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Technical Analysis – USDJPY bullish after break above 107 level and 200-day moving average

Posted on November 14, 2016 at 9:02 am GMT

USDJPY extended higher to hit a 5-month peak of 107.95 in early Monday trading. The break above the key psychological level of 107.00 and above the 200-day moving average today strengthens the bullish bias. The next target to the upside is at 108.75. This level is defined as the 78.6% Fibonacci retracement level of the May to June fall from 111.44 to 98.96. Above this, the key 111.00 level comes into view and from this level prices would target the [..]

Asian Session – Dollar rises to 5-month high above 107 yen

Posted on November 14, 2016 at 7:48 am GMT

The US dollar received another boost at the start of the new trading week as the Trump factor continued to dominate markets. His plan for fiscal spending, trade restrictions and anti-immigration policies could result in a combination of higher inflation and an increase in the pace of Fed rate hikes, which would boost the dollar. A rise in the dollar/yen pair to a five-month high of 107.64 yen helped lift the greenback across the board in today’s Asian session. The [..]

European Session – Euro and commodity currencies struggle as dollar and pound shine

Posted on November 11, 2016 at 4:40 pm GMT

Emerging market currencies were under pressure from a bullish dollar on the week’s last trading day as US treasury yields continued to edge higher on expectations of a fiscal stimulus by the incoming new president in the United States. The euro was also dragged lower by the resurgent greenback but the pound appeared to enjoy an unexpected boost from Donald Trump’s victory. The US dollar was trading close to yesterday’s 3½-month high just below 107 yen for much of the [..]

Week Ahead – After election shock, quieter week awaits with inflation, jobs and retail sales data

Posted on November 11, 2016 at 3:08 pm GMT

After an eventful week following the surprise outcome of the US presidential election, a calmer seven days awaits as economic data moves back under the spotlight. Inflation and retail sales numbers for the UK and the US will come into focus along with Japanese Q3 GDP data, while key indicators out of China will also be watched. UK inflation eyed as weak sterling drives up import prices It will be an important data week for the UK as inflation, unemployment [..]

Technical Analysis – GBPJPY turns bullish but RSI approaches overbought level

Posted on November 11, 2016 at 2:48 pm GMT

GBPJPY has turned bullish after breaking above the key 130.00 level. Prices rose above the 50-day moving average on Thursday and this accelerated an advance to a high of 134.90 by late European session trading on Friday. The bias remains on the upside as the RSI is above 50 and trending up. This highlights the bullish market. However, the indicator has approached 70, which suggest the market is in overbought conditions, which could lead to some consolidation in the near [..]

Technical Analysis – EURGBP turns bearish after 3 days of decline

Posted on November 11, 2016 at 9:04 am GMT

The neutral bias that the EURGBP pair held recently has now shifted to a more bearish one after prices broke out of a one-month range of 0.8880 and 0.9050. Prices fell sharply on Wednesday, with key 0.8880 support giving way. This lead to an acceleration in the decline and EURGBP has fallen for a third consecutive day today. RSI is below 50 in bearish territory and is still trending lower. This indicates the probability of a further decline in prices. [..]

Asian Session – Sterling on track for weekly gains, euro tumbles, dollar firm on rate hike expectations

Posted on November 11, 2016 at 8:17 am GMT

The dollar is set to end the week higher as it was boosted after the US elections this week. Donald Trump’s victory gave markets optimism that his fiscal spending plans will boost the US economy. Increased inflation expectations led to a drop in bond prices, while the Dow Jones Industrial Average surged to a record high. Emerging markets sold off sharply. Meanwhile growing expectation of a December rate hike by the Fed is helping boost the dollar. On Thursday, St. [..]

European Session – Dollar targets 107 yen on bets of Trump boost to US economy

Posted on November 10, 2016 at 3:22 pm GMT

The US dollar remained in demand on Thursday following yesterday’s dramatic move that saw the greenback more than reverse its losses from the brief election sell-off. Equities also continued to benefit from the recovery in risk appetite but the sell-off in government bonds extended into today’s European session. Risk sentiment has been improving since US President elect Donald Trump’s acceptance speech on Wednesday where he promised to boost growth and increase spending on infrastructure. The prospect of a fiscal stimulus [..]

Forex News – RBNZ cuts rates by 0.25% but kiwi weaker despite shift to neutral stance

Posted on November 10, 2016 at 12:01 pm GMT

The Reserve Bank of New Zealand cut its official cash rate by 0.25% to a record low of 1.75% at its policy meeting today, citing a stronger currency and below target inflation for its decision. The move was widely expected by the markets as the central bank had previously said further easing would be required to lift inflation towards the 2-3% target band. Annual CPI in New Zealand has been running below the RBNZ’s target band since the end of [..]

Technical Analysis – USDJPY maintains bullish structure above 105 but nears overbought levels

Posted on November 10, 2016 at 9:05 am GMT

The big jump in USDJPY adds to the near-term bullish structure. The pair hit a high of 105.94 today and with RSI is in bullish territory well above 50, there is room for further gains to break above the key 106.00 level. The next target to the upside would be the July 27 high of 106.53. Above this there is important resistance at the July 21 high of 107.48. This is a strong resistance level as the market failed to [..]

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