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Technical Analysis – USDCHF turns bullish

Posted on August 5, 2014 at 7:08 am GMT

USDCHF turned bullish after crossing above its 200-day moving average on July 15. The rally continued to a high of 0.9105 on July 30. The short-term bullish momentum remains positive as long as support at 0.9035 holds. This is the July 28 low. The break of resistance at 0.9105 will accelerate a move higher to target 0.9155, the January 19. On the daily chart, the tenkan-sen and kijun-sen are positively aligned and price action is above the Ichimoku cloud, adding [..]

Asian Session – RBA keeps rates on hold while Chinese Services’ PMI slides

Posted on August 5, 2014 at 6:43 am GMT

The Australian dollar was the main focus of today’s Asian session as the Chinese Services’ PMI survey and the Reserve Bank of Australia meeting were two key risk events. The aussie was relatively volatile against the US dollar, as it dropped from the 0.9335 level where it traded during Monday’s New York close to 0.9316, but then rebounded to around 0.9340. Starting with the Chinese Services’ PMI number, this fell to a 9-year low during July as it dropped from [..]

European Session – Sterling falls to 8-week low against dollar

Posted on August 4, 2014 at 1:53 pm GMT

The main economic data out of Europe today included UK construction PMI and Eurozone Sentix investor confidence data although the releases did not move the euro or sterling much. Data showed that house construction in the UK rose last month at the fastest rate since November 2003. Construction PMI rose to 62.4, beating expectations of 62.0. Despite the upbeat data, sterling fell to as low as 1.6813, a new 8-week low against the dollar. The euro climbed to a new [..]

Forex News – US jobs report causes pause in US dollar rally

Posted on August 4, 2014 at 10:08 am GMT

News that the number of net new jobs in July exceeded 200,000 for the sixth consecutive month, was a signal that the US labor market was now improving at a steady pace. Nonfarm payrolls came in at 209,000. This was however smaller than the 233 thousand increase expected by economists and significantly less than an upwardly revised 298 thousand gain during the previous month. In addition, the unemployment rate ticked up to 6.2% from 6.1% during June. It was the [..]

Technical Analysis – GBPUSD bearish after breaking below 100dma

Posted on August 4, 2014 at 9:32 am GMT

GBPUSD has strengthened it bearish bias after breaking below the 100-day moving average and also breaking below the daily Ichimoku cloud on Friday. The pair has retraced almost 78.6% of the upleg from 1.6692 to 1.7190 and is currently resting just above the Friday low of 1.6813. Bearish momentum accelerated its decline since breaking below 50 and falling into bearish territory. The RSI is currently at 26 at oversold levels. Further weakness in cable is expected, with scope to target [..]

Technical Analysis – USDJPY near-term bullish bias

Posted on August 4, 2014 at 7:13 am GMT

USDJPY has found support at 102.46 which is the 50% Fibonacci retracement level of the move from 104.11 to 100.81. Resistance at 103.10 was challenged last week and holds strong, although upward bias is favoured as the market is above the daily Ichimoku cloud and above the 200-day moving average. Daily technical indicators are also bullish. RSI is in bullish territory and for now the stochastic is out of overbought territory signaling further upside potential is possible. [..]

Asian Session – Yen fails to capitalize on soft US employment report

Posted on August 4, 2014 at 6:57 am GMT

The Japanese yen was the main loser of the day, as a trend of weaker economic data and doubts about the durability of Japan’s economic recovery have intensified lately, leading to yen sales. This kept the yen from staging a more substantial rebound following the comparatively soft July employment report out of the United States on Friday. Dollar / yen was at 102.69 compared to 102.54 on Friday and euro / yen climbed towards the familiar 138 mark at 137.85. [..]

Forex News –Week Ahead: Central bank meetings, Chinese data kick off holiday month

Posted on August 1, 2014 at 1:50 pm GMT

Central bank meetings in Australia, the UK, Japan and the European Central Bank will attract the market’s attention the coming week, while Chinese Services PMI, trade figures and inflation will give insights into the situation of the world’s second largest economy. Next week will probably start the holiday period, which usually means markets that are more quiet and with less liquidity. However, some important shifts have taken place in markets in recent weeks such as the realization that the US [..]

European Session – Dollar faces profit-taking after employment report fails to excite

Posted on August 1, 2014 at 1:40 pm GMT

The dollar came under some selling pressure in the aftermath of an employment report that was more or less in line with expectations. The euro managed to climb back above the 1.34 level at 1.3415 compared to around 1.3390 before the release of the numbers. Dollar / yen also backed away from just under the 103 level to trade at 102.79. Sterling faced heavier selling as it was the one currency that fell more than the US dollar. Cable was [..]

Technical Analysis – EURUSD daily: downtrend intact but oversold in the short-term

Posted on August 1, 2014 at 7:59 am GMT

Following the breach of the 1.35 level, the euro fell also through 1.34, marking its lowest since November 2013. 1.33 could be the next stop in the euro’s downward course. The Ichimoku chart shows that price action is below the cloud, which is bearish. In addition, the red Tenkan-sen line has crossed below the blue Kinjun-sen line on July 15. This constituted a strong sell signal as it occurred below the cloud. The Chikou span also looks free to move [..]

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