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Technical Analysis – GBPUSD bias up

Posted on September 19, 2014 at 7:58 am GMT

GBPUSD rallied to a 2-week high of 1.6523 early on Friday from the Asian session open of 1.6392 after being boosted by the Scottish “no” vote. The bias remains up on the 4-hour chart as the market has moved above the Ichimoku cloud and the tenkan-sen and kijun-sen lines are positively aligned. RSI is in bullish territory although close to overbought. Support is seen at 1.6389 and 1.6284. A break above today’s high of 1.6523 will target the September 1st [..]

Asian session -Sterling rallies after Scottish “No” vote

Posted on September 19, 2014 at 7:01 am GMT

The British pound rallied after results of a referendum showing that Scottish voters were against independence from the United Kingdom. Sterling surged to a 2-week high against the dollar, peaking at 1.6523 as news trickled out early Friday morning that 55% of Scots supported the “no” campaign compared with 45% who were for independence. Markets were concerned recently about the uncertainty of the vote and caused the pound to fall to a 10-month low of 1.6050 before it rose on [..]

European Session – Pound rallies as Scottish referendum gets underway

Posted on September 18, 2014 at 1:26 pm GMT

Sterling was the main currency in focus today as the Scottish referendum gets underway. The pound rallied as high as 1.6379, up 0.6% since yesterday’s close. Today’s release of UK retail sales data helped support the pound a little although the Scottish vote is the main focus and acted as a catalyst to the move higher as opinion polls seem to indicate an increase in the “NO” vote. British retail sales growth recovered last month after stagnating in July and [..]

Forex News – Fed mixed message boosts dollar to new highs vs yen, euro

Posted on September 18, 2014 at 11:45 am GMT

The Federal Reserve’s Open Market Committee meeting on September 16 / 17 resulted in few major changes, revisions or fresh policy announcements. Yet, dollar bulls saw the meeting’s outcomes as another step towards eventual policy tightening and a confirmation that US monetary policy will significantly diverge from that of other major central banks in the next 18 months. First of all, the committee decided to taper the Quantitative Easing program by an additional 10 billion dollars to 15 billion dollars. [..]

Technical Analysis – GBPUSD corrects higher

Posted on September 18, 2014 at 9:40 am GMT

The break of the 200-day moving average strengthened selling pressure for GBPUSD, which declined to a low of 1.6050 on September 10. These selling pressure have since eased and GBPUSD corrected higher to breach resistance at 1.6280 – which is the 38.2% Fibonacci retracement level of the upleg from 1.4811 (July 2013)– 1.7190 (July 2014). The rising momentum (RSI turned up) signals scope for a move higher. Daily resistance now stands at 1.6631 – the 23.6% Fibonacci retracement level. However, [..]

Asian Session – Dollar rallies boosted by Fed’s mixed message

Posted on September 18, 2014 at 6:40 am GMT

The US dollar notched up additional significant gains – particularly against the yen – during today’s Asian session as investors digested the outcome of the all-important Federal Reserve meeting the previous day. The dollar made a new 6-year record against the yen as it climbed to as high as 108.85 and euro / dollar fell to a new 14-month low of 1.2834. The euro later rebounded to 1.2870, as in contrast to the yen, it is showing more resilience against [..]

Technical Analysis – EURUSD resumes bearish move below 1.2900

Posted on September 18, 2014 at 6:25 am GMT

EURUSD remains strongly bearish. After pausing from a sharp decline around the key 1.2900 level, this psychological support level failed and prices dropped to 1.2833. There is scope for another push lower towards the 61.8% Fibonacci retracement level of the upleg from 1.2040 (July 2012) – 1.3992 (April 2014). RSI is in bearish territory and the tenkan and kijun lines are increasingly negative aligned, reinforcing the bearish market structure. [..]

European Session – Dollar falls after soft US inflation, ahead of FOMC

Posted on September 17, 2014 at 1:21 pm GMT

The US dollar was broadly weaker today ahead of expectations that the Federal Reserve would maintain low rates late in the day. The greenback was weakened further after disappointing US CPI data which fell more-than-expected in August for the first time in over a year. The dollar dropped from an intra-day high of 107.34 against the yen to 107.13 after the data showed US headline inflation dropped 0.2% from a prior increase of 0.1%. Bearish sentiment in the dollar will [..]

Forex News – Sterling lifted by fall in UK unemployment

Posted on September 17, 2014 at 11:51 am GMT

UK unemployment data released today showed that Britain’s labour market and overall economic recovery remains steady. The jobless rate fell to the lowest in 6 years and by much more than economists had forecast. The ILO unemployment rate fell to 6.2% between May and July, which was the lowest level since the September-November period of 2008, compared to expectations for the rate to fall to 6.3%. The number of jobless in the quarter fell 146,000 to just over 2 million [..]

Technical Analysis – USDCHF hovers at 1-year high

Posted on September 17, 2014 at 6:55 am GMT

USDCHF is hovering near 1-year highs and currently pivoting around 0.9343, which is the 61.8% Fibonacci retracement of the 0.9749 – 0.8698 downleg. The short-term technical structure is positive – tenkan-sen and kijun-sen are positively aligned and momentum oscillators are in bullish territory (RSI and MACD). A break of the September 10 high of 0.9394 will accelerate a move towards the September 5 high of 0.9454. Near-term support is seen at 0.9286 (September 5 low). [..]

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