News / Page 216

Eurozone economic sentiment holds steady in May

Posted on May 28, 2015 at 1:13 pm GMT

Economic sentiment in the Eurozone was unchanged in May at 103.8, remaining at 4-year highs. The figure is slightly ahead of a Reuter’s poll that it would come in at 103.5. Sentiment was also stable in the wider European Union, unchanged at 106.4. In a separate report, the business climate indicator for the Eurozone fell slightly in May from April but stayed positive at +0.28. Confidence improved in services, retail trade and in the construction sector during May. Services was [..]

Asian session – Dollar backs down after fresh high versus yen

Posted on May 28, 2015 at 7:22 am GMT

There was some profit-taking in the US dollar after it reached a fresh 12 ½- year high versus the yen at 124.29. The yen has been dropping the most despite the fact that there haven’t been economic releases that significantly change the outlook for Japanese monetary policy. However, there has been renewed optimism for the prospect of rate hikes out of the United States later this year, which has been backed by some stronger-than-expected US economic figures. The yen held [..]

Technical Analysis -USDCAD on the upside

Posted on May 28, 2015 at 7:17 am GMT

USDCAD is attempting to break outside the Ichimoku cloud. Technical indicators suggest that further upside momentum is possible. RSI is above 50 in bullish territory and the tenkan-sen and kijun-sen lines are pointing up. After a corrective dip from the March 18 high of 1.2834 to 1.1919, the pair rallied to 1.2491 on Wednesday. There is scope to retest the high of 1.2834. We would need to see a decisive break above this to see a resumption of the longer [..]

Technical Analysis – USDCHF rises to one-month highs; maintains bullish bias

Posted on May 27, 2015 at 1:40 pm GMT

USDCHF rose to a one-month high of 0.9542 today before easing off. The pair has now retraced more than 38.2% of the Fibonacci retracement of the downleg from March’s 1.0127 peak to May’s 0.9070 low. If USDCHF keeps up the positive momentum, the 61.8% Fibonacci retracement level at 0.9720 will be the next key resistance level. With RSI holding steady above 50, a break above this resistance is possible and this would shift it firmly to a bullish outlook in [..]

Asian session – Euro rebounds on hopes Greece situation to be resolved

Posted on May 27, 2015 at 7:17 am GMT

There was some profit-taking versus from US dollar longs, following impressive gains the previous few sessions, pushing dollar / yen temporarily below 123 and euro / dollar above 1.09. Traders covered some of their euro shorts as both Greece and its creditors sought to play down fears that a Greek default was looming. The country might not be able to make an IMF debt payment due next week. It was overall difficult to get a complete picture of the state [..]

Technical Analysis – Gold turns more bearish after falling below 1200

Posted on May 27, 2015 at 6:54 am GMT

Gold prices fell below the key 1200 level on Tuesday and through the daily Ichimoku cloud. The bottom of the cloud will now act as resistance around 1190. The bias remains to the downside as the market is below the 200-day moving average. Technical indicators are also highlighting bearishness. RSI is below 50 and prices are below the cloud and below both the tenkan-sen and kijun-sen lines. In the bigger picture, the trend has been sideways. After declining from 1307.47 [..]

Strong durable goods and housing data adds fuel to dollar rally

Posted on May 26, 2015 at 3:08 pm GMT

US total durable goods orders fell by 0.5% in April from the previous month, in line with forecasts. But March’s figure was revised upwards to 5.1%. Excluding transport, durable goods orders rose by 0.5% on the month, against expectations of a 0.3% rise according to a Reuters poll, and March’s figure was also revised higher to 0.6% from -0.2%. The underlying improvement in business investment is further evident by looking at the core figure for non-defense capital goods orders excluding [..]

European Session – Dollar hits fresh 8-year high versus yen after string of upbeat US data

Posted on May 26, 2015 at 2:33 pm GMT

The dollar powered ahead on Tuesday after a string of upbeat US economic data. An already broadly stronger greenback following Fed Chair Janet Yellen’s comments last week, added to its gains versus the yen today to hit a fresh 8-year high of 123.31. The first US data point was the durable goods orders report. The headline number came in line with expectations at -0.5% in April, while the ex-transportation number rose 0.5%, beating forecasts for a 0.3% rise. The dollar [..]

Technical Analysis – AUDUSD hits three-week low but bias is neutral

Posted on May 26, 2015 at 11:51 am GMT

AUDUSD dropped below the 0.78 level today for the first time in three weeks. It hit a low of 0.7771, just below 0.7773, which is the 61.8% of the Fibonacci retracement level of the upleg from the April 2 low of 0.7532 to the May 14 high of 0.8162. Having tested this support level, the next support could come at the psychologically important 0.77 level. With RSI drifting further below 50, a fall below this support is possible, but a [..]

Asian session: Dollar index surges to 1-month high as key levels breached

Posted on May 26, 2015 at 7:34 am GMT

In a largely technical move as major markets were returning from the long weekend, the dollar managed to take out key levels versus the yen and the euro. The US dollar appeared to be back in favor after Fed Chair Janet Yellen reaffirmed the bank’s intention to raise interest rates this year and as some recent economic statistics out of the United States came in on the strong side. The dollar made a fresh 8-year high versus the yen at [..]

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