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Asian Session – Dollar pulls back against yen on weak data, BoJ summary

Posted on December 29, 2016 at 9:04 am GMT

The US dollar slipped to two-week lows against the yen in Thursday’s Asian session as a combination of disappointing US homes sales numbers and a relatively upbeat summary of opinions by the Bank of Japan drove the greenback below 117 yen. The euro rebounded back above 1.04 dollars, while commodity-linked currencies also made modest gains. An unexpected drop in pending home sales in the United States in November raised concerns about the possible impact of rising interest rates on the [..]

European Session – Euro succumbs to dollar strength, slips below $1.04

Posted on December 28, 2016 at 4:22 pm GMT

The euro found itself back below 1.04 dollars in European trading on Wednesday as the US dollar continued to make steady gains against most major pairs. The single currency had recovered from a 14-year low of 1.0352 dollars from a week ago and had been trading as high as 1.0479 earlier in the day. However, persisting bullish sentiment for the dollar as well as concerns about Italy’s banking sector pushed the euro to a session low of 1.0384 dollars. Yesterday’s [..]

Technical Analysis – AUDUSD looking bearish after death cross

Posted on December 28, 2016 at 10:08 am GMT

AUDUSD benefited from an upwards correction today after falling into oversold territory in recent days. The pair has slid over 7% since the US election on November 8 and in the process, has retraced about 62% of the January to April upleg from 0.6826 to 0.7834. The near term bias remains bearish despite today’s upside momentum as RSI has barely crawled above 30, which separates oversold territory. The longer-term outlook is also negative following the bearish crossover of the 200-day [..]

Asian Session – Aussie and kiwi attempt a rebound as dollar stands firm after strong US data

Posted on December 28, 2016 at 9:25 am GMT

The US dollar continued to inch higher on Wednesday as strong consumer confidence data added support to the greenback in thin holiday trading, while most pairs were stuck in tight ranges ahead of the New Year holiday. Consumer confidence in the United States rose to a 15-year high in December according to the Conference Board’s survey released yesterday. The dollar was up slightly at 117.58 yen in late Asian session, which is just under 1% below its 10-month high of [..]

European Session – Dollar nudges upwards in holiday lull; Gold and oil also up

Posted on December 27, 2016 at 4:34 pm GMT

Major currencies were largely steady in today’s European session as volumes remained low despite most markets reopening after the Christmas break. Key markets such as London, Sydney and Hong Kong stayed closed on Tuesday, explaining the absence of many traders. The US dollar was the main gainer in European trading, though gold and oil also stood out. The greenback hit a session high of 117.61 yen, recovering from yesterday’s brief dip below the 117 level. The US currency got a [..]

Technical Analysis – GBPJPY bullish above cloud but losing momentum

Posted on December 27, 2016 at 10:04 am GMT

GBPJPY rose above the 200-day moving average for the first time in a year at the start of this month, extending its recovery from the post-Brexit low to almost 20% when it peaked at 148.44 on December 15. Prices have since fallen back from overbought levels with both the RSI and stochastic oscillator heading downwards. However, with the stochastics having fallen sharply from overbought to oversold levels in the past two weeks, there is room for an upside reversal in [..]

Asian Session – Dollar firmer as weak Japanese data weighs on yen

Posted on December 27, 2016 at 8:46 am GMT

The US dollar edged higher in Tuesday’s Asian session as volumes remained thin in the last trading week of the year. With the London market still closed today due to the Christmas bank holiday, it’s expected to be another quiet day. However, bargain hunting lifted the dollar higher versus the yen in Asian trading, helping it move away from one-week lows touched yesterday. The greenback lost some momentum last week following worse-than-expected personal income and consumption data for November out [..]

European Session – Dollar mixed in thin trade ahead of long holiday weekend

Posted on December 23, 2016 at 4:36 pm GMT

The US dollar struggled for momentum in Friday’s European session as volumes thinned out ahead of the long Christmas holiday weekend. Data showing that consumer confidence in the United States climbed to an 12-year high in December was unable to prevent the dollar from slipping against the yen in late session. The University of Michigan’s consumer sentiment index was revised from 98.0 in December’s preliminary reading to 98.2 in the final release – the highest since 2004. Expectations were for [..]

Week Ahead – Japanese data to dominate quiet holiday week

Posted on December 23, 2016 at 11:25 am GMT

As most Western markets close for the Christmas and New Year celebrations, Japanese data will come under the spotlight next week. In addition to key data releases, the Bank of Japan’s meeting minutes and summary will be watched too, while there will also be some US data to keep traders busy. Most major markets will be closed on Monday for the Boxing Day holiday but the Bank of Japan’s minutes of the October/November policy meeting might attract some coverage. However, [..]

Technical Analysis – Gold bearish in downward channel

Posted on December 23, 2016 at 8:52 am GMT

Gold maintains a bearish market structure. After a drastic sell-off on November 10, prices fell below the 200-day moving average, giving a bearish signal. Gold has been falling in a downward channel ever since the occurrence of a bearish crossover of the 50-day moving average with the 200-day moving average on November 18. Prices reached the lowest level in 10 months on December 15 to touch 1122.66. Since then, the market has been consolidating as the RSI indicator entered oversold [..]

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