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European Session – Quiet trading ahead of US holiday, gold rebounds

Posted on October 14, 2013 at 12:51 pm GMT

The dollar was stable during the European session, following moderate losses in the Asian session. The dollar lost an additional 0.06% against the Japanese Yen, to trade at 98.18. The yen managed to win back some of the ground it lost the previous 4 trading sessions. The markets were still expecting news out of Washington as the 17th October deadline for raising the debt limit loomed. Although Democrats and Republicans started negotiating at the end of the previous week, there [..]

Technical Analysis – GBPJPY weekly uptrend in tact, consolidation on hourly

Posted on October 14, 2013 at 8:43 am GMT

GBPJPY on the Weekly chart is in a strong uptrend and has maintained its bullish bias by remaining in the rising channel. Price action is also above the 50-period moving average. RSI is above 50 in bullish territory. Next support is seen at 14.70 (Oct 10 low and MA10). Key support is at the 147.50-147.52 area (June 9 low and MA 50). A break below this level could cancel the bullish scenario. GBPJPY Weekly Chart [..]

Asian Session – Dollar drops on US debt drama

Posted on October 14, 2013 at 6:29 am GMT

Negotiations between the White House and Republican held House of Representatives hit an impasse this weekend. Markets are down as the prospect of a budget deal is dim and the catastrophic consequences of a possible default by the world’s largest economy is looming. The US debt ceiling deadline is on October 17 and it is unknown how long after that the US government will run out of money to pay its bills. Demand for safety boosted the yen and the [..]

European Session – Euro gains following inconclusive debt ceiling talks

Posted on October 11, 2013 at 12:58 pm GMT

The euro was the main beneficiary of today’s European session, as the outcome of negotiations between Republicans and Democrats to resolve the debt ceiling and fund the US government, was unclear. During the previous day, President Obama had a 90-minute meeting with congressional leaders, during which the Republican leadership presented a proposal to extend the debt ceiling by 6 weeks. It appeared that one stumbling block preventing a deal was that the Republican proposal did not offer to reopen the [..]

Technical Analysis – GBPJPY bullish in a rising channel

Posted on October 11, 2013 at 7:42 am GMT

GBPJPY is in a strong uptrend. On the Hourly Chart the pair is advancing within a rising channel. After breaking the key level of 157.00 in the Asian trading session on Friday, the pair gained momentum to rise to a high of 157.50. The pair has since been consolidating around this level, currently finding support at the lower channel line around 157.17 in early European session trading. RSI is in bullish territory while the MACD is rising. A bounce off [..]

Asian Session – Yen continues decline as Dollar gains on debt deal hopes

Posted on October 11, 2013 at 6:30 am GMT

The US dollar continued the rally in the Asian session on Friday, as investors there also rode on the optimism of a debt deal in the US. Political headlines are dominating market moves in recent days and the main driver of the Dollar especially due to a lack of US economic data amid the government shutdown. Investors were initially nervous immediately after the US government shutdown and deadlock in negotiations on the debt ceiling, largely driven by fears related to [..]

US Session – Dollar rallies amid US debt deal hopes

Posted on October 10, 2013 at 8:30 pm GMT

The Japanese yen was the worst performing G10 currency on Thursday as an improvement in risk appetite is encouraging investors to take more risks, and thereby lessening the demand for the safe haven currencies. The US dollar strengthened for a third day against the yen, and US equity markets had a broad based rally as investors got a sigh of relief on news that Congressional Republicans proposed a short term debt ceiling lift that will help avert the US from [..]

Forex News – Bank of England keeps rates steady in line with guidance

Posted on October 10, 2013 at 1:01 pm GMT

The Bank of England kept its key benchmark rate at 0.5% during its meeting, as well as leaving the size of its asset purchase program unchanged at 375 billion pounds. The decision was in line with market expectations and caused little movement in the British Pound. The Bank of England also maintained its forward guidance – that was adopted in August of 2013 – by which the interest rate will remain at the current low level of 0.5% while the [..]

European Session – Euro and pound rise versus dollar on risk appetite

Posted on October 10, 2013 at 12:15 pm GMT

Risk appetite was up in the European session on Thursday, helping the euro and sterling move higher against the dollar, while the safe haven yen fell against the dollar. Futures are trading higher as well today. The upbeat mood in markets today could be attributed to some signs of a compromise deal in the US political deadlock after news that there is a scheduled meeting between to the two political parties to discuss the debt ceiling issue. If the US [..]

Technical Analysis – GBPUSD in downtrend after bearish MA crossover

Posted on October 10, 2013 at 9:28 am GMT

GBPUSD remains bearish below 1.6000. Price action is below the downtrend line on the 4H time frame, while the 20-period Moving Average crossed below the 50-period Moving Average, which is a bearish signal. RSI has fallen to bearish territory. However since RSI is approaching oversold levels, there is a possibility for price to make a correction back to R1 an d then resume the downtrend to support levels at 1.5885 and 1.5770. A break above R1 could target the next [..]

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