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Technical Analysis – EURUSD bullish above 1.3750

Posted on April 9, 2014 at 8:49 am GMT

EURUSD is bullish on the hourly chart. The pair rallied strongly from 1.3736 to reach a high of 1.3810 on April 8th. There was a retracement to 1.3779 before bouncing back up and heading towards 1.3810. Next bullish target is at 1.3819 (April 2 high). Below 1.3778, next support lies at 1.3761 and 1.3736. The 20-and 50-hour moving averages are positively aligned. RSI is just below 70, leaving overbought territory. EURUSD remains bullish above 1.3750. [..]

Technical Analysis – AUDUSD bullish trend

Posted on April 9, 2014 at 7:45 am GMT

AUDUSD maintains its bullish trend and hit a new 4 ½ -month high today at 0.9385. There was a bullish crossover of the 50-day moving average with the 100-day moving average, which is also positive for the AUD. The daily RSI is strongly bullish at 71. The pair is resting just above the 61.8% Fibonacci retracement level of the downleg from 0.9756 (October 23 high) to 0.8659 (January 24 low). This level at 0.9337 is providing immediate support for the [..]

Asian Session – Dollar stabilizes after broad sell-off; yen stays strong on Kuroda’s ‘stay the course’ comments

Posted on April 9, 2014 at 6:31 am GMT

The two main themes in today’s session was the stabilization in the dollar after a broad sell-off yesterday and that the yen kept its gains following the not-too-dovish comments by the BoJ Governor in yesterday’s press conference. The US dollar managed to stabilize after sizeable losses the previous sessions. The combination of slightly weaker-than-expected nonfarm payrolls on Friday and positive developments in other currencies caused traders to liquidate their long dollar positions. Indeed one of the main problems of the [..]

European Session – Sterling hits 1-month high versus euro after UK manufacturing data

Posted on April 8, 2014 at 1:44 pm GMT

Sterling was one of the best performing major currencies today after being boosted by upbeat UK manufacturing and industrial output data, which gave rise to optimism that the British economy is on a steady recovery path. Manufacturing production beat forecasts to jump 1% in February to the highest level in more than two-and-a-half years, more than the 0.3% expected. The broader gauge of industrial production also beat forecasts, rising 0.9% versus 0.3% expected in February. The pound rose to a [..]

Forex News – BOJ positive on Japan’s economic recovery, refrains from easing

Posted on April 8, 2014 at 12:15 pm GMT

The Bank of Japan offered nothing new in terms of whether it will adopt more stimulus in the near term after having maintained its current level of quantitative easing following a two-day policy meeting. While the BOJ was widely expected to continue with expanding its monetary base at a pace of 60 to 70 trillion yen ($681 billion) per year it did not signal that there will be further easing in the near-term. The Bank’s Governor Haruhiko Kuroda pledged to [..]

Technical Analysis – USDJPY extends lower into cloud

Posted on April 8, 2014 at 7:47 am GMT

USDJPY maintains its bearish sentiment and extended lower for a third day. Daily RSI is falling towards the 50 level. Prices dipped deeper into the Ichimoku cloud and have reached a critical level at 102.65 since it is the 61.8% Fibonacci retracement level of the recent rally from 101.71 (March 27) to 104.11 (April 4). A further decline will lead to support at 102.21 (78.6% Fibonacci) and below this at 101.71 (March 27 low). The top of the cloud is [..]

Asian Session – Euro keeps gains, yen rises on risk aversion and BOJ inaction

Posted on April 8, 2014 at 6:54 am GMT

The Bank of Japan decided to keep its ultra-easy monetary policy unchanged following its meeting, also maintaining a relatively upbeat view on the Japanese economy. There is currently some speculation that Japan will step on the monetary accelerator harder in coming months following the sales tax increase from 5% to 8% on April 1st. There was no sign of that in the BoJ statement however and the market was expecting Governor Kuroda’s press conference in order to get more clues [..]

European Session – Euro above 1.37 after German Industrial Orders rise

Posted on April 7, 2014 at 1:35 pm GMT

News flow was light today with the only major data releases coming from Europe. German industrial data rose for a fourth straight month in February, up 0.4% from an estimated 0.3%. This helped euro recapture the 1.37 handle. The euro also found support from ECB policy maker comments. ECB Executive Board member Yves Mersch said today that a quantitative easing (QE) program was not required yet. His comments come after a report in a German newspaper over the weekend that [..]

Forex News – German industrial output up for 4th consecutive month

Posted on April 7, 2014 at 12:38 pm GMT

Europe’s largest economy showed signs of strength in February as industrial output expanded by more-than-forecast. German industrial output rose 0.4% on a price, seasonally and working day adjusted basis according to provisional data of the country’s Federal Statistical Office released today. This beat estimates for a 0.3% increase and was the fourth straight month that output rose. A catalyst for the strong growth was a higher production of intermediate goods. Factories produced 1.3% more intermediate goods in February from January. [..]

Technical Analysis – AUDUSD bullish

Posted on April 7, 2014 at 9:07 am GMT

The uptrend from January 24 is intact. AUDUSD is currently neutral and trading between 0.9204 and 0.9306. (April 4 high and March 3 low, respectively) Technical indicators on the 4-hour chart are bullish. RSI is above 50 and the stochastic is no longer overbought. Moving averages (20SMA and 50SMA) are positively aligned. To the downside, a break below 0.9204 (April 3 low) would cancel the bullish scenario. Next support comes in at 0.9153 (March 26 low). To the upside, a [..]

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