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Technical Analysis – NZDUSD Daily, Kiwi struggles close to 15-month low of 77 cents

Posted on November 5, 2014 at 8:50 am GMT

The New Zealand dollar, previously one of the best performing major currencies of the year until mid-July, has faced serious selling pressure against the US dollar during the past 4 months and it has lost more than 11 cents during this period. According to the Ichimoku analysis, the prospects for the kiwi / US dollar pair continue to be negative as price action is below the cloud and after some recent whipsaws, the Kijun-sen (red line) is again below the [..]

Asian Session – Yen drops to fresh lows after Kuroda pledges to act ‘without limits’

Posted on November 5, 2014 at 7:46 am GMT

A correction of dollar / yen proved to be a short-lived affair, after Bank of Japan Governor Haruhiko Kuroda said he would apply stimulus policy tools with “no limits” in order to reach the 2% inflation rate. This came on the heels of Friday’s additional stimulus announcement and the fact that the Bank’s Governor appeared ready to do more so soon after the announcement of the extra stimulus, hit the yen hard. Dollar / yen made a fresh 7-year high [..]

European Session – US dollar continues to face correction pressure after huge rally

Posted on November 4, 2014 at 2:12 pm GMT

The US dollar gave up some additional ground during Tuesday’s European trading, returning some of the significant gains it made during the previous days. Dollar / yen was around 113.45 and the euro was managing to hold above the 1.25 line against the dollar despite new downbeat economic forecasts by the European Commission. In its winter forecasts, the European Commission said the Eurozone would grow only by 0.8% this year, 1.1% in 2015 and 1.7% in 2016. The Commission also [..]

Forex News – Reserve Bank of Australia happy to sit back for now

Posted on November 4, 2014 at 11:11 am GMT

The news from the monthly Reserve Bank of Australia meeting earlier today was in line with market expectations as the RBA left interest rates steady as well as issued a similar policy statement to the previous meeting. The benchmark RBA cash rate has remained at 2.5% since August of 2013 and according to market expectations, appears likely to remain the same until well into 2015. The RBA also maintained its mantra that the aussie remains overvalued according to most fundamental [..]

Technical Analysis – Aussie, on downtrend, tries to hold 4-year lows

Posted on November 4, 2014 at 8:49 am GMT

The Australian dollar was sold aggressively against the US dollar in August and September, after holding a relatively narrow range between 92 and 95 cents for the previous 5 months or so. The aussie’s slide stopped at 0.8642, which was very near the January 0.8659 low but a fresh 4-year low nonetheless. Currently the aussie is trading below all its key moving averages, which is bearish. The 200-day average is much higher at 0.9162 and this level could cap any [..]

Asian Session – Dollar pauses from rally while RBA keeps rates steady

Posted on November 4, 2014 at 7:37 am GMT

The US dollar backed away from its recent highs, following a particularly impressive run especially against the Japanese yen. The Bank of Japan on Friday unexpectedly decided to expand its monetary stimulus, sending shockwaves across the markets. The yen managed to push the dollar back to 113.50 from a fresh high of 114.20 registered the previous day, while the euro managed to regain the 1.25 level and traded as high at 1.2530 during today’s Asian session. Euro / yen was [..]

European Session – Dollar remains bullish after US ISM manufacturing data

Posted on November 3, 2014 at 3:25 pm GMT

Market sentiment for the dollar was still strongly bullish on Monday due to the divergence in the policy outlook between the US central bank and the Bank of Japan and European Central Bank. As a result, the yen extended the post –BoJ policy announcement from Friday and tumbled to a new 7-year low against the dollar on Monday. The dollar broke past 113.00 yen for the first time since December 2007 to reach a high of 113.95 in US session [..]

Forex News – Chinese PMI business surveys underwhelm the market

Posted on November 3, 2014 at 12:52 pm GMT

Saturday and Monday saw the release of some key Chinese PMI figures, both from the official and the private sector. Overall the figures showed a mild slowdown – particularly the official sector numbers – as the Chinese economy is facing a number of challenges which are slowing it down. The Chinese official manufacturing PMI from the National Bureau of Statistics fell to 50.8 in October compared to 51.1 the previous month and the 51.2 expectation by economists. In the Services [..]

Technical Analysis – USDJPY tests 113.00

Posted on November 3, 2014 at 8:35 am GMT

USDJPY maintained its upward momentum to rally strongly towards the key 113 yen level. A daily close above this would add to the upside potential and open the path toward 113.70 – This is the 78.6% Fibonacci retracement level of the downleg from 124.12 (June 2007 high) to 75.55 (October 2011 low). RSI is in bullish territory above 50 and this highlights the upside bias. There is support at 110.08 where consolidation is expected at this level. A break [..]

Asian Session – US dollar continues to strengthen on expectations monetary policy will diverge further

Posted on November 3, 2014 at 7:38 am GMT

The US dollar continued its push to higher ground, as traders expected the respective monetary policies of the European Central Bank and the Bank of Japan on the one hand and the US Federal Reserve on the other, to continue to diverge. The US dollar came close to challenging the 113 level against the Japanese yen, adding to its spectacular gains since the Bank of Japan caught markets off-guard on Friday by announcing further stimulus to its existing measures. [..]

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