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Technical Analysis – Gold back below 1300

Posted on April 22, 2014 at 3:08 pm GMT

Gold fell back below the key 1300 level and has reversed most of the recent rally that took it to a high of 1330.91 on April14. Gold is currently broke below its 50 and 200-day moving averages and found support just above 1281 at the 50% correction of the upleg from 1182.16 (December 31 low to 1392.07 (March 17 high). Next support is at 1262.39 (61.8% Fibonacci) and below this at 1227.11 (61.8% Fibonacci). To the upside the 1300 psychological [..]

European Session – Euro climbs back above $1.38

Posted on April 22, 2014 at 1:48 pm GMT

The euro climbed back above the 1.38 level against the dollar to hit a high of 1.3823 in European trading. There were no news releases during the session and the only Eurozone release today is consumer confidence. Flash PMI for the euro-area will be in focus on Wednesday, while ECB President Mario Draghi’s speech on Thursday will attract market attention for more insight in to the Bank’s monetary policy. Last week Draghi commented how the high euro exchange rate could [..]

Forex News – Week ahead: Draghi speech, US durable goods data in focus

Posted on April 22, 2014 at 1:01 pm GMT

The new trading week is shorter due to the Easter holiday break which meant a lot of major markets were closed around the world on Monday. There will be some economic data releases this week which will attract investors’ attention and hopefully create more volatility in the forex markets which were relatively quiet before the long weekend. Last week, the dollar regained its strength against most of its major counterparts after being boosted by US data which helped increase optimism [..]

Technical Analysis – USDJPY bullish above 102.00

Posted on April 22, 2014 at 8:26 am GMT

USDJPY retains its bullish bias on the 4-hour chart. The pair failed to breach the resistance level at 102.71 and fell to find support at 102.40. Resistance at 102.71 is the 50% Fibonacci retracement level of the decline from 104.11 (April 4 high) to 101.31 (April 11). Support at 102.40 is the 38.2% Fibonacci level. Next support is seen at 102.00 (23.6% Fibonacci level) and below this at 101.70. Resistance above 102.71 is seen at 103.04 (61.8% Fibonacci) and above [..]

Asian Session – Yen hits new two-week low versus dollar as Japan’s trade deficit weighs

Posted on April 22, 2014 at 7:09 am GMT

The yen extended losses versus the US dollar during the Asian session on Tuesday to reach a new two-week low in thin trading conditions as markets slowly resume trading after the Easter holiday break. The yen was being weighed down by disappointing Japanese trade data released on Monday. Japan’s deficit widened by more-than-expected in March to 1.45 trillion yen versus 802.5 billion yen in February. The country’s export growth slowed to its weakest in a year to increase the trade [..]

European Session – US dollar bounces back following losses; pound off after new high

Posted on April 17, 2014 at 1:45 pm GMT

The dollar tried to regain some poise following losses in recent sessions. It climbed above the 102 level versus the yen at 102.17. The euro also gained versus the yen, rising 0.21% to 141.46. The dollar was helped by lower-than-expected initial jobless claims. They came in at 304 thousand compared to economists’ expectations of a 315 thousand number. The dollar was previously under pressure as Fed Chair Janet Yellen indicated the US central bank would follow an accommodative monetary policy [..]

Technical Analysis – EURGBP 4-hourly could challenge 16-month low at 0.82

Posted on April 17, 2014 at 8:50 am GMT

[caption id="attachment_15952" align="alignnone" width="555"] (click to enlarge)[/caption] On the 4-hourly chart, the euro has been in a downtrend against sterling for the past 3 weeks or so, dropping from the 84 pence level to the present 82.19. There is a short-term support at 0.8212 and then the support from early March at 0.82. If the euro breaks that, it will make a fresh 16-month low versus the pound. In the short-term, the downmove is perhaps overextended as the RSI is [..]

Asian Session – Pound makes news 4-year high against dollar after employment statistics, dovish Yellen

Posted on April 17, 2014 at 6:33 am GMT

The pound broke through to fresh 4-year highs against the dollar, as sterling was boosted by yesterday’s strong UK employment statistics; whereas the dollar was hurt by the speech Fed Chair Janet Yellen gave. The pound traded around 1.6835 against the dollar, above the previous high of 1.6820. The new Fed Chair Janet Yellen is perhaps becoming somewhat of a nemesis to US dollar bulls as with the exception of a mistake she committed during her first press conference which [..]

European Session – Oil hits 5-week high on Ukraine tensions, sterling up on UK jobs

Posted on April 16, 2014 at 1:47 pm GMT

The best performing major currency was the sterling which rose after UK employment data today. The jobless rate hit a five-year low of 6.9% and there was an increase in wages, which raises the odds for the Bank of England to start increasing interest rates by next year. The pound rose 0.44% against the dollar to trade at 1.6800. The euro fell 0.39% versus the pound to 0.8233. The euro was however stronger against the dollar and rose 0.04% to [..]

Forex News – UK unemployment drops below 7%, sterling rallies

Posted on April 16, 2014 at 12:37 pm GMT

In the aftermath of the financial crisis, unemployment has become a key variable that central banks watch in deciding about interest rates. This trend reached a climax when forward guidance was used, that is tying changes in monetary policy to specific levels of the unemployment rate. Forward guidance – particularly in the UK and the US – was dropped in recent months in favor of more broad criteria of economic slack. However, unemployment will still probably remain key for policymakers [..]

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