News / Page 393

Technical Analysis – Gold consolidating, bearish bias strong

Posted on September 24, 2013 at 8:16 am GMT

Gold has broken below the key $1,330 support level on Friday and this now serves as a resistance level. Many indicators suggest a strong downward bias especially in the long term. On the 4 Hour chart on Tuesday, RSI is below 50 and pointing down. Stochastics are below 20 and flattened out. Price action is below MA55 and below the Ichimoku cloud. In the past three session prices have been consolidating around the $1,325 level which is the 23.6% Fibonacci [..]

Asian Session – Dollar remains weak, focus is on US debt and Fed

Posted on September 24, 2013 at 6:08 am GMT

Very little happened during the Asian session on Tuesday, with most currency pairs consolidating at the prior US session levels. There were no data releases in the session so volumes were light. The dominant themes of the markets is the US debt limit and Fed tapering. The US government is at risk of shutting down unless the debt ceiling is raised. Meanwhile, markets are still uncertain when the Fed will begin scaling back its dollar-weakening bond buying program. Comments on [..]

US Session – Dollar slides against yen after Fed policymaker comments

Posted on September 23, 2013 at 7:51 pm GMT

The US dollar is weaker today as concerns resurface about when the Fed tapering will actually happen. This comes on the back of comments by Fed policy makers today. Some policy makers, particularly New York Federal Reserve President William Dudley, backed the Fed’s decision last week to continue with QE policy to stimulate the economy. Adding to dollar weakness was US economic data today that showed the flash manufacturing purchasing managers index fell for a second month in a row. [..]

Technical Analysis – EURJPY strong weekly uptrend, correction due

Posted on September 23, 2013 at 2:24 pm GMT

On the Weekly EURJPY chart, the uptrend is bullish since July 2012. The triangle formation completed to the upside a week ago confirms the uptrend since this pattern is known as a continuation pattern. All Ichimoku indicators on the Weekly chart also indicate a strong upward trend with Tenkan Sen and Kijun Sen rising and price action above the Kumo cloud. The pair hit a high of 134.94 on September 19, 2013. A break above this high will open the [..]

European Session – Euro lower as German politics in focus

Posted on September 23, 2013 at 11:49 am GMT

The rally in the euro is running out of steam against the dollar amid uncertainty after the outcome of Germany’s elections. Merkel’s conservative party won Sunday’s elections but failed to obtain a single majority need to rule on its own and now has to form a coalition government. Investors took the opportunity to book profits until they await the outcome of Merkel’s decision on a coalition government. Meanwhile PMI data today showed above-forecast euro zone private sector business activity this [..]

Forex News – French PMI disappoint, euro slips slightly

Posted on September 23, 2013 at 9:22 am GMT

A series of PMI data from the Euro zone were released on Monday, with particular focus on Germany and France. French PMI disappointed markets as data showed manufacturing activity dipped during September. PMI printed a reading of 49.5, down from August’s 49.7 and less than the expected 50.2. A reading above 50 in the Markit surveys indicates an expansion in activity, while below 50 signals contraction. While German manufacturing PMI was below forecast, the number remains above the key 50 [..]

Technical Analysis – GBPJPY September 23

Posted on September 23, 2013 at 8:05 am GMT

GBPJPY has been in a strong uptrend since early August. On the 4 hour chart, prices remain within the rising channel form the August 28 low of 151.49 to the September 19 high of 159.96 yen. The Ichimoku indicator suggests a dynamic bullish trend as price action is above the cloud. Kijun sen is providing support at 158.62. Key resistance is at the psychological 160.00 level. On Friday we saw a correction and the pair pulled back from a high [..]

Forex News – China shows growth after PMI data, Aussie rises

Posted on September 23, 2013 at 7:26 am GMT

China PMI data released on Monday gave optimism to investors that the world’s second largest economy is growing. A private survey by Markit/HSBC showed that flash manufacturing beat expectations this month and rose 51.2, better than the 50.1 reading in August. Anything above 50 suggests expansionary activity in the sector. Analyst forecasts were for a 50.9 reading. The data showed that the Chinese government’s “fine-tuning” efforts are paying off. This early indicator is the latest in a series of economic [..]

Asian Session – Euro opens higher after Merkel wins German elections

Posted on September 23, 2013 at 6:16 am GMT

The euro opened the Asian session with a gap up against the dollar in the wake of German elections results. Angela Merkel’s conservative party won with its best showing in more than 20 years. EURUSD opened at $1.3546 compared to Friday’s close of $1.3523. However, the pair eased lower during the session to find support at $1.3520 as investors await to see how a coalition government will be formed. Meanwhile, looking ahead to the Europe session, the preliminary set of [..]

Commodities – Gold falls as speculation grows that taper will come soon

Posted on September 20, 2013 at 9:39 pm GMT

Gold ended the week close to where it began it, giving up most of its gains after reversing the Fed-induced rally that took it to $1,374 on Thursday after the Federal Reserve decision not to taper. The Fed’s decision on Wednesday to maintain the pace of the bond purchase program raised concerns about the central bank’s credibility so gold was bought as a safe haven after investors were disappointed. The dollar tumbled on the Fed announcement, causing gold to rise [..]

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