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Technical Analysis – USDCAD off 5-year high but bullish bias remains

Posted on November 27, 2014 at 8:33 am GMT

USDCAD has maintained a steady uptrend since bouncing off a low of 1.0619 on July 3rd. Breaking above the 200-day moving average and the Ichimoku cloud strengthened the upside momentum. The thickening of the cloud and the rising tenkan-sen and kijun-sen lines are supporting the bullish bias. The pair hit a 5-year high of 1.1465 on November 5th. It has since pulled back to find support at the cloud. The area between 1.1190 and 1.1230 is an important support zone. [..]

Asian Session – Dollar on back foot after weak data

Posted on November 27, 2014 at 7:52 am GMT

The dollar lost ground against the yen, while the euro was helped by indications that the ECB would probably stay put during its meeting the following week. The dollar fell against the Japanese yen, retracing more of its recent steep gains, as it fell to as low at 117.25. It was last trading at 117.37. The dollar was hurt by some weaker-than-expected economic numbers released the previous day. Firstly, both personal consumption and income rose less than expected in October, [..]

European Session – UK GDP revised higher in Q3, soft US data pressures dollar

Posted on November 26, 2014 at 3:24 pm GMT

The main economic news during today’s European session was the revised UK GDP figure for the third quarter which came in line with expectations. It increased at a 0.7% pace quarter-on-quarter and at 3.0% year-on-year. Private consumption and government spending was stronger-than-expected but investment and trade proved softer-than-expected. Sterling fell on the news, but then recovered back to session highs, rising from 1.5677 to 1.5804. A weaker dollar due to soft US data today helped support the pound. The euro [..]

Forex News – US third quarter GDP revised higher pointing to strong growth ahead

Posted on November 26, 2014 at 2:14 pm GMT

The US dollar rose on better-than-expected growth data on Tuesday but other mixed US data afterwards pared gains with downbeat housing prices and consumer confidence. Real gross domestic product (GDP) – the value of the production of goods and services adjusted for price changes – increased at an annual rate of 3.9% in the third quarter of 2014, according to the “second” estimate released by the US Bureau of Economic Analysis. In the advance estimate, the increase in real GDP [..]

Asian Session – Yen climbs and aussie fights back from 4-year low

Posted on November 26, 2014 at 8:22 am GMT

The Japanese yen was somewhat stronger during today’s Asian session, as it took advantage of the dollar’s inability to rally as a result of a substantial upward revision to US GDP growth the previous day. US growth estimates were raised to 3.9% from an expected 3.3% as there were positive revisions in a number of categories. However, because of a drop in consumer confidence to a 5-month low, traders were reluctant to push the dollar higher – especially as GDP [..]

Technical Analysis – AUDUSD hovers at 4-year lows

Posted on November 26, 2014 at 8:20 am GMT

AUDUSD has been falling steadily since the early September high of 0.9400 to reach a 4-year low of 0.8512 on November 25. On the daily chart, the bias remains to the downside as the market is below the Ichimoku cloud and RSI is in bearish territory below 50. The stochastic is approaching extreme oversold conditions, warning of some consolidation in the near-term. This is also shown by the tenkan-sen and kijun-sen liens flattening out. Prices are currently finding support in [..]

European Session – Australian dollar at weakest in 4-years after Lowe comments

Posted on November 25, 2014 at 2:26 pm GMT

The main theme was dollar strength in today’s European session. The euro rose early in the session after Germany’s third GDP showed 0.1% growth in the quarter after a 0.2% contraction in the second quarter. The market focus now turns to Thursday’s appearance by European Central Bank President Mario Draghi followed by Friday’s flash Eurozone CPI data. The euro fell from a session high of 1.2442 to 1.2401 after US GDP data showed the third quarter growth rate was revised [..]

Technical Analysis – Gold struggles below 1200

Posted on November 25, 2014 at 8:21 am GMT

Gold prices are consolidating around the critical 1200 level. Strong resistance is at the 61.8% retracement level of the downleg from 1255.07 to 1131.65 at 1207.71. To the downside there is immediate support at 1193.26, which is the 50% retracement level. On the daily chart the overall trend is down as prices have been falling from the September 2012 high of 1795.73 to the November 2014 low of 1131.65. A break of this low would accelerate the downtrend to target [..]

Asian Session – Yen pushes dollar lower as euro fails to maintain gains

Posted on November 25, 2014 at 7:44 am GMT

The euro was again under some pressure during today’s Asian session, despite receiving a boost the previous day from a stronger-than-expected German IFO business confidence survey and some hawkish words out of Bundesbank Chief Jens Weidmann. The euro held above the 1.24 line at 1.2426, having traded as low as 1.2358 the previous day. It was a little down compared to its New York close of 1.2441. Specifically, Weidmann warned that the legal hurdles to be overcome for the purchase [..]

European Session – Euro bounces on improved German Ifo

Posted on November 24, 2014 at 2:51 pm GMT

The euro paused its recent decline with the help of some upbeat German Ifo data today which showed business confidence in the Eurozone’s largest economy surprisingly increased in November for the first time in 7 months. The Ifo Business Climate Index beat expectations and rose to 104.7 from October’s 103.2. This was the first increase since April this year and surprised markets which expected a drop to 103.00. The euro rebounded from a 27-month low of 1.2358 hit in Asia [..]

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