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Asian Session – Oil rises on hopes of OPEC deal; Canadian dollar gains

Posted on November 29, 2016 at 7:41 am GMT

Trading during the Asian session was muted, with a slight risk off mood in the markets as investors awaited an OPEC meeting on Wednesday. Oil prices stabilized after rising yesterday on hopes of a deal to be struck to limit output levels. Oil-linked currencies like the Canadian dollar strengthened as WTI oil rose above the $47 a barrel mark on Monday. Prices slid down to the mid – $46 a barrel level in Asia today. USDCAD consolidated losses near yesterday’s [..]

European Session – Sterling posts steep losses, dollar recovers, oil prices swing higher

Posted on November 28, 2016 at 3:31 pm GMT

The US dollar recovered losses made against the yen earlier in the day when it registered its biggest drop in a day in almost a month. The greenback climbed to a European session high of 112.78 yen after having slipped to as low as 111.35 in today’s Asian session in what was seen as profit-taking after a strong rally that took the USDJPY pair to 8-month highs on Friday. The dollar is seen to be supported in the near term [..]

Technical Analysis – EURJPY bullish above 116.00

Posted on November 28, 2016 at 8:53 am GMT

EURJPY staged a strong rally after breaking above a key level at 116.00 in mid-November. This level was acting as strong resistance and was the top of a 3-month range the pair was trading in from early August to mid-November. The market maintains a bullish structure in the short-term, as shown by the technical indicators. A break above the 200-day moving average last week was a bullish signal. Looking at other technical indicators, RSI and MACD are both in bullish [..]

Asian Session – Oil prices, dollar remain weak as focus turns to OPEC meeting

Posted on November 28, 2016 at 7:49 am GMT

Oil prices are in the spotlight this week ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna which takes place on November 30. Growing concerns that producers will not be able to reach an agreement on production cuts this week has led to some risk aversion in the markets today. Fading hopes of an agreement by OPEC to trim oil output levels has led to flows into safe havens today, helping support the yen which was [..]

European Session – Euro rebounds above $1.06 as dollar pulls back

Posted on November 25, 2016 at 4:33 pm GMT

The euro attempted a rebound in Friday’s European session as it took advantage from a softer greenback. The US dollar retreated from fresh highs made against the yen at the start of Asian trading today but still looks set to end the week with gains of almost 2%. The break in the dollar rally didn’t apply to equities however, as both the Dow Jones Industrial Average and the S&P 500 opened in record territory today when trading resumed from yesterday’s [..]

Week Ahead – Nonfarm payrolls eyed ahead of FOMC; Japanese data also under the spotlight

Posted on November 25, 2016 at 3:11 pm GMT

The November nonfarm payrolls report will likely be the highlight of the coming week as it will be the last before December’s FOMC meeting. There will be plenty of other major data for the US, while Japanese indicators will also attract some attention. The European calendar will be relatively quieter with flash inflation for the Eurozone being the more important release. Eurozone prices on an uptrend The week will start with economic sentiment indicators out of the Eurozone on Monday. [..]

Technical Analysis – US 500 stock index could extend all-time highs before correction

Posted on November 25, 2016 at 9:03 am GMT

The US 500 stock index has recently made fresh all-time highs above the August highs of 2193. Of course the new high of 2208 was less than one percent above the previous high, so it has not exactly been a very impressive or violent breakout. As a result of this, the Relative Strength Index is at 67 – close but not yet above the 70 mark that would result in an overbought reading. The Ichimoku analysis is positive as the [..]

Asian Session – US dollar near 13-year high in holiday-thinned trade

Posted on November 25, 2016 at 8:06 am GMT

The US dollar was holding near multi-year highs during Friday’s Asian trading, although there was also some profit-taking by dollar longs. The dollar’s run has been an extended one, which makes it vulnerable to profit-taking. The euro for example was trying to get back above 1.06 as it traded just below that level, while dollar/yen dipped below the 113 mark to trade at 112.89. According to Bloomberg, the dollar’s rally against the yen during the past 3 weeks has been [..]

European Session – Oil and gold steadier as dollar holds near highs in thin Thanksgiving trade

Posted on November 24, 2016 at 3:13 pm GMT

Currency markets and commodities were steadier in European trading on Thursday as the dollar eased slightly from the fresh highs set earlier in the day. Trading volumes were thin today due to US markets being closed for the Thanksgiving holiday but Wednesday’s strong US data and hawkish Fed minutes were enough to keep the dollar’s bullish momentum going. The US dollar set a new 8-month high of 113.53 yen at the start of the European session but had eased slightly [..]

Technical Analysis – AUDUSD looking bearish below 200-DMA

Posted on November 24, 2016 at 9:28 am GMT

AUDUSD has fallen over 5% in the two weeks after the US elections, crossing below the 50- and 200-day moving averages in the process. The pair retraced 74% of its May to November upleg from 0.7144 to 0.7777 before rebounding slightly to around the 61.8% Fibonacci retracement level. Prices are currently finding resistance at the 61.8% Fibonacci level around 0.7385 as the near-term bias remains strongly bearish as indicated by the deepening decline of the MACD in negative ground. However, [..]

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