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Technical Analysis – USDJPY supported above cloud

Posted on April 30, 2014 at 9:37 am GMT

USDJPY has found support from the Ichimoku Cloud in the past two days. Overall the bullish bias remains, as the pair has been trading above the rising trendline since April 11 when prices reversed the decline from April 4. Currently the tenkan-sen and kijun-sen lines are positively aligned, which is a bullish signal and the RSI is in bullish territory above 50. Key resistance levels are found at 102.77, 103.30 and 103.70. Support lies at 102.27, 101.95 and 101.49. Overall [..]

Technical Analysis – GBPUSD upside momentum stalls on daily

Posted on April 30, 2014 at 7:37 am GMT

GBPUSD has lost some upside momentum as it has been trading sideways in the past two weeks, finding support at 1.6761 on the daily chart. RSI has flattened, indicating this fading of upside momentum, but remains above 50, which maintains the pair’s bullish outlook. Cable has been in an uptrend since July 2013. The market has consistently traded above the 100-day moving average since August of last year, which is a bullish signal. The pair is also trading above the [..]

Asian Session – Yen rebounds, euro under pressure ahead of inflation

Posted on April 30, 2014 at 6:27 am GMT

The yen continued its rebound from yesterday’s lows on the back of month-end flows while the euro was also being tested following weaker-than-expected inflation numbers out of Germany. Today, Wednesday, 30th April, will likely prove one of the busiest days for forex news for months. First of all, 30 April is the end of the month and it is customary to see end-of-month flows and positioning that can affect the market. This was perhaps one reason that led the dollar [..]

European Session – Euro pressured by softer German inflation data

Posted on April 29, 2014 at 1:52 pm GMT

The euro weakened against the dollar for the first time in six days after softer-than-expected German CPI data. Local inflation in Germany showed fading consumer prices in April, dropping 0.2% this month, and increasing 1.3% on a year-over-year basis. Market expectations had been for a monthly decline of 0.1% and an annual increase of 1.4%. The data added to concerns over the low inflation outlook for the Eurozone and may increase pressure on the ECB to add stimulus. The more [..]

Forex News – small miss in UK GDP figures causes sterling to correct

Posted on April 29, 2014 at 10:22 am GMT

Since the middle of summer of 2013, sterling has been in a strong uptrend versus the dollar on signs that the UK economy was recovering quicker than expected and that unemployment was also dropping faster than anticipated. Unemployment dropped by nearly 1% during 2013, from 7.9% to 6.9% The quarterly GDP growth rates of the past 4 quarters have been around 0.7-0.8%, which taken together at 3.1% represents the best annual economic growth rate since the final quarter of 2007; [..]

Technical Analysis – GBPJPY upside breakout of triangle?

Posted on April 29, 2014 at 9:30 am GMT

GBPJPY maintains its bullish bias on the 4-hour chart and is expected to breakout of the triangle in the direction of the trend, which is to the upside. The RSI is in bullish territory above 50 and calls for further upside. The market is above the Ichimoku cloud, which is a bullish signal and also above the 20 and 50-period moving averages. A break to the upside of the triangle will lead prices to resistance at 173.12 and above this [..]

Technical Analysis – AUDUSD looking bearish

Posted on April 29, 2014 at 8:16 am GMT

AUDUSD is looking bearish after falling below the 20, 50 and 100 period moving averages on the 4-hour chart. The RSI is below 50 in bearish territory and calls for further downside. The pair is riding the lower Bollinger Band. After rejecting resistance at 0.9315, the pair fell below support-turned resistance at 0.9261. Next support is seen at 0.9204 (April 3 low). To the upside above 0.9261, the pair will target resistance at 0.9315 and 0.9357. Overall, the pair is [..]

Technical Analysis – EURUSD maintains bullish bias

Posted on April 29, 2014 at 7:22 am GMT

EURUSD maintains its bullish bias as the daily technical indicators show upside momentum still exists. RSI is in bullish territory above 50 and MACD is above zero. The stochastic is rising. The market is above the 50-day moving average as well as the rising trendline. The pair has been trading in a range in the past two weeks, between support at 1.3780 and resistance at the April 11 high of 1.3904. The 1.3780 is an important support level since it [..]

Asian Session – Tokyo holiday reduces activity ahead of key events

Posted on April 29, 2014 at 6:32 am GMT

The euro was slightly firmer during Asian trading as it traded around 1.3865 against the dollar and over the 142 yen level at 142.1. Dollar / yen was flat at 102.47, while cable was also steady at 1.6812. Sterling made a fresh 4 ½ year high yesterday at 1.6856 and subsequently backed off on profit-taking. Market participants will closely watch the preliminary UK GDP estimate for the first quarter at 0830 GMT, expected to show strong growth of 0.9% quarter-on-quarter [..]

European Session – Euro hits 2-week high as Eurozone inflation comes into focus

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

It was a quiet day on the economic calendar, leading investors to look ahead to major data releases later this week. Eurozone inflation data are due on Wednesday with forecasts for an increase to 0.8% year-on-year from 0.5% previously which will likely decrease pressure for the European Central Bank to loosen monetary policy. These expectations helped buoy the euro, which rallied to a 2-week high against the dollar and hit a 3-week high against the yen. The euro surged to [..]

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