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Technical Analysis – EURUSD ‘death cross’ could lead to fresh 13-year low

Posted on October 24, 2016 at 8:10 am GMT

A significant technical development for EURUSD today has been the crossing of the 50-day average below the 200-day. This is often called the ‘death cross’ by technicians as it can be a bearish signal that can have medium- to long-term implications. The violation of 1.0950 on Thursday, which held during the past 7 months was already a negative development. The short-term low for EURUSD has been 1.0858, which has already been tested a couple of times; today and on Friday. [..]

Asian Session – US dollar remains strong on rate hike expectations

Posted on October 24, 2016 at 7:04 am GMT

The US dollar index traded close to its highest since early February following a speech on Friday by a key Fed official that increased the probability of a rate hike before the end of the year. San Francisco Fed President John Williams also backed the possibility of a rate hike this year, following similar comments by the New York Fed President William Dudley earlier last week. Williams expressed the view that the economy was running at full employment and that inflation was [..]

European Session – Euro at 7½-month low; loonie falls on poor data and BoC easing expectations

Posted on October 21, 2016 at 2:52 pm GMT

The euro continued its downtrend in Friday’s European session as investors raised their expectations of the ECB announcing an extension to its asset purchase program in December. The US dollar meanwhile strengthened to near 9-month highs as measured against a basket of currencies. The dollar index is poised to end the week with gains of around 0.7%. Thursday’s remarks by ECB head Mario Draghi continued to drag the euro lower today as he put to rest fears of possible tapering [..]

Week ahead – Eurozone PMIs and US-UK GDP growth for Q3 to attract market’s attention

Posted on October 21, 2016 at 12:06 pm GMT

Next week will be important from the point of view of economic data, as Eurozone business surveys for October will come out, together with third quarter growth numbers for the US and the UK, and finally inflation data out of Australia and Japan. Eurozone activity expected to be steady in October Monday will start with the Markit flash PMIs for key Eurozone countries as well as for the euro area as a whole. According to Reuters poll, a slight improvement [..]

Technical Analysis – USDCAD bullish above cloud

Posted on October 21, 2016 at 8:15 am GMT

USDCAD has been on a shallow uptrend since bottoming out at a 10-month low of 1.2460 in early May. The pair has been making higher highs and higher lows and hit a 7-month high of 1.3312 on October 7. Prices are currently above the Ichimoku cloud and the 50- and 200-day moving averages, underlining the bullish outlook in the medium term. However, the flat-lining tenkan-sen and kijun-sen lines suggest the positive bias is tilting towards a neutral one. In the [..]

Asian Session – Euro slides after ECB; pushes up dollar to 7½-month high

Posted on October 21, 2016 at 7:20 am GMT

The euro was testing the 1.09 dollar level in today’s Asian session for the first time since March as the single currency continued to come under pressure from yesterday’s ECB policy meeting. The euro’s weakness pushed up the greenback, with the dollar index climbing to a 7½-month high today. Sentiment for the euro turned bearish after ECB President Mario Draghi told reporters on Thursday that the central bank had not discussed tapering, contrary to recent rumours. And while Draghi did [..]

European Session – Euro slips as Draghi keeps markets guessing on QE extension; Dollar breaks above 104 yen

Posted on October 20, 2016 at 3:18 pm GMT

Market sentiment was mixed in Thursday’s European session as the positive effect of last night’s US presidential debate wore off and the European Central Bank failed to deliver anything new at its policy meeting today. The US dollar continued to make modest gains against the yen, rising to just above the 104 yen level in late European session. Earlier in Asian trading, the greenback had been boosted from the last of three debates between presidential hopefuls Hillary Clinton and Donald [..]

Technical Analysis – USDMXN 4-hourly bearish but looks oversold for now

Posted on October 20, 2016 at 8:17 am GMT

Following USDMXN’s rally from 18.25 to 19.91 back in September when Donald Trump’s chances of winning the US election looked good, the dollar peaked versus the peso in late September. The pair has recently hit a 6-week low at 18.45 following a disappointing performance by Trump in the final US presidential debate. Dollar / peso has for now rebounded after hitting the 18.45 low and currently price is right at the Tenkan-sen line at 18.55. The rebound could lead to [..]

Asian Session – Peso gains and US dollar firm following presidential debate, hawkish Fed talk

Posted on October 20, 2016 at 7:47 am GMT

The final US Presidential debate helped risk assets and the Mexican peso as Republican candidate Donald Trump did not seem to take the opportunity to score major points versus his Democratic opponent Hillary Clinton. Other surveys and speeches pointed to a Fed rate hike this year, which boosted the dollar. The Mexican peso initially rallied following the debate between Hillary and Trump, as USDMXN made a 6-week low of 18.45. Profit-taking and a small correction in oil (last at 51.43) [..]

European Session – US dollar mixed as euro braces for ECB; Loonie firms on BoC

Posted on October 19, 2016 at 2:54 pm GMT

The US dollar was mixed – stronger versus the euro but down against the yen during today’s European trading. The weakness in the euro was pronounced versus other majors, as investors and traders perhaps expected some promises of stimulus extension by the European Central Bank when the bank’s Governing Council meets next tomorrow in Frankfurt. Euro / yen was near a 3-week low as it traded down to 113.10. The yen was strong while European stocks drifted amid weak earnings [..]

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