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Technical Analysis – EURAUD changes course after hitting monthly high

Posted on March 13, 2017 at 12:32 pm GMT

EURAUD has edged lower since the day’s open after hitting a more than one-month high of 1.4183 earlier in the day. Looking at the Ichimoku analysis, the Tenkan-sen line (red) has recently crossed above the Kijun-sen (blue). This is a positive short-term alignment which is reinforced by the RSI indicator being in bullish territory at 59. Note though that RSI is currently trending downwards and the slope of the Tenkan-sen is close to being flat. The cloud bottom around 1.4220 [..]

Asian Session – Euro rallies to 3-month high against Swiss franc; dollar soft ahead of FOMC

Posted on March 13, 2017 at 8:39 am GMT

The markets turn their focus on a lot of event risk this week, with the highlight being the FOMC meeting on Tuesday and on Wednesday. A light economic calendar today led market players to re-adjust dollar positions after the strong US nonfarm payrolls report on Friday. Profit-taking on dollar / yen was extended today after the pair rallied to a 2-month high of 115.49 on Friday. The greenback headed lower to touch an Asian session low of 114.50. Investors are [..]

Technical Analysis – Gold above 1200 after last week’s slump

Posted on March 13, 2017 at 8:22 am GMT

Gold is currently up from the day’s open. The precious metal recorded a more than five-week low during Friday’s trading. The RSI indicator is hinting to a short-term negative bias as it is bearish at 42. Adding to this is the MACD histogram, which is currently negative and below the red signal line. Note though that RSI is trending upwards. Should this up movement continue, the current bearish bias could be challenged. On the upside, the 50-day moving average (MA) [..]

Week Ahead – Fed expected to raise rates, but BoJ, BoE to hold fire

Posted on March 10, 2017 at 4:31 pm GMT

With a number of central bank meetings lined up next week, the US Federal Reserve is the only one that’s expected to make a move. Central bank meetings in Japan, Norway, Switzerland and the UK may end up being a non-event as all eyes will be on the FOMC’s updated rate projections. The US will also dominate in terms of data as inflation and retail sales numbers are due to be published. Bank of Japan to stand still as further [..]

European Session – Strong US jobs growth as rate hike seems to had been already priced in

Posted on March 10, 2017 at 4:11 pm GMT

As anticipated, the much-discussed US jobs report was first and foremost in investor minds today as, among others, it was widely viewed as the last factor that could sway the Fed’s final decision next week away from what seemed imminent, that is to hike rates in its upcoming meeting. Besides that, market participants also had to digest the jobs report out of Canada and some data out of the UK. The US nonfarm payrolls report showed an addition of 235,000 [..]

Technical Analysis – GBPUSD bearish outlook after hitting a more than seven-week low

Posted on March 10, 2017 at 8:54 am GMT

GBPUSD hit a more than seven-week low during yesterday’s trading. At the moment, it is mostly unchanged from the day’s open while price movement has been lacking volatility as well. The RSI is currently bearish and well below the 50 neutral level at 34. The stochastics are also painting a negative short-term picture, as the %K line is in negative territory as well. Note though that %K is in oversold territory below the 20 mark. This could be a sign [..]

Asian Session – Gold extends losses; All eyes on US jobs report

Posted on March 10, 2017 at 8:26 am GMT

The dollar remains relatively strong, posting gains against most major counterparts with the exception of the euro which was helped in the aftermath of yesterday’s ECB meeting and subsequent press conference by its President, Mario Draghi. As a result of dollar strength, gold was pushed below $1200 an ounce. The European Central Bank signaled yesterday it currently does not plan to take further accommodative measures to boost the Eurozone economy as there are positive signs on the horizon. This helped a [..]

Forex News – ECB leaves policy unchanged but euro up on less dovish Draghi

Posted on March 9, 2017 at 4:31 pm GMT

The European Central Bank kept its key interest rates and the size of its bond purchases unchanged today following its March policy meeting. Although the decision was widely expected, what was more keenly awaited by the markets was whether or not the ECB would change its guidance on future policy. The central bank initially disappointed those analysts who had been expecting it to tone down its dovish outlook as the announcement statement contained little change in the language to previous [..]

European Session – Euro gains on less dovish Draghi, Macron’s lead

Posted on March 9, 2017 at 4:00 pm GMT

The main event for the day was the European Central Bank’s policy meeting. The ECB kept monetary policy on hold as expected while its President, Mario Draghi, struck a less dovish tone than usual that helped boost the euro. In terms of economic releases, US initial jobless claims gathered most investor attention. The ECB left its key interest rates unchanged as it convened for its policy meeting today (refinancing rate at 0%, deposit rate at -0.4% and marginal lending rate [..]

Technical Analysis – WTI Oil Futures hit 200-DMA after nosedive

Posted on March 9, 2017 at 11:32 am GMT

WTI oil futures extended Wednesday’s tumble to hit the 200-day moving average today for the first time since November. After finding support yesterday at the bottom of the cloud, prices pierced through the cloud today to drop below it, hitting 3½-month lows. Momentum indicators suggest further losses are possible in the near term. The MACD has turned bearish after yesterday’s slide, having been mostly neutral since January. The stochastic oscillator though has been on a downtrend since February and has [..]

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