News / Page 21

Technical Analysis – Gold remains bullish following a 1.3% gain

Posted on February 1, 2017 at 9:05 am GMT

Gold rallied yesterday closing the day 1.3% higher. In today’s trading so far it fell slightly below yesterday’s close. The RSI indicator is above the 50 threshold at 59, indicating a short-term bullish sentiment. Adding to this conviction are the stochastics as the %K line is also in bullish territory, while it has recently crossed above the slow %D line. On the upside, the 38.2% Fibonacci retracement (of the July 11 to December 15 downleg) at 1218.73 is likely to [..]

Asian session – Dollar attempts recovery after Trump and aide’s comments reopen currency wars prospect

Posted on February 1, 2017 at 8:31 am GMT

The US dollar was trying to regain some ground following a selloff, as President Trump together with an administration official responsible for trade policy, castigated countries like China, Japan and Germany for their currency policies. Specifically, Trump and his administration official Peter Navarro said that other countries were using undervalued currencies to gain an unfair trade advantage. This created concern to dollar bulls that the greenback would now also become an instrument of trade policy, together with other protectionist measures that [..]

European Session – Dollar sinks on Trump’s currency comments; Euro surges to 7-week high

Posted on January 31, 2017 at 4:13 pm GMT

Eurozone economic data dominated financial news as flash inflation figures for January, the unemployment rate for December and preliminary estimates for fourth quarter GDP were all released today. Delving into the numbers, headline inflation for January came in at 1.8% year-on-year, above the 1.6% expected and December’s 1.1%. This figure was the highest since February 2013. Core inflation, the figure excluding volatile food and energy prices, was in line with expectations and stable relative to the previous month’s 0.9% y/y [..]

Forex News – Eurozone growth and inflation accelerate, putting pressure on ECB

Posted on January 31, 2017 at 2:03 pm GMT

Inflation, unemployment and GDP figures out of the Eurozone today pointed to an improving economic picture across the region, fuelling speculation that the European Central Bank could start reining in its asset purchases sooner than expected. Euro area inflation jumped to a 4-year high in January, according to Eurostat’s flash estimate for the month. Annual CPI rose from 1.1% year-on-year in December to 1.8% in January, beating estimates of 1.6%. The increase in the headline rate was mainly driven by [..]

Technical Analysis – USDCHF negative trend still in place

Posted on January 31, 2017 at 10:41 am GMT

USDCHF has edged slightly higher in today’s trading so far. The pair yesterday marked an 11-week low. Despite today’s rise, technical indicators are pointing towards a negative sentiment for the pair over the short-term. The MACD histogram is below 0 and it has moved below the red signal line since mid-January. As regards the stochastics, the %K line is in bearish territory, while it just crossed below the slow %D line. All these are signals of down movement in the [..]

Asian session – Dollar steadies lower as safe havens gain on risk aversion

Posted on January 31, 2017 at 8:44 am GMT

The US dollar traded mostly sideways during today’s Asian session after reversing the sharp gains of the previous day on worries that the new US administration’s policies on immigration and trade could create uncertainty. Mainly benefitting from the US currency’s weakness was the Japanese yen, as dollar / yen dropped below 114 to 113.60. Dollar / yen was still about a yen away from the previous week’s 112.52 two-month low. Euro / dollar was trying to climb back above 1.07 [..]

Technical Analysis – EURUSD maintains bullish bias despite hitting 11-day low

Posted on January 31, 2017 at 8:23 am GMT

EURUSD has been posting some gains in today’s trading so far after hitting an 11-day low the previous day. The short-term sentiment as indicated by the RSI and MACD indicators is bullish as RSI is at 56 and MACD is greater than 0. Note though that RSI is fairly close to the 50 neutral level, perhaps hinting that if a short-term upwards movement indeed takes place, it would not be a major one. The area around the 1.076 handle has [..]

European Session – Resurgent yen pushes dollar below 114; euro and pound also under pressure

Posted on January 30, 2017 at 4:22 pm GMT

Market sentiment remained risk-off in Monday’s European session as US President Trump’s actions continued to worry investors. The President’s decision on Friday to ban refugees from entering the US and to impose travel restrictions on seven Muslim-majority nations triggered a political backlash both in the US and internationally. It also raised expectations that Trump would follow through with his other campaign pledges, and given his views on China, this raised the prospect of a new trade war. The concerns weighed [..]

Technical Analysis – USDMXN short-term bearish; Stochastics at oversold levels

Posted on January 30, 2017 at 12:53 pm GMT

USDMXN continues its down movement following Friday’s fall. Today it set a new near one-month low. The RSI is below the 50 mark at 43, indicating short-term bearish sentiment. The stochastics support this view as the %K line is in bearish territory while it has recently crossed below the slow %D line. It is of note though that %K has hit oversold territory as it is below the 20 oversold level. This indicates that a near-term reversal is not completely [..]

Technical Analysis – GBPUSD near-term bullish, medium-term bearish

Posted on January 30, 2017 at 9:11 am GMT

GBPUSD has been posting losses for the third consecutive trading day. Looking at the RSI indicator, it is currently bullish at 57, above the 50 mark that separates positive from negative short-term sentiment. This view is reinforced by the stochastics as the %K line is also in bullish territory. Intraday downward movement is not to be ruled out though as the %K line has crossed below the slow %D line. Last week’s 6-week high of 1.2673, together with the 23.6% [..]

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