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Technical Analysis – USDJPY strongly bullish

Posted on April 3, 2014 at 9:05 am GMT

USDJPY is in a strong uptrend. The pair has reached a 2-month high of 104.05 in the Asian session today. Prices are above the Ichimoku cloud on the hourly chart which is a bullish signal and above the rising trendline. RSI is in bullish territory above 50. The market is consolidating above support at 103.80. Next important support is the 103.57 level. A move to the upside will target 104.05 above this there is scope to reach 105.20. [..]

Technical Analysis – Gold pauses decline at 100DMA

Posted on April 3, 2014 at 7:21 am GMT

Gold prices have paused their decline after reaching oversold levels and have rebounded back above the 50% Fibonacci retracement level of the move from the December 31 low (1182.16) to the March 17 high (1392.07). The recent downtrend appears to have stalled just above the 100-day moving average and prices rebounded from a low of 1277.53. Technical indicators are showing some reversal signs, such as the stochastic which has left extremes and rose above 20 out of oversold territory. RSI [..]

Asian Session – Dollar makes small gains ahead of ECB

Posted on April 3, 2014 at 6:35 am GMT

Traders were adjusting their positions ahead of the ECB meeting later in the day, which apparently favored the US dollar. The dollar was also helped by data released during the US session such as strong private sector jobs data for March and better-than-expected factory orders for February. The euro traded in a narrow range against the US dollar – between 1.3755 and 1.3765, as traders awaited the ECB decision later in the day. The consensus was that the key rate [..]

European Session – Dollar rises after ADP jobs

Posted on April 2, 2014 at 1:45 pm GMT

Today’s currency movements were mostly guided by economic releases. Euro zone factory prices declined slightly more than expected in February as the cost of energy fell, pressuring the euro back below 1.3800. The euro faded the Asian session rally to lose 0.15% against the dollar in the European session to trade down to 1.3787. The main risk event for the euro will be Thursday’s European Central Bank meeting on Thursday as market participants await to see if the central bank [..]

Forex News – ISM manufacturing PMI misses expectations but shows economy on track following cold weather

Posted on April 2, 2014 at 11:11 am GMT

The release of the ISM manufacturing index showed a further rebound during March, after previous significant improvement in February. January had witnessed a sharp drop in the index from 57 to 51.3, which had economists worried whether the US economy was going to dip into contraction territory. The headline index rose to 53.7 in March from 53.2 in February but missed expectations of a rise to 54.0. Therefore in the aftermath of the release, the dollar failed to gain and [..]

Technical Analysis – EURJPY extends gains into 143.00

Posted on April 2, 2014 at 7:07 am GMT

EURJPY has been steadily rising after closing above the Ichimoku cloud in Friday. The decisive break out of the recent range in March helped accelerate the move higher with potential to target the March 7 high of 143.77 and the more-than-5-year high of 145.65 hit on December 27. The top of the March range at 142.00 provides good support. This level is the 23.6% Fibonacci level of the upleg from 136.21 (Feb 4 low) to 143.77 (March 7 high). Below [..]

Asian Session – Yen hammered on weak data and rising equity markets

Posted on April 2, 2014 at 6:31 am GMT

The yen was the main loser of today’s Asian session, as weak economic data such as yesterday’s disappointing Tankan business survey for the first quarter and surging equity markets undermined the currency. Japan hiked its sale tax for consumers from 5% to 8% as of 1st April and consensus is beginning to form that the resulting economic slowdown will force the Bank of Japan to take additional stimulative action. The Nikkei was up 1.04%, following a strong performance by the [..]

Forex News – Japan’s Tankan Index below forecast in Q1

Posted on April 1, 2014 at 1:41 pm GMT

Japan’s largest manufacturers saw an improvement in business sentiment in the first quarter to record the fifth straight quarter of improvement. The headline Tankan Index rose by one point from the previous quarter to + 17 but was slightly short of consensus of + 18. The yen weakened against the dollar to the lowest level in three weeks. The Bank of Japan report was released on the first day of a sales tax hike in Japan and the below-forecast reading [..]

European Session – Euro lifted by unemployment and PMI data

Posted on April 1, 2014 at 12:39 pm GMT

A batch of upbeat data from the Eurozone helped lift the euro as the markets shrugged off Monday’s soft inflation data and look ahead to the European Central Bank policy meeting on Thursday. Eurozone manufacturing PMI for March was inline with flash readings and suggested moderate growth in Europe, while the region’s unemployment rate fell in February below 12.0% for the first time since February 2013. Other data showed German unemployment claims beat the estimate for a fourth straight month. [..]

Technical Analysis – EURUSD retreats from more-than 2-year high

Posted on April 1, 2014 at 7:45 am GMT

EURUSD has retreated from a more-than 2-year high of 1.3966 hit on March 13 and has retraced more than 50% of the rally to this high from the February 27 low of 1.3642. The pair is resting just above the 61.8% Fibonacci retracement level of 1.3766. There is no clear indication yet of a trend reversal and the retracement is currently viewed as a correction. MACD is still above zero although declining and RSI is close to 50. The market [..]

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