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Technical Analysis – USDJPY strongly bullish above 120.00

Posted on March 9, 2015 at 7:43 am GMT

USDJPY remains strongly bullish above the key 120.00 yen. The pair has regained strong upward momentum after breaking above this level on March 5th. The daily RSI is positive and MACD is above zero. The next target to the upside is at 121.84 – the December 2014 peak and the highest in over 7 years. A break of this top will confirm the bullish trend and target the next peak of 124.12 from June 2007. To the downside, support lies [..]

European Session – Dollar rallies to fresh highs on strong jobs report

Posted on March 6, 2015 at 3:42 pm GMT

The highly anticipated US February employment report came in much stronger-than-expected, which led the dollar to rally across the board. Nonfarm payrolls increased by 295 thousand against expectations of only a 240 thousand increase, whereas the unemployment rate fell to 5.5% compared to 5.7% the previous month and against expectations of a drop only to 5.6%. The only weaker-than-expected aspect of the report was wage growth, as average earnings climbed by only 0.1% month-on-month compared to expectations of a rise [..]

Forex News – Week Ahead – RBNZ and Australian jobs data in focus

Posted on March 6, 2015 at 2:34 pm GMT

The week ahead will likely be a slower one, compared to this past week, in the sense that there will be fewer tier one data releases. Monday begins with GDP data out of Japan. This will be a final revision for the fourth quarter of 2014. Data released in February showed Q4 GDP increased at 0.6% and on an annualized rate of 2.2% in the three months through December. Other data that would be interesting to watch out of Japan [..]

Technical analysis – EURGBP Daily, Euro / pound makes new 7-year low, eyes 70 pence

Posted on March 6, 2015 at 9:38 am GMT

The euro has been dropping against all the major currencies – even against the currency of Eurozone neighbor Britain. The euro recently made a fresh 7-year low (since December of 2007) and is looking to extend its drop below 70 pence, which would be its lowest since November of 2007. Below 0.70, there could be a test of 0.65, which would be a new 12-year low. The all-time low since the euro’s inception was around 57 pence. The pair has [..]

Asian Session – Euro slides as dollar bulls await confirmation from employment report

Posted on March 6, 2015 at 8:15 am GMT

The euro slipped below the psychologically important 1.10 level after the European Central Bank said it will finally embark on its massive 1.1 trillion asset purchase program next week. The ECB will purchase government bonds at about a 60 billion monthly pace until September 2016 – a date that could be extended depending on economic developments. In what should have been uplifting news for the euro, the bank also upgraded its growth forecast to 1.5% for 2015 from 1% previously. [..]

European Session – Euro tumbles to new 11-year low of 1.0005 on Draghi comments

Posted on March 5, 2015 at 3:17 pm GMT

The European Central Bank kept interest rates unchanged at record lows today. There was little impact to the euro on the announcement that the benchmark interest rate was left at 0.05% and the deposit rate at minus 0.2%, both as expected. Investors were more anxious to hear more details about the ECB’s 1.1 trillion-euro bond-buying program. What caused volatility in the markets was the press conference by ECB Chief Mario Draghi. Initially, the euro began to rise as Draghi spoke [..]

Asian Session – Euro tumbles to fresh 11-year lows ahead of ECB

Posted on March 5, 2015 at 7:58 am GMT

The euro registered fresh lows in late Asian trading, as the market braces for the ECB meeting and Draghi press conference later on. The euro fell to as low as 1.1025 before rebounding back to around 1.1050 as the ECB was preparing to unveil the details of its 1 trillion euros plus Quantitative Easing scheme. More specifically, the ECB should explain what kind of government bonds it will buy, duration and other details about the whole procedure. In addition, the [..]

Technical Analysis – USDCAD consolidates in triangle pattern

Posted on March 5, 2015 at 7:39 am GMT

USDCAD is consolidating in a descending triangle after a long term rally from 1.0619 last July. The triangle base provides support at 1.2350. A break below this would target next support 1.2050. To the upside, a breakout from the triangle would bring a resumption of the uptrend. A move above the 6-year high of high of 1.2798 (hit on January 30) will open the path towards the March 2009 high of 1.3063. The near term bias is neutral as the [..]

European Session – Euro falls to 11-year low, loonie rebounds after BoC holds rate

Posted on March 4, 2015 at 3:28 pm GMT

The Canadian dollar strengthened after the Bank of Canada rate announcement and statement. As was mostly widely expected, the Bank held rates steady at 0.75%. This comes after Tuesday’s stronger fourth quarter GDP data. The greenback fell versus the loonie after the data to a low of 1.2487 from a pre-data high of 1.2542. Against the yen, the dollar was steady, keeping within a range of 119.46 and 119.81. The US dollar was stronger against the euro and the pound [..]

Forex News – Canadian GDP rises but focus is on BOC rate decision

Posted on March 4, 2015 at 11:05 am GMT

Canada released fourth quarter gross domestic product data on Tuesday which was quite encouraging, especially a day before the Bank of Canada was scheduled to meet to decide on interest rates. GDP data showed that the Canadian economy grew at a faster pace than was forecast in Q4, which increased market expectations for the Bank to hold rates steady today and not lower the current 0.75% rate. The annualized GDP rate came in at 2.4%in the final three months of [..]

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