31 / 03 / 2016 | Technical Analysis

USD/JPY: Today’s Major Levels 112.10 and 112.46

North American Session
The USD/JPY pair has been trading lower since Thusday, the 29th of March, with the price moving from 113.79 down to 112.10.  
 
Today, the pair initially advanced up to112.46 and then dropped at 112.10, but as of writing the price is trading at 112.43.
 
 In the event that the sellers keep pushing lower and the price breaks below 111.96, profit targets could be locked in at 111.52.

On the other hand, in the scenario where the price advance and rise above 112.76, the pair could go up to 112.95 and 113.16 in extension.
 

 
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.

 
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31 / 03 / 2016 | Technical Analysis

EUR/USD: Major Levels 1.1340 and 1.1310

European Session
The EUR/USD pair has been trending upwards since the 24th of March 2016, with the bulls leading the price from as low as 1.1144 to as high as 1.1365.

On Wednesday, the major attempted to test the 1.1365 level, but found enough resistance to retrace down to 1.1315 and end the day at 1.1343.  Today, the pair moved lower, currently trading at 1.1320, risking its three-day winning streak. In the event that the sellers exert stronger pressures and the price breaks below 1.1280, the pair could reach 1.1254 and 1.1228 respectively.

Conversely, in the scenario where the price keeps going higher and manages to break above yesterday’s barrier at 1.1343, the pair could escalate up to 1.1376 and 1.1400 in extension.
 


Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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30 / 03 / 2016 | Technical Analysis

GLD: Today’s Major Levels 1230.64 and 1244.23

North American Session
Gold has been trending upwards since Monday, the 28th of March 2016, with the buyers leading the price from as low as 1206.31 to  as high as 1244.23. 

During the early European session, the precious metal price dropped from as high as 1244.23 down to 1230.64 and at the time of writing is trading at 1234.49.   

In the event that the buyers manage to gain momentum and push the price above 1238.55, the pair price could advance at 1244.23 and 1246.32 respectively.

On the other side, where the sellers keep exerting strong pressures and the price breaks below 1229.59, the price could decelerate down to 1225.21 and 1220.73 in extension. 
 


Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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30 / 03 / 2016 | Technical Analysis

USD/CAD: Major Levels 1.3031 and 1.3080

European Session
The USD/CAD pair has been trading downwards since Thursday, the 24th of March 2016, with the bears leading the price from as high as 1.3296 to as low as 1.3031.  

With the opening of today’s session the pair price trade at 1.3072 and currently trading at 1.3043. In the event that the bears manage to force the price even lower and reach the level of 1.3009, the pair could find support at 1.2923. 

On the flip side, in the scenario where the price breaks above the level of 1.3133, the pair could escalate up to 1.3232 and 1.3296 in extension. 



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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29 / 03 / 2016 | Market News

Greenback ticks down in subdue trade

The greenback slipped lower against its major rivals in a quiet trade on Tuesday, in anticipation of Janet Yellen’s speech for further indications on possible interest rate raises.

The U.S. dollar was under pressure on Monday, following the release of downbeat reports on consumer spending and inflation that urged the Atlanta Federal Reserve to lower its growth projections for the first quarter. The Atlanta Fed revised down its estimates to 0.6% from 1.4%. 

Meanwhile, the U.S. Commerce Department said that personal spending rose 0.1% last month, in accordance with forecasts. January’s spending however, was lowered sharply. In another report, inflation as gauged by the PCE index dropped 0.1% in February and was higher 1% compared to a year earlier. 

A separate report from the Conference Board, reported that its consumer confidence index advanced to 96.2 in March from an upwardly revised reading of 94.0 in February. Market participants anticipated the index to rise to 94.0 in March.

The economic reports signaled that the Federal Reserve may hike interest rates gradually in2016, despite the strengthening labour market.

The euro went up 0.09% against the dollar, trading at 1.1207, while GBP/USD rose 0.15% to 1.4276. The dollar was steady against the franc, with USD/CHF trading at 0.9739.

The USD/JPY fell 0.11% to 113.32. The Japanese yen lost ground after the Prime Minister Shinzo Abe commented earlier that he will carry on with a planned sales tax raise in April, unless the economy suffers a significant shock. A big number of analysts had anticipated the Japanese Prime Minister to postpone the planned tax raise, which could jeopardize Japan’s economic recovery. 
 
Elsewhere, the Australian and New Zealand dollars edged higher against the greenback, with AUD/USD rising 0.13% at 0.7555, and with NZD/USD gaining 0.98% at 0.6791. USD/CAD dropped 0.20%, trading at 1.3160. 

The U.S. dollar index, which tracks the greenback’s performance against a group of six other counterparts, fell 0.15% to 95.85, still trading near Monday’s one-and-a-half week highs of 96.42.
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29 / 03 / 2016 | Technical Analysis

EUR/CHF: Today’s Major Levels 1.0884 and 1.0928

North American Session
The EUR/CHF pair has been trading upwards since Wednsday, the 23rd of March 2016, with the bulls leading the price from as low as 1.0874 to as high as 1.0928.  

During the European trade, the pair price rose from 1.0884 up to 1.0928, but then fell down to 1.0910 and currently trading at 1.0911 level.
 
In the event that the bears manage to force the price below the level of 1.0900, the pair could find support at 1.0894 and 1.0886 respectively.

On the flip side, in the scenario where the price breaks above the level of 1.0928, the pair could escalate up to 1.0935 and 1.0949 in extension.
 


Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.

 
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29 / 03 / 2016 | Technical Analysis

AUD/USD: Major Levels 0.7524 and 0.7570

European Session
The AUD/USD pair has been trading upwards since Thursday, the 24th of March 2016, with the buyers leading the price from as low as 0.7477 to as high as 0.7570.

Today the pair price open at 0.7540 and rose up to 0.7570, but at the time of writing is trading at 0.7524. 

In the event that the sellers force the price lower and break below the 0.7512 zone, the price could go down to 0.7499 and 0.7477 in extension.

Alternatively, in the scenario where the buyers manage to break above the 0.7555, the price could escalate up to 0.7578 and 0.7602 respectively. 
 


Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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28 / 03 / 2016 | Weekly Report

Dollar supported by strong U.S. reports

The dollar was broadly higher against its major rivals on Friday, after upbeat U.S. economic data boosted speculation that the Fed may hike rates again this year.

An official U.S. report showed on Friday that while the economy declined in the fourth quarter, the pace of deceleration was not as sharp as initially expected. The Commerce Department reported that the gross domestic product increased from October to December at an annual rate of 1.0%, above the initial projection of 0.7%. 

Analysts had anticipated GDP growth for the fourth quarter to be downwardly revised to 0.4%. Other reports released earlier, revealed that consumer spending and inflation advanced in January, thus reinforcing the view that recovery is on track.

The greenback jumped to three-week highs against the single currency, with ERU/USD losing 0.78% to trade at 1.0931 in late trade, ending the week 1.71% down. It was also higher against the franc, with USD/CHF up 0.66% to 0.9966.

The greenback was also higher against the Japanese yen reaching one-week highs, climbing 0.9% to 114.00. It is noted that the dollar is still down 5% against the yen since the beginning of the year, with the safe haven yen being boosted by concerns over the global growth prospect and sharp declines in the price of oil and stocks.

British pound hit seven-year lows, with GBP/USD losing 0.61% to 1.3877, marking its weakest level in 7 years. Sterling was under selling pressure amid fears over the U.K.’s outlook in the E.U., ahead of the much-awaited referendum going to be held on the 23rd of June 2016.

The U.S. dollar, which tracks the greenback’s performance against a group of six other currencies, advanced 0.71% to a three-week high of 98.13. The index finished the week gaining 1.63%, its best level since November. 

In the coming week, all eyes will be turned on Friday’s U.S. nonfarm payrolls data for new signals on the condition of the labour market. Attention will also be turned on reports of manufacturing and service sector performance in the U.S. and China.
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28 / 03 / 2016 | Technical Analysis

EUR/GBP: Today’s Major Levels 0.7842 and 0.7901

North American Session
The EUR/GBP pair has been trending downwards since Thursday, the 24th of March 2016, with the sellers leading the price from as high as 0.7946 to as low as 0.7842.   

Today, the pair price drop from 0.7901 to 0.7842, but at the time of writing the pair is trading at 0.7867.
 
In the event that the bears to overweigh bulls and manage to push the price below 0.07845, the price could find support  at 0.7821 and 0.7792 respectively.

On the flip side, in the scenario where the buyers push the pair price up and the price breaks above 0.7882, profit targets could be set at 0.7906 and 0.7922 in extension.  
 


Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
 
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28 / 03 / 2016 | Technical Analysis

GBP/USD: Bearish Pressures Noticed at 1.4152

European Session
The GBP/USD pair has been gradually rising since the 24th of March 2016, with the buyers leading the price from as low as 1.4058 to as high as 1.4183.

On Good Friday, the pair went back and forth reaching the low of 1.4110 and the high of 1.4158 to end the day at 1.4144. Today, as European desks remain closed in view of the Easter Monday, the major initially fell to 1.4121 to rise up to 1.4152 at the moment of writing. In the event that the buyers keep exerting strong pressures and the pair breaks above 1.4165, the price could escalate up to 1.4196 and 1.4233 respectively.

On the other hand, in the scenario where the sellers regain control and the price breaks below 1.4115, the pair could reach 1.4094 and 1.4058 in extension.



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
 
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