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European Session – Broad dollar strength ahead of Fed meeting

Posted on July 29, 2014 at 1:39 pm GMT

The main theme in the currency markets was broad dollar strength, which resulted in weakness in the euro and the pound. Focus is on the greenback as the Federal Reserve gets underway with a 2-day meeting that ends on Wednesday. The euro fell to a fresh 8-month low of 1.3412 following an attempt to rise to 1.3443. The single currency is under pressure as geopolitical tensions exist with regards to the Ukraine and Russia and new sanctions are to be [..]

Forex News – Japanese data show economy slowly healing from April sales tax hike

Posted on July 29, 2014 at 10:12 am GMT

Tuesday’s wide range of data out of Japan concerning retail sales, unemployment, household spending and job openings-to-applicants showed that the economy was slowly improving following the April sales tax hike shock. However the pace of improvement was a little slower-than-expected as some key indicators missed expectations. For example, household spending rose by 1.5% month-on-month versus expectations of a 2.2% increase. Still, this was an improvement from May’s 3.1% negative rate and April’s huge 13.3% contraction (the month of the tax [..]

Technical Analysis – USDCAD scope for bullish reversal

Posted on July 29, 2014 at 9:24 am GMT

USDCAD has moved off 7-month lows of 1.0619 and risen to reach a high of 1.0820 where it has been consolidating the past three days. The pair is finding resistance at this level where the 200-day moving average lies (it was also a previous support level). Next resistance is found at 1.0886 at the June 18 high. It appears the market has created a rounding bottom and there is potential for a bullish reversal. RSI is rising and in bullish [..]

Technical Analysis – EURJPY bearish at 2014 lows

Posted on July 29, 2014 at 7:14 am GMT

The EURJPY maintains its bearish bias and is heading for the 2014 low of 136.21 touched on February 2. This level is a strong support level which if broken will accelerate losses towards 135.42, which is the 38.2% Fibonacci retracement level of the upleg from 118.72 to 145.65. The daily tenkan-sen and kijun-sen lines are negatively aligned and reinforce medium-term bearish bias. Also, the daily Ichimoku cloud is acting as a barrier to the upside. Momentum indicators are signaling further [..]

Asian Session – Dollar holds gains ahead of key events; yen falls back on data

Posted on July 29, 2014 at 6:44 am GMT

The US dollar held near its recent highs versus the yen, the euro and pound sterling as 10-year treasury yields rose towards 2.50% during New York trading and markets awaited key risk events and data in the last three days of the week. Specifically, the next three days will feature the monetary policy decision, the advance estimate of the economic growth rate for the second quarter and the number of jobs created during July in the United States. Eurozone flash [..]

European Session – Euro hovers near 8-month lows, dollar eases after pending home sales

Posted on July 28, 2014 at 2:09 pm GMT

The first day of the trading week was relatively quiet although the rest of the week is full of important economic data releases and events, especially from the United States. Most major currency pairs were consolidating during the European session due to the absence of European data although during the early US session there were some US data releases which included pending home sales, the preliminary Markit services and composite PMI’s, and the Dallas Fed activity index. Meanwhile, the key [..]

Forex News – German IFO index slips to 9-month low on economic slowdown, geopolitics

Posted on July 28, 2014 at 1:48 pm GMT

The surprise drop in the German IFO business confidence index confirmed some worries that the Eurozone’s largest economy was going through a soft patch. Although analysts were expecting a slight fall in the index compared to June’s levels, the drop in the end was much more severe and it led the business climate index to a 9-month low of 108 compared to 109.7 the previous month. Both the current conditions’ index as well as the expectations’ index dropped by 1.9 [..]

Technical Analysis – EURUSD pauses decline, bearish bias remains below 1.3500

Posted on July 28, 2014 at 9:52 am GMT

EURUSD maintains a bearish bias below the key 1.3500 level which it broke on July 22. On the 4-hour chart prices are below the downtrend line while technical indicators are bearish. Tenkan-sen and kijun-sen are negatively aligned. MACD remains in very bearish territory. RSI is in bearish territory although the downside seems to be exhausted for now, suggesting a pause in the pair’s decline for now. The current price lies at 1.3439. Near-term support is seen at 1.3421. To the [..]

Technical Analysis – USDCHF bullish bias

Posted on July 28, 2014 at 7:29 am GMT

A strong rally on Friday took USDCHF to a 5-month high of 0.9050. The pair broke key resistance at 0.9035 (June 5 high) signaling the resumption of the upside bias after rebounding from, 0.8855, which is now a key support level. RSI and MACD are bullish, also adding to the upside bias. Tenkan-sen and kijun-sen are positively aligned. The market is also above the 200-day moving average, favoring the bulls. Sustained trading above the June 5 high of 0.9035 [..]

Asian Session – Euro / dollar near its November low as investors brace for key data

Posted on July 28, 2014 at 6:53 am GMT

The euro remained under pressure against the US dollar during trading today, ahead of key releases and events this week. Euro / dollar was trading around 1.3430, after testing Friday’s low of around 1.3422 – the lowest since November 2013. According to technical indicators, the euro appears oversold for now and even though it has been trending lower against the US dollar since May, it could take a breather at these levels before going on to test the 1.33 level. [..]

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