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Technical Analysis – USDCAD hits new 6-month high

Posted on September 26, 2014 at 7:48 am GMT

USDCAD hit a new 6-month high today at 1.1131 with scope to revisit the 1.1277 hit in March, which is the highest since 2009. The trend is bullish on the weekly chart and the Ichimoku cloud is rising. Prices are finding support at the top of the cloud at 1.0944. The tenkan-sen just crossed back above the kijun-sen which is a bullish signal. RSI is above 50 in bullish territory, adding to the upside potential. A close back into the [..]

Asian Session – Yen weakens as Japanese inflation remains below BOJ target

Posted on September 26, 2014 at 6:57 am GMT

The US dollar rebounded versus the yen after yesterday’s tumble. Weaker Japanese inflation data and comments from Japan’s welfare minister helped weaken the yen. Inflation in Japan slowed more than expected in August, to rise 1.1% from a year earlier compared with a 1.3% rise the previous month and economists’ forecast for a 1.2% rise. Meanwhile, there is speculation that the Japanese government will push ahead with reforms to the nation’s pension fund and these measures could weaken the yen. [..]

Forex News – Bank of England closer to hiking rates: Carney

Posted on September 25, 2014 at 2:03 pm GMT

In a speech on Thursday in Wales, Bank of England Governor Mark Carney said the Bank is getting closer to raising interest rates. Carney mentioned that the UK’s economic outlook was much improved, and a rate rise was only a matter of time. He did however mention that the exact date will depend on economic data. “The point at which interest rates … begin to normalize is getting closer,” Carney said. “In recent months the judgement about precisely when to raise [..]

European Session – Sterling rallies on Carney

Posted on September 25, 2014 at 1:41 pm GMT

Sterling rose higher after Bank of England Governor Mark Carney said that a rise in interest rates was “getting closer”. Speaking at an event in Wales Carney warned of the dangers of very loose monetary conditions and how lower interest rates could encourage risk. The pound rallied to recover most of the day’s losses against a broadly stronger US dollar to trade at 1.6339 going into the US session, rebounding from an intra-day low of 1.6275. The euro fell against [..]

Technical Analysis – EURUSD strongly bearish below 1.2800

Posted on September 25, 2014 at 7:26 am GMT

EURUSD broke below the key 1.2800 level to post a 22-month low and currently at 1.2733. The bias clearly remains to the downside as the daily Ichimoku cloud is falling and the tenkan-sen and kijun-sen are negatively aligned. RSI and MACD are in bearish territory, signaling scope for further downside moves. The key 1.2800 level now acts as resistance as does the 61.8% Fibonacci retracement level of the 1.2040 – 1.3992 upleg. The next target to the downside will be [..]

Asian Session – Euro below $1.28 to fresh 14-month lows

Posted on September 25, 2014 at 6:38 am GMT

The US dollar extended gains to peak at a fresh 6-year high after being boosted by strong US new home sales numbers. Data released on Wednesday showed that sales of newly built homes in the US surged 18% in August, the highest level since 2008. The dollar moved back above the key 109.00 yen level to a high of 109.33 before falling back. The euro weakened further in Asia today after falling on a combination of worse-than-expected German Ifo and [..]

European Session – Euro falls on soft German sentiment data

Posted on September 24, 2014 at 1:28 pm GMT

There was limited movement in the currency markets on Wednesday and the US dollar was broadly weaker, pausing a strong rally that took place in recent weeks. The euro was flat during the Asian and European session and began falling as the US session came around. There was a disappointing German Ifo survey on business sentiment which weighed on the euro. The data come after recent dismal data on the German ZEW and flash PMIs . The euro traded around [..]

Forex News – German business confidence weighed by geopolitical risks, struggling Eurozone growth

Posted on September 24, 2014 at 9:40 am GMT

The German Ifo report was released on Wednesday, showing a drop that was more than analysts forecast in September. The report is compiled by surveying 7,000 German firms which are asked to rate the relative level of current business conditions and expectations for the next 6 months. The Ifo index showed that business confidence in Germany fell as economic and political risks in the Eurozone increased. The gauge slipped to 104.7 in September from 106.3 in August. This was more [..]

Technical Analysis – USDJPY pauses at 6-year high

Posted on September 24, 2014 at 7:33 am GMT

USDJPY overall is in a bullish trend. A 6-year high of 109.44 was hit on Sept. 19 before the pair corrected to steady around 108.60 after reaching overbought levels (as indicated by RSI and stochastic). Near-term support is seen at the September 23 low of 108.26. There is scope for a bounce higher and a sustained break above 109.00 will accelerate gains towards the 2008 high of 110.39. The rising daily Ichimoku cloud and the positively aligned tenkan-sen and kijun-sen [..]

Asian Session – Dollar moves off 6-year high versus yen after Abe comments

Posted on September 24, 2014 at 6:40 am GMT

The US dollar paused its rally against the yen, falling back below the key 109.00 yen level and moving off a six-year high of 109.44 hit on last Friday. The dollar rallied strongly against the Japanese currency since mid-August and has gained almost 7% since then. Investors took the opportunity to take some profit and sold off USD this week. A catalyst for closing some dollar positions were comments from Federal Reserve Bank of New York President William C. Dudley [..]

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