is reinforced by the MACD, which is positive with the [..]

Asian Session – Euro under pressure on concerns of French election, Greek debt

Posted on February 8, 2017 at 8:36 am GMT

There is a cautious mood in the markets as focus has turned to political risks in Europe and the United States. With little major economic data after the strong US payrolls data, attention is now on the looming election in France. Meanwhile, the Greek debt crisis is back in the picture. The euro has been sliding since early this month due to political wrangling in France, where presidential candidates have been plagued by scandals. Additionally, there are concerns that the [..]

European session – Dollar reasserting its dominance; Political uncertainty weighing elsewhere

Posted on February 7, 2017 at 4:09 pm GMT

Today was a relatively quiet day in terms of economic data, strong dollar performance didn’t go unnoticed though as the greenback posted significant gains against most other currencies. Today’s move could mark a return to the solid dollar gains recorded after the Trump election victory as market participants seem to be shifting attention from President Trump’s protectionist remarks to his pro-growth fiscal measures and Fed rate hiking, both of which support a stronger dollar. The dollar index, a measure of [..]

Forex News – RBA holds monetary policy unchanged; lowers market’s rate cut expectations

Posted on February 7, 2017 at 2:27 pm GMT

The Australian central bank held its main cash rate steady at a record low 1.50 percent today in its first monetary policy meeting for 2017. The move was as expected and as a result the interest rate has remained unchanged since the 25-basis point cut at the August meeting. The Reserve Bank of Australia signaled it remains upbeat on the global growth outlook but noted that some uncertainties remain. As far as the domestic economy is concerned, it was positive [..]

Technical Analysis – GBPJPY bearish in near-term; neutral outlook

Posted on February 7, 2017 at 11:33 am GMT

GBPJPY extended its losses to a fourth session today as it continues to retreat after finding resistance at the top of the Ichimoku cloud in late January. The pair hit a 3-week high of 144.77 on January 27 but has since pulled back, sliding below both the 50- and 200-day moving averages in the process. The RSI is trending down and is in bearish territory below 50. If the downside momentum continues, prices will likely find support at the bottom [..]

Technical Analysis – GBPUSD near- and medium-term bearish

Posted on February 7, 2017 at 8:47 am GMT

GBPUSD has been experiencing losses for the fourth trading day in a row, falling to a more than two-week low. The RSI indicator is currently in bearish territory at 47, indicating near-term bearish sentiment. Note though that this is close to the 50 neutral level. If the price closes above the 50-day moving average, the area around 1.25, which managed to hold several times recently, is likely to act as resistance to upside moves. Should it be breached, the February [..]

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