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Technical Analysis – EURUSD downside stalls around key 1.35 level

Posted on November 5, 2013 at 9:15 am GMT

EURUSD has been in an uptrend since the July 9 low of 1.2753 until it peaked at 1.3831 on October 25. It subsequently fell until November 1st where it stalled and is hovering around the key 1.35 level. The uptrend line is providing strong support at 1.3440, while immediate support is at 1.3476. On the upside, prices are being capped below 1.3524. Any bounce higher will lead to next resistance at 1.3645. The next resistance level at 1.3831 is an [..]

Asian Session – Aussie falls after RBA statement, euro weak ahead of Draghi speech

Posted on November 5, 2013 at 7:26 am GMT

The Australian dollar was the biggest mover in today’s Asian session, falling 0.3% against its US counterpart following a statement from the Reserve Bank of Australia which commented that the Australian currency value was too high. While the RBA held its benchmark interest rate unchanged at 2.5% as expected, it noted that that a lower Australian dollar was preferred in order to achieve a more balanced growth in the economy. The aussie dollar fell to a session low of 0.9462 [..]

US Session – Euro / dollar flat, awaits ECB and US employment report later in week

Posted on November 4, 2013 at 8:22 pm GMT

The euro managed to consolidate its earlier bounce, gaining a slight 0.04% to trade at 1.3515 during late New York trading. The pound lost just 0.04% to 1.5968 versus the dollar. The euro was supported by Eurozone manufacturing surveys released earlier during the European session that showed that the region’s manufacturers were on a recovering track, even in peripheral economies such as Spain and Italy. In economic data, factory orders for capital goods for the US in September were in [..]

European Session – Euro, pound recover on positive data

Posted on November 4, 2013 at 1:12 pm GMT

The euro managed to continue its moderate bounce off the lows made in the Asian session, while the pound benefited from stronger-than-expected construction PMI data. The euro rose 0.13% against the dollar to 1.3510, after hitting 1.3442 earlier in the day. The market was looking forward to signs from the ECB later in the week, when the Governing Council of the bank will meet to discuss interest rates. Against the yen, the dollar was flat at 98.68. In economic data, [..]

Technical Analysis – USDJPY nearing triangle apex

Posted on November 4, 2013 at 9:29 am GMT

On the daily chart, the USDJPY pair continues to be confined within a symmetrical triangle, which is a continuation pattern of the uptrend from September 2012. The pair is nearing the apex of the triangle and a breakout is expected anytime soon. There are strong expectations for an upside move, given the fundamentals surrounding the yen and the US dollar. The contrasting monetary policies of the Federal Reserve and the Bank of Japan will likely lead to a stronger dollar [..]

Forex News – Action-packed week for markets ahead with ECB and NFP

Posted on November 4, 2013 at 9:06 am GMT

The current week is expected to feature many interesting events for market participants. This is particularly the case given the markets’ big focus on the monetary policy of developed countries’ central banks and the forward guidance they are issuing. The week starts in more quiet fashion as on Monday, various manufacturing (PMI) and economic sentiment surveys are released in Europe. Purchasing Managers’ Index surveys are important leading indicators for the economy and have shown to have strong predictive powers for [..]

Asian Session – Euro at 6-week low, aussie gains on retail sales

Posted on November 4, 2013 at 7:30 am GMT

The yen was flat against most of its major peers due to low trading volumes as a result of the holiday in Japan today. Dollar/yen traded in a range during the Asian session, consolidating gains made after a strong rally on Friday which took the pair to a high of 98.83. The euro remained under pressure from a potential interest rate cut by the European Central Bank at its policy meeting on Thursday. EURUSD fell by over 2% last week [..]

European session – dollar gains broadly while euro continues to get hit

Posted on November 1, 2013 at 1:33 pm GMT

The US dollar was the best performing major during today’s European session, while the euro continued to get hit. The euro lost an additional 0.35% to trade at 1.3511; near the lows of the session. The dollar added 0.42% against the yen at 98.36. Euro weakness was tied to speculation that the ECB would soon take action to counteract disinflationary and recessionary pressures affecting the Eurozone. The ECB Governing Council next meets on Thursday, 7th November, in Frankfurt. Although some [..]

Technical analysis – EURGBP 4-hourly about to break euro uptrend

Posted on November 1, 2013 at 9:41 am GMT

The recent selling of the euro has benefitted the pound. The UK is of course outside the Eurozone and the pound can have significant fluctuations against the euro. However, the UK is still seen as close enough to Europe to be influenced by negative or positive developments in the Eurozone. Currently the euro uptrend, which was in place during most of October, is being challenged. Certainly a break below the 0.8427 support level would cancel the uptrend. Such an event [..]

Asian session – euro continues to drop on Eurozone disinflation worries

Posted on November 1, 2013 at 7:59 am GMT

The euro continued its fall during the Asian session, falling 0.21% against the US dollar to trade at 1.3559. The market was still trying to figure out the possible implications from the previous day’s euro-bearish economic data. Inflation in the Eurozone had dropped under 1% during October, while unemployment had reached a record high of 12.2% in September, according to the data. The yen was a beneficiary of the situation, perhaps also gaining after stock markets fell on the last [..]

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