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Technical Analysis – USDJPY bullish but finds resistance at key 111.00 level

Posted on November 21, 2016 at 8:59 am GMT

USDJPY peaked above the key 111.00 level on Monday to reach a 5-month high of 111.17. The market has now almost recouped half of the losses made from a year ago. The market is nearing the 50% Fibonacci of the decline from 123.66 to 98.96. The area around the 50% Fibonacci level at 111.37 and the key psychological level of 111.00 is an important resistance zone which needs to be cleared in order to change the long-term market structure to [..]

Asian Session – Dollar adds to gains versus yen, oil jumps on hopes of OPEC deal

Posted on November 21, 2016 at 7:36 am GMT

The US dollar added to last week’s gains and rose above the 111 yen level in Monday’s Asian session as investors expect the Federal Reserve to hike rates in December. Oil was in focus today as prices jumped on hopes of a production cut deal at an OPEC meeting next week in Vienna. The dollar’s strength continues to dominate the currency markets and the chances of the Fed increasing rates next month have surged since Donald Trump won the US [..]

European Session – Pound slides on Scottish say on Brexit ruling appeal; Dollar set to end week near 14-yr highs

Posted on November 18, 2016 at 4:34 pm GMT

The British pound was one of the worst performers in Friday’s European Session as it was hit by news that the UK Supreme Court will allow Scottish and Welsh lawyers to attend the Brexit hearing, while the US dollar looks set to enjoy a second week of strong gains. Sterling fell sharply today after lawyers representing the Scottish and Welsh governments were invited to have their say in the hearing on whether the High Court’s ruling that the UK government [..]

Week Ahead – Eurozone PMIs and Japan inflation in focus in quiet week

Posted on November 18, 2016 at 2:05 pm GMT

With the dollar rally showing no sign of abating, expectations of US fiscal and monetary policy could continue to set the market theme in an otherwise relatively quiet week for economic data. The main highlights on the data front will come from Eurozone flash PMI numbers and Japanese inflation figures. Eurozone business surveys in focus ECB President Mario Draghi said this week the recovery in the Eurozone was becoming more broad-based and recent PMI data supports this view. Flash PMI [..]

Technical Analysis – EURGBP turns bearish after fall below 0.87 and 200-day MA

Posted on November 18, 2016 at 8:19 am GMT

EURGBP continues to weaken after the drop below the 200-day moving average on November 11. Momentum indicators are negative and are highlighting the bearish market structure in the short term. But with the daily RSI reaching oversold levels, this suggests the market could consolidate and find support at 0.8530 in the near term. This level is the 78.6% Fibonacci retracement of the September to October rise from 0.8330 to 0.9261. Sustained trading below 0.8700 will likely maintain a bearish bias. [..]

Asian Session – Dollar rises above 110 yen on looming Fed rate hike

Posted on November 18, 2016 at 7:20 am GMT

The US dollar continues to be bid today, extending gains above the key 110-yen level in Asian trading after Fed Chair Janet Yellen signaled to markets that a rate hike could come relatively soon. In her testimony before the Joint Economic Committee of Congress on Thursday, Yellen said that the US economy has made progress toward the Fed’s goals. She expects moderate economic growth to continue, which would be sufficient to generate further strengthening in the labour market conditions. The Fed [..]

European Session – Yellen and strong data push dollar back towards 13 1/2-year highs

Posted on November 17, 2016 at 3:42 pm GMT

The US dollar was headed back towards yesterday’s 13½-year highs in European trading today after Fed Chair Janet Yellen signalled the Fed is getting close to raising rates, while another set of strong US data further underscored such expectations. In her pre-prepared text of the testimony before the Joint Economic Committee in Congress, Yellen said an increase in the Fed funds target range could become “appropriate relatively soon”. Yellen added that the decision to wait for further evidence of progress [..]

Forex News – UK retail sales surge in October but pound quickly reverses gains

Posted on November 17, 2016 at 11:38 am GMT

British consumers showed little sign of slowing their spending in October even as jobs growth appears to be moderating and retail prices are edging higher. Retail sales in the UK jumped by 1.9% month-on-month in October, well above expectations of 0.4% and sharply up from September’s upwardly revised 0.1% increase. On a 12-month basis, retail sales stood 7.4% higher in October compared to a year ago, comfortably beating estimates of 5.3%. The surge was driven by a 5.1% m/m increase [..]

Forex News – Australian economy creates fewer jobs than expected in October; aussie remains below $0.75

Posted on November 17, 2016 at 11:08 am GMT

The Australian economy created fewer jobs than forecast last month, despite the overall unemployment rate remaining unchanged at 5.6% from the previous month. There was a shift to more part-time jobs, suggesting a less vibrant employment sector. According to a report released by the Australian Bureau of Statistics (ABS) on Thursday, employment rose a net 9,800 jobs in October. This was well below the forecast for a gain of 20,000 jobs. Adding to the disappointing data was the downward revision [..]

Technical Analysis – NZDUSD pauses decline to find support at 200-day moving average

Posted on November 17, 2016 at 8:34 am GMT

NZDUSD has found support at the 200-day moving average at 0.7025 on Wednesday after declining from the November 8 high of 0.7402. The market shifted to a more bearish bias after breaking below the 50-day moving average a week ago and broke below what was considered to be strong support at the key psychological level at 0.7200. NZDUSD also broke below an uptrend line that started from January but prices are rising today to test this line which is acting as [..]

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