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Asian session – Dollar retreats ahead of Trump press conference

Posted on January 10, 2017 at 8:04 am GMT

The US dollar posted some modest losses during Tuesday’s Asian trading despite relatively hawkish remarks from Federal Reserve officials the previous day. Dollar / yen was below 116 at 115.72 while the euro was trying to climb above the 1.06 level at 1.0598. The euro had climbed as high as 1.0627 earlier in the session. Boston Fed’s Eric Rosengren called for a faster pace of interest rate hikes compared to the one-a-year pace of the previous two years while Dennis [..]

European Session – Dollar erases gains but pound steadies as hard Brexit fears linger

Posted on January 9, 2017 at 4:23 pm GMT

The yen saw increased demand in Monday’s European session, leading the US dollar to give up its earlier gains against the Japanese currency. Other currencies also lost ground against the yen, particularly the British pound, which has been hit today by fresh concerns of a hard Brexit following comments by UK PM Theresa May over the weekend. Softer US treasury yields helped the yen higher in late European trading, with the dollar slipping back below 117 yen to around 116.35 [..]

Technical Analysis – WTI oil futures maintains bullish bias on weakening positive momentum

Posted on January 9, 2017 at 9:39 am GMT

WTI oil futures have been posting some losses over the last couple of days following the sharp gains recorded recently. Despite that, the overall upward trend remains in place with prices currently above both the 50-day moving average (MA) and the 200-day average. On the upside, the December 22 high of 55.39 (which was a near 18-month peak) is expected to serve as a resistance level. A break above that level could pave the way for further gains. On the [..]

Asian session – Dollar extends employment report gains while pound drops on ‘hard Brexit’ talk

Posted on January 9, 2017 at 8:25 am GMT

The US dollar managed to maintain Friday’s gains or even extend them against certain currencies during Monday’s Asian trading. Particularly against the Japanese yen the dollar climbed to around 117.50, while against the euro it traded at 1.0531. The dollar had earlier pushed the single currency to as low as 1.0515. Liquidity was overall thin because of a bank holiday in Japan, while there was a relative absence of market-moving developments following Friday’s all-important jobs numbers. On Friday, the US [..]

European session – Dollar stays pinned despite positive data

Posted on January 5, 2017 at 3:26 pm GMT

The US dollar remained under pressure and an attempt to stage a serious rebound was met with selling. Still, the dollar index managed to stay away from its late Asian session low of 101.71, but an attempt to scale above 102.51 level in mid-session failed. The index was at 102.00 at the time of writing shortly after the release of an upbeat December Services ISM. Dollar / yen was once again below 116 at 115.86, while euro / dollar was [..]

Technical Analysis – Gold rallying in effort to exit bearish trend

Posted on January 5, 2017 at 11:19 am GMT

After the sell-off being recorded in gold since early November, the precious metal has been posting some gains over the last few number of days in an effort to break out of the negative market structure which was renewed on November 18 when the 50-day moving average (MA) crossed below the 200-day one forming a bearish cross. Indicative of the recent positive sentiment is the fact that the RSI indicator rose above the 50 level, entering bullish territory. At the [..]

Technical Analysis – USDJPY corrects on 4-hourly chart, 115 handle key

Posted on January 5, 2017 at 9:33 am GMT

Dollar / yen has been mostly consolidating between 118.60 and 116 since hitting an 11-month high at 118.65 on December 15. However, price action has been somewhat bearish today as this consolidation range appeared to be breaking down on the downside. Looking at the shorter-term 4-hourly chart, price is currently below the 50-period moving average but it is holding above the 200-period average at 115.13. Below that is the near 1-month low of 114.74, so bulls should not worry as [..]

Asian session – Sharp losses for US dollar as profit-taking accelerates

Posted on January 5, 2017 at 8:23 am GMT

The US dollar continued its corrective move from the previous day despite a slightly hawkish set of Federal Reserve meeting minutes released during Wednesday’s US session. Dollar / yen moved sharply lower as it successively fell through the 117 and 116 handles during today’s session. Dollar / yen was last trading at 115.86 in volatile trading. Other Asian currencies also posted significant gains versus the dollar – not least the Chinese yuan. The Chinese yuan provided for some excitement as [..]

European session – Dollar falls victim to profit-taking ahead of Fed minutes

Posted on January 4, 2017 at 3:21 pm GMT

There was some selling of the US dollar during today’s European session as dollar longs saw the opportunity to book some profits. The greenback weakened broadly – both against the safe haven yen to 117.40, as well as against the aussie, which rose to 0.7266 against the US currency. The recent stream of positive economic news continued during today’s European session with the release of positive PMI data out of Germany, the Eurozone and the UK. Earlier during the Asian [..]

Technical Analysis – EURJPY looking bullish, eyes fresh challenge of 7-month high

Posted on January 4, 2017 at 8:59 am GMT

Euro / yen is still looking bullish on the daily chart following a rally from the September low of 112.07 all the way up to the mid-December 7-month high of 124.08. After hitting this level, the pair has consolidated somewhat and is looking like it will mount a fresh challenge of the 124 level. After that, the target could be the 8-month high of 126.50. According to the Ichimoku analysis, the Tenkan-sen line has been above the Kijun-sen since early [..]

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