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Technical Analysis – Gold in steep downtrend

Posted on December 31, 2013 at 9:52 am GMT

Gold has been on a steep downtrend in the second half of the year and is on track for the biggest annual loss in over 30 years. The precious metal is losing its safe haven quality and many do not see it as a store of value as they move to equities which have been enjoying strong rallies recently. The Fed’s announcement to taper has accelerated gold’s decline. A daily technical analysis show that prices are below the downtrend line [..]

Asian Session – Dollar edges lower against yen after disappointing US pending home sales

Posted on December 31, 2013 at 7:58 am GMT

The Nikkei was closed today for a holiday in Japan, and there were no economic data releases, resulting in a quiet Asian session. The dollar eased against the yen after a disappointing report on US pending home sales during yesterday‘s US session. Despite a gain of 0.2% in November in pending home sales, the number was much lower than the expected 1.5% increase. This prompted some dollar selling. The dollar slipped 0.17% against the yen during the Asian session to [..]

European Session – Euro bounces higher against dollar to test 1.38

Posted on December 30, 2013 at 2:22 pm GMT

There were no major news events to act as a catalyst in the currency markets today, so profit-taking was the main driver. This led to the US dollar easing down from a five-year high it hit against the yen in the early Asian session today. Overall risk sentient is high ahead of the end of the year as markets have a positive outlook for the US economy based on a string of recent upbeat US data. The dollar declined 0.25% [..]

Forex News – Week ahead – Markets end year with bright outlook

Posted on December 30, 2013 at 12:54 pm GMT

The Santa Clause rally continued into early trading on Monday, as investor sentiment was high. The S&P 500 closed at another record high on Friday. The Dow Jones hit a record high as well. Gains were not confined to Wall Street, as Asian equity markets also surged, with the Nikkei reaching six-year highs. Trading volumes are expected to be thin, heading into the end of 2013 and most investors and traders are closing their books. Amongst the major currencies, the [..]

Technical Analysis – USDJPY rises to new 5-year high as monthly uptrend continues

Posted on December 30, 2013 at 11:10 am GMT

USDJPY rallied to a fresh 5-year high of 105.40 in Monday’s Asian session after five straight days of gains. The pair broke out of a bullish triangle last month and completed the continuation pattern of the uptrend. The pair is currently just below the 61.8% Fibonacci retracement of the move from the June 2007 high to the October 2011 low. This 105.55 level will act as immediate resistance, and a move above this could open the way to the 200-period [..]

Asian Session – Dollar climbs to fresh 5-year high versus yen above 105

Posted on December 30, 2013 at 8:35 am GMT

Risk appetite continued to remain positive at the start of the new trading week, helping the dollar maintain its uptrend against the safe haven yen, hitting a fresh five-year high. The Japanese currency is set to end the year as one of the worst performing currencies, as its weakness is mostly due to the Bank of Japan’s tough monetary easing polices. The central bank’s pledge to keep rates low is encouraging yen-carry trades, thereby allowing investors to buy higher-yielding assets [..]

European Session – Euro rallies to 2-year high above 1.38

Posted on December 27, 2013 at 1:28 pm GMT

The euro stood out as the best performer during a lively European session on Friday, rising to new 2-year highs above $1.38. Thin volumes due to the holidays allowed for exaggerated moves. There were various headlines out of Europe which acted as a catalyst to the move higher in the euro today. There was data from Spain showing the country’s current account surplus grew 1.714 billion euros in October, up from a surplus of 339 million euros in September. Spain [..]

Technical Analysis – GBPJPY bullish trend sustained in rising channel

Posted on December 27, 2013 at 10:19 am GMT

GBPJPY spiked above 172.00 on Friday after breaking above key resistance level at 171.00 on Thursday. The pair is quickly approaching 173.00 and the strong bullish momentum may potentially extend the surge towards 174.00 given that the pair is in a long-term up-trend, namely since June 2012. This is when the pair began the uptrend in a rising channel. Prices are currently trading close to the upper channel line. Technical indicators are giving bullish signals on the weekly chart. RSI [..]

Asian Session – Yen slips to 5-year low as dollar gains on US jobs data

Posted on December 27, 2013 at 7:25 am GMT

Asian equity markets rallied on Friday following a strong performance by US markets overnight. Upbeat data on initial jobless claims on Thursday suggested that the overall US recovery seems to be on track, underpinning the Fed’s decision last week to begin tapering its bond purchase program. The number of Americans filing for unemployment benefits fell more- than- forecast last week to 338,000, the lowest level in nearly a month. Today’s rally in the Asian equity markets led to reduced safe-haven [..]

European Session – Dollar rises after above-forecast US durable goods orders

Posted on December 24, 2013 at 1:54 pm GMT

Markets were generally upbeat on Christmas Eve day though thin volumes kept moves small. European equity markets followed the risk-on Asian sentiment following a 6-year high in the Nikkei. The main driver of sentiment came from Wall Street overnight on the back of upbeat US data. Currency markets were quiet although the main theme was dollar strength. There was little news flow from Europe as markets were closed in Germany, Italy and Switzerland and the UK closed early. The euro [..]

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