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Technical Analysis – USDJPY jumps above 102 yen but holds neutral short term bias

Posted on August 29, 2016 at 9:00 am GMT

USDJPY jumped over 200 pips since Friday, moving off lows near 100.00 to rise above the key 102.00 level on Monday. Prices peaked at 102.30 early in European session trading. The intra-day bias is bullish but looking at the short term bias it remains neutral as the pair has been stuck in a 100 -103 range during all of August. The market would need to rise above the 103 yen level to see a shift in the bias and turn [..]

Asian Session – Dollar extends gains on Yellen rate comments

Posted on August 29, 2016 at 8:45 am GMT

The US dollar extended its gains in Asian trading on Monday as markets increased their expectations that the Federal Reserve will likely raise interest rates later this year. Speaking at the Jackson Hole Symposium on Friday, Fed Chair Janet Yellen reiterated the hawkish views of other Fed officials in recent days. Yellen said the US economy is “nearing the Federal Reserve’s statutory goals of maximum employment and price stability”. She added that the “case for an increase in the federal [..]

Week Ahead – Big week for US data; Eurozone inflation and China, UK PMI also eyed

Posted on August 26, 2016 at 4:03 pm GMT

The focus will be on the US economy next week as the latest non-farm payrolls are released and could steer the Fed closer to raising rates, while data on personal consumption expenditure will also be closely watched. Also to attract attention are flash inflation figures from the Eurozone, manufacturing PMIs out of China and the UK, as well as household spending and industrial output data from Japan. US non-farm payrolls and consumption data in focus Unusually, the week will [..]

European Session – Dollar makes limited gains as Yellen fails to give clear signals on rate hikes

Posted on August 26, 2016 at 3:29 pm GMT

The major currencies were without direction during most of the European session as investors took on a cautious tone ahead of Fed Chair Janet Yellen’s keynote speech at the Jackson Hole Symposium today in Wyoming, USA. The US dollar was consolidating with limited movement against major counterparts before Yellen’s speech and saw limited reaction to US data. A second estimate of US GDP released today showed US economic growth was a bit more sluggish than initially thought in the second [..]

Technical Analysis – WTI oil pauses August rally, bullish above $46

Posted on August 26, 2016 at 8:45 am GMT

WTI oil prices staged a strong rally from the August lows of $40 a barrel to rise to a high of $49.34 on August 19. The market became overextended at these levels as shown by technical indicators. RSI reached overbought levels at 70 and the stochastic also reached extreme levels. So following from this, prices reversed back down to find support at $46.41. The short term bullish trend can be maintained if the market remains above its 50-day moving average which [..]

Asian Session – Dollar softer ahead of Yellen; Yen unmoved by weak Japan inflation data

Posted on August 26, 2016 at 8:32 am GMT

The US dollar fell against most major currencies on Friday as traders remained wary ahead of Fed Chair Janet Yellen’s much anticipated speech later in the day at the Jackson Hole economic symposium in Wyoming, United States. The dollar index was down 0.2% on the day as the US currency lost ground against most majors but it was flat against the yen. The Japanese currency came under some pressure after data out today showed inflation in Japan fell deeper into [..]

European Session – Dollar firms on upbeat jobless claims and durable goods; caution ahead of Yellen’s Jackson Hole speech

Posted on August 25, 2016 at 2:32 pm GMT

Currency markets began to take on a risk-off mood ahead of Fed Chair Janet Yellen’s speech on Friday at the Jackson Hole Federal Reserve symposium. Risk averse currencies like the Australian and Canadian dollars took a hit, as did sterling. Gold dropped due to a firmer dollar and on expectations of a less dovish Yellen tomorrow. The euro shrugged off weak German IFO data and quickly bounced against the dollar to recover most of Wednesday’s losses although it still remains [..]

Technical Analysis – EURGBP maintains bullish outlook above 0.85

Posted on August 25, 2016 at 10:46 am GMT

EURGBP has pulled away from a three-year high of 0.8724 over the past week as RSI has weakened to just above 50, indicating a more neutral bias in the near term. However, prices have found immediate support around 0.8510, which is also where the Kijun-sen line has flatlined. Further declines could see the pair finding its next support at yesterday’s intra-day low of 0.8485. Below that, the 0.84 handle comes in focus, which is a short distance above the 50-day [..]

Technical Analysis – GBPUSD short term rally stalls

Posted on August 25, 2016 at 8:37 am GMT

The short term bias in GBPUSD remains on the upside for the moment but has stalled at 1.3272. The pair rose from 1.2864 to a high of 1.3272 yesterday. Upside momentum can be sustained if RSI continues to rise within bullish territory above 50. Looking at the medium term picture GBPUSD has been mostly trading sideways within a range with resistance at 1.3372 and 1.3500. Major support lies at 1.3000. Breaking below this level would likely increase downside pressure and [..]

Asian Session – Dollar stuck in range as investors look to Yellen for direction

Posted on August 25, 2016 at 8:03 am GMT

Major currencies were range-bound in Asian trading on Thursday as thin summer volumes and the lack of direction kept investors on the sidelines. The US dollar has been stuck in a tight range against the yen for the past week as traders remain split on the likelihood of a rate hike by the Fed before the end of the year. The dollar was flat around 100.40 yen, slightly down from its Asian session high of 100.61 yen. All eyes will [..]

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