Rising channel: The EUR/USD has been rallying since Nov. 2012, and appears to continue in a rising channel. All the moving averages are in bullish alignment, and the RSI has remained above 40 and tagged 70 several times, reflecting persistent bullish momentum.
Swings: Since November, we have observed 4 upswings, the
AUD/USD has experienced a sharp decline since breaking below its long-term horizontal channel and daily oscillators are indicating that the selloff may be reaching exhaustion as the RSI and stochastics indicators are in oversold territory. While oscillators oversold readings may persist for some time during a downward trend, a look
Bearish continuation, support: Silver ended last week testing the 2013 and April low of 22.03 and started this week by breaking below it. There was a spike lower during the European session. The chart shown here, generic MT4 price data, came down to 20.02, while a lot of charts showed
Consolidation: The 4H GBP/JPY chart shows a market that has fallen into a consolidation range roughly between 156.75 and 154.85. This range is set following a bullish market since at least the beginning of April (actually going back to June 2012).
Breakout scenarios: If there is a break above 156.80, we
It’s been pretty slow-going today as economic data has been thin on the ground. Ranges in FX are fairly tight and stock markets are flat to fairly neutral. Currently US futures are pointing to a slightly lower open. But there are some important fundamental events this week that could impact
It’s been pretty slow-going today as economic data has been thin on the ground. Ranges in FX are fairly tight and stock markets are flat to fairly neutral. Currently US futures are pointing to a slightly lower open. But there are some important fundamental events this week that could impact
1.52: The GBP/USD broke below the 1.52 handle, but has not extended lower, pulling back from 1.5156. As we start the week, the market bounced up to 1.52 forming an intra-session bottom from last Friday’s low.
Bullish divergence: The 4H GBP/USD chart shows a bullish divergence with price and the reading,
Breakout, pullback: The EUR/USD fell below 1.28 briefly last Friday but closed above it and has been recovering from there since. The 5/20 session so far has brought the pair back to 1.2877. Although there is no bottom yet, price action did break above a falling trendline that has held
It’s a very quiet start to the new trading week, as the EUR/USD trades in the mid-128 range in Monday trading. The French and German markets are closed today for a holiday, so trading will be thin. In economic news, the US releases ended last week on a positive note,
Today’s test of 102.00 dynamic support signals a possible reversal at 103.30 high and a clear break through 102.00 will set the focus on 101.20 and the sentiment area around 100.00.
EURUSD Having sold off for a second-week in a row, there is risk of further declines as we enter a new week Support lies at the 1.2800 level and next the 1.2750/35 levels, its key support levels. Further down, support comes in at the 1.2600 level. Its weekly
Currently the recent economic data (including stronger than expected GDP) from the US has been supportive of the Fed easing policy. This will put the focus on the Chairman Bernanke’s testimony in Congress and the FOMC Minutes on Wednesday. From Bernanke’s we expect him to continue to walk the line
On Friday Dollar/Yen resumed increasing with 125 pips. The currency couple appreciated from 102.07 to 103.31 on Friday, matching the positive money flow sentiment at over +21%, closing the week at 103.18. This morning the Dollar shook against the Yen, with movements still within Friday’s range for now.
The USD/JPY was lower by 50+pips ahead of the NY morning. Dealers were wondering whether an implied ceasefire was underway in the stealth currency wars. Japan Econ MIn Amari suggested that excessive gains had already been corrected by a large amount and any further weakness in the yen could actually
There may be some reasons to be cautious about the dollar outlook this week. Last week’s push higher in USD was partially driven by some hawkish Fed commentary. However, on Wednesday we will hear from Fed Governor Bernanke when he testifies on the economic outlook, and we get the Fed
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