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Technical Analysis – GBPAUD breaks above 50-day moving average

Posted on June 21, 2016 at 8:36 am GMT

GBPAUD jumped to a 2-week on Monday to reach 1.9732 after a successful break above the 50-day moving average which was previously acting as resistance. Prices also rose above the 50% Fibonacci retracement level of the rise from 1.8292 to 2.0533. This level lies at 1.9408. The market is now testing the 38.2% Fibonacci level at 1.9672. The daily momentum shows potential for more upside as the RSI has popped above the 50 level into bullish territory. A successful daily [..]

Asian Session – Sterling advances to seven week high on “Remain” hopes two days before Referendum

Posted on June 21, 2016 at 7:35 am GMT

Sterling hit its highest level in seven weeks against the dollar early on Tuesday, touching $1.4744. With just two days left until the UK referendum vote on EU membership, there is increasing focus on the pound and the Brexit debate. Recent polls have shown signs that the “remain” camp is gaining ground and this has improved risk appetite in the markets. Just until last week, the pound was falling as polls were showing the “leave” camp was leading. The race [..]

European Session – Sterling holds above $1.46 on lower Brexit probability

Posted on June 20, 2016 at 2:14 pm GMT

Currency markets were predominantly driven by risk appetite in the absence of key economic data releases during the European session on Monday. Investors traded according to the upbeat sentiment that carried over from the Asian session into Europe and rather than on fundamentals. Consequently, safe havens remained weaker as money flowed back to risk. The market focus was on the UK vote on EU membership on June 23. The latest polls showed the “remain” campaign gaining ground against those favouring [..]

Surge in Sterling reflects gain in momentum for Remain campaign; gold eases

Posted on June 20, 2016 at 8:56 am GMT

Sterling jumped higher at the open of trading on Monday as investors reacted to new Brexit polls that were published over the weekend. The latest opinion polls indicated a shift in sentiment towards remaining in the European Union. With just a few days left before the EU referendum vote on June 23, there is more attention being paid now on whether Britons will vote to stay in the union. Over the weekend, a popular British newspaper called The Mail on [..]

Technical Analysis – EURUSD jumps higher, retraces half of recent downtrend

Posted on June 20, 2016 at 7:13 am GMT

EURUSD jumped sharply on Monday to test the 50% Fibonacci level of the May downleg from 1.1615 to 1.1097, which is at 1.1354. The market rebounded from a low of 1.1130 touched last week to rise above the short-term descending trend-line. With upside momentum gaining, (RSI has popped above 50), there is scope for prices to rise further towards the 61.8% Fibonacci at 1.1417. A successful break above this level could see the pair retest the May high of 1.1615 [..]

Asian Session – Sterling jumps higher on new polls indicating anti-Brexit in lead

Posted on June 20, 2016 at 5:48 am GMT

Risk appetite was back in the markets and demand for safe haven assets eased as the anti-Brexit camp has gained momentum. The pound strengthened on the higher probability of the outcome of a “remain” vote in the June 23 referendum on the UK’s membership in the European Union. Sterling opened on Monday with a gap higher against the dollar at $1.4469 compared to Friday’s close of $1.4350. It reached a session high of $1.4621, the strongest level since June 6. [..]

Week ahead: Brexit referendum ends months of anticipation; Yellen testifies in Congress

Posted on June 17, 2016 at 2:20 pm GMT

The week ahead will be relatively quiet in terms of economic data, but the eagerly awaited UK referendum on EU membership is expected to unleash major bouts of volatility. Prior to the referendum that takes place on Thursday, Fed Chair Janet Yellen’s monetary policy testimony on Tuesday and Wednesday will attract the markets’ attention. Starting from Japan, the country’s exports and imports as well as trade balance for May are due on Monday and they are expected to show a [..]

European Session – Sterling rises as Brexit campaign suspended; Canadian dollar lifted by higher oil prices

Posted on June 17, 2016 at 2:12 pm GMT

Sterling maintained gains after rising two big figures on Thursday, jumping from 2-month lows versus the dollar to the $1.42 handle. The suspension of campaigning for the UK’s EU referendum has led to some easing of concerns over the June 23 vote, taking Brexit off the headlines momentarily, although these developments have come at the expense of the murder of British MP Jo Cox on Thursday. As markets reassessed the risk of the UK voting to leave the EU in [..]

Technical Analysis – AUDUSD neutral bias after finding resistance at 0.75

Posted on June 17, 2016 at 7:39 am GMT

AUDUSD attempted to retrace half of the downleg from 0.7833 to 0.7144, only to find strong resistance at the key psychological 0.7500 level last week. This level is also close to the 50% Fibonacci of the slide from April to May. Support is being provided by the 0.7300 level, close to the 23.6% Fibonacci. In the short term AUDUSD has a neutral bias, with the pair trading sideways just below the 38.2% Fibonacci of 0.7408. The recent upside momentum has [..]

Asian Session – Relief rally helps sterling bounce of 2-month lows while dollar regains 104 yen handle

Posted on June 17, 2016 at 7:26 am GMT

Some risk appetite crept back into the currency markets on Friday and demand for safe havens faded slightly. The yen gave back some gains after reaching its strongest level against the dollar in nearly two years on Thursday. Gold fell back below the key $1,300 level. The British pound and the euro have recouped some losses today after having been hit hard this week by Brexit concerns and general risk aversion in the markets following the Federal Reserve and Bank [..]

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