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Forex News – Week Ahead – Scottish vote and FOMC highlights of the week

Posted on September 12, 2014 at 11:42 am GMT

The main highlight of next week will be the Scottish referendum. Markets will focus on the outcome of the vote for independence on September 18th. Polls in the last two days have shown that supporters of staying in the Union have managed to gain a lead ahead of the “Yes” campaign that is pro-independence. A YouGov poll for The Times and Sun newspapers showed today that the “NO” campaign has regained a 4-point lead over the separatists. According to the [..]

Technical Analysis – EURJPY breaks above Ichimoku cloud

Posted on September 12, 2014 at 9:38 am GMT

EURJPY closed above the daily Ichimoku cloud yesterday and recorded a third close outside the bearish channel. This is encouraging for more upside. The pair is testing the 38.2% Fibonacci retracement of the 143.46 – 135.71 downleg at 138.77. The daily RSI is bullish and shows there is scope for more upside momentum for a push higher to target 139.28, the July 3 high. To the downside, support is seen at the psychological level of 138.00. [..]

Technical Analysis – GBPUSD bounces off 10-month lows

Posted on September 12, 2014 at 7:04 am GMT

GBPUSD bounced off 10-month lows and is testing the 38.2% Fibonacci retracement level of the 1.4811-1.7190 upleg, at 1.6285. The overall trend is bearish as the market is below the 200-day moving average and the daily tenkan-sen and kijun-sen are negatively aligned. Trend oscillators like RSI and the stochastic which were recently showing an oversold bias have now moved away from extremes, warning of more downside. There is scope to target the 50% Fibonacci at 1.5998, which is close to [..]

Asian Session – Dollar gains on Fed policy change hopes, pound rallies on Scottish poll

Posted on September 12, 2014 at 6:51 am GMT

The US dollar was strong ahead of the retail sales report expected later today and ahead of next week’s Federal Reserve meeting. The dollar was especially strong against the Japanese yen, hitting a 6-year high as Bank of Japan Governor Haruhiko Kuroda said to the Prime Minister that the bank was ready to take action in order to hit its 2% inflation target. The dollar traded north of 107 at 107.22, after breaking to a new 6-year high of 107.39. [..]

European Session – Dollar tests 107 yen before easing on disappointing jobless claims

Posted on September 11, 2014 at 1:09 pm GMT

Sterling was one of the biggest movers in the major currencies today, moving further off 10-month lows against the dollar to a high of 1.6263. The main catalyst for the latest move higher was the shift in poll data after the result of another poll showing “NO” took the lead in the Scottish referendum by six points. In terms of economic data, there were none out of the UK, expect for RICS house price balance figures but there was no [..]

Technical analysis – AUDUSD bearish below 0.9200

Posted on September 11, 2014 at 12:25 pm GMT

AUDUSD has broken the key support area define by the psychological level at 0.9200 and the 200-day moving average at 0.9181 which also happens to be the 38.2% Fibonacci retracement level of the 0.8659 to 0.9503 upleg. This level is now key resistance. Next daily support comes in at 0.9082, the 50% Fibonacci retracement level. The market structure is bearish based on the technicals. The tenkan-sen and kijun-sen lines are negatively aligned, while the RSI and MACD have fallen into [..]

Forex News – Forecast-beating Australian jobs report boosts aussie

Posted on September 11, 2014 at 9:55 am GMT

The Australian dollar surged by as much as half a US cent early today in reaction to an upbeat Australian employment report which further reduced any chance of a cut in interest rates by the Reserve Bank of Australia. The unemployment rate fell to 6.1% and reversed most of July’s unexpected jump to 6.4%. Expectations were for a drop to 6.3%. The number of new jobs created in August rose by the most in about 30 years by 121,000, beating [..]

Asian Session – Aussie rebounds on employment data, Kiwi slumps on RBNZ

Posted on September 11, 2014 at 6:44 am GMT

The Australian dollar bounced back from a 6-month low, after nearly testing the 91 cent level against the US dollar. It rose back to 0.9175 on news that the Australian economy created a record number of jobs during August – 121 thousand to be exact. Although the vast majority of these jobs involved part-time employment (107 thousand), the development helped to bring the unemployment rate back down to 6.1% from 6.4% the previous month. The participation rate also increased to [..]

Technical Analysis – EURUSD consolidates around 1.2900

Posted on September 11, 2014 at 6:36 am GMT

EURUSD remains in a bearish trend, trading below the key 1.3000 level since breaking below it a week ago following the ECB rate cut. Technical indicators are bearish – the daily Ichimoku is falling while the tenkan-sen and kijun-sen lines are negatively aligned. The RSI has recovered to 22, moving away from extreme oversold levels and the stochastic is also moving out of extreme conditions, above 20. The market is consolidating around the key 1.2900 level. Immediate support lies at [..]

European Session – Dollar inches higher versus yen to strongest in 6 years

Posted on September 10, 2014 at 1:00 pm GMT

There were no important data releases out of Europe today, giving a chance for both the euro and the pound to stabilize. Meanwhile the dollar extended higher against the yen to reach a fresh 6-year high, helped by higher US Treasury yields. Market expectations on an early rate hike by the US Federal Reserve helped put more strength into the greenback, which hit as high as 106.78 yen in European trading hours today, the highest level since September 2008. The [..]

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