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Technical Analysis – EURUSD rises

Posted on September 27, 2013 at 3:14 pm GMT

EURUSD update of our analysis from Thursday September 26. We said EURUSD was in consolidation and technical indicators suggested a bullish bias. The pair was hovering around the key support level of $1.3520 early on Thursday, then subsequently extended lower to rebound off $1.3470 early on Friday. It continued to advance higher to peak at a high of $1.3563 by the late US session. This gave a gain of 90 pips from Thursday low to Friday high. A pullback is [..]

European Session – EUR and GBP rise as dollar weighed by US budget concerns

Posted on September 27, 2013 at 12:05 pm GMT

The dollar weakened and gave the euro and sterling as well as the yen the chance to trim yesterday’s losses. The US budget concerns and the looming US government shutdown are mainly dragging the greenback lower. Many investors are unwilling to take any new big positions with this type of event risk on the horizon. EURUSD managed to bounce back above the key $1.3500 level in the European session, breaking out of the Asian session 20-pip range above $1.3490 and [..]

Technical Analysis – EURJPY stuck in range, supported by uptrend line

Posted on September 27, 2013 at 9:45 am GMT

EURJPY on the 4H chart is supported by a short term uptrend line which has been retested a few times. The pair is currently at 133.15 in mid-European session on Friday. After a decline to a low of 132.67 on September 25, the pair has mostly been consolidating. As long as prices remain above the trend line this would suggest a bullish bias. Studies do not show any clear direction since technical indicators on the 4H chart are borderline between [..]

Asian Session – Yen gains on Japan Finance Minister comments

Posted on September 27, 2013 at 6:19 am GMT

The Asian session was calm as most currency pairs were little changed. The dollar was mostly steady but slightly lower against the yen. Dollar made gains after better-than- expected US jobless claims yesterday but these gains were likely capped by the uncertainty over Fed tapering and the US budget debate. Since Fed Chief Ben Bernanke shocked markets by announcing the Fed will not taper this month, the dollar has not taken a clear direction. The dollar slipped against the yen, [..]

US Session – Dollar driven higher after drop in US jobless claims

Posted on September 26, 2013 at 7:43 pm GMT

The US session was all about US economic data, of which there were a few today. Initial jobless claims were the most closely watched and what drove the dollar. US GDP and pending home sales data were also released. The number of Americans applying for unemployment benefits fell last week, for the third straight time and fell by more than expected. Claims dropped by 5,000 to give a total of 305,000 compared to 327,000 expected. The news sent the dollar [..]

Forex News – USDJPY jumps after surprise drop in jobless claims

Posted on September 26, 2013 at 12:56 pm GMT

The US dollar jumped against the yen on Thursday after data showed that initial job claims were down by 5000 last week to fall from 305,000 from 310,000. This surprised markets which expected a 325,000 increase in claims. Jobs data have become increasingly important since the Federal Reserve is closely watching the labor market in order to be able to decide when to begin tapering its huge stimulus program. ($85 billion in monthly asset purchases). Unemployment, while declining from 8.1 [..]

European Session – Euro weakened by instability in Italian government

Posted on September 26, 2013 at 11:37 am GMT

Politics seem to be driving markets these days, both from the US and now from Europe. Today there were some headlines out of Italy, where and rising political pressure give fresh signs of euro zone economic fragility. This adds to the predominant market concerns of a possible US government shutdown. Euro was affected by news that former Prime Minister Silvio Berlusconi renewed threats to bring down Italy’s coalition government if he is barred from politics. Italy has the Euro zone’s [..]

Forex News – Sterling falls as UK deficit larger than expected

Posted on September 26, 2013 at 9:24 am GMT

Sterling tumbled against the dollar and the euro in early London session trading on Thursday after the release of UK data on Final GDP and trade balance. According to a report from the UK Office for National Statistics, GDP rose to 0.7 percent in the second quarter which was in line with expectations. Meanwhile, on a yearly basis, the report showed however that GDP rose 1.3 percent in the second quarter, compared to expectations for a 1.5 percent increase. In [..]

Technical Analysis – EURUSD consolidation suggests bullish scenario

Posted on September 26, 2013 at 7:56 am GMT

EURUSD is consolidating in Thursday’s Asian and early European session after a modest correction to the $1.3520 area. The pair broke what was key resistance at this level and hit a high of $1.3536 yesterday. This $1.3520 level now becomes key support and the pair is currently hovering around this level. The sharp 60-pip rally from Wednesday and a pause today provides a good backdrop for a possible continuation higher to $1.3567 (September 19 high). A break above opens the [..]

Asian Session – Yen sold off as Japan considers further monetary stimulus

Posted on September 26, 2013 at 6:19 am GMT

The dollar reversed its decline against the yen on Thursday, but the move was not a sign of dollar strength, but rather a signal of yen weakness. During the Asian session traders were focused on Japan and the likelihood of the Bank of Japan implementing further bold monetary easing measures by unveiling a corporate tax-cut. Yen was sold off as a precaution. Japanese Prime Minister Shinzo Abe is due to announce an economic stimulus package on October 1. USDJPY rose [..]

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