News / Page 33

Forex News – Dollar breaks above 117 yen as Fed raises rates, ups outlook

Posted on December 14, 2016 at 9:50 pm GMT

The US Federal Reserve announced a hike of 25 bps in its benchmark rate at its policy meeting today, in a decision that was widely anticipated by financial markets. The move is the first increase in 2016 and the first since last December’s historic decision to raise rates for the first time since the financial crisis. Federal Open Market Committee (FOMC) members were unanimous in voting in favour of raising the federal funds rate to a target range of 0.50-0.75% [..]

European Session – US dollar pressured ahead of Fed; retail sales miss

Posted on December 14, 2016 at 3:25 pm GMT

The US dollar was under some pressure during most of Wednesday’s European session, in anticipation of an expected Federal Reserve rate hike later during the US session. The euro was relatively buoyant at 1.0645 versus the greenback, while dollar / yen dipped below 115 yen at 114.89. Stronger still was sterling, as cable climbed to breach 1.27 once more. The euro was unaffected by disappointing industrial production numbers, as output contracted by -0.1% month-on-month in October compared to expected growth [..]

Technical Analysis – AUDJPY uptrend stalls at strong resistance level

Posted on December 14, 2016 at 2:07 pm GMT

AUDJPY has strengthened the bullish bias after clearing the key 85.00 level this week. The pair reached a high of 86.60, the highest since March 31, 2016. The 86.60 level is considered to be a strong resistance level since it has been tested several times since Monday. Looking at the 4-hour chart, it is evident that prices are struggling in this area and have just been trading in a tight range just below this resistance level. However, the RSI on [..]

Technical Analysis – EURJPY finds resistance at 123 as positive momentum eases

Posted on December 14, 2016 at 1:12 pm GMT

EURJPY has found resistance around the 123 level as it’s made several attempts since December 5 to break past this area, but has been unable to close higher than 122.87. The pair peaked at a 6-month high of 123.34 on December 8 and is currently hovering around 122.40, which is the 23.6% Fibonacci retracement level of the April-June downleg from 126.46 to 109.40. The positive momentum has been easing since Monday according to the 4-hour chart, with the stochastics moving [..]

Technical Analysis – Gold in downtrend after bearish crossover of moving averages

Posted on December 14, 2016 at 8:47 am GMT

Gold maintains a bearish market structure. Prices have reached oversold territory and this is indicated by the daily RSI which is below the 30 threshold. The momentum indicator at such levels suggests that the market will consolidate or even bounce in the near term. Immediate support lies at 1151.21, which was the low on December 12 and the lowest in 10 months. Any upside moves will find resistance at the 1166 area which was previously support. A move higher from [..]

Asian Session – Dollar sidelined ahead of highly anticipated Fed meeting

Posted on December 14, 2016 at 7:14 am GMT

The US dollar remained sidelined ahead of the Federal Reserve’s monetary policy announcement later today. The consensus is for a rate hike of at least 25 basis points to bring the Fed funds rate to a range of 0.5 percent to 0.75 percent. This would be the first interest rate increase this year and just the second since the financial crisis. A rate hike by the Fed is mostly already priced in by the markets, so what will be more [..]

European Session – Dollar sees some pressure as FOMC meeting gets underway

Posted on December 13, 2016 at 3:45 pm GMT

Market jitters over Fed policy pushed the US dollar down to the 115 yen level in Tuesday’s European session as the FOMC begins its 2-day meeting. The greenback slipped to 114.96 yen before rebounding back above 115 as investors grew nervous over the outlook for future Fed policy, while an expected rate hike of 25bps in the fed funds rate has been almost fully priced in by the futures market. The Federal Open Market Committee will publish its latest quarterly [..]

Forex News – Sterling rises after UK inflation jumps to 2-year high in November

Posted on December 13, 2016 at 2:41 pm GMT

The British pound was boosted after data showed headline inflation in the UK rose at the fastest pace in two years in November. CPI rose to 1.2 percent year-on-year in November from 0.9 percent in October, being boosted by rising gasoline and clothing prices. Sterling weakness has been another factor behind the rise in consumer price inflation. Today’s reading was a little firmer than expected. Most economists forecasted an increase to 1.1 percent. The core rate rose to 1.4 percent from [..]

Technical Analysis – AUDUSD in neutral bias as it struggles to move past 0.75

Posted on December 13, 2016 at 11:15 am GMT

AUDUSD has made several attempts over the past week for a clear break above the 0.75 handle but has been unable to close above 0.7494. There is strong resistance in the area between 0.7488 and 0.75. The 0.7488 level is the 38.2% Fibonacci retracement level of the November downleg from 0.7777 to 0.7310. The near-term bias is neutral with RSI currently just below 50 at 49. Momentum has been gradually improving since November’s 5-month low of 0.7310 but RSI has [..]

Technical Analysis – USDJPY pauses rally at 10-month high ; remains bullish

Posted on December 13, 2016 at 8:52 am GMT

USDJPY paused Monday’s strong rally and found resistance in the 116.00 area, which was previously a support level that was tested several times, going back from 2014, 2015 and early 2016. Prices hit a new 10-month high of 116.11 on Monday but struggled to rise any higher due to the technicals. The market has reached overbought levels as indicated by the RSI being above 70 – which is the overbought threshold. Therefore, a pullback or consolidation is expected in the market [..]

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