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Technical Analysis – EURUSD breaks below 1.3400

Posted on July 25, 2014 at 1:37 pm GMT

EURUSD has turned extremely bearish, extending losses to new 8-month lows on Friday to 1.3427 by early US session trading. Downside momentum increased after the pair broke below the key psychological level of 1.3500. Daily technical indicators are all bearish, warning of a test lower still towards the next important level at 1.3400. Tenkan-sen and kijun-sen lines are negatively aligned, adding to the bearish market structure. RSI stochastic and MACD are all bearish although approaching extreme levels, which could warn [..]

European Session – Dollar stronger on durable goods orders, euro weak after German Ifo

Posted on July 25, 2014 at 1:20 pm GMT

The US dollar was the best performing currency. It was strong, across the board as investors unloaded risk assets leading into the weekend as geopolitical uncertainly remains – with regards to the Ukraine – Russia and the Gaza crisis. The euro was extended losses today following weak German Ifo data which kept downside pressure on the currency to as low as 1.3431, a fresh 8-month low. The July business climate survey came in below expectations at 108 from 109.7 versus [..]

Forex News – Week Ahead: Focus will be on FOMC and nonfarm payrolls

Posted on July 25, 2014 at 9:19 am GMT

The coming week has a busy economic calendar with important data releases due from the US, Europe and the UK. The US calendar will be particularly busy next week, with a slew of important data and events. At the beginning of the week, US pending home sales are due. The ADP jobs report is due on Wednesday and is sometimes looked at as a precursor for the nonfarm payrolls report. The FOMC meeting is on Wednesday. This will be a [..]

Technical Analysis – GBPUSD bearish below 1.7000

Posted on July 25, 2014 at 7:25 am GMT

GPPUSD is looking increasingly bearish after having broken below the key psychological 1.7000 level. This level has now turned into a resistance level. This is also where the 38.2% Fibonacci retracement level lies of the upleg from 1.6698 (June 4 low) to 1.7190 (July 15 high). Looking at the 4-hour chart, prices are below the Ichimoku cloud and the tenkan-sen and kijun-sen lines are negatively aligned, adding to the bearish market structure. Technical indicators are also bearish, signaling further possible [..]

Asian Session – Yen gains on inflation and dollar steadies ahead of busy day

Posted on July 25, 2014 at 6:37 am GMT

Japanese core inflation for June came in line with expectations today at 3.3% versus the previous month’s 3.4% print. Japanese inflation figures were boosted by around 2% because of the April sales tax increase. Private economists are not as optimistic as the Bank of Japan that the country is on course to hit the 2% inflation target next year, but for now, no new stimulus is expected. This helped the yen, as dollar / yen dipped to 101.69 and euro [..]

European Session – Dollar rallies after US jobless claims fall

Posted on July 24, 2014 at 1:33 pm GMT

The main data released during the European session today was on PMI business surveys (Purchasing Managers Index). German manufacturing and services PMIs were stronger-than-expected which helped boost the euro. Germany is Europe’s largest economy so the data was important as its manufacturing PMI rose to 52.9 from 52.4. The services PMI rose to a 3-year high of 56.6 from 54.8. France’s services PMI improved and entered expansionary territory for the first time since April with a reading of 50.4 from [..]

Technical Analysis – AUDNZD bullish above 1.0885

Posted on July 24, 2014 at 10:30 am GMT

AUDNZD turned bullish after breaking above the recent range top of 1.0885 on the hourly chart early today. The pair rallied to a high of 1.1014, with the stochastic and the RSI reaching overbought conditions and subsequently the pair began correcting to the downside. The market is well above the Ichimoku cloud, also suggesting a possible correction. However the rising cloud and the positive alignment of the tenkan-sen and kijun-sen lines suggest the near-term market structure is bullish. There is [..]

Forex News – RBNZ knocks kiwi down from attempt to challenge 30-year high

Posted on July 24, 2014 at 9:45 am GMT

The Reserve Bank of New Zealand meeting on Thursday, 24 July, had a negative effect on the kiwi or the New Zealand dollar. Although there was a rise in interest rates, the statement by Governor Graeme Wheeler was more dovish than expected. In more detail, the RBNZ raised the official interest rate for the fourth time this year to 3.50%. The Official Cash Rate (OCR) was at 2.50% back in March. This move was in accordance with market expectations and [..]

Technical Analysis – AUDNZD rallies above 200dma towards year high

Posted on July 24, 2014 at 9:39 am GMT

AUDNZD rallied sharply early on Thursday on the back of a dovish RBNZ. The pair accelerated gains after prices broke above the daily Ichimoku cloud and the 200-day moving average. Prices are heading towards the year high of 1.1033 hit on June 4, and is close to the 50% Fibonacci retracement level of the downleg from 1.1578 (October) to 1.0489 (January). This will be an important resistance area as is the 61.8% Fibonacci level at 1.1164. RSI is bullish above [..]

Technical Analysis – NZDUSD turns bearish

Posted on July 24, 2014 at 7:04 am GMT

NZDUSD tumbled early on Thursday after a dovish statement by the Reserve Bank of New Zealand. From the close of 0.8699 on Wednesday, the pair fell today to test 0.8566 by early European Session trading. This level is the 61.8% Fibonacci retracement level of the upleg from 0.8401 (June) to 0.8835 (July). There is scope to head lower towards 0.8494, the 78.6% Fibonacci retracement level. The Stochastic is not yet oversold and the RSI is bearish below 50, adding to [..]

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